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UPDATE: Oil at $88.51 ppb, 7:05 PM EDT
oil-price ^ | 10/6/2008 | DGHoodini

Posted on 10/06/2008 4:11:32 PM PDT by DGHoodini

Below $90 at beginning and end of US trading day.

$84.99 ppb...Here we come!


TOPICS: Business/Economy; News/Current Events
KEYWORDS: energy; energyprices; gas; oil; opec

1 posted on 10/06/2008 4:11:32 PM PDT by DGHoodini
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To: DGHoodini

Gas here dropped below $3/gallon today.


2 posted on 10/06/2008 4:19:33 PM PDT by xjcsa (McWhatshisname-Palin 2008)
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To: DGHoodini

still high here—$3.41.

iran’s break even is $70.00

and saudi arabia’s is %50.00.

the iranians are already complaining.


3 posted on 10/06/2008 4:22:09 PM PDT by ken21 (people die and you never hear from them again.)
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To: xjcsa

Still up between $3.33 to $3.25 a gal around here.


4 posted on 10/06/2008 4:22:58 PM PDT by DGHoodini (Nor shall my sword sleep in my hand)
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To: DGHoodini

I heard the Russian Stock Market was down 20% today.


5 posted on 10/06/2008 4:24:18 PM PDT by McGruff (Read my lips, NO NEW BAILOUTS!)
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To: xjcsa

$2.97 here in Omaha


6 posted on 10/06/2008 4:24:32 PM PDT by BigMacGOP
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To: xjcsa

$2.89 here


7 posted on 10/06/2008 4:25:08 PM PDT by Crazieman (RIP USA. Killed by demonrats and RINOs like McLame. Welcome to the USSA)
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To: Crazieman

Where is here?


8 posted on 10/06/2008 4:27:25 PM PDT by kempo
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To: DGHoodini

$3.09/gal in Boston.


9 posted on 10/06/2008 4:27:37 PM PDT by Sparky1776
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To: xjcsa

Maybe my “Drill here, Drill now” bumper sticker scared OPEC into lowering the price. LOL It dropped to $3.20 in Columbia Missouri today. Never has gotten over $3.50 all year.


10 posted on 10/06/2008 4:28:12 PM PDT by Evil Slayer (Sarah Palin reminds me of the story about David and Goliath)
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To: DGHoodini

To think I felt lucky here in PA that it fell to $3.39 over the weekend...


11 posted on 10/06/2008 4:28:59 PM PDT by Kay Ludlow (Government actions ALWAYS has unintended consequences...)
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To: DGHoodini
A lot of good this does for me in Australia. Our dollar is falling faster than the price of oil. Gas prices are actually rising slowly in real terms for us: AUD $1.40-$1.60 a liter.

Yes, it sucks.
12 posted on 10/06/2008 4:29:05 PM PDT by beagleone
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To: kempo

Check out the poster’s profile flag to find out what state “here” is.


13 posted on 10/06/2008 4:30:42 PM PDT by Evil Slayer (Sarah Palin reminds me of the story about David and Goliath)
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To: McGruff

I heard they had to *shut it down* three times today!


14 posted on 10/06/2008 4:31:31 PM PDT by DGHoodini (Nor shall my sword sleep in my hand)
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To: DGHoodini

$3.24 to $3.49 in Columbus. There’s an Exxon station right outside my dorm window, so I check the price every morning.


15 posted on 10/06/2008 4:31:41 PM PDT by G8 Diplomat (The Middle East: We put the OIL in TURMOIL!)
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To: McGruff
I heard the Russian Stock Market was down 20% today.

Russian producers' break-even point I've heard is $88/bbl

And oil accounts for a big chuck of Russian foreign exchange.

16 posted on 10/06/2008 4:32:42 PM PDT by PapaBear3625 ("In a time of universal deceit, telling the truth is a revolutionary act." -- George Orwell)
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To: PapaBear3625; ken21

Do either of you have sources/links re these breakeven price points?

Thanks.


17 posted on 10/06/2008 4:35:12 PM PDT by SaxxonWoods (If you don't vote, you don't matter.)
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To: DGHoodini

About $3.80 here in the U.P. today.


18 posted on 10/06/2008 4:38:14 PM PDT by yooper (If you don't know where you're going, any road will take you there......)
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To: DGHoodini
Who is it and where are they going?
19 posted on 10/06/2008 4:39:21 PM PDT by BallyBill (Serial Hit-N-Run poster)
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To: BallyBill

Well, If I must play Capt. Obvious: It’s my prediction, that we will be seeing the price of crude oil by the barrel, drop below $85, in the near future. rather than rise towards $95 per barrel.


20 posted on 10/06/2008 4:44:22 PM PDT by DGHoodini (Nor shall my sword sleep in my hand)
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To: DGHoodini

It’s Bush’s fault.


21 posted on 10/06/2008 4:45:00 PM PDT by randita (Keep our own FR safe - stop the DBV's (Drive By Vanities).)
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To: kempo
Where is here?

Actually, who cares where "here" is, as long as it's lower here.

This reminds me of George Carlin spoofing on the weather guys reporting the temperature at the airport. Who lives at the airport?

22 posted on 10/06/2008 4:46:01 PM PDT by Cobra64 (www.BulletBras.net; all)
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To: beagleone

With all that barren and sunny outback, isn’t there any push to build Solar Panel factories, and collector farms?


