Oil at $150 Next Week?

[YiuTeub]

here we go again!

[ronpaulbot]

4:10 - The faces on the anchors are priceless.

[boscoesarmy]

@ctrader09 You moron. You haven't got a clue about Peak oil. The only reason the price has fallen is because the world wide demand for oil fell drastically with the world wide recession. At the height of the world wide boom, oil soared to $147 a barrell. When the economy picks up watch the price of oil soar past $147. Peak oil hit in 2005. The oil companies could not keep up with demand. Demand dropped with the recession hence oil demand dropped. Simmons couldn't predict the economic crisis.

[domdadon018]

@boscoesarmy half-year financial report from bp, published last week, says that bp cant keep up with demand. supply rate even decreased 10%, and total fina as first oi-company in history, declared in public that oil supply cant be increased anymore!

[boscoesarmy]

@domdadon018 "In my dealings with a lot of the optimists, they don’t have the vaguest understanding of how complicated it is to actually drill a well ". – Matt Simmons

[slvrserfr]

Amazing how much the show has changed in such a short amount of time, guest Joe Terranova becomes one of the co-hosts of the show for example. $200 a barrel for oil? Have these guys lost their minds in taking into consideration that the energy crisis was established 30 years ago (and ignored by American automakers) plus factors of price elasticity were inevitable as oil companies transitioned to hoarding more and more of their reserves.

[boundtogetdown]

peak oil is so real its a mathematical fact there is no way our economy is going to recover if we are chasing the price of oil all the way

[itillbeme]

Except for the chick and of course Mr. Simmons. All others on this show today are the biggest bunch of morons gathered together in one room I believe I have ever seen and heard.

[garyowen4ever]

CLASS WARFARE 4 EVER!!!

[sharp452002]

Put a floor under oil? He's either a crook or an idiot.

[rangeyer]

STUPID FUCKS!!!!!

[garyowen4ever]

there are plenty of lamp poles on wall street.......let's get some rope and have a parasite NECKTIE PARTY!

[BBCcashville]

Fast Money is the best show ON T.V.... The problem with this video is it's a traders show... So if you're a long term player go watch something else.

If you held OIL from $150 to $40 and your blaming CNBC then your a moron...lol

[SpiceSE90]

You're a moron if you watch CNBC for investment advice. They obviously don't know what they're talking about.

[rosewood223]

at $144, they predict $200.

now at $53,they predict $20.

fuck CNBC.

[adeofspades1]

see also the clip about peter schiff on the DOW Jones. They scoffed when he forecast the current problems. Who had the last laugh?

[garyowen4ever]

on this 3 nov 08, in this season of renewal, MAY THE LITTLE BABY JESUS, the infant of prague, shine his light on the FAST MONEY GUYS and guide them to REAL mainstreet careers and jobs this coming new year.

[filipefortes]

see... i would criticize him, but he is right in the long run..

he understands oil but dont understands crisis...

at that time it was a bubble, but that 50 dollars price wil soon become 150 again... and baybe 200.

[AKAGl]

The economy was the real bubble here, oil was merely the fuel driving it.

[cpang618]

I love CNBC, especially fast money, these guys are fun to watch. It is, however, funny how we can get so short sighted and so overconfident in our beliefs. As Matthew Simmons put it "The idea that it's a bubble...this is all poppycock" And now the bubble bursts and oil is near $80. Guess it shows how there really are no sure-fire "experts" in this world in any subject.

[AKAGl]

If by "the bubble bursts" you mean the global economy, which resulted in massive destruction of industry across the board with global trade down 50% now, then yeah.

Oil is a bubble insamuch as modern society is. If society collapses outside the context of energy, so will the price of oil. That goes without saying.

Pending a recovery, oil will not only regain all the position that it lost, but soar to even greater heights. If global commerce never collapsed, neither would the price of oil.

[cartmann94]

today is at $88. i want it to go down to at least $50. and of course, STAY there.

