Posted on 11/07/2007 5:42:44 AM PST by thackney
You’ve got an excellent point.
After this Christmas, the bubble bursts.
Dollar is down, it is cheap for them to buy oil with dollars and they are trading it just like one would expect.
Where's Grandma Polosi on this. She claimed before the last election, elect Dims and "we will take care of the price of gas for you."
I guess she was SERIOUS about that!
“I bet that if we just pass (not even get there)a bill allowing drilling in ANWR, the price drops a good $20.”
Not sure if it would be that much, but it would drop. OPEC watches what the US does closely. Anytime we make a move to exploit our own resources, they drop the price of oil as a disincentive. OPEC is the dealer, we are the addict.
I remember when they told us that oil would be gone by 2010. No more oil, none, zero, zip. Now, that lie is exposed so they tell us it’s bad to drill, and that it contributes to globull warming.
I wish my fellow Americans weren’t so stupid.
KUDOS!!!! Billion here and a billion there can sure sway futures contracts, with t-Bone Pickens as your media mouthpiece.
Two weeks ago a refinery in Germany shut down due to the glut of oil and petrol.
I think it’s a combination of factors.
Yes, profits are high.
Yes, it’s largely due to speculation.
Yes, the falling dollar has an effect.
Yes, there is increased demand.
Yes, we need to drill for our own oil.
Yes, we need more refinery capacity.
It’s not just one reason.
I know that was meant as sarcasm and we all know there are allot of contributing factors and plenty of blame to spread around all over Washington. But when Bush took office it was at $25 a barrel and he is the man in charge and the most logical target for complaints.
Do you have a link to that claim? How does a glut of oil effect a refinery other than to REDUCE the price of oil as its feedstock?
I can tell you right now, I know 3 folk within state political circles at high levels on both sides of the aisle, that aren't friends, don't associate, don't work together and they're telling me basically the same thing:
They are scared of the magnitude of what's unfolding for 'the crash' and have been told by business leaders and the higher up politicals than themselves, that the Feds and Wall Street, along with the MSM are purposely delaying information and have been told 'not to discuss it on the job. Period. Because the information from reliable sources is at best, seriously conflicting.'
Also, even their investment brokers are confused for solid domestic investment other than foreign corporations and currency at this time.
You do know that madam pelosi's comgress has lower aprroval ratings than Bush does.
“This is not being negative, but, realistic as to the magnitude of our greed and arrogance.”
You might want to add ignorance to that list.
I WAS JUST WATCHING FOX NEWS AND THEY WAS SAYING A BIG GURU WAS SAYING $100.00 OIL WAS NO PROBLEM MY RESPONDS WAS HELL NO ITS NOT A PROBLEM WHEN YOU ARE MAKING A MILLION OR MORE A YEAR , HOW ABOUT THE LITTLE MAN WHAT A FREAKING JOKE DO THEY THINK WE ARE REALLY THAT STUPID.
Does Mexico have refineries? Or, just oil?
Yes they do, or they are that out of touch on Wall Street and in Washington. My families budget has been cut back already.
Mexico has some refineries, about 1.5 million barrel per day capacity. We import extremely little refined products from Mexico.
World Crude Oil Distillation Capacity, January 1, 1970 - January 1, 2007
http://www.eia.doe.gov/pub/international/iealf/table36.xls
Weak dollar reflected in the prices....mucho speculation on the trading floors and increasing demand....surprised?
“Yes they do, or they are that out of touch on Wall Street and in Washington. My families budget has been cut back already.”
They don’t know, or care if we’re stupid, but they do know we are powerless. They’ll do as they please. However, as you state, your budget has been cut back. Unlike our government, most people quit spending when costs go up. The result will be less economic activity as people try to pay for necessities. Less activity by the consumer, less profits for big business and those on Wall Street.
That’s when they’ll figure out that $100 a barrel does matter.
Blah,blah,blah...The simple truth is that futures speculators are driving the price up and up. This price is currently unsupportable and at some point will hopefully correct itself...of course at some point this price will become market supportable if we don't get off our a$$es and do something about it! GRRRRR!
Impeaching the vice president for talking mean to Iran is apparently more important...
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