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$50 a barrel

Discussion in 'Issues Around the World' started by ethics, Oct 15, 2007.

  1. Domh

    Domh Full Member

    Hot dog! Only $60 to go!

    :banghead:
     
  2. Stiofan

    Stiofan Master Po

  3. dsl987

    dsl987 Member

    Gas futures down 16 cents (5%) and diesel down 22 cents (8%).

    I think that when inventory reports come out Wednesday we might see another big drop if Crude and Gasoline stocks keep building.
     
  4. ethics

    ethics Pomp-Dumpster Staff Member

    It's at 104.54 right now, down more than 5 buckaroos.
     
  5. Stiofan

    Stiofan Master Po

    It should never have gotten to $100, or $90, or $60 for that matter.
     
  6. dsl987

    dsl987 Member

    Not when you look at things from a US or European point of view as our oil consumption has been relatively flat and should be going down a little this year. Bear in mind that the US currently imports roughly 10 million Barrels per day. Now lets look at the Chinese for 2007

    http://uk.reuters.com/article/oilRpt/idUKBJI00001920080122

    BEIJING, Jan 22 (Reuters) - China's total crude oil imports in 2007 rose 12.3 percent at 163.17 million tonnes, data from the General Administration of Customs showed on Tuesday, confirming preliminary figures.

    For December alone, crude imports were up 11.3 percent at 12.88 million tonnes.

    Diesel imports in December surged 336 percent to 817,931 tonnes from the year-ago period, the customs said, the highest level since at least 1999, as the country battled against a serious fuel shortage.

    China, which now imports nearly half its crude demand, cut crude exports by 38.6 percent to 3.89 million tonnes last year, the customs said


    These guys are busy sucking up all the spare available crude. If my numbers are correct, they are importing almost 3 million barrels per day. Look at those diesel imports! No wonder diesel is expensive over here.

    It seems as though their economy just will not slow down, as their crude oil imports have jumped another 9.5% in the first 2 months of 2008.

    http://www.yarnsandfibers.com/news/index_fullstory.php3?id=15039
     
  7. dsl987

    dsl987 Member

    Big sell off today - hopefully this trend will continue. One of the analysts on TV was saying that a retreat back to $88/barrel is possible. That sure would be a nice start :)
     
  8. ethics

    ethics Pomp-Dumpster Staff Member

    Yah dropped almost 5 bucks today down to 103.25. It's all on par with the Dow being down almost 300 points.
     
  9. tke711

    tke711 Oink Oink Staff Member

    That would be a very nice start. Especially if it's the start back to $30/barrel.

    Hey....a boy can dream can't he? :)
     
  10. MNeedham73

    MNeedham73 Well-Known Member

    After dropping $47.05 to fill my car this morning, a drop in oil prices would definitely be welcome right now.
     
  11. jfcjrus

    jfcjrus Veteran Member

    If the government stoped BORROWING so much to fund their endeavors, thus depreciating the dollar to about 60% of it's value a few years ago, oil would now be <i>about</i> $65/barrel, and gasoline <i>about</i> $2.10/gal.
    No?

    A few years ago the oil sheiks were afraid to let the cost of oil go above $40/barrel, worring about reaction to such!
    But, here we are (due to the MASSIVE shrinking of the US$, and wonton free market greed and speculation) at $100 PLUS for a commodity the suppliers were more than happy to sell at half the price.

    Where did it all go wrong?

    Regards,
     
  12. Greg

    Greg Full Member


    No? Yes! The worthless dollar has vastly contributed to our woes. Previously we had the ugly American. Now we face the ugly American dollar.
     
  13. dsl987

    dsl987 Member

    Nymex crude is already down to $98.88. Woohoo :clap:
     
  14. ethics

    ethics Pomp-Dumpster Staff Member

    Yep, dipped below 100.
     
  15. dsl987

    dsl987 Member

    Grrr - finished back up at $101.84. Was really hoping that it would close out the week below $100.
     
  16. Greg

    Greg Full Member

    Wow! So we're back to $2/gal gas by what, next weekend? (/sarcasm)
     
  17. ethics

    ethics Pomp-Dumpster Staff Member

    But at least there was no wild swings where you KNOW that the market will not stay there the next day.

    So, I'll take it for now. I don't expect it to get really low unless another investment firm goes under. ;)
     
  18. dsl987

    dsl987 Member

    Actually upon reflection I'm not surprised that it only ended a little lower and not below $100, as I forgot Friday was a Holiday and traders are usually very nervous about long weekends and hate to be caught short by unexpected events. Lacking any big (oil related) news over the weekend, I would not be surprised to see oil fall below $100 on Monday, and hopefully keep going South until at least the $80's.

    Sarcasm tag noted - Unfortunately the only way we will ever see $2/gallon gas again, is if the world economy has a major recession, or unless somebody discovers some massive new oil fields and floods the market again. Even if we did find a lot more oil, you still have to deal with OPEC, and they have decided that the world can live with $60+ oil and they have become addicted to the money.

    I believe that $2.50/gallon ($78/barrel) is as low as it will ever go. I think we are mostly done with the major price spikes, but also doubt that it will flatten out, I think the price will continue to drift slowly up over the years, unless China's economy has a major melt down, in which case it could come back down quite a bit. In other words I don't have a clue.

    Here is an interesting interview with Matt Simmons, about skeptics to Peak Oil. Personally I think the truth lies in between his view and the skeptics.

    http://www.cnbc.com/id/23728987/site/14081545?__source=yahoo|headline|quote|text|&par=yahoo
     
  19. Greg

    Greg Full Member

    I doubt we'll ever see sub-$3 gasoline ever again, gone the way of the 25ยข gasoline I recall from my teen years.

    Another thing to note, the cost of gasoline to some degree tracks the oil price increases, but you can be damned sure it doesn't track the decreases.
     
  20. damonlab

    damonlab Veteran Member

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