23 posted on 10/06/2008 4:48:07 PM PDT by DGHoodini (Nor shall my sword sleep in my hand)
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To: DGHoodini

Looks like the average price at the pump today is $3.48 for regular. The last time oil was at this price range ($88/bbl Feb 2008), the average price at the pump was $3.10 or so. Will we see a quick decline in gas prices or a slow death march? Stay tuned.


24 posted on 10/06/2008 4:56:37 PM PDT by Azzurri
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To: PapaBear3625

QUOTE:


I heard the Russian Stock Market was down 20% today.
Russian producers’ break-even point I’ve heard is $88/bbl

And oil accounts for a big chuck of Russian foreign exchange.


UNQUOTE:

This is what quashed the Soviets in 1988. After their big arms build up to counter Reagan, the petrolium market crashed ($20 to $10) when OPEC dumped massive amounts of oil to counter the US’s synthetic fuel project. The Soviets banked that Oil would always be there to fund their weapon projects and prop up their failing system.

The same concept is applying now, but this time I can see either Iran, Russia or Venezuela trying to start chaos to drive the price back up.

They would hate to see McCain/Palin, especially if they follow through with their energy plans.


25 posted on 10/06/2008 5:02:12 PM PDT by curling
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To: DGHoodini

$3.89 in Charlotte, still feeling the Ike aftereffects.


26 posted on 10/06/2008 5:08:08 PM PDT by JacksonCalhoun
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To: SaxxonWoods
I found something earlier and didn't save the link. A large component of producers costs are taxes, which the Russian government refuses to lower.

In any event, the lowering price of oil is doing a number on the Russian economy. From Pravda back in Sept 9, as the price slump was getting started :

The Russian stock market went lower than 1,400 points due to the reduction of the oil prices and the ongoing of outflow of capital, which investors currently conduct. Finance Minister Aleksei Kudrin added more fuel to the fire when he said that Russia’s oil companies would not be provided with an additional reduction of tax burden.

The RTS index dropped by 7.51 percent to 1,395.11 points. This level was previously reported in June 2006. MICEX index dropped by 9.08 percent to 1,158.07.

The price of a barrel of oil reduced to $104.23, having lost $1.25 in comparison with Monday.

Rosneft’s shares slipped by 9.54 percent, Gazprom – by 8.47, Lukoil – by 9.29 and Surgutneftegaz – by 6.16 percent.


27 posted on 10/06/2008 5:25:13 PM PDT by PapaBear3625 ("In a time of universal deceit, telling the truth is a revolutionary act." -- George Orwell)
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To: SaxxonWoods
Here's something. From Wall Street Journal Sept 18, 2008 "A Run on Russia"
Each of the past three days, the Russian central bank injected over $10 billion into the money market, and also moved to prop up the ruble. The Kremlin yesterday lent the country's three largest banks $44.9 billion. Thanks to the oil and gas windfall of the past few years, Russia has built up a $573 billion reserve war chest that can tide the financial system over for a while and avoid a rerun of the 1998 crisis.

Not forever, especially if oil prices continue their fall. Russia's economy is hugely dependent on natural resources. In good times, the Kremlin pocketed the billions and didn't worry about pushing economic reforms. The outside investment needed to diversify was discouraged by the Kremlin's backsliding on the rule of law. Now the drop in crude prices is squeezing the country's blue chips and the Kremlin's coffers, even though on the current budget the Russian state will break even with oil at $70 a barrel or above.


28 posted on 10/06/2008 5:33:41 PM PDT by PapaBear3625 ("In a time of universal deceit, telling the truth is a revolutionary act." -- George Orwell)
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To: DGHoodini
No, but a lot of houses in the Outback are solar-powered and off the grid. and all the gas stations have natural gas pumps as well as gasoline. Australia is a natural gas exporter, so it's a lot cheaper here and there are many places you can go to get your gasoline-fueled car to run on dual fuel (either gasoline or natural gas at the flip of a switch).

It's energy independence in action. I'm sure Sarah Palin could talk up a storm about the natural gas initiative in Australia.
29 posted on 10/06/2008 5:50:45 PM PDT by beagleone
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To: DGHoodini

Regular was $4.03 in Wasilla, Alaska today, and it figures as always that on my way home the price fell 5 cents just a couple of miles from my house.

I could almost predict the first shots will be fired by Iran just as soon as oil does drop below $70 a barrel.


30 posted on 10/06/2008 6:04:23 PM PDT by Daniel Ramsey (Live from Wasilla, Alaska)
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To: Daniel Ramsey
I could almost predict the first shots will be fired by Iran just as soon as oil does drop below $70 a barrel.

At that point Iran may find itself in a similar position to Japan in mid-1941. They would need to either go to war, or wither away as their oil revenues were no longer enough to support their economy (or be overthrown in revolution at the point where they could no longer support their welfare state).

31 posted on 10/07/2008 6:17:23 AM PDT by PapaBear3625 ("In a time of universal deceit, telling the truth is a revolutionary act." -- George Orwell)
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To: Evil Slayer
Maybe my “Drill here, Drill now” bumper sticker scared OPEC into lowering the price.

Hmmmmm, no. Rather declining demand due to the fear of a worldwide recesssion / depression.
32 posted on 10/07/2008 6:31:26 AM PDT by wolf78
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To: PapaBear3625

I am beginning to think that Iran is becoming the perfect political unrest barometer of the world.

Every time there is something that comes along and scares them they start a rhetoric or do some stupid antic, latest being this US aircraft being detained.

So very predictable Iran, you are as children in a day care center.


33 posted on 10/07/2008 6:51:27 AM PDT by Daniel Ramsey (Live from Wasilla, Alaska)
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