Oil zooms up $5-plus on Iran fears is it up on rumors?

Question

I have to say that while oil has risen for various reason today it went up on rumor and feer alone! How long before we wake up and start developing wind, solar and other energy methods? If we do not we will always be at the mercey of oil.

http://money.cnn.com/2008/07/10/markets/oil/index.htm?postversion=2008071016

Answer 1

Wind and Solar energy are useless where I live. Nuclear generally Clean and safe (despite what people say) but people won't let us build new Nuclear power plants. There's also Coal to Oil method. We can convert Coal to Oil for an average of $50 a barrel, but that's been outlawed. There's and oil well under Utah with more oil in it then Saudi Arabia  but we can't drill there. Every country in the world is drilling oil just off our shores but we can't and when Bush tried to remove the ban to allow offshore drilling it was turned down but congress.

My point is: when ever we try to find a way to bring energy costs down some idiot has to find a way to stop it. Oil company's know this and find ecuses to gouge the prices.

Answer 2

I completely agree with you. We are getting windmills for our house, and we are trying to convert our car to run on water.. I think its silly to get so crazy over oil. We are smart people, I think if the government really wanted to they could think up a better plan.. IF they wanted to lol. I seen on the news the other day an EMail from this guy who said that his grandpa use to drive 20 miles 1x a year! I think we are going overboard.. Driving to the store 5 blocks away is normal.. ::Shaking my head::

Answer 3

Drill here, Drill now... and look for alternative energy.  Why can't we get the best of both worlds?

Answer 4

It will take gas going up to $5 to convince the US to start.  Remember the 1980s and the gas shortages?  We forgot and sucked up as much oil as we could in the 90s.

Most people don't care unless it hits them in the wallet.