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274 Comments
- bincoder, on 10/11/2008, -10/+143It would be a good thing.
I hardly call a 40% drop in already way overpriced oil plummeting.
And why is gasoline still so expensive?
It should cost not a penny over $2.25/gallon now according to oil prices.
But no. Gas is still ungodly expensive at $3.15 around here and the sheeple are calling that such a 'relief'.
The price gouging continues, only now the masses have gotten used to the feeling of being penetrated by the dry corncob and find pleasure instead of pain at the pump.
If it were to really drop, the oil rich nations would suffer.
Awww, poor things, lets have a pity party.
Better that the money stays where it belongs and is not exported wholsale to 'the oil rich nations'. - TheMachine1, on 10/12/2008, -2/+102"But the downward spiral could mean trouble for oil-rich countries"
***** them!
As far as the disincentive to save fuel the price is still high enough to encourage conservation efforts. The fact no one is buying new cars right now is a bigger factor killing future conservation efforts. - samirms, on 10/12/2008, -3/+61I'm tired of being pissed off about EVERYTHING else. So yes, for once I may have to say ***** off time magazine, it really is a good thing.
- smoger, on 10/12/2008, -1/+57Trouble for oil rich countries? Cry me a river.
- GrodyChamp, on 10/12/2008, -2/+38Sorry, but I don't give a ***** about supporting some foreign countries economy. I want cheaper everything. This article is crap. They've been getting filthy rich off of us for years, now I should feel bad they aren't getting AS filthy rich as before?
Wow Time, just, wow. - schnikies79, on 10/12/2008, -3/+33Oil was artificially high, it's now coming down to market levels. Boohoo for Iran and Saudi Arabia. They don't give a ***** about our economy or the economy of any other non-opec country.
It was a bubble. It busted. Get over it. - elisianfields, on 11/21/2008, -3/+29Agreed. IMHO, oil speculation shares some of the blame with sub prime lending practices in our failing economy. It truly wouldn't bother me to have them finally experience the same tight cash flow with which the rest of the country has been living.
- StuartGibson, on 06/14/2009, -1/+23That's strange - it doesn't take a month for them to raise the price at the pump.
- obscenegrace, on 10/12/2008, -0/+21I welcome the relief at the pump but I don't think we should get used to the dropping price. Even if we do avoid hyperinflation, all OPEC will do is cut production.
- inactive, on 10/12/2008, -1/+21I kind of love the drop in oil. I work for an oil company (won't say which one, but it's one of the top ones). It's kind of gratifying to see these ***** watch their company go down.
The issue of climate change is almost a "well if we have to." No matter how much scientific evidence presents itself- this issue will never be resolved by anything other than a complete cultural change (best brought about by a new generation being raised in an environment-friendly culture). For every scientific reason, there is a justification, rationalization, and stupid remark to refute it, which is very convenient.
This mindset is dominant among these people that work for oil corporations. It's the best example of cognitive dissonance, if I have ever seen one. The mind cannot reconcile simultaneous motives: be good to the planet and inconveniently push to change our source of energy, or run with simplicity and just claim that oil has the highest "energy per gallon" and accept the rape of our environment (a truly rare thing in this universe, all passed off on the whims and claims of "there is no direct evidence").
Sadly, they choose the latter, with a bang. Some examples of this: a recently hired hydro-geologist, when asked where he thought the future of energy dependence lied, claimed that he thought it will be oil because, "I don't know, I like oil." Or what about the powerpoint presentation that revealed the presenters desktop background, the noble image of an oil tanker traveling into a storm on the seas, do people really have such high opinions of oil?
They cannot just take it as a necessary evil. That employs the dissonance- they must fully support their opinion. Who wants to feel guilt for earning easy money? Who wants to feel guilt for not doing anything at home to help?
What I should also note is something slightly hilarious- from my work IP address I checked Wikipedia's history to find an edit on the corporation, adding in the word 'allegedly' to a claim that the refineries were causing environmental problems in the immediate areas surrounding them.
Long story short, as much as we all want to impact society, it will falter, until we make this change with our new generation, expelling the dissonance that forces so many to turn blind to these blatant problems. So take these issues seriously, turn off your lights when not needed, take public transportation where it is slightly inconvenient- think of it this way, there are many people that would love to use public transportation, but cannot, because they don't have the option, you can make up for them. - spaceman84, on 10/12/2008, -1/+17WRONG. It makes them think about their wallet. They still don't give a ***** whether it's renewable or not.
