Crude Oil prices slide for second day

Discussion in 'Economy' started by JimH52, Jul 8, 2008.

  1. JimH52
    Offline

    JimH52 Gold Member

    Joined:
    Oct 14, 2007
    Messages:
    19,277
    Thanks Received:
    3,103
    Trophy Points:
    290
    Location:
    US
    Ratings:
    +8,266
  2. Paulie
    Offline

    Paulie Platinum Member

    Joined:
    May 19, 2007
    Messages:
    31,577
    Thanks Received:
    4,856
    Trophy Points:
    1,130
    Ratings:
    +15,424
    Enjoy what? It's not like that changes the price of gasoline instantaneously.

    Where I live, gas has been at $3.99 for a couple weeks, and the price of oil has gone up over $10/bbl during that time. It's almost as if they're doing everything they can to keep it from hitting $4 around here, like it's some kind of psychological mark. Maybe it is, but why fight it?

    Oil has nowhere to go but up. I'm convinced we won't see oil really start to decline to where it SHOULD be until we start pulling troops from Iraq, and the possibility of military action against Iran subsides. Right now, there's just too much geopolitical uncertainty.

    I'm still extremely comfortable staying long in my oil position.
     
  3. Toro
    Offline

    Toro Diamond Member

    Joined:
    Sep 29, 2005
    Messages:
    50,782
    Thanks Received:
    11,059
    Trophy Points:
    2,030
    Location:
    The Big Bend via Riderville
    Ratings:
    +25,112
    The trend is still up but $140 oil is starting to change consumer behavior. I think the top in oil is approaching.
     
  4. jreeves
    Offline

    jreeves Senior Member

    Joined:
    Feb 12, 2008
    Messages:
    6,588
    Thanks Received:
    315
    Trophy Points:
    48
    Ratings:
    +315
  5. Charles_Main
    Offline

    Charles_Main AR15 Owner

    Joined:
    Jun 23, 2008
    Messages:
    16,692
    Thanks Received:
    2,238
    Trophy Points:
    88
    Location:
    Michigan, USA
    Ratings:
    +2,251
    If we even just announced a plan to address the problem(Drilling, New fuels, More refineries, more Nuke Plants) the price would lower. Speculation goes both ways, if we give the market a reason to think we will address the problem the price will go down just from that alone.
     
  6. Paulie
    Offline

    Paulie Platinum Member

    Joined:
    May 19, 2007
    Messages:
    31,577
    Thanks Received:
    4,856
    Trophy Points:
    1,130
    Ratings:
    +15,424
    I disagree with you guys. Most of the international community is on the edge of their seat waiting to see if we tangle with Iran. If we take military action against Iran, oil is going to skyrocket. Can you blame investors for being unsure about Bush and Cheney? I certainly can't.

    I'm just not sure why an oil investor would want to leave their position right now. And I seriously doubt that just TALKING about the problems is going to change the price. Perhaps if we broke ground for some new oil fields and refineries, and people realized it was a SERIOUS effort, the market would respond. But just paying lip service to the necessary fixes isn't going to do anything. We've been hearing lip service for decades now.
     
  7. RetiredGySgt
    Offline

    RetiredGySgt Platinum Member

    Joined:
    May 6, 2007
    Messages:
    39,575
    Thanks Received:
    5,902
    Trophy Points:
    1,140
    Location:
    North Carolina
    Ratings:
    +8,990
    In other words the Liberals have caused the soaring Gas prices with their ignorant claims we are on the verge of Invading Iran. Thanks for the heads up. Of course one wonders why 6 months before Bush is no longer President the prices soared on that scare rather then 2 years ago when it might have technically been possible for Bush to ACTUALLY attack Iran.
     
  8. editec
    Offline

    editec Mr. Forgot-it-All

    Joined:
    Jun 5, 2008
    Messages:
    41,427
    Thanks Received:
    5,598
    Trophy Points:
    48
    Location:
    Maine
    Ratings:
    +5,618
    Yeah, that no doubt plays a role in the current prices.
     
  9. editec
    Offline

    editec Mr. Forgot-it-All

    Joined:
    Jun 5, 2008
    Messages:
    41,427
    Thanks Received:
    5,598
    Trophy Points:
    48
    Location:
    Maine
    Ratings:
    +5,618
    You really are into using pretzel logic to pin the world's ills on these mythical boogiemen liberals you imagine exist, aren't you?

    REPUBICAN PRESIDENTIAL HOPEFUL McCain rattles sabers by making statements like how its good that we're killing Iranians with cigarettes, and you still find a way to blame liberals for the price of oil?

    What a piece of work you are.
     
  10. busara
    Offline

    busara wanasiasa wapumbava

    Joined:
    May 7, 2008
    Messages:
    1,501
    Thanks Received:
    87
    Trophy Points:
    48
    Location:
    PA
    Ratings:
    +87
    you try very hard to blame the dems, dont you?
     

Share This Page