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Re: Another Oil price Record

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Re: Another Record

Unread postby whereagles » Tue 11 Mar 2008, 14:34:06

$this->bbcode_second_pass_quote('joewp', '')$this->bbcode_second_pass_quote('funzone36', 'W')hen it hits $110/barrel, hopefully enough Americans will be awake and stop dream-walking into the future.


Somebody said the same thing about $100, $90, $80, $70...

They're not going to wake up because they think this is a plot by the oil companies to gouge them. They can't imagine their cushy lifestyle is coming to an end.


Totally true. No one will admit this is a supply/demand problem. It's always much easier to blame it on some oil company, the arabs or the chinese. This is unsettling because it creates the mood for a totally futile WAR. (Futile, in that 10 years after resource plundering, the problem returns.)
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Re: Another Record

Unread postby Zardoz » Tue 11 Mar 2008, 16:03:22

It's just a bubble. It's just a bubble. It's just a bubble...

Image
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Re: $109. 20 (Oil Prices Hit Record!)

Unread postby TheDude » Tue 11 Mar 2008, 16:06:44

How's the site traffic?

All those confused drivers out there, damn oil corporations ripping us off! Of course they seemed to inexplicably stop doing so for a while...
Cogito, ergo non satis bibivi
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Re: Another Record

Unread postby frankthetank » Tue 11 Mar 2008, 17:18:37

Local news had a guy on saying "speculators" are driving up the cost of oil. Then the next story was about housing and how its so bad locally. The housing guy said that oil prices are the cause behind the housing slump.

I just smile away.

It will be interesting once hurricanes start forming this summer. I really want to see what happens when a big cat 5 enters the gulf. This season sounds like it should be pretty active.
lawns should be outlawed.
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Re: $109. 20 (Oil Prices Hit Record!)

Unread postby shortonoil » Tue 11 Mar 2008, 17:42:32

whereagles said:

$this->bbcode_second_pass_quote('', 'w')hat are you talking about? $120 is peanuts.


For those that haven’t yet taken notice, the world’s banking system seems to be on the verge of imploding. The term "$120" could soon become an anachronism
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Re: $109. 20 (Oil Prices Hit Record!)

Unread postby Atlantean_Relic » Tue 11 Mar 2008, 17:59:55

$this->bbcode_second_pass_quote('shortonoil', '[')b]whereagles said:

$this->bbcode_second_pass_quote('', 'w')hat are you talking about? $120 is peanuts.


For those that haven’t yet taken notice, the world’s banking system seems to be on the verge of imploding. The term "$120" could soon become an anachronism


But the markets had there largest one day rise in 5 years all thanks to the help of the banks. :roll:
Was a long and dark December
When the banks became cathedrals
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Re: $109. 20 (Oil Prices Hit Record!)

Unread postby shortonoil » Tue 11 Mar 2008, 18:22:29

Atlantean_Relic said:

$this->bbcode_second_pass_quote('', 'B')ut the markets had there largest one day rise in 5 years all thanks to the help of the banks.


$200 billion poured into the market and we get 12,156 up 3.55%. Certainly not stellar. It may not look so sweet by Friday. New highs to new lows, 24 to 162. All pump, there is no heart in this market.
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Re: $109. 20 (Oil Prices Hit Record!)

Unread postby ChefBoyardee » Tue 11 Mar 2008, 19:11:15

Regardless of how stoic I pretend to appear I at times have to prevent myself from having the "I told you so.." mentality. Every time oil was rising in price I secretly felt vindicated. Now, however, it's time to put all that crap I've been trying to suppress to rest. The last few days have been very worrying. Spike of $109.72 is very troubling to say the least.

A Chef Boyardee who feels the news sinking in... [smilie=BangHead.gif]
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Re: Another Record

Unread postby Pholostan » Tue 11 Mar 2008, 20:44:12

$this->bbcode_second_pass_quote('whereagles', '$')200 ain't big enough for you? 8)


Sure, big enough to notice. I'll probably mark $200, $300 and $400. I think that oil around $100 mostly will be ignored by the developed world though. Nothing really have to change untill oil gets really expensive. What "really expensive" is more exactly, I guess to be around $400.
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Re: $109 - what's next?