[garyowen4ever]

mainstreet to the fast village people guys........DROP DEAD!

[garyowen4ever]

the fast money VILLAGE PEOPLE GUYS NEED WIDOWS AND ORPHANS AND MAINSTREET'S BANK SAVINGS TO LIVE THE LARGE LIFE..........MAINSTREET WILL SUFFER GALACTIC INFLATION FOR THESE VILLAGE PEOPLE GUYS. DIE WALL ST. SCUM!

[bbwlvrinpvd]

My money is with Joe. Love these guys, like having my own personal advisor.

Bg

[garyowen4ever]

the cool fast money gays are having a tantrum this 9-24-08,,,they want their bailout,,,boo hoo boo hoo boo hoo, i want my bailout mommy,,,,SUCK IT UP COCKSUCKERS!

[CROldon]

damn

[rdx506]

So, now, two weeks later, crude oil is $125 !

This guy is an MSNBC expert! More like  BS-NBC!

[Matt007b]

lol.. I like the look of the hosts and co-hosts as this guy talks about the total american disaster.

(I do agree we should get completely off oil asap but wow negative)

[FrenchRome]

I should have thought it simple to 'correct' the oil price.

In the UK, if people compoletely stopped shopping at BP, the price would drop as the government would be forced to cut the fuel tax.

If you feel bad about this then you simply make a commitment to buy only BP fuel after the price cut.

In the longer temr I look forward to new engine technologies such as those being worked upon by Honda since the 1980's which the Thatcher government rejected.

[borinpc]

Yes it's easy for me and you to stop buying what we don't buy anyway - but for car-addicts it's a very different, impossible, prospect. "I need to get to work" etc.

[MYFreeSpeach4U]

This is the most lame brain BS, You are being told what to expect, There is a way to stop it and get to return, All the news net works want you to think in there way,

[garyowen4ever]

CHICAGO has its' share of traders and speculators, being home to a number of legendary exchanges. But even before the speculator induced energy rape of mainstreet's wallet and purse, said traders kept to themselves, had their own jackson and lasalle bars etc. NOW IF I WERE COMING TO CHICAGO FROM WALL STREET AND WERE AN OIL TRADER - SPECULATOR, i wouldn't be braggin about it in a bar that was off the wacker, lasalle, jackson corridor.

[drmodestoesq]

Yes, liberals like Jimmy Carter who imposed a politically suicidal 55 mph speed limit. Who put in place massively funded alternative energy programs. Who instituted high CAFE standards for automobiles. Who put Paul Volker in charge of the fed who cured the stagflation of the 70s. Who sent the CIA into Afganistan to bleed the Red Army dry and bankrupt the Soviet Union along with the collapse of oil prices that were a direct result of his policies. More of Reagan/Bush maxing out the plastic.

[DFORCE1969]

What a repulsive bunch of corp-bots!

Simmons is wise though.

[mpower6428]

joe is gonna eat them words

[badnewswade]

Pe-riceless. Love the look on the spiv's face when Simmonds gets into his stride.

[eksdem]

Crude prices DOWN today.

[intigfx]

ICBM's for your own cities? great, destroy yourselves. if you do manage to kill all 'liberals', you will then die out in a decade because everyone will be wanting everything for themselves, thinking resources are infinite.

[romanval69]

I'm not sure what you mean. I know plenty of liberal dem's that also happen to be gun owners.

[olliestrick]

Freudian slip when he misspeaks and says "it's rationed" at :38?

[Tiranui]

I think Simmons came off kinda crazy to a lot of viewers. Around 4:10 I think a lot of viewers don't understand the causality in his words. Also it is funny how CNBC doesn't mention that Simmons was energy adviser to the first president Bush. Simmons is not crazy.

[jakob27]

The end of globalization.

[soylentgreenb]

"The end of globalization."

