Talk:Price of petroleum
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[edit] initial comments
I would add information about price of biofuel and price of electricity. --HybridBoy 08:39, 27 June 2007 (UTC)
When did gas prices begin being priced ending with 9/10 of a cent? Also who started it? CashDude 04:23, 6 August 2007 (UTC)
- This article is about petroluem, not gasoline, biofuel, or electricity. Snottywong 23:33, 16 October 2007 (UTC)
I'd be interested to know the recent effects that market speculators have had on the price of petroleum... Snottywong 23:33, 16 October 2007 (UTC)
[edit] Why so high?
Don't give me that supply and demand stuff. Compared to 30 years ago only 3 times more oil is being drilled yet the price is 10 times more. 70.58.5.152 (talk) 16:29, 3 January 2008 (UTC)
- Well...Supply and demand? Honestly, who says that we use JUST 3 times more oil then used to be drilled. As I'm no expert on the matter (I do work at a petrol station...that hardly counts) I feel it's just the natural progression of money. Everyone wants more, so people ask to get paid more, so prices for everything, oil included, goes up. —Preceding unsigned comment added by 124.149.56.5 (talk) 21:15, 3 January 2008 (UTC)
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- Price basically is determined by supply and demand. Important to understand though are the effects of inflation, elasticity (economics), and taxes arising from externalities. Richard001 (talk) 07:38, 4 January 2008 (UTC)
- Why such a high price? Because exporters discovered that if they doubled the price, from $15 to $30, there was no recession. Double it again, no recession. Double it again, and . . . well, let's see. Seriously: OPEC didn't think it could get away with such a high price; now that they know they can, we won't see $40/bbl for a very long time. DOR (HK) (talk) 04:21, 29 May 2008 (UTC)
Or maybe because, when supply is constrained, relative to possible demand, the price will rise until the poorest bidders are forced to drop out. This is the complete opposite of 1999, when producers could hardly give the stuff away. Now the big question for each of us, should be "when do Idrop out of the game", well, here in the UK, I guess we could take another factor of 10 in price rise, as the very limit of possible/impossible to drive as we do today, and it would be extremely unpleasant for a great many folk before that.
- Having a large reserve on its own is no good, the tank needs a fat enough tap on it to match the flow rate. And there can be no doubt that the flow rates from many of the former independant sources, like the North Sea, are very much in irreversible decline as the well pressures drop. —Preceding unsigned comment added by 217.35.91.11 (talk) 16:44, 10 June 2008 (UTC)
The primary reason for the rising price of oil is due, primarily, to inflation (devaluation of currencies)...of course, this will likely not get very far on wikipedia, as many are very trusting of "official" or governmental statistics on inflation.--Fox P McCloud (talk) 03:27, 11 June 2008 (UTC) If by devaluation, you mean against the cost of oil or some energy intense product, like aluminium or copper, you are right, but to consider say, the relative devaluation of the dollar and the GBP against say the Euro or the Yen is not enough, as oil is definitely increasing in cost in these countries too, and at higher rate than the rising prices of food and local services. Of course, another way to look at this is to say that the high energy prices cause inflation, and the money in your pocket now buys less, but how much less, depends in part on how energy efficient you were - so we might expect the USD to fall further than the GBP, which in turn falls further thna the Euro. To some extent this has happened, but it's not the full story. —Preceding unsigned comment added by 217.35.93.182 (talk) 08:58, 11 June 2008 (UTC)
[edit] History section
The history section seems to be trying to use summary style without actually summarizing the articles. The reader shouldn't be forced to read another article to get an overview of less recent events in the history of oil prices. If the main template is used, a summary of the article linked to should generally follow. Is this just lack of development? Richard001 (talk) 07:35, 4 January 2008 (UTC)
From the point of view of a nonobsessive wikipedia user, all of the citation needed's in this article make wikipedia look 10 miles left of retarded —Preceding unsigned comment added by 63.171.230.113 (talk) 22:53, 4 January 2008 (UTC)
- Actually, I would like to see any mention at all of the history up until the 1960s too...85.227.226.235 (talk) 17:47, 6 January 2008 (UTC)
[edit] Iran
There has to be some mistake in this text, if you compare it with "oil reserves". Contradiction!!: oil reserve says: "Iran had the world's second largest reserves of conventional crude oil at 136 gigabarrels as of 2007, although it ranks third if Canadian reserves of non-conventional oil are included. This is roughly 10 percent of the world's total proven petroleum reserves. Iran is the fourth largest oil producer in the world and is OPEC's second-largest producer after Saudi Arabia. As of 2006 it was producing an estimated 3.8 million barrels per day (bbl/d), equal to 5 percent of global production.[22] At 2006 rates of production, Iran's oil reserves would last 98 years if no new oil was found."
