Oil close to $60 a barrell!

Discussion in 'Energy' started by DavidS, Oct 24, 2008.

  1. DavidS
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    DavidS Anti-Tea Party Member

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    OPEC cut production by 1.5 million bpd and nobody gived a flying you know what. Oil's crashing below $4/b right now. We could see gas below $2/gallon by December!
     
  2. PackMule
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    PackMule (ZAN-TI-MOW)

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    Car Makers Making Gas Sippers...
    See what happens when we move FORWARD...
     
  3. Care4all
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    Care4all Warrior Princess Supporting Member

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    How can anyone, anyone at all that was saying oil prices had risen to $150 bucks a barrel because of supply and demand, must feel like a fool right now.

    The oil bubble was due to speculation, and near nothing more...similar to the housing bubble speculation that occurred.

    This PISSES ME OFF....because the OIL PRICES were actually the catalyst that has hurt the american economy and put us on the road to the recession...if gas prices hadn't doubled in price then more people wouldn't have had the great shortfall that they were experiencing with their mortgage payments imho....of course it will take 10 years before the books comeout showing the truth on this...

    Not that this would have stopped the housing bubble though...

    in all honesty, it probably would have just prolonged the inevitable if gasoline/heating oil had not gone up so much in price, people defaulting on their loans....

    But oil/gasoline prices is what caused the bubble to end when it did, there is no question in my mind on that....
     
  4. CSM
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    CSM Senior Member

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    looks like the "war for oil" thingy is finally paying off, eh! Oh wait, we STILL aren't getting free oil from Iraq. Never mind.

    Seriously, maybe all the speculation that drove prices beyond reasonable was a good thing. Folks finally are getting serious about conserving and even forcing the auto makers to really try to produce something more efficient than a main combat tank. That said, want to place any money on what the quarter's profits look like for big oil? I am willing to bet it is still in the billions.
     
  5. DavidS
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    DavidS Anti-Tea Party Member

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    What are you talking about? Demand is down sharply, so the price is down sharply.
     
  6. Toro
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    Toro Diamond Member

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    Yeah, I think the argument that oil at $147 was not caused by speculators sure looks specious now.
     
  7. jakey1
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    jakey1 Rookie

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    now that's low! the trouble is, gas stations take centuries to reflect that price but if it were to go up one dime, you'd see that reflected in hours!
     
  8. Care4all
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    Care4all Warrior Princess Supporting Member

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    yes, demand is down, but it is not down 150%....it might be down 20% is my best guess

    it was nearly $150 bucks a barrel IN JUST JUNE/JULY of this year david....that's just 3 months ago....supply is not down 150% since july...it will hit $60 or less this coming week... it's the same speculator thing that drove part of this housing crisis...the watchdogs didn't do their jobs at many levels...the speculators are jumping ship, they caused the boom and the crash, thru simple gambling...

    SOMETHING is sooooooooo wrong with our markets for this to be able to occur imho!

    :(

    care
     
  9. Paulie
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    Paulie Platinum Member

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    Well retail gasoline is still selling about $1 higher than the NYMEX spot price, so obviously they are still pulling in high profits.

    But you're paying it, right?
     
  10. foggedinn
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    foggedinn VIP Member

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    Price and demand aren't 1 for 1. A 1% rise or fall in demand can easily cause a 10% rise or fall in prices. The last figures I heard was that gasoline demand in sept. fell 6% year over year. The price of gas has dropped almost 40% off it's peak.
     

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