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Oil plunges to 13-month low on global slowdown
yahoo.com ^
| 10/10/2008
| Stevenson Jacobs
Posted on 10/10/2008 2:32:15 PM PDT by vrwc1
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Just goes to show how much speculation was driving the cost of crude way above its "real" value.
1
posted on
10/10/2008 2:32:16 PM PDT
by
vrwc1
To: vrwc1
Be patient. Let the rest of the commodities reach their natural level. And they will.
2
posted on
10/10/2008 2:34:01 PM PDT
by
griswold3
To: vrwc1
no credit, no speculation because there’s no leverage
3
posted on
10/10/2008 2:34:40 PM PDT
by
ari-freedom
("He (Obama) cannot win, Bill. He cannot win" -Hillary)
To: vrwc1
4
posted on
10/10/2008 2:36:11 PM PDT
by
DoughtyOne
(Is Obamanation what our founding fathers, our fallen men in combat, and Ronald Reagan had in mind?)
To: griswold3
It just makes me sick that the whole world pays the price to make the speculators rich.
5
posted on
10/10/2008 2:36:29 PM PDT
by
vrwc1
To: ari-freedom
That’s one happy side effect of the credit squeeze!
6
posted on
10/10/2008 2:37:35 PM PDT
by
vrwc1
To: vrwc1
It wasn't just speculation -- it was a steep decline in the value of the U.S. dollar.
Odd as this may seem in the midst of all the financial chaos here in the U.S., the U.S. dollar has actually gotten considerably STRONGER in the last few months against most world currencies. And THAT is what has driven this decline in oil prices.
7
posted on
10/10/2008 2:38:42 PM PDT
by
Alberta's Child
(I'm out on the outskirts of nowhere . . . with ghosts on my trail, chasing me there.)
To: vrwc1
It’s the same thing driving stocks and commodities down, fear. Funndy thing is, it was the fear of not being able to get it, that drove the price upwards.
8
posted on
10/10/2008 2:42:18 PM PDT
by
SouthTexas
(Invert the 5-4 and you have no rights.)
To: vrwc1
Gasoline looks like it is dropping a couple of cents every single day.
9
posted on
10/10/2008 2:44:25 PM PDT
by
frogjerk
(The MSM suffers from premature election)
To: Alberta's Child
Odd as this may seem in the midst of all the financial chaos here in the U.S., the U.S. dollar has actually gotten considerably STRONGER in the last few months against most world currencies. And THAT is what has driven this decline in oil prices. Twice as strong? I don't think so. The stronger dollar may have contributed a little, but the rest of the difference has to be due to speculation.
10
posted on
10/10/2008 2:45:15 PM PDT
by
vrwc1
To: Alberta's Child
The dollar is getting stronger b/c European banks are buying dollars like crazy - b/c they know that they are in deeper than we are. Hence, the rise of the dollar, hence the fall in oil.
This is actually not good news, though we all love the relief at the pump.
To: frogjerk
From the article:
Light, sweet crude for November delivery ended the day $8.89 lower
That's more than a few cents!
12
posted on
10/10/2008 2:48:00 PM PDT
by
vrwc1
To: vrwc1
13
posted on
10/10/2008 2:49:32 PM PDT
by
frogjerk
(The MSM suffers from premature election)
To: vrwc1
I believe the rest of the difference can be mostly attributed to a major decline in demand.
If you go back over the last few years you'll see almost identical spikes and declines in the price of oil from May to September.
I drove halfway across the country in the aftermath of Hurrican Katrina a few years ago in September, and it was amazing to see the price of gasoline drop almost by the hour as more and more refineries came back on line after the storm.
14
posted on
10/10/2008 2:49:52 PM PDT
by
Alberta's Child
(I'm out on the outskirts of nowhere . . . with ghosts on my trail, chasing me there.)
To: vrwc1
And speculation is driving it right back down. Amazin’, ain’t it?
15
posted on
10/10/2008 2:56:51 PM PDT
by
SAJ
To: vrwc1
So is gas back to $1.99 per gallon now?
16
posted on
10/10/2008 2:58:30 PM PDT
by
TommyDale
(I) (Never forget the Republicans who voted for illegal immigrant amnesty in 2007!)
To: frogjerk
Exactly 2 weeks ago, wholesale RBOB was $2.61. Tonight, it is $1.856. Retail will be under $3.00 (way under, in some cases) nationwide in a week-10 days (except Calbania, of course).
17
posted on
10/10/2008 2:58:42 PM PDT
by
SAJ
To: frogjerk
"Gasoline looks like it is dropping a couple of cents every single day." Yeah, and I think this is what makes people the most angry. A mere RUMOR or crude price increases and the pump prices jumps 10 cents in one day. Yet, when the crude price drops like a rock, it takes forever to get the pump price back down.
18
posted on
10/10/2008 3:00:37 PM PDT
by
TommyDale
(I) (Never forget the Republicans who voted for illegal immigrant amnesty in 2007!)
To: Alberta's Child
If you go back over the last few years you'll see almost identical spikes and declines in the price of oil from May to September. I don't recall ever seeing the price of crude cut in half over the span of a few months.
19
posted on
10/10/2008 3:09:17 PM PDT
by
vrwc1
To: TommyDale
I wonder how low oil has to drop to get gas under $2.00 again...
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