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Posted on 12/18/2008 10:18:13 AM PST by dennisw
Crude is down no matter what OPEC does Because no matter what promises each member makes to limit production and reduce production......
You have a situation where where each OPEC member has to pump and sell much much more to pay for their hare brained schemes. Hugo Chavez and Ahmadinejad come to mind. Pooty is hurting too
-—”those who fail to study history are doomed to repeat it”—
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They can drink it for all I care. Swim in it. We need to get after the drilling and really bury OPEC.
”those who fail to study history are doomed to repeat it”—
History is written by the winners..........
Que the AP stories on how low gas prices are bad for America.
Dollar high: No one is buying our stuff!
Dollar low: Things are too expensive!
House values high: The American dream is out of reach!
House values low: Americans are losing trillions in equity!
Warm day: GLOBAL WARMING!
Cold day: Global Warming!
I remember all the times in the past that OPEC couldn't make productions cuts stick
What else can you expect from thieves and megalomaniacs and the hypnotized by a phony allah?
I think today the Jan futures contracts expire and get rolled to Feb.
You are showing the Jan price but the Feb price is about $4.50 higher.
The Feb price is the real one, currently 43.73 vs 39.17 for Jan.
This happens every month, yet the morons reporting on the financial channels never seem to mention it. They just report the expiring price.
I thought the Dow and Crude prices usually moved in opposite directions.
I know that OPEC is cutting supplies trying to boost it to $75.00. It won't happen. These guys have lost a crap load of revenue [and they cheat each other]. With a slowing global demand, price has to follow demand. That causes the seller to sell even more to meet revenue needs. More supply pushes prices even lower. I say $17 first, followed by a $20-$30 range.
The only thing that scares me about my call is that Merrill is now calling for $30.00
your AP key is accurate, but will change once the 0bama administration starts
My Toyota still gets ~43 MPG on the road and 38-39 in town.
The oil market already priced in the cuts, so now they shrug.
Just like they did the last time cuts were made.
However, gas better go down again. It went up before the meeting since oil was going up (though frankly, the increase was unjustified.......oil went up before the last OPEC meeting and gas still went DOWN, not up). They were screwing with us last week jumping the pump prices.
But anyway, OPEC just doesn’t have the impact it used to have.
That’s why these phonies call it “climate change” now instead of “global warming”
My take is global warming was just another mania of the era is getting deflated as we speak. Deflation means return to rationality
I had a bet with my boss last summer . . . I said the price of oil would hit $20/barrel before it ever hit $200/barrel. The winner of the bet gets a billion dollars.
Neither one of us has anything close to a billion dollars, mind you . . . but it would be nice to win the bet anyway. :-P
I may win that bet yet... getting mighty close.
Plastic is a major portion of many of the items which aren't being made or sold right now.
Probably industry demand for oil is down even more than gasoline sales.
$1 a gallon gasoline would get people moving again.When one had to think about every little trip costing $5 to $10 in fuel, many of us cut down our trips.
http://www.nymex.com/index.aspx
NYMEX list crude at $39.52.... now $39.41
Might be a delay on that quote
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