OIL DROP BOOSTS ECONOMY

New York Post ^ | 11/02/04 | PAUL THARP

[kattracks]

The historic oil-price climb is finally easing - giving the U.S. economy some more wind in its sails.

Crude-oil prices dropped sharply yesterday and are expected to slide lower as speculators abruptly switched gears on their bets about global supply.

A warm start to winter also is helping hold down prices of home-heating oil, while gasoline inventories remain stronger than expected.

Analysts believe crude-oil prices will drop for the rest of the year as a bearish mentality takes over energy traders.

"As far as we can tell, this market seems to have made a top, and we expect to see lower prices this week," energy analyst Peter Beutel of Cameron Hanover said in his report on the collapse of crude's historic bull market.

[7.62 x 51mm]

I'll bet that oil is back down to $34-35/ barrel by Thanksgiving.

[Semper Paratus]

I really question the timing of this.

And I pray Soros takes a HUGH bath.

[ArmyBratproud]

Can somebody with a home up north explain how this will relate to the heating oil price worries?

I realize that people say it is too high every year...but will it be bigger issue this year?

I saw an ad where some liberal group was trying to make it sound like people will not be able to get heating oil for their homes and they'll freeze......And I knew it was a load of BS. Meanwhile...the same hippies who made the ad have no problem with paying 5 bucks for a bottle of water.

But I have heard pundits mention record high prices through winter......are they just blowing smoke?

[AmericaUnited]

As has been written up many times by savvy oil analysts, I truly believe the big speculative price run up in oil was created by those (Opec countries, Soros types, China, Euroweanies, etc.) who were trying to damage Bush's reelection chances. Today when Bush gets reelected, you'll see the speculative margin dissipate out. Expect oil down about $10 in roughly a month, and to keep heading south.

[dokmad]

"I realize that people say it is too high every year...but will it be bigger issue this year? "

It's a Huge issue this year. Many elderly are on fixed income, primarily SSI. And home heating oil is over $2.00 per gallon. That is as much as $.70 over last year. Some of these people can no longer afford to heat the home they spent a lifetime paying for. Thank the liberal bastards who refuse to allow for the drilling and production of our own oil fields in Alaska!

[Semper Vigilantis]

I paid a high of 1.139 last year and that was outrageous!
This year I "pre-bought" 1000 gallons at 1.499 with a down price protection plan. I will not pay more than 1.499, but if prices drop I will be charged the lower price. My pre-buy at that price was pretty good considering the best 'off the shelf' price I have seen locally is 1.899 and many companies are charging more than 2.00 a gallon for people who are not 'preferred' (do not have their furnaces cleaned & serviced by the oil company, do not buy Propane or gas as well as oil, etc) customers.
If you were not paying attention and didn't or couldn't budget for it, the HHO prices can be a real bank buster if they don't drop before winter sets in.

[AmericaUnited]

You can do your own "prebuy" by using mini oil options.

[Holicheese]

"Meanwhile...the same hippies who made the ad have no problem with paying 5 bucks for a bottle of water. "
And they are paying huge bucks for a dime bag now too!