Posted on 07/17/2008 12:08:18 PM PDT by kellynla
Oil drops $5.31 to settle at $129.29 for biggest three-day dollar drop ever. Wall Street rallies as stocks reverse earlier losses.
(Excerpt) Read more at money.cnn.com ...
The bubble is popping. $100 oil is in the near future.
I hope that as the price falls, that doesn’t lull people into forgetting about our need for energy independence. We still need to drill AND come up with alternate forms of energy.
ya maybe 100.00 oil but i bet its 6 monthes before we see any real savings at the pumps.....
This is in part due to Bush’s rescinding the EO on off shore drilling. If the Congress doesn’t follow through, this drop will be temporary.
I think any Freeper who now posts the tired “supply and demand” mantra should be rightfully laughed at, as this makes it clear the prices are NOT justified by supply and demand. Speculators are causing the problem.
I have said this all along...and we need to continue it so the prices continue to drop.
Then, we should ensure that our companies are going after our own oil and make sure they undertsand that when the time comes, the playing field will be equalized so they can compete...and we do that by penalizing these bastards who have held it over on us for 40 years.
Then the Arabs can swim in, drink, or otherwise drown in the oil they cannot sell us.
But how could this be? Liberals/Democrats/Marxists and the media has assured us for a year that the U.S. oil companies and the U.S. speculators were manipulating oil prices,raising the price oil go ever HIGHER HIGHER HIGHER . Well I guess Pelosi, Reed, and even a lot of freepers and liberals posing as freepers are exposed as being liars and propagandists as oil keeps falling. So the speculators and oil companies are now lowering prices now? LOL. Thank God for the speculators and oil companies that are now lowering prices LOL .
YES !......I agree !
Drill drill drill
But how could this be? Liberals/Democrats/Marxists and the media has assured us for a year that the U.S. oil companies and the U.S. speculators were manipulating oil prices,raising the price of oil ever HIGHER HIGHER HIGHER . Well I guess Pelosi, Reed, and even a lot of freepers and liberals posing as freepers are exposed as being liars and propagandists as oil keeps falling. So the speculators and oil companies are now lowering prices now? LOL. Thank God for the speculators and oil companies that are now lowering prices LOL .
If the Dim's actually gave a hoot about the price of oil coming down - which they do not - they would concur with Bush and the price would drop to $100 or less.
If you have a retirement fund, you’re a speculator.
If by real savings you mean $3 gas, probably. But we will see sub $4 gas in the next week or two.
>>>>>The bubble is popping. $100 oil is in the near future.
I say $70, once Escalante NWA is freed from Clintoon’s Executive Order.
Or McQueeg wakes up and proposes a Manhattan project for 100 uke plants in his first term.
One of Fox’s business guys was on this AM - said part of the problem was China stockpiling for the Olympics. (supply and demand - not speculators)
Hmmm... I noticed that the price of gasoline at one of the stations I pass on the way home had dropped six cents.
Hope this continues.
Ironic that Bush did not rescind the EO in 2004 when gas was $2.00 per gallon, or in 2006 when gas was $3.00 per gallon.... Oh that's right, republicans were trying to gain Floridian votes. I guess now that the economy in Florida sucks and they realize that low energy coss is important to a state that relies heavily on people's ability to freely travel in and out (snow bird and tourist); offshore drilling is all the rage.
Haven't you heard that prices go up and down in markets like the oil markets , the stock markets?It doesn't mean some invisible hand is manipulating the price. It is Unbelievable the level of intelligence of the government educated public that believe that oil companies and speculators are manipulating oil prices, lower than the intelligence of an amoeba.
As the wise man sayeth, “The cure for high prices, is high prices.”
Not sure I would rush to be short.
A single mis-step in the Middle East would fry you pretty quickly.
It will take a few weeks for a longer term reduction to appear at the pumps. Just as the increases were proportionate to the increase (about $0.22 for every $1 in crude) the reductions will be the similarly proportionate.
Oh but of course.
i see sub $4 now its 3.99 lol...but 40 miles from here on the cost it is over 4. i just want to see it head down period. in daytona on monday i saw it jump 10 cents a gal. closer to orlando no change.
The BIG question is...how long before it is reflected at the pumps???
This is obviously due to the Dems’ new bill that would, among some other practically worthless actions:
create “location efficient mortgages” that would make owning a home near transit more affordable.
Brilliant work!
I guess the oil companies decided to take a few days off from conspiring.
It sure feels like it at times. Lower gas prices always lag a bit when prices go down. But what happens is that station owners who filled their tanks with 4 dollar a gallon gas can't sell it below what they paid for it. They have to at least try to break even before they buy their next load of gas.
Right now, the NYMEX price for gas is 3.1707. Large outfits like COSTCO and WAL MART will buy the more cheaper gas as soon as possible for their customers. It will not take six months to see the cheaper gas, it just feels like it.
A lot of the oil being traded now is for August delivery and then it has to get refined. The price of gas at the pump won’t be reflected for a while.
So, she's going to try some sort of chicanery to ''pass'' it. Ought to be interesting.
Actually, someone is speculating on his behalf.
I've already seen the price drop a nickel in the past day. I expect it to drop further in the days ahead.
Of course any real progress will be claimed by the democrats on this subject.
Surprisingly the raac pricing the last three days has trended way down. I anticipate another fall tonight. 23 cents in the last 3 or 4 days. Pump pricing will fall very soon if not already in many areas.
If the price drop sustains (even at a lower rate) you’’ll start seeing lower pump prices in about a week. There might be a drop of a few cents up to that time, but it will accelerate as new oil deliveries come to service stations and local price wars start up again (wouldn’t that be nice?!). At the same time, the peak driving season will be over in about 45 days and demand is already down, so a price drop could be very significant by the fall. We’ll see.
Probably attach it to some "must pass" bit of legislation
Pump price went down 9 cents today in my area.
The only reason oil is dropping the last three days is because President Bush rescinded the executive order barring OCS drilling.
Of course the media is not going to give him the credit he deserves but his rescinding this order gave notice to the speculators the the only remaining thing between America drilling our own oil and the speculators is Congress and the speculators are getting nervous that blue dog democrats might buck Pelosi & Reid and vote to drill.
Yah, makes sense. It’s a little late in the session for any high-profile ‘’must pass’’ Shinola, though, so look for her to try it with the otherwise most boring bill she can find.
Of course. Democrats will try to say it was them that put the fear of God into the Speculators instead of President Bush rescinding the executive order on OCS, putting only Congress between more or less oil for America.
They don’t have to vote ‘’to drill’’. All they have to do is NOT vote for continuing the OCS ban...a much easier proposition.
Because of the president’s action among other things, the speculators have started to leave the market.
Your curious idea that somehow this supports the position that supply and demand is driving this is rather insane.
In fact, it proves the opposite.
Of course the speculators aren’t driving the prices lower....the bubble is bursting temporarily and their impact is lessened.
Gasoline average prices still higher than a week ago. Only lowered one penny today.
Today 4.108 138.827
Yesterday 4.119
One Week ago 4.095
One Month ago 4.077
It was still not even 3.90 here....nice.
Gasoline average prices still higher than a week ago. Only lowered one penny today.
Today 4.108 138.827
Yesterday 4.119
One Week ago 4.095
One Month ago 4.077
I agree 10000000%. Somehow this falls flat when making it into the Drive-By Media. Maybe the President's approval rating will go up, and Congress' drop below 4%.
Only three months left to torture the lefties...turn up the heat W!!!!!!
Well, they definitely aren’t helping by refusing to allow drilling.
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