- Wootstapler, on 10/12/2008, -2/+17Poor Dubai. Maybe they can live without a Space Station.
- Asianwaste, on 10/12/2008, -4/+17If they charged for air, people would buy it for whatever price they set.
- 1807, on 10/12/2008, -2/+14You know, If oil becomes worthless, maybe the countries fighting over it will be forced to teach their children how to use a pencil instead of a gun. Maybe they will realize the ends don't justify the means. I only see this as a positive thing.
- Prototek, on 10/12/2008, -7/+19Trouble for oil-rich countries = Good for America (We have no oil)
- apastafarian, on 10/12/2008, -7/+19Affordable oil is a temporary illusion. We haven't felt any of the effects of our collapsed economy yet, massive inflation and unemployment are just around the corner. Gas and oil may remain relatively cheap and still become unaffordable to most.
- jpowell180, on 10/12/2008, -1/+13Thank you!
Anybody who actually gives a damn about the Saudis "losing a little money" is an un-American moron!
I truly do not care if those stupid Sheiks (who would never have had the ability to extract the oil if not for the West) are unable to buy a new luxury 747 or golden toilet this month, having to "scrap and save" to the point where they would have to wait another month or two for them.
With regard to the environment, well....I am unconvinced that IC engines are melting icecaps, and care far more about Americans being able to get to work and simultaneously eat decently. - mayra1201, on 10/12/2008, -1/+12So i'm supposed to feel bad because i'm saving money? Thanks Time.
- GLorneC, on 10/12/2008, -0/+11GOD, GUNS & GOLD get yours while its legal and remember:
And what country can preserve its liberties, if its rulers are not warned from time to time, that the people preserve the spirit of resistance? The remedy is to set them [the rulers] right as to the facts.... The tree of liberty must be refreshed from time to time, with the blood of patriots and tyrants.
—Thomas Jefferson - Paktu, on 10/12/2008, -0/+11The article's title is "is cheaper oil a good thing?", yet the only "downside" the article can find is that lower prices might hurt the popularity of Douche (Ahmedinejad) and Turd (Chavez). I fail to see how that could be a bad thing.
- Lyght, on 10/12/2008, -0/+11The oil rich countries were still ridiculously wealthy when gas was $1/gal. But if it was today, all hell would break loose?
- stealthc, on 10/12/2008, -1/+11Of course cheaper energy is good! Holy ***** TIME, are you in on the same death cult as the people in Washington? Stupid question. Of course you are.
- phpld, on 10/12/2008, -0/+10This is propoganda being circulated by the oil industry. Oil is going to get cheaper and cheaper as we use less of it. Electric cars on the way, and low prices will be here to stay.
- DucoNihilum, on 10/12/2008, -1/+11You people bitch when the prices are too high, and then when they are too low. ***** ridiculous.
- poorbusker, on 10/12/2008, -3/+13bury this *****. no one feels bad for places like dubai. when your money comes from only one non renewable resource, eventually its gonna run out and your gonna go broke.
so finally the chickens.......are coming home.....to roostaa... - troy1of2, on 10/12/2008, -0/+9Well, if memory serves right the last time a barrel of oil was going for the price it is now gasoline was around $2.25 a gallon so that estimate seems reasonable to me.
- To0pak, on 10/12/2008, -1/+10i want to say yes... but i have a feeling that's not what you're going for
- murrdpirate, on 10/12/2008, -0/+9The price per barrel you see is for oil futures. It takes time to actually refine and distribute the oil...usually about a month. The price you are paying at the pump will come down when this oil is actually delivered to gas stations.
- inactive, on 10/12/2008, -3/+11You know, I felt great paying $80 at the pump each time to fill up. I knew that my money was going into the hands of countries that don't like the US.
/sarc
***** off Time - Naieve, on 10/12/2008, -1/+9Considering the fact the price of oil was artificially inflated....
I don't think it is us ***** you, I think it was you ***** us... - Clp727, on 10/12/2008, -2/+9Yes. High gas prices along with inflation and job loss could be a major factor when it is time to pay your mortgage. We need cheap alternative fuels.