Not even close. At $4 per gallon it costs about 20 cents to ship a 5 kg bag of rice halfway around the globe on one of the large container ships; that's dirt cheap. Trains are about 4 times as efficient as trucks and can be electrified.

Heating oil and personal transportation will be the first to go.

[Golgo13ThePro]

"Heating oil and personal transportation will be the first to go."

This.

And that's when you're going to have angry, freezing, jobless Americans rioting in the streets.

[soylentgreenb]

"And that's when you're going to have angry, freezing, jobless Americans rioting in the streets."

Heating oil is easily replaced by (admittedly scarce) natural gas or electric heat pumps powered by abundant fuel sources such as coal, uranium and hydro.

Personal transportation is harder. First you'll see car pooling, scooters, bikes and tele commuting. Later you might see emergency bus lines and 4x10 hour work weeks, possibly even sleeping over at work(only one commute per week).

[Golgo13ThePro]

Most northern households are on gas & having problems already, so that's not really a solution.

Nearly all major hydro prospect sites are being utilized & it's dependent on water levels/rainfall.

Reactor requirements for CURRENT reators are already 2x global uranium production, so that's not a solution.

We have lots of coal, 1/2 of which is believed recoverable, but at current low annual growth rates it's expected to last 1 generation. Ramp up consumption and it depletes even faster.

[soylentgreenb]

"Most northern households are on gas & having problems already, so that's not really a solution."

Less of a problem than oil. Also, heat pumps.

"Reactor requirements for CURRENT reators are already 2x global uranium production, so that's not a solution."

Only because HEU from dismantled russian thermonuclear warheads and depleted uranium to downblend it with is dirt cheap and it depressed the price of uranium for many years. There's no shortage of idle uranium mines waiting for sunnier days.

[soylentgreenb]

Uranium is still hysterically cheap and has not yet recovered to its old price before we started burning russian nukes in our reactors. For $65 you get 1 pound of yellowcake, with the heat content of 50-100 barrels of oil(5 000 barrels in a breeder).

There's no technical problem with breeder reactors; they just make no financial sense when yellowcake is barely a few percent of amortized cost of operating a reactor.

[Golgo13ThePro]

A breeder has to run on HEU for a decade before it has bred enough U233 to start a normal cycle. So it takes around 100 PWRs, 400 tons of HEU, and loads of thorium just to even start the cycle.

After a decade, we're able to refill them with Th+U233, and then they'll breed at 1.02 (if we're optimistic). So we're looking at another fuel reload after 3.5 decades - effectively 200 reactors after 35 years.

[soylentgreenb]

"A breeder has to run on HEU for a decade before it has bred enough U233 to start a normal cycle."

We were talking about uranium, not thorium.

Even if we were talking about thorium you don't need HEU; plutonium from so called waste will do fine.

[Golgo13ThePro]

So this is what we have:

X years - conversion of 100 reactors

1 decade - ignition of 100 reactors

3.5 decades - 200 reactors

3.5 decades - 400 reactors (approx. what we have now)

3.5 decades - 800 reactors

etc.

A simple back of the envelope calculation makes it readily apparent that we can forget breeders. We need more than a century just to get to the point where they can produce more than we have currently.

[soylentgreenb]

"X years - conversion of 100 reactors

1 decade - ignition of 100 reactors

3.5 decades - 200 reactors

3.5 decades - 400 reactors (approx. what we have now)

3.5 decades - 800 reactors"

I wasn't talking about thorium. Even if I were: Plutonium. Enrich more uranium.

[OneGnomeFrito]

The investor douchebag at the end completely ignored everything Mr. Simmons had JUST said, repeating the "it's cyclical" bullshit.

And we wonder why we're in the situation we are now. Assholes like him have all the money, and everyone else gets screwed.

[olliestrick]

You mean "technical trader" douchebag.

Investing is good. The right to private property is good.

[olliestrick]

You mean "technical trader" douchebag.

Investing is good. The right to private property is good.

