U.S. crude fell $10 to $60 a barrel today. Is this true? OMG! When will he become officially president?
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.
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.
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.
The real question should be why did we allow all this short selling and speculative BS all this time.
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.
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.
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.
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
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.
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.
US oil demand is down in recent weeks by about 9% from a year ago. http://online.wsj.com/article/SB122418052416641331.html
And? So what? 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
The US consumes too much oil approx 20 million+ barrels per day. Oil is going back up as soon as US demand recovers.