Oil close to $60 a barrell!

[DavidS]

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!

 

[PackMule]

Car Makers Making Gas Sippers...
See what happens when we move FORWARD...

 

[Care4all]

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....

 

[CSM]

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.

 

[DavidS]

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.

What are you talking about? Demand is down sharply, so the price is down sharply.

 

[Toro]

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

 

[jakey1]

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!

 

[Care4all]

What are you talking about? Demand is down sharply, so the price is down sharply.

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

 

[Paulie]

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.

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?

 

[foggedinn]

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.

 

[dilloduck]

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!

not really---saw it $2.33 this AM and $2.22 this afternoon.

 

[AVG-JOE]

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!

You don't think the oil companies aren't just trying to help their buddy McCain?

I am certainly going to fill up before November 4, just in case.

-Joe

 

[Annie]

You don't think the oil companies aren't just trying to help their buddy McCain?

I am certainly going to fill up before November 4, just in case.

-Joe

Sure, the whole world commodity markets are in on it. OPEC just threw in a curve trying to prove that conspiracy wrong, by cutting production. Who knew the Republicans could garner such world wide support, with the 'world' voting for Obama?

 

[AVG-JOE]

Sure, the whole world commodity markets are in on it. OPEC just threw in a curve trying to prove that conspiracy wrong, by cutting production. Who knew the Republicans could garner such world wide support, with the 'world' voting for Obama?

The merger madness of the 80's & 90's left us with zip, zero, nada competition in the oil industry. Who actually knows what kind of control over prices the 3 remaining oil companies have?

Supply and demand certainly have an effect, but the only thing that can move retail gas prices from $2.50 to $5.00 and back to $2.50 in the span of a year is manipulation.

Sure, OPEC is reacting, but I am hard pressed to believe that prices in the US market are not under the strict control of oils big 3, at least in any 6 to 12 month period. I am also hard pressed to believe that the 3 multinationals we depend on for energy don't have a shit-load more influence over OPEC than they appear to have... Who, after all does OPEC depend on to turn their greasy sand into money?

Not to mention the incentive that the millions in proposed taxes under Obama gives those corporations to spend a little of the summer profits to try to keep a friendly face in the Whitehouse.

-Joe

 

[Annie]

The merger madness of the 80's & 90's left us with zip, zero, nada competition in the oil industry. Who actually knows what kind of control over prices the 3 remaining oil companies have?

Supply and demand certainly have an effect, but the only thing that can move retail gas prices from $2.50 to $5.00 and back to $2.50 in the span of a year is manipulation.

Sure, OPEC is reacting, but I am hard pressed to believe that prices in the US market are not under the strict control of oils big 3, at least in any 6 to 12 month period. I am also hard pressed to believe that the 3 multinationals we depend on for energy don't have a shit-load more influence over OPEC than they appear to have... Who, after all does OPEC depend on to turn their greasy sand into money?

Not to mention the incentive that millions in proposed taxes under Obama gives those corporations to spend a little of the summer profits to try to keep a friendly face in the Whitehouse.

-Joe

I will be the first to say, "I haven't a clue." However, everything I've read while they were rising, again with falling, seem to be connected to other aspects of the economy, not the oil industry per se. BTW, I don't know how much or what you drive, but I'll fill up at least 2X before 11/4.

 

[AVG-JOE]

I will be the first to say, "I haven't a clue." However, everything I've read while they were rising, again with falling, seem to be connected to other aspects of the economy, not the oil industry per se. BTW, I don't know how much or what you drive, but I'll fill up at least 2X before 11/4.

I'm lucky to not be using much gas right now. I still drive the '98 Jeep you see my dogs hanging out the side of in the avatar photo.

-Joe

P.S. - For the animal safety freaks... both dogs wear harnesses and are secured in the back like babies in car seats, but with less drool.

-J

 

[Annie]

I'm lucky to not be using much gas right now. I still drive the '98 Jeep you see my dogs hanging out the side of in the avatar photo.

-Joe

P.S. - For the animal safety freaks... both dogs wear harnesses and are secured in the back like babies in car seats, but with less drool.

-J

Indeed you are lucky. I have to drive over 40 miles per day, 5 days a week. My car gets about 23mpg.

The dogs are cute!

 

[editec]

What are you talking about? Demand is down sharply, so the price is down sharply.

So the price is down by over 50%, right?

Does that mean that the demand went down by over 50%?

No?

Then clearly the price is not ENTIRELY being driven by supply demand, no?

 

[Paulie]

Sure, the whole world commodity markets are in on it. OPEC just threw in a curve trying to prove that conspiracy wrong, by cutting production.

But Obama might possibly be in on stock market manipulation with George Soros, right?