If oil supply has nothing to with the price, then why?????

[FactFinder]

Wrong moron, what we say is that US product is traded on world market, and increasing drilling HERE will have little effect on that 90 billion barrels/day market.

A bit off there. Try 85 million a day in '08:

http://www.eia.gov/emeu/international/RecentPetroleumConsumptionBarrelsperDay.xls

Seems like Gas was over $4 in July 2008?

Yes it was and the economy going south in a hurry sped up by those prices had Gw running for cover under the former GS dude.

 

[Dick Tuck]

You fucking morons say it all the time

Wrong moron, what we say is that US product is traded on world market, and increasing drilling HERE will have little effect on that 90 billion barrels/day market.

A bit off there. Try 85 million a day in '08:

http://www.eia.gov/emeu/international/RecentPetroleumConsumptionBarrelsperDay.xls

Consumption fell in '08.

World oil consumption's expected growth for 2011 down slightly: EIA report

EIA expects that world crude oil and liquid fuels consumption will continue growing from its record-high level of 87.1 million barrels per day in 2010 and reach 88.4 million barrels per day in 2011 and 89.8 million barrels per day in 2012.

Oops. I mistakenly said billions. That should be million.

 

[FactFinder]

Wrong moron, what we say is that US product is traded on world market, and increasing drilling HERE will have little effect on that 90 billion barrels/day market.

A bit off there. Try 85 million a day in '08:

http://www.eia.gov/emeu/international/RecentPetroleumConsumptionBarrelsperDay.xls

Consumption fell in '08.

World oil consumption's expected growth for 2011 down slightly: EIA report

EIA expects that world crude oil and liquid fuels consumption will continue growing from its record-high level of 87.1 million barrels per day in 2010 and reach 88.4 million barrels per day in 2011 and 89.8 million barrels per day in 2012.

Oops. I mistakenly said billions. That should be million.

Thank you for your honesty...!

 

[FactFinder]

One question? Does bilions to millions change your perspective in any way?

 

[uscitizen]

We are programmed to think in Trillions now.

 

[FactFinder]

We are programmed to think in Trillions now.

Awww.. That is unfortunate, heh? Ya think it is intentional?

 

[CrusaderFrank]

Who ever said supply had nothing to do with price?

You fucking morons say it all the time

Wrong moron, what we say is that US product is traded on world market, and increasing drilling HERE will have little effect on that 90 million barrels/day market.

OE fixed

Oil is the same as every other commodity, more supply = lower price

 

[FactFinder]

So why are we trading on the world market other than the greed factor?

 

[FactFinder]

Hey, it is Our oil, Our resources. Don't forget that when we call you to answer.

 

[FactFinder]

Oil is the same as every other commodity, more supply = lower price

We currently have record supply. Hence the motivation of this thread. Why oh why are prices this high when we have record supplies? Could it be anything else but some begging to hit the 'slammer'?

 

[CrusaderFrank]

So why are we trading on the world market other than the greed factor?

Are you a fucking retard?

VIRTUALLY ALL COMMODITIES ARE TRADED ON THE "WORLD MARKET"

 

[uscitizen]

Natural gas however is not traded on the world market and it behaves as it should with local supply and demand, it is way down now since we have plenty of it.

Is it traded on the world market or speculated on the world market.
Both actually.

 

[JoeB131]

Obama:
Is Obama wanting to tap the oil reserve again?

I thought speculaters was the problem, not supply

Speculators are the problem.

So is -

Increased Japanese usage following hte shutdown of their nuclear industry.
Increased usage by China and India as their economies emerge
Saber Rattling by Iran and the Zionists.

 

[uscitizen]

We need to destroy all the super tankers and then everyone would live within their own oil supply.

and the ME would lose lots of political leverage. Heck we would not have to have so many wars over there.

 

[Dick Tuck]

You fucking morons say it all the time

Wrong moron, what we say is that US product is traded on world market, and increasing drilling HERE will have little effect on that 90 million barrels/day market.

OE fixed

Oil is the same as every other commodity, more supply = lower price

Sorry idiot, but oil is different in that 66% of all trades neither deliver or accept oil.

So how many barrels a day might we increase domestic production to have an impact on world prices?

 

[Dick Tuck]

Natural gas however is not traded on the world market and it behaves as it should with local supply and demand, it is way down now since we have plenty of it.

Is it traded on the world market or speculated on the world market.
Both actually.

The fact that we had back to back record warm winters is also a huge factor.

 

[peach174]

We had speculators when gas was 1.89.
It's not speculators it's the depreciation of our dollar.

 

[Dick Tuck]

We had speculators when gas was 1.89.
It's not speculators it's the depreciation of our dollar.

Except that the dollar has been up over its '08 lows, when oil surged and then dropped like a brick. The speculation has been in record proportions over the past decade. It's traditionally been about 1/3rd speculation, and now it's almost 2/3rds. BTW, we still haven't hit Bush's record high price from June '08.

Now question that the dollar is part of the equation, as is increased demand, and speculation.

 

[JoeB131]

We had speculators when gas was 1.89.
It's not speculators it's the depreciation of our dollar.

But there was nothing really driving the speculation when it was 1.89.

 

[GoneBezerk]

Obamination's dumbfuck policies towards oil drilling tells speculators that the price of oil will keep rising under him, so they buy at a price that is higher than before believing it will be even higher in 6-12 months.

Obamination's spending like a druken sailor drives down the value of the US $ which makes buying oil on the world market even more expensive.

Finally, countries like India and China with more drivers and more demand for oil today are driving up the cost of oil

So no matter what Obamination claims, he and his goons are responsible for higher consumer costs in this country when he prevents drilling for oil on Federal lands compared to Bush in this environment of more demand for oil overseas. He lies when he claims oil drilling is up in this country....it is only up on PRIVATE LAND, not Federal land. He is a fucking liar.