[phonono]

Even if he's a technical trader doesn't change the fact that he's a douchebag. And yes private property is good. Especially when I buy American property and I use it for my own personal interest.

[olliestrick]

Yes agreed, he appears a d-bag.

"Especially when I buy American property and I use it for my own personal interest."

You buy personal property for your own personal interest? Novel.

[phonono]

"Assholes like him have all the money"

Well he does not have MY money. I bought gold like a decade ago, and now i have enough money to buy this 'terracrotta' dude's asshole. But i won't since it's probably as artificial as his tan and hair are fake. Maybe i should send him money so he can buy more cocaine.

[jkear2004]

Matt seriously just laid the smack down

[rewards1dude]

Why is it that nobody is advocating energy efficiency? It's all about A) Preparing for economic collapse or B) Drilling more or in Mr. Simmons' case both.

By simply cycling out inefficient vehicles in our fleet with super-efficient ones in a NORMAL cycle (not crash course) we can significantly reduce oil consumption. Oil is only 40 percent of our total energy consumption, if we start with our vehicles and ignore the infrastructure we can win this and stimulate our economy at the same time.

[slinfolo]

Go Matt.

That guy's face at 1:38 is priceless!

[kashphlinktu]

"...and we start living in villages again..."  great reaction shots! What a nutball!

[sickre]

I think everyone's minds immediately jumped to the idea of medieval villages - what he would have mean't was small, efficient towns with localised industries and infrastructures. 'Small towns' or something similar definitely would have been a better term though.

[syphorx7]

The other people on the show seem so condescending and taken back by what Simmons has to say. We'll see how condescending they are in five years when much of what he describes comes to pass.

And if you doubt it just like at the precipitous rise of oil costs over the past year. A year ago it was half what it was now. It was just over $10 a barrel in 1999. As long as it continues to rise at this rate what do you seriously think the logical outcome is going to be?

[Golgo13ThePro]

This.

People by and large have their heads firmly buried in the sand on this issue.

[slahne]

Of course we get mad about.Then we say ok to the pnes in power."do what ever you gotta do to get us some oil."Don't worry we will have enough oil.You just gotta band together and say the right things.Like we could totaly beat them up and take there oil.So why don't you go ahead and do it.Thats all you gotta do.

[blair227]

Drill out all the Repugs assholes and that will at least solve the natural gas crunch.

[1loydster]

What a pile of bullshit propaganda! We have enough clean crude under Alaska to power this nation for 300 years + including growth! This is not about an oil shortage - peak oil is a farce. It's about squeezing as much money as possible out of every American worker to pay for these illegal fu@king wars of aggregation

that we shouldn't be involved in the first place!!! These goddamn neo-cons are killing our economy, destroying the American dollar and just keep spending with no end in sight! = [

[romanval69]

Peak oil a farce? That's what they told M. K. Hubbert in 1956 when he predicted U.S. peak oil production in 1970. Guess what... he was right.

[DinnerTimeFun]

Just 38 years too early right?

[romanval69]

The united states has never exceeded its own native production was done in 1970.... (9.6 million barrels per day). Right now our domestic production is about half that.

[1loydster]

I think you might find this interesting:

/watch?v=d10RiZYrIVY

[fluggum]

The numbers of Lindsay Williams don't add up. The consuption in the US is 20mill b/d. If there is oil for 200 years in Alaska that means 20mill*365*200 = 1460bill barrels of oil. A consuption growth of 2% per year is natural but left out here for simplicity.

The whole world has already used 1000bill barrels over the last 100 years.

Lindsay Williams is not an oil expert. He has worked as a minister in Alaska for a couple of years.

[soylentgreenb]

"A consuption growth of 2% per year is natural but left out here for simplicity."

No it's not; not unless you expect people to drive 5 MPG vehicles in 50 years.

