Oil price tumbles on supplies and Goldman pullback

Yahoo ^ | April 12, 2011

[pallis]

Oil prices have very little to do with reality these days.

[Deo volente]

My brother and I were talking the other day, wondering why the deficit is about five times what it was just three years ago.
Where is that money going??

My brother thinks they’re secretly tranferring money to the banks and investment companies. Does anyone really know how the $1.6 trillion is being spent? Is there a public accounting of this?

[Gen-X-Dad]

GS is ready to rotate into the next commodity. They have milked oil for this cycle. Demand is no longer a factor in commodity pricing compared to the herd moving into the next sure thing with their pockets stuffed full of 0% dollars. Just so happens that Obama gets his $5/gallon gas desire to force everyone to pay for non-working non-existing “green” technology that is going to save us all.

[Minus_The_Bear]

Goldman routinely pushes oil up to a peak... they did this in the summer of 2007.

They don't care because they make money on both sides.

[TV Dinners]

more proof that we the people have zero effect.

[Revel]

Don’t Forget JPM’s role in this too. It has been documented that they rent supertankers to store oil and drive the price up. Then they can sell when the price is high. They also like to corner other commodities markets and have been caught doing it.

It is obvious that today was a sell day. Those involved sold oil and bought US treasury’s. My guess is that the word went out from the FED and treasury that They could not keep pumping oil prices up because everything was going to come unglued. And the treasury rates were going up too before today.

It is easy for the Fed to pull strings because so much of the money the bankers play with comes from the FED in the first place. The article I posted above gets into that little bit. We are funding out own fleecing.

[txhurl]

Unless of course it’s the ‘summer driving months’. Then we the people’s greed to hit the road drive prices sky-high.

[Professional Engineer]

Dream on. Lol

[TLI]

"Oil price tumbles" April 12, 2011

Crude dipped $3.67. Gasoline futures dropped 2.4 cents.

That isn’t a "tumble."

THIS is a "tumble."

And here is the reason why...

June 19, 2008,

George Bush, responding to public alarm over soaring petrol prices, yesterday proposed overturning decades-old bans on drilling for oil off the US coast and in the pristine Alaskan wilderness. "There's no excuse for delay," the president told a White House press conference. America was too dependent on countries abroad, many of them in unstable regions.

"Congress must face a hard reality: unless members are willing to accept gas prices at today's painful levels, or even higher, our nation must produce more oil. And we must start now," he said.

Expanding oil extraction off the coast would provide 18bn barrels, enough to supply the US for more than two years. As for Alaska, he said advances in technology meant that oil could be extracted from the Arctic National Wildlife Refuge with "virtually no impact" on the land or wildlife.

His other proposals included extraction of oil from shale in the Green River Basin that lies in Colorado, Utah and Wyoming - a move opposed by environmentalists. Finally, he wants more oil refineries in the US, to reduce imports of refined oil.

The plan has almost no chance of being adopted. Congress, which is controlled by the Democrats, has consistently blocked exploration, for "environmental" reasons.

The Senate majority leader, Harry Reid, accused Bush of cynicism, saying the US could not drill its way out of the problem. "The math is simple: America has just 3% of the world's oil reserves, but Americans use a quarter of its oil," Reid said.

Three percent Harry? Even back then he was a lying piece of crap. Two months prior to this June, 2008 event we have this...

Scientists Confirm U.S. Has World’s Biggest Oil Reserves

It has been more than a year since the Department of Interior announced that North Dakota and Montana have an estimated 3 to 4.3 billion barrels of recoverable oil in an area known as the Bakken Formation, but little is being done about it.

The April 2008, U.S. Geological Survey (USGS) assessment shows a 25-fold increase in the amount of oil that can be recovered compared to the agency’s 1995 estimate of a paltry 151 million barrels of oil. That would be 3,775 million (or 3.775 billion) barrels. New geologic models applied to the Bakken Formation, advances in drilling and production technologies, and recent oil discoveries have resulted in these substantially larger oil volumes.

http://www.americanfreepress.net/html/biggest_oil_reserves_182.html

And that was three years ago, out technology is even better and MORE reserves have been located.

So, in June, 2008, President Bush states that the u.S. is going to massively expand BACK into the oil exploration, drilling and production business and the futures price for crude does a four MONTH swan dive back to reality.

And today, three years later, we are hearing the same lies from the same communists blocking that very production, thus gas and oil climb right back to the same record levels.

2012? I would suggest that that the u.S. treat crude oil production, distribution and refining as significant to National Security as maintaining our supply of nuclear weapons. Any communist agenda "progressive liberal" be subject to arrest, trial and prison for attempting to block such production, distribution and refining.

The bullshit from the communists has gone on long enough. They are directly endangering the lives of all American Citizens. Even to the point of endangering the damn communists themselves. There is plenty of precedence for arresting and detention for reasons of protective custody. There is even more precedence for locking up nutcases to prevent public endangerment.

.

[Peter from Rutland]

Interesting. Oil wasn’t always traded as a commodity and IMHO it should be taken off the market for national security reasons alone.

[SunkenCiv]

Thanks Kaslin.

despite the loss of Libya's exports and increased demand from Japan

I topped my tank last evening, paying $3.739 or something, because I noticed one station with a long line, and the next few stations I saw (this was along 28th St in Grand Rapids) were at $3.999 -- your basic $4 a gallon gas. Naturally the high price isn't being blamed on the "don't drill" idiot in the White House, or on the same idiot's war in Libya and every other oil-producing country in the Moslem world, but on "speculation" and "speculators" -- the same culprits the Saudis blamed during the crude runup to $150 a couple years ago.

[BenLurkin]

"Nooooo!!!!"

[WellyP]

I only know ONE exec near the top of Goldman who is a REAL conservative, ONLY ONE and he's totally fed up!

[dynachrome]

“along 28th St in Grand Rapids’

Heh. used to live in Big Rapids. Don’t know if I could handle the winters anymore.

[arrogantsob]

Gasoline sales have plummeted. Consumers are saying “no”.

[Free Vulcan]

Any trader knows that when you see prices levitating by magic in ANY market it’s gettin’ time to get out. The market goes up till the last buyer is satisfied.

I’d be real wary of the commodity markets right now.

[Always Independent]

Is goldman trying to help bo?

[TLI]

Quick followup.

Prices right back up and where gasoline droped three cents yesterday it is up five today.

Energy & Oil Prices: OIL ($/bbl)PRICE* CHANGE % CHANGE TIME

Nymex Crude Future 106.62 0.37 0.35% 12:30

Dated Brent Spot 121.34 0.30 0.25% 12:41

WTI Cushing Spot 106.66 0.41 0.39% 12:28

OIL (¢/gal) PRICE* CHANGE % CHANGE TIME
Nymex Heating Oil Future 319.16 1.90 0.60% 12:30

Gasoline (c/gal)OIL (¢/gal)PRICE* CHANGE % CHANGE TIME
Nymex RBOB Gasoline Future 322.26 5.85 1.85% 12:30

Yesterday? “Oil Prices Tumble” was all over the news.

Waiting for the “Oil/Gasoline Prices Soar” reports...