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InvisibleTheDude
is waiting forthe peak

Registered: 04/15/03
Posts: 2,876
Greenspan sounds alarm on oil supply
    #5751592 - 06/15/06 12:23 AM (14 years, 10 months ago)

Better late than never I guess...

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Greenspan sounds alarm on oil supply

Alan Greenspan, the former Federal Reserve chairman, offered a grim view on Wednesday of the world's rising vulnerability to high crude oil prices, saying he was skeptical that oil producers could pump enough crude to meet future demand.

Since the 1940s, U.S. consumers have shown an uncanny ability to shoulder rising energy prices, but consumers' immunity to oil price shocks was running out, Greenspan said.

"The United States, especially, has been able to absorb the huge implicit tax of rising oil prices so far," Greenspan told the Senate Foreign Relations Committee in his first congressional testimony since leaving the U.S. central bank earlier this year. "However, recent data indicate we may finally be experiencing some impact."

Greenspan was appointed Fed chairman by President Ronald Reagan in 1987, and served until Jan. 31 of this year.

Lawmakers would occasionally call on Greenspan to speak on energy issues when he was chairman, but his views were still highly sought on Capitol Hill.

Since 2004, crude oil prices have doubled. Since the start of 2002, the cost of a barrel of oil has soared by $50.

Crude oil prices have stubbornly stayed above $70 a barrel despite OPEC and other world producers pumping to capacity. Prices are still within striking distance of the $75.35 a barrel record set in U.S. futures in April.

Greenspan warned that a big oil price increase could spur "a significant contraction in the economy."

Greenspan said that few of the world's dominant producers, aside from Saudi Arabia, see the danger that rising crude oil prices pose to the economy, and to their sustained ability to sell oil.

Saudi Arabia is the only country with enough untapped reserves to meet future short-term energy crunches, and has unveiled a $50 billion plan to lift output capacity by 1.5 million barrels per day by 2009.

Greenspan said while U.S. businesses had so far been able to improve productivity to compensate for costly energy, households were suffering from higher gasoline prices.

"Current oil prices over time should lower to some extent our worrisome dependence on petroleum," said Greenspan, who now runs a private consultancy. "Still higher oil prices will inevitably move vehicle transportation to hybrids, and despite the inconvenience, plug-in hybrids."

Greenspan warned that the buffer between supply and demand was extraordinarily thin and that price spikes were a risk.

"The balance of world oil supply and demand has become so precarious that even small acts of sabotage or local insurrection have a significant impact on oil prices," he said, adding that global refining capacity was still too limited.

Strong euro causes concern

Finance ministers from France, Spain and Luxembourg said Wednesday that they were growing more concerned that the euro's appreciation might sap the European economic expansion, Bloomberg News reported from Luxembourg.

"It is not a type of level we would like, but we have been living with a strong euro for a while," the Spanish economy minister, Pedro Solbes, said at a meeting of European Union finance chiefs.

The euro's 8 percent advance against the U.S. dollar this year risks removing a prop from the $10 trillion economy by making exports more expensive, just as the European Central Bank prepares a possible interest rate increase on Thursday for a third time in six months.

Earlier this week, the euro reached a 13-month high point of $1.2979. It was trading at $1.2799 late in New York on Wednesday. About 40 percent of the euro region's gross domestic product stems from shipments abroad.


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OfflineRonoS
DSYSB since '01
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Registered: 01/26/01
Posts: 16,259
Loc: Calgary, Alberta
Last seen: 3 months, 7 days
Re: Greenspan sounds alarm on oil supply [Re: TheDude]
    #5752873 - 06/15/06 11:23 AM (14 years, 10 months ago)

but wait...I thought that we had plenty of oil???  Surely this must be a mistake....surely it's just coincidence that the U.S. is making a play for every oil rich country it can get it's hands on.  I was told that peak oil was a myth!  :rolleyes: /end sarcastic rant.


--------------------
"Life has never been weird enough for my liking"


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OfflineSeussA
Error: divide byzero

Folding@home Statistics
Registered: 04/27/01
Posts: 23,480
Loc: Caribbean
Last seen: 6 months, 5 days
Re: Greenspan sounds alarm on oil supply [Re: Rono]
    #5752993 - 06/15/06 12:11 PM (14 years, 10 months ago)

Up next, Bush pushes Nuc-u-lear (or however he pronounces it) energy to reduce dependence on oil. Also up next, new ways to make plastic from nuclear waste rather than oil.


--------------------
Just another spore in the wind.


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Invisiblezorbman
blarrr
Male

Registered: 06/04/04
Posts: 5,952
Re: Greenspan sounds alarm on oil supply [Re: TheDude]
    #5753597 - 06/15/06 03:30 PM (14 years, 10 months ago)

It never fails to amaze how public officials suddenly start telling the truth once they leave office.


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“The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought.”  -- Rudiger Dornbusch


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Invisiblezorbman
blarrr
Male

Registered: 06/04/04
Posts: 5,952
Re: Greenspan sounds alarm on oil supply [Re: TheDude]
    #5753620 - 06/15/06 03:37 PM (14 years, 10 months ago)

"The balance of world oil supply and demand has become so precarious that even small acts of sabotage or local insurrection have a significant impact on oil prices,"

I remember thinking in the years before 9/11 "Why haven't terrorist hit America yet? We're wide open."

