$10 a barrel today?

Discussion in 'Politics & Religion' started by desertst0rm, Nov 6, 2008.

  1. #1
    U.S. crude fell $10 to $60 a barrel today. Is this true? OMG! When will he become officially president?
     
    desertst0rm, Nov 6, 2008 IP
  2. debunked

    debunked Prominent Member

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    #2
    Over 2 days drop, not just one day. Oil should get down below $50 again.

    Some are trying to hold on to it, others know it real value. Just like the American home, it was way overvalued for a time.
     
    debunked, Nov 6, 2008 IP
  3. leandar

    leandar Well-Known Member

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    #3
    OMG $10 Opec will be poor country
     
    leandar, Nov 6, 2008 IP
  4. Mega B

    Mega B Well-Known Member

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    #4
    The price of petrol at the pump in the UK has starting to fall this last week at long last,but it seems to come down slower than what it goes up.
     
    Mega B, Nov 6, 2008 IP
  5. allout

    allout Prominent Member

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    #5
    It has nothing to do with when he becomes president. It was way over priced by the short selling and many other plays by commodity traders. We are now seeing an adjustment in the price and a real value price starting to emerge.

    You seem really shaken by this price drop, it is good news for the economy and the consumer.
     
    allout, Nov 6, 2008 IP
  6. earthfaze

    earthfaze Peon

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    #6
    The real question should be why did we allow all this short selling and speculative BS all this time.
     
    earthfaze, Nov 6, 2008 IP
  7. allout

    allout Prominent Member

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    #7
    It is called a free market, the alternative would be a Government controlled market or Socialism. Though it sucks when things are bad, it is great when they are good. To give up one you have to give up the other.
     
    allout, Nov 6, 2008 IP
  8. ncz_nate

    ncz_nate Well-Known Member

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    #8
    Bust and boom cycles don't occur in a true free market without fiat money :)
     
    ncz_nate, Nov 6, 2008 IP
  9. earthfaze

    earthfaze Peon

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    #9
    Buying up product before it's made through futures trading and inflating the price of it through selling it ten times before it ever hits a tanker trunk doesn't seem like a free market to me but what do I know.
     
    earthfaze, Nov 6, 2008 IP
  10. allout

    allout Prominent Member

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    #10

    It does suck and it is also a great way to crash an econmy. However, it is part of the market and allowed. I hope a lot of them got stuck with a huge loss. ;)
     
    allout, Nov 6, 2008 IP
  11. desertst0rm

    desertst0rm Peon

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    #11
    In the middle east gasoline cost 15-20¢ USD per litter that the retail price.

    3.7 litters = 1 gallon
    42 gallon of gasoline = 1 barrel of crude oil

    3.7 x 42 = 155.4 litters of gasoline

    Imagine how much money Bush Oil company made
     
    desertst0rm, Nov 6, 2008 IP
  12. bogart

    bogart Notable Member

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    #12
    Oil is going down due to weakened demand caused by the world-wide recession. That's how the law of supply and demand works. Now is the time to invest in alternative energy so that another price bubble does not occur.
     
    bogart, Nov 6, 2008 IP
  13. gworld

    gworld Prominent Member

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    #13
    The oil price like the rest of U.S. economy in the last few years was based on fraud and had nothing to do with supply and demand. The oil price went up because Bush and his masters, escalated the risk of wars and political turmoil and trader paid because of market uncertainty.
    As the risk of wars and political uncertainty decreases, so does the price of oil. ;)
     
    gworld, Nov 7, 2008 IP
  14. touchAshley

    touchAshley Active Member

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    #14
    I paid $2.03 a gallon at the pump the other day. It was nice. It'd be nicer to get it under $2 :)
     
    touchAshley, Nov 7, 2008 IP
  15. bogart

    bogart Notable Member

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    #15
    US oil demand is down in recent weeks by about 9% from a year ago.

    http://online.wsj.com/article/SB122418052416641331.html
     
    bogart, Nov 7, 2008 IP
  16. leandar

    leandar Well-Known Member

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    #16
    leandar, Nov 7, 2008 IP
  17. Silver89

    Silver89 Notable Member

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    #17
    We pay £1.10 - $1.70 for a Litre of petrol! :(
     
    Silver89, Nov 7, 2008 IP
  18. gworld

    gworld Prominent Member

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    #18
    And? So what? :confused::rolleyes:

    If it was supply and demand, shouldn't the price drop by 9% and not 60%?

    There was never a shortage when the price was between $20-$25 and there was no shortage when it was at $140-$150. The prices were artificially pushed up by Bush administration by making the market unsure about future deliveries through escalating the danger of wars and political instability. The Bush masters made a great amount of profit which more than paid for bankrolling him to presidency. ;)

    U.S internal oil production 6,000,000 barrel /day
    Price before war: $20 barrel
    Price during Bush time $50-$150, let's calculate at $100 /barrel
    6,000,000* ($100-$20)= $480,000,000 extra profit everyday thanks to Bush
     
    gworld, Nov 7, 2008 IP
  19. bogart

    bogart Notable Member

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    #19
    The US consumes too much oil approx 20 million+ barrels per day. Oil is going back up as soon as US demand recovers.
     
    bogart, Nov 7, 2008 IP
  20. gsv13

    gsv13 Well-Known Member

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    #20
    Obama has any plans for this?
     
    gsv13, Nov 7, 2008 IP