Oil close to being below $50!

[DavidS]

CLZ08.NYM: Summary for Crude Oil Dec 08 - Yahoo! Finance

Currently at $50.70.

 

[glockmail]

Gas $1.78 yesterday in Salisbury, NC.

 

[Mad Scientist]

Gas $1.78 yesterday in Salisbury, NC.

I filled up in PA for $1.94 the other day. You Liberals should note:

Cheap oil and gas is good for poor people. The "evil rich" can afford high gas prices, the poor can't. If you really care about the poor, you will lobby your representatives for more drilling. Get to it!

 

[Toro]

Traded at $48.80 today.

 

[Zoomie1980]

And being driven too low now. Just as $150 oil was insane, this market is going into the 30's before it's over and that's way too low. $60-$70 is today's supply-demand sweat spot. At some time these market swings are going to have to reign in their amplitude.

 

[editec]

And being driven too low now. Just as $150 oil was insane, this market is going into the 30's before it's over and that's way too low. $60-$70 is today's supply-demand sweat spot. At some time these market swings are going to have to reign in their amplitude.

I'm informed (by the former CEO of Shell, as I recall) that the ideal price for oil is currently around $55 a barrel.

That pays for the cost of getting it, and leaves a reasonable profit, too.

According to this guy, the oil companies don't like high prices any more than we do since it disrupts business and economies thus leading (in the long run) to less profits for the oil companies, rather than higher profits.

But as we all know the oil companies really do not control the world price of oil anymore.