Lately I've been getting the same feeling about oil infrastructure. If I was a terrorist I'd hit it hard where it hurts and bring down the economies of the West. More bang for your buck.

It's only a matter of time before they figure this out.


--------------------
“The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought.”  -- Rudiger Dornbusch


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InvisibleTheDude
is waiting forthe peak

Registered: 04/15/03
Posts: 2,876
Re: Greenspan sounds alarm on oil supply [Re: zorbman]
    #5753925 - 06/15/06 05:06 PM (14 years, 10 months ago)

.


Edited by TheDude (06/20/06 01:51 AM)


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OfflineSchwip
Never sleeps.
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Registered: 06/27/05
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Re: Greenspan sounds alarm on oil supply [Re: TheDude]
    #5754068 - 06/15/06 05:59 PM (14 years, 10 months ago)

:kicks self:


for not buying oil futures when barrels were only 50$


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--------------------------------

" If the sky were to suddenly open up there would be no law. There would be no rule. There would only be you and your memories... the choices you've made, and the people you've touched. If this world were to end there would only be you and him and no-one else. "

..............

"MAN! You know there aint no such thing as left over crack!"



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InvisibletrendalM
J♠
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Registered: 04/17/01
Posts: 20,772
Loc: Ontario, Canada Flag
Re: Greenspan sounds alarm on oil supply [Re: Schwip]
    #5754176 - 06/15/06 06:39 PM (14 years, 10 months ago)

Quote:

Schwip said:
:kicks self:

for not buying oil futures when barrels were only 50$




Don't worry, there's still time to get on the futures wagon....$75/bbl isn't going to be the peak price for oil, I think :wink:


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Once, men turned their thinking over to machines in the hope that this would set them free.
But that only permitted other men with machines to enslave them.


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OfflineRosettaStoned
Stranger

Registered: 05/29/06
Posts: 540
Loc: North America
Last seen: 13 years, 2 months
Re: Greenspan sounds alarm on oil supply [Re: TheDude]
    #5756099 - 06/16/06 03:58 AM (14 years, 10 months ago)

Quote:

Since the terrorists want to stick it to west so bad I am very surprised this hasn't happened yet.




Surprised? Really? I'm not surprised at all. I have a very hard time believing they even pulled off 9/11 all by themselves. I don't think they have the means of launching shit on our soil, but it sure ain't hard to take pot-shots in a neighboring country. I personally believe we could pull out of iraq, afghanistan and remove our troops from their entire region and not one thing would happen on our soil by their doing.

I would also wager 9/11 would not have happened without pentagon lawyers preventing FBI agents from arresting atta and some of his buddies. Not to mention atta might not have even entered the US if not for political officials enacting a visa express program in saudi arabia allowing atta to get in without so much as an interview, even after they was told the program presented a threat to national security.

The only threat these people pose is a threat to the oil supply coming from their own countries and a threat to US interests in the region. Maybe that is enough reason for a war in some people's eyes. I would disagree based on what is available publicly, but who knows what the govt insiders true intentions are, we'll just have to wait and see. Peaceful times for our little rock's future sure seem an impossibility.


--------------------
"Government big enough to provide you with all you need is also big enough to take everything you have." ~ Thomas Jefferson

"Without stupid, faggy potheads we wouldn't have wars." - Zappa


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InvisibleTheDude
is waiting forthe peak

Registered: 04/15/03
Posts: 2,876
Re: Greenspan sounds alarm on oil supply [Re: RosettaStoned]
    #5756141 - 06/16/06 04:17 AM (14 years, 10 months ago)

Heh, don't get me started on 9/11. I use the word "terrorist" in the loosest sense possible.


--------------------
"this lebowski he called himself 'the dude'. now, 'dude', that's a name no one would self-apply where i come from but there was a lot about the dude that didn't make sense to me...."--the Stranger


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OfflineDoctorJ
"Nazi, Satanist Anti-Christ"
Male

Registered: 06/30/03
Posts: 8,843
Loc: space
Last seen: 1 month, 14 days
Re: Greenspan sounds alarm on oil supply [Re: TheDude]
    #5756194 - 06/16/06 04:54 AM (14 years, 10 months ago)

guten nacht, status quo


wah wah wah wah waaaaaahhhh...

:rofl:


--------------------
'You can go to a hospital
Get yourself cleaned out.'


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OfflineRonoS
DSYSB since '01
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Registered: 01/26/01
Posts: 16,259
Loc: Calgary, Alberta
Last seen: 3 months, 7 days
Re: Greenspan sounds alarm on oil supply [Re: Schwip]
    #5756542 - 06/16/06 10:23 AM (14 years, 10 months ago)

Quote:

Schwip said:
:kicks self:


for not buying oil futures when barrels were only 50$




Then you would be wise to invest in uranium now.


--------------------
"Life has never been weird enough for my liking"


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