I read that Petrobras, Brazil's government owned oil company, is preparing to tap into what has been called the biggest oil discovery in the western hemisphere since 1976, and that this may allow Brazil's petroleum production to exceed all of OPEC's except Saudi Arabia.

Anyone else hear about this?

 

Sorry to be the bearer of bad news, but if this is true, it still will barely affect the price of oil. Most of our oil already comes from Canada anyways.

 

The cost of everything is going up because the value of the American dollar is dropping.

 

But how can more oil be a bad thing?

 

It's not--but consider the fact that there's already more than enough oil on the market to exceed demand. More oil only means that more is going to be stored in tanks waiting for the refineries to catch up. It won't stop people from using credit to pay for more expensive fuel or driving 75 instead of 55 to reduce inflation and demand for gasoline.

 

Well then, the more people trade-in their guzzlers for HHR's then the better for everyone.

 

I also heard that they found oil reserves in North Dakota....I cant wait to see what is going to happen in the future with vehicles and technology of fuels....There is a guy that has his Mercedes running on pond scum or algae....It is a Cellulose Ethanol which is about 90% efficient because of the fact that the scum grows naturally on the ponds and you just have to harvest it....Another thing i wanted to say since we are on the topic of fuels and Global warming which doesn't exist is blamed on our emissions, but here in Minnesota we have 30 degree weather in May for overnights we are usually having 80 to 90 degree days this time of the year.... Our trees are not budding yet...This is such a weird thing....And amazingly we dont even have mosquitos yet and YES!!!! I live in minnesota those are our state bird!!!

 

Are you sure his Mercedes is not a diesel and its algae based bio-diesel he's running? Pretty sure I remember hearing about producing bio-diesel from algae. Some of the older Mercedes diesels are great for WVO (waste vegetable oil) and bio-diesel.

 

No, the more people that pay off the vehicles they're currently driving then the better it'll be for everyone. People just don't seem to understand WHY these prices keep going up. It's the inflation! Despite the rantings of some liberal columnists, THERE IS NO SHORTAGE OF OIL! What we have is a glut of debt that nobody can pay back. We are continuing to add to this debt by spending money on more efficient cars that we don't need and charging the fuel we're putting in them on to the station's credit cards.

This crisis will pass. People will have to do without for a while and pay their debts, but we will survive.

 

Bingo!

That and if the Fed would quit printing money out of thin air, we might be a little better off.