Posted on 09/09/2008 1:44:33 PM PDT by TigerLikesRooster
Oil falls below $100 a barrel ahead of Opec meeting
Angela Jameson
Oil prices slumped to below $100 a barrel today ahead of the start of today's Opec meeing in Vienna, putting more pressure on the oil producers' cartel to cut supply to the markets.
The fall to $99.56 a barrel takes the price of crude to a five-month low and below the pyschologically significant $100 a barrel level, which was last seen in April.
However, most analysts believe that the oil producers will elect to maintain the current level of production, which is favoured by Saudi Arabia, the biggest producer in the cartel.
Oil prices have now been falling for two weeks consistently, despite a short-lived rally yesterday on the back of concerns over the impact of Hurricane Ike in the oil-rich Gulf of Mexico.
(Excerpt) Read more at business.timesonline.co.uk ...
Ping!
Just five minutes ago when I read that oil reached $101 today I was thinking “I wonder when it’s gonna fall to double digits”....
So long sad times
Go long bad times
We are rid of you at last
Howdy gay times
Cloudy gray times
You are now a thing of the past
Happy days are here again
The skies above are clear again
So let’s sing a song of cheer again
Happy days are here again
Altogether shout it now
There’s no one
Who can doubt it now
So let’s tell the world about it now
Happy days are here again
Your cares and troubles are gone
There’ll be no more from now on
From now on ...
Happy days are here again
The skies above are clear again
So, Let’s sing a song of cheer again
Happy times
Happy nights
Happy days
Are here again!
Ping.
When you read about more hedge funds going under you’ll know why. These scoundrels drove up energy prices. Demand from Ch and India played a role but one day a post mortem will prove hedgers, including Russia and Iran, played a darker role
Oil bubble was pricked
The Obama bubble has also been pricked
"I see red people."
.
Good. Here’s hoping it falls to $30 where it belongs.
Oil has fallen by one third.
Have pump prices of gasoline also fallen by one third?
No....nor will they.
because the retailers now know we’ll pay it.
I can’t say I expect them to.
beat me to it.
when oil was 147 per barrel our gas price here was $4 per gallon. The math says that 147/4 = 36.75. Now if oil is 99.56, then that should stand to reason that 99.56/36.75 = 2.71 - it is at 3.39 in St. Louis.
Take note of the fact that this is from the London Times and the Brit market, not the US market.
Here, Oil got down to $101.74 at one point, but 2we didn’t break below $100 a barrel *here*, yet.
Within the first McCain/Palin administration of focus on energy development and energy self sufficiency — the world price of oil will fall to about $40...
Much lower than that and our “friends” the Arabs, Iranians and Hugo Chavez plus a lot of Mexicans won’t have the money to bring in their blond whores, BMWs, Mercedes, work forces, food or technicians to build and run their infrastructures.
It’s at 3.79 down the road from me and 3.57 about an hour from here.
I think the pump price responds immediately to increases in oil market prices, so one would think it could respond immediately to oil price reductions.
If we add a bit for inflation to your 2.71, then we might give the benefit of the doubt and expect 2.80 or so, but not any more than that.
We’re nearly a dollar a gallon over that here in Ohio.
Math says, “it’s $3.49 here in Texas” and we’re closer to the damn refinery.
We need the commercial that has all the top dog democrats saying that drilling won’t do anything to reduce the cost of oil for 10 years.
We need the commercial that shows Obama saying he approves of the high cost of gas, just wish it didn’t go up so suddenly.
We need this YESTERDAY. Along with Palin and McCain saying DRILL DRILL DRILL.
$3.33/9 in mid-MO. Its been decades since Sugar Creek was producing...
Supplies will be managed to keep oil prices at the absolute maximum level that does not lead to the U.S. drilling and U.S. citizens decreasing thier oil usage.
They have realized that the current prices could kill the golden goose.
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