- ShugNinx21, on 10/12/2008, -0/+7All things being equal, that's true, or it's supposed to be true. Yet, when that equation goes in the other direction, prices at the pump increase immediately, no waiting for that more expensive gas to actually make it to the pump.
- BlatheringIdiot, on 10/12/2008, -0/+7OH *****!
It was an Oil Bubble ! - rittz, on 10/12/2008, -2/+9Has been hovering at $4.00+ for the last month in NC.. : (
- somedudemanguy, on 10/12/2008, -2/+8Either way it doesn't really matter; they're going to go back up eventually.
- rlbigfish, on 10/12/2008, -0/+6Oh, and the inflation was just charming?
- naughtyboy, on 10/12/2008, -1/+7This is a most temporal situation. Cheap oil is running out. In 2-3 years, when the real Oil Shortage will be apparent, the credit crunch will pale in comparison. When growth is no longer possible, real change will take place.
- jpowell180, on 10/12/2008, -3/+9Welll....actually we DO...but we aren't really using most of it.
Hippies won't let us - if they truly had their way, 9/10th's of the global population would die off, and the rest would live in straw or mud huts around Al Gore's (and other Guru's and Celebrities') castle in a neo-fuedalistic civilization where the average lifespan was 30 (but unlike Logan's Run, they couldn't live in luxury - they would till the soil, sweat and freeze, and often go hungry). - Kyan, on 10/12/2008, -0/+6BURST. Bubbles burst.
- mcsenget, on 10/12/2008, -4/+10how do you figure that it should be 2.25?
- inactive, on 10/12/2008, -0/+5its WHEN oil becomes worthless and stop living in a dream world. There will always be conflict in the world.
...and the easter bunny isn't real - kevlar21, on 10/12/2008, -0/+5I'm gonna have to call ***** on that anyway, cause it costs them something like $2 to produce a barrel of oil. What suffering!
- Charlotte_Web, on 10/12/2008, -0/+5Here's how it works... the oil companies will sell oil for whatever price the market will bear. The key is to find the optimal price point to maximize revenue for the demand. Sure, they could set the price at $200/barrel, but the demand would drop off precipitously, and the oil companies would be missing a lot of potential revenue. And yes, people will stop buying gas if the price goes to high. Jobs will be lost, companies will go out of business, and the world economy will suffer.
However, as oil price goes up, the search for alternative products becomes more intense. For instance, there are alternatives that are too expensive when oil is $60/barrel, but are very economical when oil is at $200/barrel.
The problem that the oil companies face with alternatives is that they will put themselves out of business if they keep the price so high that a major new alternative finally comes to market. At some point, the electric car will be cost competitive with the internal combustion engine vehicles, and at that point they will permanently lose significant marketshare. Hybrids are already coming into the market in large numbers, and giving automakers increased efficiency in designing and building electric engines.
Cheap oil is a wonderful thing right now because we need to get the world economy back on track; that's the top priority. OPEC will try to raise the price of oil again, but they are only shooting themselves in the foot by doing so. In 10 years, they will be begging consumers to buy more oil. - MakanGuru, on 10/12/2008, -5/+10The only reason the oil price is down right now is because all of the speculators who had over inflated the price can't get a loan to speculate the manipulate it's price anymore.
Give it 6 months and oil will be back up to the US$100 mark again easy - SilverBlade2k, on 10/12/2008, -0/+5This is a double edged sword.
Cheap oil is good for a few things. Products will cost less due to the transportation costs being less. Also, it'll be less taxing on our wallets to fill up the gas tanks.
BUT
With cheap oil, there is less of a rush for alternative forms of fuel or ways to power vehicles. Also, since alternative technologies, like electric cars, always start out very expensive, the cheaper oil will not make the alternative technologies worth it. - Kyan, on 10/12/2008, -0/+5That would be like so awesome.
- orlyfactor, on 10/12/2008, -0/+5in the pudding, chezeberger.
- schnikies79, on 10/12/2008, -0/+5War existed before oil. It will exist after.
As long as the human race exists, there will be war. - nebbo, on 10/12/2008, -1/+5If you don't want oil rich countries to get your money (or more of it), then ride your bike, move closer to work, and take fewer vacations.
- Buckwyld, on 10/12/2008, -0/+4Yes, it is a good thing, but cheaper oil should NOT discourage Americans to look for alternative means to power vehicles. Oh yah... and Screw all those "oil-rich" countries. Money for nothing if you ask me.
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