*BREAKING* : Oil touches $100/Barrel at NYMEX

For many years, we at Dkos have been talking about peak oil. Not only its now $100 a barrel, OPEC is finally and slowly turning in the wind and making statements that allude to peak oil. (which still a "concept" in right wing world). I guess geology is just as sinful as evolution for them.

AP News :

http://biz.yahoo.com/...

Oil prices jumped sharply, setting a new trading record on supply concerns sparked by renewed violence in Nigeria and a warning that OPEC may not be able to meet its share of global oil demand by 2024.

World's greatest economy, a country that put man on moon almost 40 years ago is still running on technology that comes out of the ground and has to depend on countries like Nigeria and Saudi Arabia. This is what happens when Oil lobby has full-time table and cubicle in Vice-President's office.

In Nigeria, bands of armed men invaded Port Harcourt, the center of the oil industry Tuesday, attacking two police stations and raiding the lobby of a major hotel. Four policemen, three civilians and six attackers were killed. The Niger Delta Vigilante Movement claimed responsibility for the attack.

A "band of men" can affect what you and I pay at pump and eventually finance the BS of middle-east and make Putin more powerful, as huge chunk of Russia's new wealth comes from high prices of Oil.

Here's the thing right wingers need to pay attention to, coz they too need to drive CARS to go to church and to go hunting and killing pheasants and so they must pay attention, coz the world is running out of oil, regardless of whether CO2 emmissions are responsible for killing our planet or not. If not for sake of environment, then for the sake of being able to drive to church and killing pheasants on the way, they should subsidize alternative energy. And even our "friends" in middle-east as saying in wink-wink hint - We dont have any more oil friends.

Separately, the Organization of Petroleum Exporting Countries said its member nations may not be able to meet demand as early as 2024, though OPEC also said that deadline could slide for decades if members increase production more quickly.

•  Not sure how much this means

  in the grand scheme of things.  There is alot of speculation in that market and if we hit recession, the commodity bubble will deflate quickly.

  by SilverOz on Wed Jan 02, 2008 at 09:41:59 AM PDT

  •  Let me break it down for you.

    What it means is quite simple. We need to move away, yesterday, from a petroleum economy or our energy supply will continue to be dependent on the whims of African dictators, Cheney and Friends, Latin American revolutionaries, greedy commodity traders, global climate, chinese drivers, Putin's ambitions, artic ice thickness, and various and sundry radical islamic regimes.

    How's 'free' trade and globalism working for us now that our energy needs are integrate with every nut and random event on earth?

    Our energy supply is far too dependent on far too many dubious agendas and nature itself and I doubt we can count on the magic of the free market to wean our dependence on foreign oil.

    by James Kresnik on Wed Jan 02, 2008 at 09:59:34 AM PDT

•  The Wind Done Gone

  The technology to get off of our oil dependency without radically altering our lifestyle is here and now. The only thing missing is the political will and a 'can do' spirit.

  Down, put up a tip jar. Thanks.

  by James Kresnik on Wed Jan 02, 2008 at 09:45:52 AM PDT

•  there is no reason we can't go from 88mbpd to 120

  it's just a matter of building longer drill bits, and not counting to oil we use up to that point, and that oil producing nations stop doubling thier own rate of consumption because all their new found wealth...wait for it...is forcing them to consume more oil and well,
  oh, fuck it, rich assholes that don't give a flying fuck about energy prices, excessive consumption and global climate change are pushing us into an economic death trap

  by gaspare on Wed Jan 02, 2008 at 09:46:07 AM PDT

•  Can't wait to pay $4.50!!!

  must be a thrilling experience seeing all those numbers on the little screen!

  by michael1104 on Wed Jan 02, 2008 at 09:48:22 AM PDT

•  recommended

  this is a milestone.  thanks for alerting us.

  by anna on Wed Jan 02, 2008 at 09:48:31 AM PDT

•  Unfortunate

  that we pay in tax dollars to subsidize the global minority of Americans who can afford cars.

  If gasoline prices in the U.S. reflected the planetary state of things, we'd wean off oil faster out of economic necessity.

  If the meantime, dependence on oil is turning the world into a smoggy atmosphered, oily watered, politically collapsing hell hole.

  by Nulwee on Wed Jan 02, 2008 at 09:54:08 AM PDT

•  Start breeding pack mules.

  That's where the money will be soon.

  by Lepanto on Wed Jan 02, 2008 at 10:22:56 AM PDT