[kjekkridder]

While demand for oil in europe/Usa is harly growing at all ( maybe even declining a bit), there is an exlosive demand for oil in some population rich countries, like India and China. And lets not forget growth in domestic demand from oil producing countries like Russia, Saudi-Arabia and Iran.

[Golgo13ThePro]

If people properly inflated their tires and drove 55mph we could save more oil than we'll ever produce out of ANWAR.

[petehuss]

Hmmmm.... no. Certainly anything that helps will help, but this idea is up there with 'if we only used hemp oil....' in terms of corresponding to reality.

[Golgo13ThePro]

Only due to people not doing it.

Hemp oil is unrealistic because it's a plant, has nowhere near the energy content of petrol, would take a continent the size of Africa just to satisfy US fuel demand, and would take a great deal of energy just to process and harvest. However, there's nothing super unrealistic about having properly inflated tires, cleaning out your air filter, and driving 55mph.

Those 3 things make DRASTIC differences in fuel efficiency. Compound that over millions of autos.

[rockondon]

the iraq war before the invasion it was 27?

911=iraqs oil

[Zile77]

Our friendly democrats in congress are holding us all hostage by not allowing drilling in own back yard and just off shore. The enviro freaks and many in the EPA need to be dropped down a well hole! I say we all start taking THEIR money away to pay for it! March on Washington and start beating up those damn liberal democrats and any RINO's... Screw all those bastards!

[Zile77]

Nancy Pelosi should be the first to go down hard!

[romanval69]

Home drilling won't solve it. The United States uses 25% of the world's oil... yet we only have 2% of the world's oil reserves. It won't make a bit of difference.

[nidan206]

should anyone be talking about all the money that's being printed to bail out fredy and other things?

[frankodelic]

Thanks for posting, fantastic. It's a crime that this info isn't out there as it should be.

[JiveDadson]

Speculators have been net short for a long time. It's only very recent that the crude oil futures market came out of backwardation. (Google it.) The idea that speculators are causing the prices to be higher is nonsense.

Check my latest video about why gasoline is so cheap.

[armyofNorthVirginia]

.....and the rich get richer. Niro fiddled while Rome burned.

[yourcamden]

$250 by the end of the month, if the US or Israel attacks Iran add a further $750 or more.

[romourbo]

A remarkable excerpt. Both Simmons and Robert Hirsch have become markedly more pessimistic in recent weeks. Although, when Simmons says, "We start living in villages again" probably marked the end of his CNBC punditry career. Expect a guy called Nansen Saleri to replace him.

However, I agree, this should be the number one thing on youtube.

[tojaktoty1]

What's up with the crayons?

[ilikcagrls]

I think he is talking about technical analysis which involves drawing on graphs.

[TomLandrysHat]

Looks like someone farted in the studio.

[marquisevirginie]

matt simmons one of the few intelligent people

[schizophrenic123]

The young trader couldn`t conceal his contempt, I think he`ll come to regret that.

The others trying and failing to keep there expressions carefully blank.

[nyrangerfan1]

haha, look at their faces... someone who isn't a cheerleader, telling the truth, we can't have that on CNBC!

[FreshD2008]

What irks me is the attitude of apocalyptic naysayers. Not the ones who propose the notion of a possible. But the Millineal crackpots

that sit and wait on a Second Coming instead

of implementing viable solutions NOW.

Fundies, Forget about the delusions you read in the book of Revelations!

Transunshumanists, don't let 2012 snake oil peddlers sway you towards false optimism!

Invest everything you can about learning to be self sustainable. Trust me, you'll eventually use it.

[eriuer]

Got to love the looks of the talking heads, frowns, concern, and bewilderment. They don't have a clue about the truth Matthew Simmions was stating. The sheeple on the show are doomed.

[softearth]

I agree 100%

[fauxnewssuks]

We don't need oil to rain down on us

we need another Andrew Jackson willing to fight and do away with our version of the Second Bank of The United States. Ron Paul

is that Andrew Jackson but sadly Americans are too dumb to know that for the most part.

