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AlCzervik
Heavy Crude
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Joined: Jul 14, 2004
Posts: 404
Location: The Motor City
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 Posted: Fri Mar 07, 2008 7:51 pm Post subject: Simmons on CNBC Fast Money |
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| I was at the gym so I couldn't hear anything, I just got glimpses of the headlines and closed caption, but Simmons got a solid few minutes of face time today on FastMoney. CNBC billed it as a conversation with the "ultimate energy insider." They were plastering headlines about how this expert says oil will hit $300. Simmons clearly said demand is inexhaustible and that "peak oil is poorly understood." Somebody keep on the lookout for reruns. |
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joewp
Light Sweet Crude
Joined: Apr 05, 2005
Posts: 1658
Location: Springsteen Country (NJ)
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| Posted: Fri Mar 07, 2008 8:03 pm Post subject: Re: Simmons on CNBC Fast Money |
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Here's the link to the story and video.
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Joe P. United Political Debate
"Only when the last tree is cut; only when the last river is polluted; only when the last fish is caught; only then will they realize that you cannot eat money." - Cree Indian Proverb |
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Ache
Heavy Crude
Joined: Apr 23, 2005
Posts: 263
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| Posted: Fri Mar 07, 2008 11:51 pm Post subject: Re: Simmons on CNBC Fast Money |
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| joewp wrote: | | Here's the link to the story and video. |
We should have never let/have China or India to grow ... WTF ?
Last edited by Ache on Sat Mar 08, 2008 1:43 am; edited 1 time in total |
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anarky321
Heavy Crude
Joined: Oct 04, 2007
Posts: 224
Location: North-East USA
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| Posted: Sat Mar 08, 2008 12:11 am Post subject: Re: Simmons on CNBC Fast Money |
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if oil hits $378 a barrel within the next 3 years we are virtually guarranteed another Great Depression
i dont understand where he gets off saying that $9 gas doesnt affect England...of COURSE it does, higher energy costs always have a strong effect on the economy
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mos6507
Fusion
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Joined: Aug 03, 2007
Posts: 4590
Location: Boston Suburbs
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| Posted: Sat Mar 08, 2008 2:27 am Post subject: Re: Simmons on CNBC Fast Money |
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| anarky321 wrote: |
i dont understand where he gets off saying that $9 gas doesnt affect England...of COURSE it does, higher energy costs always have a strong effect on the economy
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His mantra seems to be "oil is cheap". What he doesn't seem to realize is that oil HAS to be cheaper than anything else because almost anything else is dependent on it. If oil sold per cup what bottled water did, bottled water itself would be a lot more expensive because of the cost to make the plastic and truck it around the grocery stores. But in these reports you are always left with the impression that the only economic impact of high oil prices is sticker shock at the pump. |
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kokoda
Heavy Crude
Joined: Aug 24, 2006
Posts: 449
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| Posted: Sat Mar 08, 2008 3:38 am Post subject: Re: Simmons on CNBC Fast Money |
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Simmons is right ... higher prices will cause people to change their habits and start to appreciate the true value of things.
Oil consumption is approximately 30 barrels per person in the UK compared to nearly 70 barrels per person in the US.
Oil may cost more but less of it is used for around the same level of productivity.
By way of comparison my own country of Australia uses a little over 40 barrels per person and has similarly long distances to transport goods and population as the US.
Lets face it ... a lot of oil is wasted and used non-productively in the US.
Push up the price of oil and you would see a reduction in usage of non-essential things like SUVs and cheap airfares. Industry, Agriculture and critical transport on the other hand could be compensated with tax breaks.
http://en.wikipedia.org/wiki/Petroleum
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Cloud9
Light Sweet Crude
Joined: Jul 26, 2006
Posts: 1176
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| Posted: Sat Mar 08, 2008 7:30 am Post subject: Re: Simmons on CNBC Fast Money |
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| What happens when you still have 3 years on the note for your SUV? The trade in value is less than the note and you cannot afford another car. |
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wisconsin_cur
Moderator
Joined: May 10, 2007
Posts: 3350
Location: Resiliency Farm
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| Posted: Sat Mar 08, 2008 7:45 am Post subject: Re: Simmons on CNBC Fast Money |
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| Cloud9 wrote: | | What happens when you still have 3 years on the note for your SUV? The trade in value is less than the note and you cannot afford another car. |
You let the bank have the SUV and you borrow the SUV that your brother-in-law had paid off but can no longer drives/insures or the 1964 Newport that paps keeps in the barn?
Or you flop with a co-worker who lives closer to work...
Or you buy a cheap van and live in it at work...
Or you get fired and become homeless...
Starve?
_________________
“It does not do to leave a live dragon out of your calculations, if you live near him.”
