Watching for oil to sky rocket.

[Max]

With the problems brewing in Iran I think the stage is set for a possible spike in oil prices. If and this is a big IF, the problems in Iran spread to the oil field in any way remember they produce four million barrels of oil a day. It would have a big effect on world oil prices if anything happens, IMHO.

[MYCAR47562]

time to top off yall

[gtrman66]

And if we had started drilling a few years ago, the point would be moot.

[Remphoto]

I heard an oil analyst on Fox Business say that things may not spike as much because demand has been down and reserves are about double what they have been in the past. It is mostly speculators driving prices rather than real market demand. And Roy is right; we could be well on our way to lessened foreign dependence if the Government would get out of the way. Fat chance of that with this bunch of jokers.

[TaxmanHog]

I suppose the spike might not be as bad, bad based on the FOX report, but all it would take is another or few more international incident to strike fear in the futures markets, especially if (due to War or civil instability) actual production is curtailed beyond the periodic tweaks they make to adjust pricing.

We do not need this, it's another inflationary influence on our economy!!

[nelson]

Guys, you didn't get the memo?

We're all going to be driving this in a year or two:

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[MYCAR47562]

that's a great video

[Remphoto]

Can use it to go golfing too.

[right$pecial]

I would sooner risk my life during a motorcycle accident than drive one of those. At least on a bike you stand a chance of getting thrown from the wreck. That thing is a death trap...literally.

[nelson]

A couple years ago, the west suggested Iran's oil production (and hence revenue) is declining.

Iran Oil Revenue Quickly Drying Up, Analysis Says
http://www.washingtonpost.com/wp-dyn/content/article/2006/12/25/AR2006122500486.html

Almost reflexively, Iran said "no, you lie" :

Iran's yearly oil revenue to exceed $52b
http://www.payvand.com/news/07/jun/1226.html

We never know whether to believe these people - they're very dishonest. If Iranian oil production and revenues do sharply decline, then the next few years will be a critical time, as they fall into increased financial squeeze. The current political turmoil in Iran certainly fits into this picture, because there is bound to be increasing division within the country, and rebellion-quashing can get expensive. Meanwhile, the West, whom Iranian leadership hates, is also Iran's biggest customer, and they need our oil money badly. Iran is like a juvenile that both hates and depends upon its enemy, and that can be an explosive scenario. If they produce nuclear weapons soon, it's possible Iran will immediately demand money (from the apologetic, muslim-empathizing USA). And if we don't give it to them, it's proof we're all racist pigs and must be nuked in a fiery economic tantrum! :eek:

Agree any growing conflict between us and Iran can lead to oil shortages. Might be no fun. On the other hand, if prices would spike for an extended period of time, we'd have our own oil companies doing more exploration and discovery, which could be a good thing. Provided, of course, they're not hampered by excessive federal regulation, all the new carbon taxes about to be passed (http://www.foxnews.com/politics/2009/06/24/deal-sends-climate-change-house-floor/), and the insane environmentalist lobby.