Oil may drop to $65 Dollars a barrell

[52ndStreet]

I read a report at msn.com , that Oil may drop to $65.00 a barrell?.
has anyone else seen this article.

 

[Article 15]

This article?

$65 oil is coming (maybe)

A top analyst expects crude prices to start plummeting. If you don't believe it, you're not the only one, and a few stocks look good if you're in the skeptics' camp.

By Jon Markman

If you're frustrated over the high cost of gasoline at the pump, don't trade in your Hummer for a Vespa just yet: A leading energy analyst is telling clients these days to prepare for crude oil to retreat back below $65 per barrel over the next three years.

How could it happen? He says conservation, new drilling, efficient new vehicles, alternative energy sources, a rising dollar and a global recession will combine to blast prices back to the Stone Age -- or at least to last year's levels.

http://http://articles.moneycentral.msn.com/Investing/SuperModels/CouldOilPlungeTo65ABarrel.aspx

 

[Angel Heart]

Gasoline, oil prices drop - Phoenix Business Journal:

Current $111 a barrel

 

[Annie]

So why did our gas prices around here go from $3.89 to $4.07 in the past week?

 

[Chris]

All we had to do was start conserving fuel.

Just like Obama said.

 

[52ndStreet]

All we had to do was start conserving fuel.

Just like Obama said.

I am still waiting for a one day Gasoline boycott, now that will really drop
the price of gasoline and Oil, if American drivers organize a one day a week
Gasoline buying boycott.?!?

 

[Zoomie1980]

I read a report at msn.com , that Oil may drop to $65.00 a barrell?.
has anyone else seen this article.

$35-$40 is not out of the realm of possibility. It still only costs about $30 to produce and ship a barrel of oil to a consumer, on average, globally. But the long term supply fears, that are still there will prevent it from going much below $90 or so..... IT goes lower only if the same speculators that operated on panic driving it up, do the same on the down side...

 

[JimH52]

So why did our gas prices around here go from $3.89 to $4.07 in the past week?

I feel your pain. I don't know if this is a fact but I read that gas stations were making 10-13 cents per gallon before the run up. During the $4+ days they were only makes 3-8 cents a gallon. The stations will be slow in bringing the price down in order to recoup some of their losses during the $4+ a gallon days. Like I said, I don't know if it is a fact, but it sounded reasonable.

 

[Zoomie1980]

I feel your pain. I don't know if this is a fact but I read that gas stations were making 10-13 cents per gallon before the run up. During the $4+ days they were only makes 3-8 cents a gallon. The stations will be slow in bringing the price down in order to recoup some of their losses during the $4+ a gallon days. Like I said, I don't know if it is a fact, but it sounded reasonable.

There is some truth to that. Oil is down over 25% but gasoline is down only about 15%. Refiners are taking a shot at finally making some money. Realistically under historic profit margins for refiners, gas should have been around $4.60-$4.80 at their peak, not $4.08.

Gas will likely go under $3.00 for at least a brief while before Christmas.

 

[TopGunna]

All we had to do was start conserving fuel.

Just like Obama said.

Ha, come on Kirk, you can't be that blind of a sheep.

 

[Zoomie1980]

All we had to do was start conserving fuel.

Just like Obama said.

Well, it's a start but it is simply doing nothing long lasting, as all it is really doing is bursting the grossly overdone speculative bubble. At some point the commodity is indeed going to get into a REAL short supply, and no amount of conservation, alone, will have any effect at all.

We will have to aggressively pursue alternative fuels while at the same time DRILL for every drop of economically retrievable oil and bubble of gas we can get to tide us over the transition, build new nuclear plants, close down oil plants and build coal plants in their place (we have a 60-100 year supply of that) until more exotic technologies like fusion come on line.

 

[Chris]

Ha, come on Kirk, you can't be that blind of a sheep.

It's call supply and demand.

When Americans start installing solar shingles and driving electric cars, the oil companies are going to freak.

 

[Angel Heart]

Bush lifts executive ban on offshore oil drilling - CNN.com

Mon July 14, 2008

Bush lifts executive ban on offshore oil drilling

Oil falls amid concerns economic woes will cut demand - Jul. 15, 2008

Biggest oil price drop in 17 years
Crude falls $6.45 a barrel - 2nd largest price drop in dollar terms - as Fed chief indicates inflation and high fuel prices will cut into U.S. demand for oil.

July 15, 2008

Oh no the fact that Bush lift the ban can't have anything to do with the drop in oil prices.

 

[Chris]

You are right. Bush had nothing to do with falling oil prices.

Talk about a fantasy.

Supply and demand sets prices. The American people have awoken from their slumber and started driving less and buying small cars.

Americans drove 8 BILLION fewer miles last month.

We are the power, not Bush and his oil company butt buddies.

 

[Inferno]

So why did our gas prices around here go from $3.89 to $4.07 in the past week?

Because Russia and georgia are fighting and there is Oil ther the speculators went wild.

 

[Angel Heart]

You are right. Bush had nothing to do with falling oil prices.

Talk about a fantasy.

Supply and demand sets prices. The American people have awoken from their slumber and started driving less and buying small cars.

Americans drove 8 BILLION fewer miles last month.

We are the power, not Bush and his oil company butt buddies.

Try it chased the speculators out of the market. It wasn't up do to supply. It was up due to idiots thinking there was going to be a problem. When Bush signed the order to lift the ban, it showed the speculators the gig was up.

Oh and the fact that the week that followed his signing was a record one week drop in oil prices couldn't have anything to do with it:

Oil prices tumble in biggest weekly drop ever

Oil prices tumble in biggest weekly drop ever

Jul 18

Can you give credit to Bush for anything? He has done some good. Even if you are too blinded by your own hate to see it.

Do you wake up and find a zit on your face and blame Bush?

 

[BaronVonBigmeat]

So now that gas prices are falling, I guess oil companies are being generous? We all know that the rising prices were due to greed, right?

Also, a good bit of the saber rattling with Iran has cooled down.

 

[chapstic]

oil prices have to of dropped because you all inflated your tires. i sure know i never checked my tires and i know none of my family or friends checked theirs, we leave that up to our local jiffy lube.

 

[jreeves]

Try it chased the speculators out of the market. It wasn't up do to supply. It was up due to idiots thinking there was going to be a problem. When Bush signed the order to lift the ban, it showed the speculators the gig was up.

Oh and the fact that the week that followed his signing was a record one week drop in oil prices couldn't have anything to do with it:

Oil prices tumble in biggest weekly drop ever



Can you give credit to Bush for anything? He has done some good. Even if you are too blinded by your own hate to see it.

Do you wake up and find a zit on your face and blame Bush?

Of course he does.....
I guess what really pisses him off is that, Bush's energy policy is something that Obama embraced ,even though it contained several tax subsidies for Big Oil....

 

[editec]

Well it had better fall to $65 a barrel soon, or one hell of a lot of Mainers (myself included) are going to be mighty cold this winter.