How then, do we move backwards? How does a society, with most of the people having no clue of future events, move from being dependent on a vast and intertwined network of goods and services produced by the indigenous people of whereever, to a local resource and renewable energy based society, and do so in the timeframe available (20-30 years using the most liberal extimates, 10-20 with resonable estimates, 5-10 with worst case scenarios), all the while prices on everything increasing, world politics getting more militaristic, governments continuously reducing civil liberties, shortages of goods on the market and weather patterns resembling bad Hollywood movies?
Posted: Thu Apr 03, 2008 4:40 am Post subject: Light Sweet Crude Index - not in USD ???
Whats up with the light sweet crude index you display on the site, it used to be in USD now I'm not sure what it is? Can someone explain to me what index this is?
Posted: Thu Apr 03, 2008 7:28 am Post subject: Re: Light Sweet Crude Index - not in USD ???
Yes, I've had the same thought and wondered if it was oil priced in some obscure foreign currency - millions of Zimbabwe dollars for instance. After a bit of searching I think I've come up with an answer. First I found this site: TOCOM
Quote:
Final settlement price of Middle East Crude Oil for March 2008 contract is 61,780 yen.
On the last trading day, trading for March contract is only settled by offsetting current positions by resale or repurchase based on this final settlement price.
Please also note that on the last trading day, only market orders are accepted.
The final settlement price is calculated as follows.
Original Data
1. Monthly average of Dubai and Oman Crude Oil: 97.307 ($/bbl)
2. Monthly average currency exchange rate: 100.95 (JPY/$)
Calculating Formula
(Monthly Average of Dubai + Monthly Average of Oman) /2 * (Monthly Average Exchange Rate / 0.1590 )
= 97.307 * 100.95 / 0.1590
= 61,780
Resulting figure is rounded to the tens place.
Final Settlement Price: 61,780 yen
which is all well and good, but what's the 0.159 factor? This one I think is explained at: compton
i.e. that it's the factor to get from barrels to cubic metres. So in short, it's the price of oil per cubic metre in Japanese Yen! Well handy! Or maybe just another sign that the days of the petrodollar are slipping away?
Posted: Thu Apr 03, 2008 8:26 am Post subject: Re: Light Sweet Crude Index - not in USD ???
dickdann wrote:
Whats up with the light sweet crude index you display on the site, it used to be in USD now I'm not sure what it is? Can someone explain to me what index this is?
no sorry can't explain it , would have said Italian lire but they use euros now
perhaps a mod can get the thing back to dollars ( or euros or pounds or gold oz .......... you get the picture )
Posted: Fri Apr 04, 2008 7:49 pm Post subject: Re: Light Sweet Crude Index - not in USD ???
thanks Schadenfreude will bookmark that.
Coming from a former colony I think I'm pretty versatile I can handle my height in feet or meters, distance in kms or miles, weight in kgs, stone or pounds, even temperature in C or F.
but my brain just can't get around oil per m^3 in JPY.
Joined: Sep 25, 2004 Posts: 4358 Location: Boston, MA
Posted: Fri Apr 04, 2008 8:05 pm Post subject: Re: Light Sweet Crude Index - not in USD ???
dickdann wrote:
thanks Schadenfreude will bookmark that.
Coming from a former colony I think I'm pretty versatile I can handle my height in feet or meters, distance in kms or miles, weight in kgs, stone or pounds, even temperature in C or F.
but my brain just can't get around oil per m^3 in JPY.
I had a similar thought.
I thought it might be the price of oil per metric ton in Mexican Pesos.
I have no idea where this chart came from, I don't like it, and I have no power to change it. _________________ "www.peakoil.com is the Myspace of the Apocalypse."
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