Posted on 07/25/2008 12:19:19 PM PDT by LdSentinal
That additional NYM at Yahoo is a pain in the arse. Suggest you get futures quotes at any of barchart.com, futuresource.com, or tradingcharts.com. Much faster, and you can obtain the ENTIRE market, not just one contract, on a single page.
Of course it has nothing to do with that! We can’t drill our way out of this! /s
:)
I understand the markets and how they work; but allow me to thank you for going out of your way to help those that did not.
Good Job.
The one action with concrete possibility was announcing the sale this fall of leases in NPR-A. None of that would affect supply NOW. I would look elsewhere, such as that the price increases have increased too much in recent months and overshot the goal as usual. Prices rarely hit their demand/supply number and stay there. Also, supply is somewhat in excess so they can slosh shipments around a little. It's not a lot and not really significant unless you deal in margin accounts. Likely: overcorrection is what we have seen, a little anxiety. Now we would see overcorrection on the low side, a little complacency.
;^)
Actually, when oil prices went from $60 to $145 a barrel, a 240% increase, gas prices only went from $2.20 to $4.00, or about a 1805 increase.
$4.00 gasoline was about the limit, and the refineries and service stations just couldn’t raise the price any more without tanking the market. Too many of them were willing to hold that line.
If I understand that correctly, the people who HAVE oil (or are willing to deliver oil) are saying that in the year 2016 they will sell a barrel for $120. Meaning they don’t think the price is going up in the next 8 years.
Am I mis-understanding that?
1) Producers who are perfectly happy to sell at $120/bbl,
2) Very nervous users who are scared of $200/bbl crude,
3) VERY bullish hedge fund trading desks.
Lease sales 24 Sept in Anchorage.
Not coincidence at all. Demand has been falling for 13 straight weeks. Bloomberg had the story on their energy prices page for about a grand total of four hours. And they got rid of THAT in a big hurry.
But the price has been rising for those very same 13 weeks up until about a week ago. That is not supply and demand, that is speculation. The President talked about and then lifted the Executive order on offshore drilling. In those two weeks prices crude dropped $24-$25 a barrel. Seventeen percent! That is not supply and demand.
Some will say (Bloomberg) that it is because the Saudis increased production. Nope. They did that weeks before the President talked about and then lifted the Executive order on offshore drilling. Prices never flinched, they just kept right on climbing.
In other words, as soon as there was just a HINT, just a whispered rumor, that the United States might actual tell the likes of the communists (referred to in pee-cee circles as “democrats”) to pizz off, we are going to actually (gasp) drill for crude oil, the price of crude dropped like a rock.
Now is when we need to beat the drum in front of Nutjob Nancy's tent and make everybody look at her when she proclaims "I have no plans to do so," referring to scheduling a vote to lift an offshore drilling ban.
We need people to KNOW that the economic health and national security of the United States is going into the toilet because of one sociopathic nutcase. Nutjob Nancy.
We need to take up a collection and have a straightjacket with her name embroidered across the back delivered to her on the floor of the Senate.
Just imagine what would happen to the price of crude if we,… hang on…, actually did something, like explore and drill offshore on the continental shelf ?
Gee what would happen if the congress would vote favorable to drill?
Exactly! The Rats are going to try to seem concerned by blathering about opening up the SOR's. I don't think Americans are going to be fooled by that. Like you said, "we need some action" to keep speculators gun-shy and keep those prices falling.
Oil May Become GOP’s 2008 Issue. Cost of Gas Touches a Chord With Voters
The Washington Post | July 27, 2008 | Michael D. Shear and Paul Kane
Posted on 07/26/2008 9:17:10 PM PDT by SmartInsight
http://www.freerepublic.com/focus/f-news/2051956/posts
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