Posted on 07/09/2009 8:42:45 AM PDT by Rufus2007
There could be a potential “tax break” the no one in the news has really picked up on with this ailing economy – a big drop in the price of oil. Although the media hype price increases, oil prices are dropping and could be heading toward lows not seen since 1999.
Philip Verleger, a business professor at the University of Calgary and visiting fellow at the Peterson Institute for International Economics told CNBC’s July 8 “The Kudlow Report” how the cost of oil might drop. Verleger explained why the current price of oil – at $60 a barrel, off its $72 highs, is still way too expensive for the market and why it could come tumbling down to $20.
...more (w/video)...
(Excerpt) Read more at businessandmedia.org ...
You are correct and look for bankruptcies.
Well..., I wouldn’t credit Bush with the biggest crash in oil prices in years... LOL...
And..., I’m almost absolutely sure that while many may *wish* to credit Bush with those low oil prices, that those same posters will find all sorts of reasons to *not credit* Obama with $20 a barrel oil prices if it gets down to that point (which it may...)... :-)
With a new generation of vehicles entering the picture every year will not help oil producers. Yeah, they’re not what we are use to, but their dependency on petrol will be far less. We may laugh at these new cars but in the long run they’ll push the price of oil down. If you can make a car that runs on compressed air like France and the India are doing, it is bad news for the oil industry. I’m sure the Oil lobbyists will pay big sums to squash their production here. It may be time to replace the Greatest Invention of the 19th Century, the internal combustion engine, as we know it.
Because the real unemployment is far greater than 9.5(can't forget the .5)percent. Closer to 20 and rising all the time. Some states, CA for one, are way about 9.5 already. As long as Bozo the WH clown and the dimwits are in charge there will be no recovery.
If gas goes way down they will simply pass another "stimulus" bill that no one will read and that will have a $2 tax added in there. Don't believe me? They are already talking about another stimulus bill, the first one wasn't a big enough rip off, they need to steal even more of our taxes and print more money we don't have. They haven't even given(at least that is what they say)out all the original "stimulus" stolen money yet and they want to steal more.
Recovery is not an option with the communist we have in charge now, they want the economy to tank and if you don't know that I feel sorry for you.
As for the 9.5 unemployment(a figure way under the real figures)when it was at 4 percent and less during Bush's two terms that was considered horrible, so I would say, using the dimwits own criteria, that 9.5 is the biggest disaster in history.
Well, it's people like you that gave us $150 bbl oil in the first place, Mr. Evil Speculator!
</JOKING>
$2.28 in the Dallas/Ft. Worth area.
they want the economy to tank and if you don’t know that I feel sorry for you.
You can feel sorry for me no problem, but what are they doing? Having it tank until 2011? Then have a miraculous growth in 2012 for the election?
At $20/barrel, the US oil companies cannot make a profit. The result will be that the gasoline prices will no longer be tied to the cost of a barrel.
My guess is that this is a planned drop, just to cause oil companies to raise the cost of a gallon of gas beyond the cost of a barrel, or reduce production, which would have the same outcome. Obama would like a populist revolt against the oil companies so that he would have an excuse to step in and take over the oil companies, just like the auto companies, banks, health care, and probably the airlines.
Is that what you would like to see?
That would be my guess. But that was what I tried unsuccessfully to find out.
Interestingly, I received a bill yesterday ($10 a month even without using gas). And it seems that since I used no gas, I am not privvy to the current cost computations. Makes me want to run my heat for a few minutes so I can get a bill showing that information.
Question is, at what price are they (right now) contracting for delivery this winter?
When gas drops below $2.00, that will be big news...
Well, around here it did get down to about $1.49 before, and that was great. But, I think it’s probably going to drop below $2.00 for sure...
I mean, it’s already $2.02 in Oklahoma City, so it’s on its way down to break that mark...
I think you are talking to the wrong person. What I want is the government out of my life and out of business, period. Bozo the WH clown is trying to take over the country by using the economy to do it. Like I said, he won't let gas reduce in price from what it is now, or not much anyway. As for oil companies not making money on 20 per barrel, well they can't drill for oil here anyway, and most of the world's oil is owned by someone other than US companies.
What I want to see is Bozo in jail for the crook he is, along with most of both houses of the legislature and some of our judiciary, and that includes the RINOs, who are just as big of communists as the dimwits.
What I want is return of the free market system and freedom such as I knew when I was growing up in this country, that's what the f*** I want. As to your question I have no idea why you asked it of me.
Wife had an uncle who lived in Oyster Bay, Long Island.
Had lots of money and brains.
Back in 1979 he bought a whole bunch of 500 gallon oil drums and had them installed in his basement and filled them with 37 cent heating oil.
25 years later he was still heating his home with 37 cent heating oil.
Said he saved LOTs by not putting the money in the bank.
Because the moon is in Venus with Capricorn descending...and Ol' Lady Boudreaux, voodoo lady extraordinaire, didn't get enough toe nail clippings from a corpse to mix with the petrified bat crap...and a black cat crossed the path of a oil refinery manager down in Houston...and one of the Saudi Arabian princes has hemorrhoids...and, well, hell, just 'cause it is!
Quit asking questions.
My propane contract for this year (until March 2010) went down about $.90/gallon. This is a firm cap, not related to market prices. Last year, I had a cap of $2.50 which was reduced to $2.09 after prices went down and also after I complained. The contact had been for $2.50 OR market, whichever was lower. The nice part was they reduced all of my propane purchases from the start of 2009 to the $2.09 price. I had only expected the most recent fill (March) to be reduced.
We used the extra $$ to purchase firewood, saving my husband the work and stress. He likes to cut wood, but now he can cut ahead and not feel pressured. He has been having a banner summer with work, so money isn’t as tight as it was last summer, but time and energy are in shorter supply.
We have high gas taxes in Wisconsin, so gasoline has only dropped to $2.54. Our electric rates, however, have increased 10%. We pay 7%/month in fees and taxes PLUS a *facility fee* for operating a business. That fee has increased, too. All told, we are paying an extra 20% for electricity in fees/taxes, plus the 10% rate rise.
They catch you coming and going.
Yeah....you’re right....too much info to keep track of to keep track of the suckers suckering us!!!
You’re right, I meant my post as an endorsement of what you were saying to the other poster.
Actually, CONOCO has announced a joint venture with LUKOIL. The Russians are going to build a refinery in NJ to refine Russian oil.
Ha, ha, that shows what the Russians think of Obama’s global warming initiatives.
The only way to prevent oil prices from eventually breaking our budgets and our lifestyles is to vote these Dummies out of Congress in 2010 and vote "Osama" Obama out of the WH in 2012.
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