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Re: Another Oil price Record

What's on your mind?
General interest discussions, not necessarily related to depletion.

Re: Another Record ($132.08)

Postby PeakingAroundtheCorner » Wed 21 May 2008, 14:09:23

New record $132.62
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Re: Another Record ($132.08)

Postby lowem » Wed 21 May 2008, 14:09:53

We're certainly having fun here.
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Re: Another Record ($132.08)

Postby lowem » Wed 21 May 2008, 14:13:36

$this->bbcode_second_pass_quote('PeakingAroundtheCorner', 'N')ew record $132.62


Okay, that makes it up 112% from last year's low.
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Re: Another Record ($132.08)

Postby AlwaysThere » Wed 21 May 2008, 14:17:45

What % of the average persons budget is spent on energy ? My power bill is $150 per month, my gasoline bill is at most $150 per month. Assuming I am low (I do not drive to work) let's say the average american at 4k per month income is spending $600 per month on energy. That still does not seem so bad to me, when it get's up to $1000 -$1200 then I would think it would cause some serious concern, but even then the energy industry is a very large employer so a good chunk of that money is going to be recirculated into our economy, so the fallout may not be as bad as we think.
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Re: Another Record ($132.08)

Postby no_name » Wed 21 May 2008, 14:24:54

For anyone who wants to spread bet (for fun) on oil/market prices going up or down i find this pretty entertaining if im doing nothin else, and you get to watch real time charts etc.

Go here and open a demo account on the left hand side.

http://www.paddypowertrader.com/index.php?agentid=812
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Re: Another Record ($132.08)

Postby peak » Wed 21 May 2008, 14:27:02

$this->bbcode_second_pass_quote('AlwaysThere', 'W')hat % of the average persons budget is spent on energy ? My power bill is $150 per month, my gasoline bill is at most $150 per month. Assuming I am low (I do not drive to work) let's say the average american at 4k per month income is spending $600 per month on energy. That still does not seem so bad to me, when it get's up to $1000 -$1200 then I would think it would cause some serious concern, but even then the energy industry is a very large employer so a good chunk of that money is going to be recirculated into our economy, so the fallout may not be as bad as we think.


U.S. imports most crude oil, how is that not going to hurt? Not only that, spending $600 more a month on energy is huge and is going to hurt discretionary spending.
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Re: Another Record ($132.08)

Postby AlwaysThere » Wed 21 May 2008, 14:34:43

$this->bbcode_second_pass_quote('peak', '')$this->bbcode_second_pass_quote('AlwaysThere', 'W')hat % of the average persons budget is spent on energy ? My power bill is $150 per month, my gasoline bill is at most $150 per month. Assuming I am low (I do not drive to work) let's say the average american at 4k per month income is spending $600 per month on energy. That still does not seem so bad to me, when it get's up to $1000 -$1200 then I would think it would cause some serious concern, but even then the energy industry is a very large employer so a good chunk of that money is going to be recirculated into our economy, so the fallout may not be as bad as we think.

U.S. imports most crude oil, how is that not going to hurt? Not only that, spending $600 more a month on energy is huge and is going to hurt discretionary spending.

You have to look at it from macro level:
1. The foriegn oil suppliers are not going to want to destroy thier consumers
2. The US oil companies are still making big bucks and hiring like mad (I know becasue I am a recruiter in the industry)
3. Yes, Walmart is going to lose some share, but energy companies are going to get some of that.
4. US oil suppliers do not seem to be too concerned with the US inflationary policies and in spite of their complaining they are still accpeting US dollars.
5. Energy consumption is largely "discretionary" and people can simply choose to travel less and still spend if they wish.

There are many factors and so much waste in the United States it is difficult to predict how things are going to shake out. My inlaws liver in a farming community and they say all the local farmers are fat, dumb and happy right now- Even though they are spending $4 a gallon on farm grade diesel.
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Re: Another Record ($132.08)

Postby Bas » Wed 21 May 2008, 14:37:44

Brent Crude is once again more expensive than WTI at 134.03
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Re: Another Record ($130.47)

Postby IgnoranceIsBliss » Wed 21 May 2008, 14:40:32

$this->bbcode_second_pass_quote('dohboi', '"')if they get desperate enough they can "take steps""

Yes, the US, after trying to sue them, will coubtless start invading all sorts of oil rich countries. We have not, of course, lowered speed limits on highways. That would be just too difficult. But suing and invading other countries is something we do readily.

