Oil Price

  interzone55 16:52 08 Nov 07
Locked

The price of oil is approaching $100, but the value of the dollar is falling (currently $2.1063:£1) so in reality the price of oil is relatively low, at less than £50 a barrel.

So why is that the price of fuel has gone up because of the rising dollar price of oil, it's not our fault that the oil companies insist on using a weak and unstable currency for doing business...

  tried 19:25 08 Nov 07

I bet the last gallon they suck out will be worth a fortune! even Golden Brown will have to walk to work maybe old jonny two jags will give him a lift? Whats the most stable currency to do business in then Alen?

  GANDALF <|:-)> 19:37 08 Nov 07

Estimated U.S. oil shale reserves total 1.5 trillion barrels of oil and that is just the Green River region of Colorado, Utah and Wyoming - or more than five times the stated reserves of Saudi Arabia...and those are the figures for the States alone. There is plenty of shale or kerogenoil in the world and shale is becoming economically viable.

G

  oresome 19:54 08 Nov 07

"If you heat this shale to 700 degrees F you will turn this organic carbon (kerogen) into the nastiest, stinkiest, gooiest, pile of oil-like crap that you can imagine. Then if you send it through the gnarliest oil refinery on the planet you can make this s*** into transportation fuel. In the mean time you have created all kinds of nasty byproducts, have polluted the air and groundwater of wherever you have extracted it."

Extract from Econbrowser click here

Doesn't seem all that eco friendly, does it?

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