Unread postby Heineken » Tue 11 Mar 2008, 23:23:02

$this->bbcode_second_pass_quote('Quicksilver', 'D')o we need to create a new thread every time oil hits a new high?

That's why we have this thread

another record


No number of threads and forums can absorb the smack of this tidal wave.
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Re: Another Record

Unread postby Zardoz » Wed 12 Mar 2008, 00:11:38

Tapis spot price now $111.15.
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Re: $107

Unread postby joewp » Wed 12 Mar 2008, 00:14:14

$this->bbcode_second_pass_quote('joeltrout', '
')
"Investing in crude futures by those not involved in the oil business has more than doubled since February of 2006, when crude oil traded as low as $58 a barrel, according to data from the Commodities Futures Trading Commission, the agency that oversees futures trading."

Quoted from CNN Money

joeltrout


Why don't they mention that at any one time, the number of short positions of those speculators is between 40% and 60% of the total positions of all speculators? The very same CFTC data shows that fact too. As of last Tuesday, the speculators were 62% long, meaning that 38% of their positions were sales, not buys, and contributed to keeping the price down. Also, the COT data shows that speculators were only about 16% of the market, not really out of line from any commodities market. For instance, the number of speculators in copper is around 30%.

So don't blame speculators, blame geology.
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Re: $107

Unread postby yesplease » Wed 12 Mar 2008, 00:44:57

$this->bbcode_second_pass_quote('joewp', 'S')o don't blame speculators, blame geology.
Shoot geology ain't the problem, it really doesn't change much. Blame consumption if anything. :-D
$this->bbcode_second_pass_quote('Professor Membrane', ' ')Not now son, I'm making ... TOAST!
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Re: $107

Unread postby joewp » Wed 12 Mar 2008, 00:56:58

$this->bbcode_second_pass_quote('yesplease', '')$this->bbcode_second_pass_quote('joewp', 'S')o don't blame speculators, blame geology.
Shoot geology ain't the problem, it really doesn't change much. Blame consumption if anything. :-D


Absolutely right. If we didn't consume it, it wouldn't matter how much was there. It only matters because we're voracious oil-eaters.
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Re: $107

Unread postby tecumseh » Wed 12 Mar 2008, 02:05:15

$this->bbcode_second_pass_quote('Gazzatrone', '')$this->bbcode_second_pass_quote('bonehead', 'C')an't wait for my
I hate to say this as it does sound tired. But at $4 I can't see what you are complaining about. Try paying $8 as we do in the U.K

"Is this country in trouble"

Like I said start paying $8. Honestly! You don't know what trouble is.


Try driving an 8 cylinder SUV 40 miles each way every day to work, then America will feel your pain too. LOL.
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Re: Another Record

Unread postby whereagles » Wed 12 Mar 2008, 07:54:41

$this->bbcode_second_pass_quote('Pholostan', 'W')hat "really expensive" is more exactly, I guess to be around $400.


True, true. In 2005, I read an article by Matt Simmons where he said we'll go business as usual up to the $250-300 range, at which time renewable would start to be a very profitable business.

Of course, that was in 2005. Meanwhile the dollar tanked and his [matt's] latest figure was something $378. I belive even this won't be enough. Any takers for $1000 before we go broke?
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Re: $109. 20 (Oil Prices Hit Record!)

Unread postby whereagles » Wed 12 Mar 2008, 08:01:07

I feel the pain and I'm only doing 100 miles a week on a 35 mpg vehicle.

This is what $8 a gallon feels like (current price around here in Europe).
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Re: Another Record

Unread postby lowem » Wed 12 Mar 2008, 11:40:31

Well whaddayaknow. Somebody or something just knocked down the crude oil price a notch. Just saw it drop from $109.04 to $107.24.

Anyone have any real-time news on what's up?
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Re: Another Record

Unread postby lowem » Wed 12 Mar 2008, 11:42:39

Spotted this one :

Oil prices are falling after a government report that the nation's crude oil inventories rose much more than expected last week. The Energy Department said crude oil supplies jumped by 6.2 million barrels last week. That's more than three times the 1.6 million barrel increase analysts expected.
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Re: Another Record

Unread postby kilik » Wed 12 Mar 2008, 11:56:59

Gasoline inventories highest in 14 years now. Looks like the higher prices finally reduces US consumption.
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