$5 oil !

Pete Wass

Pete Wass

Well-known member
I heard on the radio this morning that $5.00 per barrel oil is predicted. In just a few short months we have gone from the prediction of $200. per to $5. per. Interesting what a little conservation and a recession can do to speculation, isn't it? Now, if we can just get them dang trucks off the bleedin road - - - ; less damage to the raods is another benefit; savings all around: a chicken in every pot, a Hummer in every garage!
 
Oil

Ain't gonna happen. OPEC would simply cut production.
 
The President of Gulf Oil just forecast gasoline at $1.00 per gallon in the USA.
 
I am living

Rock63 said:
The President of Gulf Oil just forecast gasoline at $1.00 per gallon in the USA.
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Close to the end of the pipe here 100 miles west of the Canadian Border on the Right Coast and it is 1.829 here today. It seems to be receeding @ roughly .10 per gal, per week here. We generally pay more for consumer goods here that the rest of the US, Petrol being no exception.

Regarding OPEC; the got to live too. They depend on a certain level of income, like the rest of us so I don't see them cutting back much. I think new exploration will "suffer" a bit in the short haul. If the World Economy continues to go down the drain it won't matter much the prices of anything. Money won't be worth anything because it will be so inflated we won't be able to buy much of anything. We could be seeing a colapse of the whole house of cards. May we live in interesting times.
 
Enjoy it while you can folks....

I predict by mid 2009 we'll all see oil on the rise again...with the same lame explanations. Speculators can turn the market at will, so...keep topping off that tank!

virg
 
Cyclical swings in the......

economy cause these fluttering prices. Yeah. Right. Every so often, the commodity traders, or speculators, decide THEY want some nice Christmas bonusses, & they get them......by vacuuming it out of our pockets, like so much lint!!




"People are born free, but are everywhere in chains; placed there by the rich, to ensure their plunder."
 
Boone Pickens was predicting $400 a barrel in '09 or '10. Shell prez predicts $1 a gal. Who knows? Everybody thinks that they have it figured out and are an expert. The market knows everything, no person is anywhere close. There are simply too many factors that influence all aspects of the economy.
Where is Obama going to get the "excess profits" from the oil companies if they have a few bad quarters?
Oil closed at $40.89, today. West Texas Intermediate Crude Oil for January delivery closed down $3.12 at $43.67 per barrel, on Thursday.
One contract is 1,000 barrels, which is 42,000 gallons of crude. You can buy a contract for a small percentage of that, if you have the net worth and can afford the rick. Jump in, be a player.
 
As much as I love the prospect of really cheap energy, every silver lining has a dark cloud.

I'm just a little suspicious that the prices have dropped this far and this fast. An effect of the drops will be to put the brakes of all the efforts for alternative and independent energy sources. As soon as all of those projects are dead, they can start turning the screws again.
 
It's kind-of ironic that when the stock market fell so did the price of oil.. Sure production and use has alot to do with the price,,but I think that all the paper pushers on wall street has more to do with it. Gas here is 1.69 pg. My gripe is the price of Diesel (2.49 pg) which is nothing but left overs from gasoline production....
 
If Obama would

ban oil from being traded on the comodities market the prices would stay REASONABLE. He won't do that because he and his ilk see the solution as being GREEN, even though the GREEN solutions don't work very well. Something from nothing seems great but it almost never works.
 
Pete Wass said:
ban oil from being traded on the comodities market the prices would stay REASONABLE. He won't do that because he and his ilk see the solution as being GREEN, even though the GREEN solutions don't work very well. Something from nothing seems great but it almost never works.
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C'mon Pete, "BANNING oil from the commoditiers market"..... This seems "right" or "fair" to you?

While I completely agree with the last half of your post, I can't agree with the first line! Seems your cure may be more despotic than the problem.

My opinion ;)

al
 
Differing opinions

are what makes this a Great Country. We have a chance to think about what others say. Sometimes we change our minds. I am interested to know why you think there is any value to comodities trading as far as the every day citizen is concerned.
 
Pete Wass said:
ban oil from being traded on the comodities market the prices would stay REASONABLE. He won't do that because he and his ilk see the solution as being GREEN, even though the GREEN solutions don't work very well. Something from nothing seems great but it almost never works.
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Uh Pete, it's a world market, as in, everyplace outside the US as well as inside, last I heard Mr. Obama got elected pres of US not emperor of the planet. Come on I know it's cold up there but ....
 
Pete Wass said:
are what makes this a Great Country. We have a chance to think about what others say. Sometimes we change our minds. I am interested to know why you think there is any value to comodities trading as far as the every day citizen is concerned.
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Pete,

Remember oil is partially based on lifting costs e.g. what we say the price to "get the grease out of the ground"

What the real danger here is that oil is under estimated (cost) and drilling/development stops. We know consumption will increase as a function of low price.....people have a short memory.

A field development in 2500m of water takes 10 years to first oil.

10 years is going to be a long time to wait at the gas pump, when there is a shortage.

That's where we're headed if the price does not stabilize.

Ben
 
Wait!!!

Pete Wass said:
If Obama would ban oil from being traded on the comodities market the prices would stay REASONABLE. He won't do that because he and his ilk see the solution as being GREEN, even though the GREEN solutions don't work very well. Something from nothing seems great but it almost never works.
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Hey! No more politics, remember???

Where are the moderators?
 
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Let's face it - -

the $100.00 bill is THE world economy. If we were to take oil off the comodity exchange what is the rest of the world gonna do? NUTHIN! It is interesting that we are in a mealt down right now and the rest of the world is following. Why? the $100.00 bill. How big was the truck that carried off the stash of them Sadam had? Remember that? We can do whatever we damn well please and the rest of the plannet will get in line. Why $100.00 bills.
 
Pete Wass

Pete
Those speculators are probaly the same crooks that got California the highest energy costs in the U.S.
The war was the biggest reason according to the speculators we were paying $4,50 a gallon for gas.As far as I know that same war is still going on yet now I am paying $1.65. I say get a rope.
Lynn
 
I knew Obama would fix it. They been telling us that for 7+yrs.

Oil nearly down to $43 and gas here is about $1.79 after going UP 10-15 cents in the past week.

I wonder what gas was when oil was $43 and on the way up??
 
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Gotta sneak em in Stephen

since all of us are, by being citizens political, it's tough to have a genreal conversation about current events without seeming to be being so. It would seem that on a General Discussion forum things should be a bit more liberal. We have a President Elect, it is no longer a matter of politics, it is a reality.
 
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