naaa, chillins don't drive...
Posted on 10/11/2008 8:28:15 PM PDT by tobyhill
How far can it fall? People have been anxiously wondering as they watch the plunging stock market. But increasingly the same question is being asked about another crucial figure: the price of oil. It has plummeted nearly 40% in just three months, from about $147 a barrel in July to below $83 on Friday, with no obvious bottom in sight. If that sounds good, you are probably a driver who winces these days at filling your gas tank. But the downward spiral could mean trouble for oil-rich countries and for the environment.
Oil analysts admit that most of them failed to predict how fast oil prices would drop. Just a few months ago, some were saying oil might reach $200 a barrel by year's end. "The analysts have been quite surprised by the pace and volatility of the decline," says David Fyfe, senior oil analyst for the International Energy Agency in Paris, which as a rule does not predict oil prices. "The volatility has been quite marked."
(Excerpt) Read more at time.com ...
These people are truly NUTZ!
Oil rich countries??? Only ones these libs are worried about are Russia and Venezuela.
Not a good thing for new drilling. If you can’t make a profit, you can’t justify new ventures. This needs to stabilize
naaa, chillins don't drive...
More proof that liberalism/leftism is a mental disease. Nothing, ever, ever satisfies the delusional minds of liberals. Oil prices high bad but good. Oil prices down good but bad. Oil prices steady bad but good, or was it good but bad.... Lunacy, sheer lunacy!
When gas comes back down around $2 I fully expect Pelosi and Obama to put the 50 cent gas tax back on the table.
*LOL* Ahhh I see. Even when I try I can’t think like a liberal. ... Man am I relieved. *L*
Born and raised in Cape Town, South Africa, Walt emigrated to New York City and became a staff writer for Newsday. She currently lives in Paris with her husband, a television producer
******
According to a journalist with Time Magazine, Ms Vivienne Walt, cut-throat competition for control of oil and gas reserves has seen some of the western countries that used to attach respect for human rights and the environment to oil exploration start ignoring them.
"For example recent investigations have revealed that some US oil companies have been operating in countries where US had imposed sanctions," she said citing the case of Nigeria, Sudan and Iran.
If the environmentalist are so concerned about energy why haven't they developed a technology that really works? They are really just fascists by a different name.
>If the environmentalist are so concerned about energy why haven’t they developed a technology that really works?
Because it would:
1 - Require some thought to be put into the problems we face.
2 - Involve work and planning designing workable solutions.
3 - Require that you actually USE the technology.
One of the talking heads last week was saying that $30 bbl oil was not out of the question if the oil market collapses completely. A some point it wouldn’t even be cost effective to run a supertanker around the horn...
The only downside to that low of a price is that it really would undercut domestic oil production, but that just reserves our oil for future use.
As with anything else these days there are no simple answers...
I suspect that the housing meltdown was pushed over the cliff by the price of gasoline. When someone in a subprime situation had to choose between filling the tank to get to work or paying the mortgage, then they’re going to fill the tank to get to work, not pay the mortgage.
Unuseful Idiots.
Poor oil-rich countries F-— ‘em.
All over the world. For everyone. Even the poor.
Duh.
Sorry to disagree with that perspective. Isn't that what we've been doing for the last 40 years? Reserving the oil. Didn't we just go through a summer which demonstrated quite well the security risk we're in by not having ready access to that oil and too few refineries?
We still need to move forward with securing our energy needs. Oil company tax cuts should be mandated to be used to create the infrastructures we need to be safe and secure. Oil companies that put money into building American oil infrastructure should get a tax break.
This is a key failure of our system and one we must work to straighten out or we will again suffer the consequences of leaving our butts uncovered. Think Iran and the Strait of Hormuz, no thanks.
I posted an article weeks ago that talked about the run-up on the price of oil and how the oil rich arab nations used those profits to bailout their economy. Quite a tactical calculation on their part, no? Think about it. Oil went up, more people struggled as our economy became stressed by the price of oil, food prices increased, housing that was on the brink/risky began to default because people had to choose and had been living paycheck to paycheck or welfare check, now the great Wall Street Market fails due to the risk encured. We took a direct calculated hit. How many in this list...?
Already, foreign governments have invested about $27 billion in Merrill, Citi, UBS, AG and Morgan Stanley. Jan.08.
http://www.gata.org/node/5918 (copy paste url to read whole article)
or this one http://money.cnn.com/2008/01/30/news/economy/Colvin_recession.fortune/index.htm
Oil and our access to it must be secured for the safety of our Nation. We didn't get it in the 1970's and we're going to fail the lesson of 2008 AGAIN! Oil is not to blame, it was the weapon.
Russia and Venezuela just had war games within the last 30 days. Cheap Oil is not a good thing. The chess board is being set and we’re about to be check-mated.
Leave it to Time to fret over unrest in Venezuela and Iran over high fuel prices.
Thank you for chosing to take 9 words out of my post and quote me out of context.
I was discussing the financial impact of $20/bbl oil on domestic production, so please forgive me for not focusing on your personal point of view.
Markets go up, markets go down. And the smartest analysts on Wall St can not change that by decree.
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