$200.00/ barrel oil?

Discussion in 'Politics' started by yota5, Mar 11, 2011.

  1. yota5
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    yota5 VIP Member

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    Today riots in Saudi Arabia, have speculators salivating over the possibility of $200.00/ barrel oil. Our administration is silent, and seems content to allow our economy to fail as it remains increasingly dependent on foreign oil. We have all the oil in this country to satisfy our needs. Yet the restrictions against drilling, and building of new refineries remains in effect. The bankruptcy of this country by the socialist is on track.

    Saudi Arabia's `Day of Rage' Lures Record Bets on $200 Oil: Chart of Day

    Options traders are betting more than ever that crude oil is heading to $200 a barrel as some websites call for a “Day of Rage” in Saudi Arabia and anti- government protests spread in the Middle East and North Africa.

    The CHART OF THE DAY shows open interest, or the number of outstanding contracts, for “call” options to buy New York crude for June delivery at $200 a barrel. The number has escalated, along with crude futures, to the highest since the options started trading in July 2009 amid worsening civil unrest in Libya and rare demonstrations in Saudi Arabia.

    “If you look at the volatility and increase in money for call options in the last month or so, it does suggest that market participants are now more worried about the upside,” said Yingxi Yu, a Singapore-based commodity analyst with Barclays Plc. “People are also quite concerned about protests spreading across different parts of the region.”

    Saudi Arabia produced 9.71 million barrels a day in 2009, one-third of OPEC output and almost six times as much as Libya, according to BP Plc’s Statistical Review of World Energy. Websites have called for a nationwide “Day of Rage” on March 11 and March 20, Human Rights Watch said Feb 28. Protests in five of the kingdom’s eight immediate neighbors have prompted King Abdullah to boost spending on housing, social welfare and education to curb unrest in his country.

    “The price of oil is going to go up, whether you like it to or don’t,” said Juerg Kiener, chief investment officer at Swiss Asia Capital Ltd. in Singapore. “If Saudi Arabia fails, then I say you have a fire in the house. They gave out $30 billion of money so maybe they’ll buy time. But I don’t see the problems disappearing.”

    Call options grant the holder the right, but not the obligation, to buy a security at an agreed price before a set date. The $200 June New York crude options expire May 17. Oil rose to $106.45 a barrel today, the highest intraday price since Sept. 29, 2008
    Saudi Arabia's `Day of Rage' Lures Record Bets on $200 Oil: Chart of Day - Bloomberg
     
  2. Mini 14
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    Mini 14 Senior Member

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    $200 oil is not a good thing. The entire world will be at war if oil hits $200/barrel.
     
  3. dilloduck
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    dilloduck Diamond Member

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    Damn speculators.
     
  4. Hot Wire
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    The fascist socialist pig obama is trying to destroy our economy.He hates America!
     
  5. bugs
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    bugs Senior Member

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    it looks like it will regardless right now..
     
  6. Mini 14
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    Mini 14 Senior Member

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    Well....it was good knowing you!

    Godspeed, brother!
     
  7. xsited1
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    xsited1 Agent P

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    That is waaaay out of the money, but it could happen. I'm hoping gas prices dip a little over the next couple of days since I need to fill up again. :)
     
  8. Toro
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    Toro Diamond Member

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    Oil fell ~$1.50 today.
     
  9. trobinett
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    trobinett Senior Member

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    We've lost thousands of troops trying to insure the supply of oil from the ME, looks like, were going to have to "saddle up" again, and just kick ass all over the ME.

    $200.00 a barrel oil will put me out of business, and will cost thousands of jobs, not only in the transportation industry, but the trickle down effect will get EVERYONE.

    If this broke dick administration isn't prepared to do whats necessary to see to it that the flow of oil, at a reasonable price(less than $100.00 a barrel)isn't protected, then it becomes OUR responsibility to put them out, by WHATEVER means.
     
  10. Toro
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    Toro Diamond Member

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    If oil is going to go to $200, I'm going to buy a ton of options and get rich!
     

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