this text says: Particularly significant are Indonesia, which no longer exports oil, Mexico and Iran, where projected demand will exceed production in about 5 years, and Russia, which is growing rapidly.
Iran cannot exceed production in about 5 years if it has still oil reserves lasting for about 98 years. 85.3.174.127 (talk) 21:07, 13 March 2008 (UTC)LA
[edit] Numeric Error
Under Recent Price History - Paragraph Six - Last Sentence reads - "Prices continued to rise to a peak of $538555.544% on November 7, 2007 before starting to fall."
Obviously the number $538555.544% can't be correct. —Preceding unsigned comment added by 65.83.193.123 (talk) 04:00, 5 April 2008 (UTC)
[edit] We need new pictures.
Gas hits $3.50 around the country already. It's time to update the pictures, especially the one with Shell Gas Station, showing only $2.91/Gal. I say that with respect to all the wiki editors who go out & hunt for pics, it's just a friendly reminder, that's all. TheAsianGURU (talk) 23:13, 21 April 2008 (UTC)
- "The Asian Guru," which country might that be? Where I live (Hong Kong), US$8/gal is typical; the UK is looking at $10. DOR (HK) (talk) 04:24, 29 May 2008 (UTC)
[edit] Major overlap with Oil price increases since 2003
There's a huge overlap between this article and Oil price increases since 2003. They share most of the same images, and the other article has newer gas station sign pictures. We need some consolidation and merging. Also see Peak Oil. --John Nagle (talk) 16:44, 1 May 2008 (UTC)
- Agreed. Most of the details in the Recent price history section should be summarised or merged into Oil price increases since 2003. This article shouldn't be about day-to-day changes in the price even if a new record price is being set. That information would be best provided on the main articles listed, with a short intro para on this one. - Shiftchange (talk) 06:17, 2 May 2008 (UTC)
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- I tried shortening the recent price history to only mark dates when oil crossed specific landmark price thresholds, $80, $90, $100. There is plenty of detail, as you say in Oil price increases since 2003. This one probably still could shrink a little, but I made a start (I took out one picture--but the US centric stuff might not belong either). maxsch (talk) 17:23, 10 May 2008 (UTC)
[edit] $ 126
I added this record so far: It further rose above $126 a barrel for the first time Friday, amid gas prices’ hike above an average $3.67 per gallon at the pump.ap.google.com , Gas jumps above $3.67, oil passes $126 on Venezuela concerns --Florentino floro (talk) 06:50, 10 May 2008 (UTC)
- Again, please specify where you are. $3.67/gal would be less than half the price we pay in Hong Kong! DOR (HK) (talk) 04:25, 29 May 2008 (UTC)
- Such prices are in the United States, which taxes gasoline 30 cents a gallon. The current average price for gasoline, petrol, at the pump is $3.94, for diesel $4. 59. These prices remain somewhat low at a barrel price of $130, i.e. a refiner buying input stock at that price would be running at a loss. Fred Talk 17:14, 29 May 2008 (UTC)
'== UDAYA.K ==
I would like to say that the oil prices drops when we invent the new hybrid vehicles which uses solar and petrolem energis. —Preceding unsigned comment added by 125.20.39.66 (talk) 09:12, 3 June 2008 (UTC)
