Sue OPEC or non-OPEC over spiked oil prices?

[Diamondbacks2004]

Should US Airways and shared with other major airlines sue OPEC and non-OPEC over spiked oil prices if any airlines goes bankruptcy after is losing million a day?

 

[FWAAA]

No. Opec no longer controls oil prices. It may again, someday, but it doesn't control them today.

As an aside, the US imports more oil today from Canada plus Mexico than it does from the OPEC countries.

Oil is expensive for many reasons, but OPEC isn't one of them.

Under what theory would an airline sue a cartel or a country because of high oil prices? I can't think of a legitimate cause of action, but maybe I'm imagination-challenged.

 

[as the prop turns]

That is absolutley correct. We don't get any oil from the middle east. Our oil comes from Canada, Mexico and Venezuala (hence DONOT purchase CITGO gasoline) There is so much oil in this country it's obscene. China or Japan will be drilling of the Florida coast soon. Russia off of Alaska. The enviormentalists better wake up. Either "they" get it, or we get it. It's the speculators that are driving the price of oil sky high. Exxon/Mobile is lighting their cigars with $100.00 bills.

 

[BuffaloJoe]

That is absolutley correct. We don't get any oil from the middle east. Our oil comes from Canada, Mexico and Venezuala (hence DONOT purchase CITGO gasoline) There is so much oil in this country it's obscene. China or Japan will be drilling of the Florida coast soon. Russia off of Alaska. The enviormentalists better wake up. Either "they" get it, or we get it. It's the speculators that are driving the price of oil sky high. Exxon/Mobile is lighting their cigars with $100.00 bills.

Don't buy CITGO? The problem there is that Chavez doesn't like Bush, as does 90% of the American People. Exxon/Mobil should not even be in business after the Valdez spill. They still didn't live up to their commitment on restoring the nature up in Alaska. Wonder why their name is Vallero in Enviromental Activist areas.
January 21,2009 we will all see Oil Prices come down when Bush and Tricky Dick II are out of office. Why didn't oil spike in his first term? Congress worrying about Barry Bonds and Roger Clemens being on steroids, like anyone really gives a hoot.

 

[roosterfish]

That is absolutley correct. We don't get any oil from the middle east. Our oil comes from Canada, Mexico and Venezuala (hence DONOT purchase CITGO gasoline) There is so much oil in this country it's obscene. China or Japan will be drilling of the Florida coast soon. Russia off of Alaska. The enviormentalists better wake up. Either "they" get it, or we get it. It's the speculators that are driving the price of oil sky high. Exxon/Mobile is lighting their cigars with $100.00 bills.

Saudi Arabia is third...
Kuwait and Iraq are also on the list.

Energy Information Adminsitration, US Department of Energy
Crude Oil and Total Petroleum Imports Top 15 Countries

http://www.eia.doe.gov/pub/oil_gas/petrole...ent/import.html


...ps the "environmentalists" have been awake for decades.
drilling domestically is not the answer, in the long run it won't even matter, it'll be a drop in the bucket as the demand for oil rises...
we need to invest more in alternative energy, more fuel efficient vehicles, invest in rail infrastructure, and nuclear, solar, wind, hydro energy. there isn't one single answer for our energy problems, there isn't a silver bullet. but we must learn to be less wasteful...oil isn't going to last forever.

 

[nycbusdriver]

...there isn't one single answer for our energy problems, there isn't a silver bullet. but we must learn to be less wasteful...oil isn't going to last forever.

Hitler's Germany developed a system for turning coal into liquid fuel (synfuel) because they needed it to conduct their atrocities when oil became scarce for them. Surely there must have been some improvement in the 1930's technology that developed synfuel. I heard over a decade ago that turning coal into liquid fuel was costly and oil would have to go over $30/barrel and stay there for it to be cost effective to build the plants necessary to process synfuel. Well, even allowing for 10 years of inflated prices, I think oil will stay well over $30/barrel forever. So, where are the plants being developed?

I am certainly not a fan of fossil fuels because they are a dirty proposition. But in some applications (like aviation) liquid fuels are essential. Why don't we develop this 80 year old technology and take advantage of coal?

Dirty little secret: The United States has more thermal energy buried beneath it in to form of coal than the entire known oil reserves on the planet.

 

[as the prop turns]

Saudi Arabia is third...
Kuwait and Iraq are also on the list.

Energy Information Adminsitration, US Department of Energy
Crude Oil and Total Petroleum Imports Top 15 Countries

http://www.eia.doe.gov/pub/oil_gas/petrole...ent/import.html


...ps the "environmentalists" have been awake for decades.
drilling domestically is not the answer, in the long run it won't even matter, it'll be a drop in the bucket as the demand for oil rises...
we need to invest more in alternative energy, more fuel efficient vehicles, invest in rail infrastructure, and nuclear, solar, wind, hydro energy. there isn't one single answer for our energy problems, there isn't a silver bullet. but we must learn to be less wasteful...oil isn't going to last forever.

Oil will last as long as the earth lasts.

 

[as the prop turns]

Saudi Arabia is third...
Kuwait and Iraq are also on the list.

Energy Information Adminsitration, US Department of Energy
Crude Oil and Total Petroleum Imports Top 15 Countries

http://www.eia.doe.gov/pub/oil_gas/petrole...ent/import.html


...ps the "environmentalists" have been awake for decades.
drilling domestically is not the answer, in the long run it won't even matter, it'll be a drop in the bucket as the demand for oil rises...
we need to invest more in alternative energy, more fuel efficient vehicles, invest in rail infrastructure, and nuclear, solar, wind, hydro energy. there isn't one single answer for our energy problems, there isn't a silver bullet. but we must learn to be less wasteful...oil isn't going to last forever.

Oil will last as long as the earth lasts.

 

[28L_or_10R?]

Hitler's Germany developed a system for turning coal into liquid fuel (synfuel) because they needed it to conduct their atrocities when oil became scarce for them. Surely there must have been some improvement in the 1930's technology that developed synfuel. I heard over a decade ago that turning coal into liquid fuel was costly and oil would have to go over $30/barrel and stay there for it to be cost effective to build the plants necessary to process synfuel. Well, even allowing for 10 years of inflated prices, I think oil will stay well over $30/barrel forever. So, where are the plants being developed?

I am certainly not a fan of fossil fuels because they are a dirty proposition. But in some applications (like aviation) liquid fuels are essential. Why don't we develop this 80 year old technology and take advantage of coal?

Dirty little secret: The United States has more thermal energy buried beneath it in to form of coal than the entire known oil reserves on the planet.

The method of making jet fuel from coal (Fischer-Tropsch) is being used by Syntroleum, a company based in Tulsa. Click here for their investor presentation (PDF file). They are beginning construction on a plant in Louisiana, with more to follow. The closing price of a share of Syntroleum was $2.40 today. This is where we get on the ground floor! Rentech is another upstart using Fischer-Tropsch.

 

[sharktooth]

It's the speculators that are driving the price of oil sky high. Exxon/Mobile is lighting their cigars with $100.00 bills.

That is part of it.

This administration's penchant for keeping interest rates unreasonably low has resulted in a diving dollar, further jacking up the price of oil for dollar based economies.

A good, non-partisan, economic overview with daily articles can be found at Calculate Risk.

 

[sharktooth]

Oil will last as long as the earth lasts.

and you know that, how?