[fauxnewssuks]

the peak oil chicken little group also steers people away from the real source of our problems which is the private Federal Reserve that can expand and contract our money supply and engineer depressions when it suits their purposes. That a dollar back by faith and politics by crooked pigs both Republican and Democrats is the reason that we suffer at the pump or when we go to heat our homes this winter.

[fauxnewssuks]

the peak oil crowd really set themselves up to be controlled by the gov/corporate fascist

elite by hollering about a shortage of oil.

It is very true that there are so many things that petroleum gets used for besides the blood of an economy itself (transportation) and to make it into something rare as gold when it's as plentiful as sea water is to tighten the chains of control over our lives

to starve us and make us spend money on oil instead of bullets and freedom organizations.

[MarkG45]

youre a fucking idiot, what do you think is going to happen to oil when we bomb iran? most of OPEC is going to embargo the US and we will be FUCKED

[fauxnewssuks]

ancient plant life (or atleast plantlife that got caught up in the great flood a few thousands years ago) attached itself to the oil After the fact and can be found in coal or whatever. But the methane is highly compressed and as it comes closer to the surface it gets turned into liquid of solidifies and stuff. That old fields that are getting replenished isn't for tax reasons and other hoopla, it's just more methane making it's journey to our gas tanks.

use it or lose it!!!

[fauxnewssuks]

I first read about peak oil through that wonderful book called Crossing the Rubicon by Michael Ruppert, a book that I read as soon as it came out preordered it as a matter of fact. Although I believe Ruppert is right about Afghanistan being a good source of dope for the CIA drugsmugglers I disagreed totally with his take on Peak Oil. for one thing, oil doesn't come from dinosaurs or ancient plantlife. It comes from methane, inorganic methane that is found throughout the solar sys.

[profgoose]

google the oil drum

google peak oil

learn about this folks. seriously.

[fauxnewssuks]

there's no shortage of oil. The problem is our medium of exchange or that IOU note that they mistakenly call a dollar. It's been teetering at the edge of the abyss for awhile now and probably next week it'll make it's plunge and join the Weimars and the Romans.

got silver got beans got bullets and so

goodbye fiat currency goodbye sheeple burbs and northern transplants and GOOD RIDDANCE!!!

[mmasters]

He's right, we're headed towards a great catastrophe. If there's a run on the gas pumps there wont be any gas available anywhere at any price. Supermarkets only generally stock 3 days of food so they'll run out FAST and then we have the New Orleans disaster except over the entire country all at once!

[fauxnewssuks]

microfactories that sell locally with raw matieral being whatever is in horse and wagon range with the modernized woodburning/HHO locomotive taking up the slack.

major airports and military bases turned into weeded up abandoned facilities but a great place to rollerskate. No more bureaucrats from outside, just plain folk growing their own smoke, booze and food. I'm getting into leather making and stuff in prep for this new commercial airplane, interstate free society.

silver & bullets!!!!!!

[jaydumars]

This may be the single most important video on YouTube. It's all there.

[j83com]

Thanks for upping this.

[catbox]

You can forget looking to the market trends for any answers...that's finished.

Great post!

[AdmiralValdemar]

Hilariously, they seem to still think this is a phase and Simmons isn't being serious. The way they go from "spunky investment gurus" to "deer caught in the headlights" back to "spunky investment gurus" within six minutes is interesting. If they don't believe Simmons, why entertain his notions?

It's obvious these people believe the market will solve it all and it's all speculators. Oil will never be a real problem to them.

[Schneider1951]

Current Stage : Denial

[Razoxanne]

Hahaha

Did you see their faces when he said we need to go back to living in villages. Classic. That young guys mouth was hanging open.

[reveldevil]

Matt Simmons for PRESIDENT. We need real leadership NOW!

[wyncko]

matt simmons for energy secretary

take heed McBama