Is Oil Heading For $100? (Why has Wall Street missed it so badly?)

Forbes ^ | 10.19.04 | Dan Ackman

[7.62 x 51mm]

Soros & Co are Enemies of Mankind, and need to be whacked into permanent dirt-naps.

[zeugma]

There is a company right now profitably making oil out of leftover turkey parts. They claim to be able to process just about anything organic. I can't remember what the website is for it, but I've got an alarm set to have me hit their website every 6 months to check out how they are doing.

[AdamSelene235]

Soros & Co are Enemies of Mankind, and need to be whacked into permanent dirt-naps.

Hitler already tried.

[1Old Pro]

Oil shouldn't be above $40/bbl. Somethings going on.

[Truth666]

Again : I took one minute to compute that figure, as of one week ago, and the result was ... 66.1%
http://www.freerepublic.com/focus/news/1043049/posts?#23

[AdamSelene235]

We pay for foreign goods with domestic services, and by allowing foreigners to invest here.

That tide has reversed.

[Legion04]

So much for that whole WAR FOR OIL theory!!

[Truth666]

Latest numbers - Four Week Average Ending 10/15/04 : 67.06%

[Toddsterpatriot]

Wage deflation is happening, bigtime.

You have any proof to back up this claim or is it just a feeling you have?

[Fledermaus]

Bingo! You win the prize.

[Fledermaus]

Exactly! If it's good enough for France...

[Bandaneira]

Christian eschatology is about as scientific as a junior climber trying to work out how to climb a mountain by looking at the tea-leaves in his thermos cup.

[Kornev]

Watching the IT sector's wages, as an unemployed worker. And seeing how jobs that were $25/hr with benefits are now going for $10 without benefits. firsthand experience, but it's real.

[Toddsterpatriot]

Watching the IT sector's wages, as an unemployed worker. And seeing how jobs that were $25/hr with benefits are now going for $10 without benefits. firsthand experience, but it's real.

So, "Wage deflation is happening, bigtime" is based on one unemployed worker and his observations, no hard numbers?

[chuckles]

If I want to buy Oil futures, all I need is about $3300 to control 1000 barrels of oil or at these prices $55,000. This hasn't changed since oil was $20 a barrel. All the SEC has to do is make mandatory a pecentage of the contract, say 10-15% be paid to own the contact on margin. You would see the bastids run for the hills and oil would be the price it should be without the speculators. It could be done overnight to lower the price of oil. Allot of these people don't have but 10 grand to make a few hundred a day scalping oil and gold futures. If the margin doubled, it wouldn't hurt the businesses that need the oil so much, but would kill the speculator.

[Kornev]

sigh, live it up, I guess.

[cherry]

one's personal exp. is often more trustworthy than any govt. or business stat sheet.....

sort of like the theory that insects know before humans do about an earthquake about to happen....it hits them first.....

[Toddsterpatriot]

one's personal exp. is often more trustworthy than any govt. or business stat sheet.....

Well, in that case, all my friends got double digits raises this year. The economy must be booming.

[Orange1998]

Get a Grip! How much milk do you consume compared to gasoline. Petroleum is used in about every product in your house can you say that about milk.

[Law is not justice but process]

I don't think we would have to turn to anything so expensive as coal liquefaction. IF high prices are seen for the long term there are plenty of high production cost petroleum wells that could be drilled still at a lower cost than using coal to create "synthetic" oil (e.g. d very deep offshore wells, very deep in the earth wells, oils shales, etc.). The fact that oil companies are not beginning to drill those higher production cost wells indicates they do not think high prices will last. Watch the rig count: it has barely budged since oil prices began rising. I believe the current price increase is 70% market manipulation and maybe 30% increased demand from China and India (notice how petroleum demand in the Western world has decreased with the end of driving season but the price has continued to skyrocket).