J.R.R. Tolkien
"The time has come for men to act like men; and for women, well, to act a lot more like men."
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mmasters
Light Sweet Crude
Joined: Apr 16, 2006
Posts: 1935
Location: Mid-Atlantic
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| Posted: Sat Mar 08, 2008 1:39 pm Post subject: Re: Simmons on CNBC Fast Money |
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Oh yeah, as soon as supply significantly constrains demand (and/or we have a war with Iran) we will see $300 oil.
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Just look at us. Everything is backwards; everything is upside down. Doctors destory health, lawyers destroy justice, universities destroy knowledge, governments destroy freedom, the major media destroy information and religions destroy spirituality. |
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yesplease
Fission
Joined: Oct 03, 2006
Posts: 2566
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| Posted: Sun Mar 09, 2008 3:15 pm Post subject: Re: Simmons on CNBC Fast Money |
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| kokoda wrote: | | Lets face it ... a lot of oil is wasted and used non-productively in the US. |
Understatement of the week. Even defining efficiency as moving two to three tons of human/steel/plastic instead, and with the addition of it's use in industry at ~40+% efficiency, it's still the fossil fuel with the worst efficiency of use at something like 15% efficiency in private transportation. If we define efficiency as the act of moving people, then it's at 1-2% efficiency.
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| Professor Membrane wrote: | | Not now son! I'm making...TOAST! |
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mos6507
Fusion
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Joined: Aug 03, 2007
Posts: 4590
Location: Boston Suburbs
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| Posted: Sun Mar 09, 2008 4:56 pm Post subject: Re: Simmons on CNBC Fast Money |
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| kokoda wrote: |
Oil may cost more but less of it is used for around the same level of productivity.
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Gross productivity in sevice-based economies is not the big picture. Globalization only moves the fossil fuel consumption around the globe. It doesn't truly remove it. So you're still dependent on it. It's just being burned elsewhere. A more useful measure would be standard of living. High gross productivity combined with a lot of inflation cancel eachother out.
| kokoda wrote: |
Push up the price of oil and you would see a reduction in usage of non-essential things like SUVs and cheap airfares. Industry, Agriculture and critical transport on the other hand could be compensated with tax breaks.
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In theory. In practice, people have shown a willingness to sacrifice in other areas of spending in order to keep their SUVs. So we really haven't hit that price threshold yet.
We're really running an uncontrolled social experiment right now as far as demand destruction goes. |
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roccman
Peak Oil Prophet
Joined: Apr 27, 2007
Posts: 4351
Location: The Great Sonoran Desert
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| Posted: Sun Mar 09, 2008 5:11 pm Post subject: Re: Simmons on CNBC Fast Money |
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| anarky321 wrote: | if oil hits $378 a barrel within the next 3 years we are virtually guarranteed another Great Depression
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If oil gets to $250 THIS year I get $50 from Tyler JC...
Hey Tyler...nervous yet bro?
Actually the $50 goes to a charity, but I still get "I told ya so" rights.
_________________
"There must be a bogeyman; there always is, and it cannot be something as esoteric as "resource depletion." You can't go to war with that." Emersonbiggins
"... hope is a rotten-thighed whore" Niko Kazantzakis
We are going back to roccland - me |
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roccman
Peak Oil Prophet
Joined: Apr 27, 2007
Posts: 4351
Location: The Great Sonoran Desert
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| Posted: Sun Mar 09, 2008 5:18 pm Post subject: Re: Simmons on CNBC Fast Money |
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Just watched the vid...
Those clowns were stunned beyond belief...
but ...but...alaska
but... but tar sands...
idiots the whole lot...
Matt rulezzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz!!
_________________
"There must be a bogeyman; there always is, and it cannot be something as esoteric as "resource depletion." You can't go to war with that." Emersonbiggins
"... hope is a rotten-thighed whore" Niko Kazantzakis
We are going back to roccland - me |
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DantesPeak
Expert
Joined: Oct 23, 2004
Posts: 5928
Location: New Jersey
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| Posted: Mon Mar 10, 2008 5:01 pm Post subject: Re: Simmons on CNBC Fast Money |
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| Quote: | | Prices are heading to $120 ``in the short term,'' said Matthew Simmons, chairman of Simmons & Co., a Houston investment bank. ``I'm one of the few people who's not surprised to see crude at $107. I still think it's a bargain.'' |
Last Updated: March 10, 2008 15:56 EDT
Bloomberg |
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yesplease
Fission
Joined: Oct 03, 2006
Posts: 2566
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| Posted: Mon Mar 10, 2008 7:05 pm Post subject: Re: Simmons on CNBC Fast Money |
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Dollar's down about 4% today so far. 
_________________
| Professor Membrane wrote: | | Not now son! I'm making...TOAST! |
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