The price of gas

So oil is now over $40/barrel and this is being blamed for the fact that gas
is now over $2/gallon and avgas is well over $3/gallon.

As one news report put it, oil is the most expensive it has been since the
1970's. Ummm, anyone remember what the price of gas was in the 1970's when
oil was pushing $60/barrel? It was less than a dollar a gallon....

--
Christopher J. Campbell
World Famous Flight Instructor
Port Orchard, WA


If you go around beating the Bush, don't complain if you rile the animals.

So oil is now over $40/barrel and this is being blamed for the fact that
gas
is now over $2/gallon and avgas is well over $3/gallon.

As one news report put it, oil is the most expensive it has been since the
1970's. Ummm, anyone remember what the price of gas was in the 1970's when
oil was pushing $60/barrel? It was less than a dollar a gallon....

Yeah, that is an interesting point.

I'm too young to comment on the 70's oil fiasco, but was there as much
doomsday talk back then about 'Peak Oil' as there seems to be today? I
don't pay much attention to it, but I've been getting email links from
others freaked out about Peak Oil. And they refer to sites such as
lifeaftertheoilcrash.net and so on.

Does anyone here have any web references that counter that rubbish?

Ben

I'm too young to comment on the 70's oil fiasco, but was there as much
doomsday talk back then about 'Peak Oil' as there seems to be today? I
don't pay much attention to it, but I've been getting email links from
others freaked out about Peak Oil. And they refer to sites such as
lifeaftertheoilcrash.net and so on.


I'm not too young to remember, and I have been told we would run out of oil
within 30 years for as long as I have been alive.

We will run out of $20 a barrel oil, but there is a LOT of $60 a barrel oil.

On the bright side, I own 1/6 of an oil well in Louisiana.

Well, it is a bright side for me, anyway.

:-)

--
Wm. Donald (Don) Tabor Jr., DDS
PP-ASEL
Chesapeake, VA - CPK, PVG

"Wdtabor" wrote in message
...


I'm not too young to remember, and I have been told we would run out of
oil
within 30 years for as long as I have been alive.


That figure was bandied about by Erhlick's Club of Rome and published in the
book "Limits to Growth." These neo-Malthusians will never admit that they
were wrong. They were wrong. On everything.

The trouble is that the oil companies explore enough to keep a thirty year
reserve in the pipeline. Thus, there is always thirty years left of "known
oil reserves." That is a far cry from saying that there is only thirty years
of oil left in the world.

"C J Campbell" wrote in message
The trouble is that the oil companies explore enough to keep a thirty year
reserve in the pipeline. Thus, there is always thirty years left of "known
oil reserves." That is a far cry from saying that there is only thirty
years
of oil left in the world.

My common response to this "We're runnin' outta earl!" is that I just can't
WAIT until oil becomes so damn expensive that alternative fuels finally
become reality.

There is all this wonderful, cool technology out there just waiting for
fossil fuels to become so expensive that they become viable. We just need
to run out of something before they are affordable.

Necessity is the momma of invention.

--
Jim Fisher

Oil never got close to $60/bbl the high was under $41 during the Iran-Iraq
war. That being said, the other problem is refining capacity, people have
made it pretty impossible to add refining capacity so refining margins are
up. Also gas taxes are much higher than they were 30 yrs ago which was
probably your point.

Mike
MU-2

"C J Campbell" wrote in message
...
So oil is now over $40/barrel and this is being blamed for the fact that
gas
is now over $2/gallon and avgas is well over $3/gallon.

As one news report put it, oil is the most expensive it has been since the
1970's. Ummm, anyone remember what the price of gas was in the 1970's when
oil was pushing $60/barrel? It was less than a dollar a gallon....

--
Christopher J. Campbell
World Famous Flight Instructor
Port Orchard, WA


If you go around beating the Bush, don't complain if you rile the animals.

Hear hear!

My common response to this "We're runnin' outta earl!" is that I just can't
WAIT until oil becomes so damn expensive that alternative fuels finally
become reality.

Ummm, anyone remember what the price of gas was in the 1970's when
oil was pushing $60/barrel? It was less than a dollar a gallon....

Actually, it was 1982 when gas prices spiked. (You may recall that the
Carter administration tried to manage supply by allocating fuel and
odd/even sales days etc, with the inevitable result that gas stations
ran out of fuel and the lines went around the block. It was the Reagan
administration that let prices rise and shortages disappear.)

In 2004 dollars, the high was $2.50 a gallon. We are very unlikely to
reach that level. All the Bush administration has to do is announce
that it will a) no longer add to the petroleum reserve and b) will
release fuel from the reserve in order to ensure adequate supplies for
the summer driving season. Then the uncertainty premium will disappear
and prices will drop. I doubt that any actual release would be
necessary, but a million barrels a day ought to take care of it and
could be sustained until after the election

I don't think the price ever reached $60 a barrel (or $50, for that
matter) unless you are using 2004 dollars for this calculation but not
for the other.

all the best -- Dan Ford
email: (put Cubdriver in subject line)

The Warbird's Forum www.warbirdforum.com
The Piper Cub Forum www.pipercubforum.com
Viva Bush! blog www.vivabush.org

I'm too young to comment on the 70's oil fiasco, but was there as much
doomsday talk back then about 'Peak Oil' as there seems to be today?

A great deal more. We all believed that the oil would be gone in 25
years. Doomsday is almost upon us.

Happily, we all adjusted to the hydrogen economy in the 1980s, those
of us who didn't switch back to whale-oil lamps.

all the best -- Dan Ford
email: (put Cubdriver in subject line)

The Warbird's Forum www.warbirdforum.com
The Piper Cub Forum www.pipercubforum.com
Viva Bush! blog www.vivabush.org

Hear hear!

My common response to this "We're runnin' outta earl!" is that I just
can't
WAIT until oil becomes so damn expensive that alternative fuels finally
become reality.

Yeah, but will we be able to afford all that cool technology?

It doesn't become "viable" until oil is unaffordable.
--
Jay Honeck
Iowa City, IA
Pathfinder N56993
www.AlexisParkInn.com
"Your Aviation Destination"