Could anything be more absolutely more pathetic than my dear addicted country's pitiful twisting as its drug of choice is gradually removed? There is no imbarrassing insanity we will not act out as we flail about in desparation. The one thing will never, never do is make any real attempt to live within our means.

Yes, we will still roar along at 70-80 mph. I'm staying at 60 mph these days, and getting passed by massive SUVs. Floor it guys and burn, burn, burn.

Just think, we are entering hurricane season, summer driving season, etc. Let's hope there aren't any major disruptions. I also think this winter will see many people keeping the thermostat way down and choosing between food, medicine, gasoline, or heating their homes. Glad I have a woodstove and live in an area with mild winters.
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Re: Another Record ($132.08)

Postby LittleBoPeak » Wed 21 May 2008, 14:53:56

What do ya'll think the chances are that SA and OPEC are sandbagging us? Maybe they are sitting on their spare capacity to drive up prices . . . then, when crude hits $200, they dump it into the market and make a KILLING?!!
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Re: Another Record ($132.08)

Postby AlwaysThere » Wed 21 May 2008, 15:02:12

$this->bbcode_second_pass_quote('LittleBoPeak', 'W')hat do ya'll think the chances are that SA and OPEC are sandbagging us? Maybe they are sitting on their spare capacity to drive up prices . . . then, when crude hits $200, they dump it into the market and make a KILLING?!!


The stock market has inflated x 10 in the last ten years (or so ??? Maybe even more ?) Gold is x3, oil is x4 consumer spending x (how much ???) It terms of inflation oil is still pretty cheap, that is still not going to make the clueless SUV drivers an happier.

I am not convinced that there may be some truth in that, if we are at peak they have a very vested interest in making the plateau last as long as possible.
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Re: Another Record ($132.08)

Postby AlwaysThere » Wed 21 May 2008, 15:08:19

$this->bbcode_second_pass_quote('Shannymara', '')$this->bbcode_second_pass_quote('LittleBoPeak', 'W')hat do ya'll think the chances are that SA and OPEC are sandbagging us?

.00000001%


Shanny you and many others here are really not objective on this topic. Between demand destruction and production increases chances of a prolonged peak or plateau are pretty significant. I am not saying that this is not a problem for the US in particular, but the world will be producing quite a bit of oil for quite a long time.

At a sustained $130 per barrel if you had oil would you produce more to drive the price down ?
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Re: Another Record ($132.08)

Postby bodigami » Wed 21 May 2008, 15:18:17

$132.86 :)
http://www.livecharts.co.uk/MarketCharts/crude.php

...I think (learning to read this charts).
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Re: Another Record ($132.08)

Postby LittleBoPeak » Wed 21 May 2008, 15:26:36

$this->bbcode_second_pass_quote('Shannymara', '')$this->bbcode_second_pass_quote('LittleBoPeak', 'W')hat do ya'll think the chances are that SA and OPEC are sandbagging us?

.00000001%


BTW, I don't believe they are. I may be new here, but i ain't stupid! Well, not that stupid . . . OK, OK, so I'm not all that bright! 8)
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Re: Another Record ($132.08)

Postby TheDude » Wed 21 May 2008, 15:26:56

$this->bbcode_second_pass_quote('Shannymara', '')$this->bbcode_second_pass_quote('LittleBoPeak', 'W')hat do ya'll think the chances are that SA and OPEC are sandbagging us?

.00000001%


:lol: KSA did put a bit more on the market last year, you know, in defiance of all the Ghawar-is-crashing theories.

How about this: producers are artificially jacking up prices to create a new floor to have cash to funnel into expanding supply? That would be looking down the road, no?

Assumes there's more supply to be added, of course. KSA look to have shot their wad mostly - a few big projects coming on line but they're heavy sour fields they discovered decades ago. Maybe other producers will be able to afford some EOR on fields - or secondary recovery...then again maybe they'll go Exocet shopping.
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