oil plummets below $83 (Full Version)

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pahunkboy -> oil plummets below $83 (10/10/2008 6:57:27 AM)

http://www.huffingtonpost.com/2008/10/10/oil-plummets-below-83-on-_n_133494.html


oops.  I guess I will wait to fill up.

dow falls below 8000!    what do you think?  should one take out a cash advance??



Musicmystery -> RE: oil plummets below $83 (10/10/2008 7:00:51 AM)

So much for "Drill Baby drill," and back to what's cost effective.



pahunkboy -> RE: oil plummets below $83 (10/10/2008 7:03:46 AM)

Our Governor Ed Rendell scores points with me... state congress did not agree on freazing utility rate caps....well he is going to extend the caps by executive order. yay.   he said the profits will not double on the backs of PA rate payers.   that the industry is not serious about any negotiating.   recall the CA blackouts?



bipolarber -> RE: oil plummets below $83 (10/10/2008 8:26:25 AM)

Yeah... gas prices are falling... that's nice... but just remember, swiping your credit card at the pump might, or might not, work next time... So the gas will be there, and it will be relatively inexpensive... but we might not have the cash to buy it. (Oh, the irony!)



DomKen -> RE: oil plummets below $83 (10/10/2008 8:53:58 AM)

Oil prices going down dramatically when the GOP candidate is losing? Who would have thunk it?



Anarrus -> RE: oil plummets below $83 (10/10/2008 9:00:51 AM)

Unfortunately, there's a downside to all of this...
Last night on The Nightly Business Report it was said that OPEC is very unhappy about this and will meet next month and most likely cut world oil production to shore up the falling prices.



Steponme73 -> RE: oil plummets below $83 (10/10/2008 9:17:28 AM)

Oil is below $83.00....Now it is only $50.00 to high



Musicmystery -> RE: oil plummets below $83 (10/10/2008 9:38:06 AM)

...and I used to buy ice cream sandwiches for a dime on the way home from school.

Good luck with that.



pahunkboy -> RE: oil plummets below $83 (10/10/2008 9:40:54 AM)

opec wont agree.   they say they agree then grab for more



Musicmystery -> RE: oil plummets below $83 (10/10/2008 9:42:41 AM)

So does Bush.

But that's another story.

No, wait----actually, it's THIS story!



FatDomDaddy -> RE: oil plummets below $83 (10/10/2008 11:30:30 AM)

OPEC can cut production all it wants but the reality is, the member countries need to sell the oil. if they don't sell, they don't make money. It will fall and keep falling with an occasional spike north and if The United States gets smart about drilling, there is $2 trillion in revenue over the next 30 years and that figure is at $18 a barrell.

Crude Oils natural price should be between $30 to $50 a barrell.




slvemike4u -> RE: oil plummets below $83 (10/10/2008 12:32:21 PM)

quote:

ORIGINAL: FatDomDaddy

OPEC can cut production all it wants but the reality is, the member countries need to sell the oil. if they don't sell, they don't make money. It will fall and keep falling with an occasional spike north and if The United States gets smart about drilling, there is $2 trillion in revenue over the next 30 years and that figure is at $18 a barrell.

Crude Oils natural price should be between $30 to $50 a barrell.


Just wondering FDD,but how did you arrive at those numbers?Particulary the $30-$50 dollar a barrell for crude.



Musicmystery -> RE: oil plummets below $83 (10/10/2008 1:31:15 PM)


quote:

ORIGINAL: FatDomDaddy

OPEC can cut production all it wants but the reality is, the member countries need to sell the oil. if they don't sell, they don't make money. It will fall and keep falling with an occasional spike north and if The United States gets smart about drilling, there is $2 trillion in revenue over the next 30 years and that figure is at $18 a barrell.

Crude Oils natural price should be between $30 to $50 a barrell.




This is simplistic.

If I sell 100 cases a week of cheap beer at $6.99 with a $1 margin, then raise the price to $7.99 and sell only 60 cases, I've made more money ($120 vs. $100).

You also ignore the cost effectiveness of drilling. We have many undrilled sites now. Why? It's not cost effective.

You also ignore that oil is a global market. Why sell locally when you can get a higher price overseas? That's were the Alaskan oil, incidentally, goes currently.

And we will buy oil from where we can get it most cheaply, domestic or foreign---and right now, that's foreign.

Further---OPEC nations are run by ruling families more often than not. They are wealthy. They can wait.

The "Drill baby drill" mantra ignores whether that would help or not---doesn't weigh any of the pros and cons.

And Bush's "business experience" comes from two wildcat oil companies---both of which he ran into bankruptcy.



TheUtopian -> RE: oil plummets below $83 (10/10/2008 1:52:28 PM)

quote:


what do you think?



Looks to me like a whole lota hedge funds are on the verge of collapse----and now they're dumping. But then they never should been have been allowed to be in the position to falsely inflate the price of oil to begin with.


JMO




- R



Musicmystery -> RE: oil plummets below $83 (10/10/2008 2:34:58 PM)

~FR~

NPR reports oil could soon fall to below $60, and gas below $3 a gallon.

Just a quick blurb on the news, so no details.



subrob1967 -> RE: oil plummets below $83 (10/10/2008 3:52:30 PM)

quote:

ORIGINAL: Musicmystery

~FR~

NPR reports oil could soon fall to below $60, and gas below $3 a gallon.

Just a quick blurb on the news, so no details.


I paid $2.99 a gallon in Fishers Indiana this evening to fill up my Honda.



Aneirin -> RE: oil plummets below $83 (10/10/2008 4:05:28 PM)

Oil prices might be dropping, but I doubt we will see much difference at the fuel pumps here in the uk, as it is, tax is what most of our fuel price is about. We might even see oil being cheaper, the tax on it will rise. What is it now petrol at 112.9 pence per litre where I live and 126 pence per litre for diesel, so for petrol, gas to you, we pay circa £5.93 a gallon which in US currency is about $10 a gallon. You might say that is expensive, guess what, so do we and we are used to high fuel prices.



Lordandmaster -> RE: oil plummets below $83 (10/10/2008 4:12:27 PM)

Why is oil falling?  Because speculators anticipate a drop in demand.  Why do speculators anticipate a drop in demand?  Because the economy is fucked and people aren't going to be able to afford anything.



LadyEllen -> RE: oil plummets below $83 (10/10/2008 4:18:18 PM)

The other problem we have potentially Aneirin, is that oil prices (which determine petrol prices) are expressed in US dollars. If Sterling loses value, even if the oil price remains steady - the price of petrol rises. If in this case the oil price drops but Sterling drops too, it could cancel out the drop in oil prices.

But, our Treasury handing out money like confetti on bank bail outs et al, and the left calling for environmental taxation, I would not be surprised if petrol prices rose inordinately "to encourage responsibility" (actually to refill the coffers) - a perfect tax because anyone objecting is obviously an ignorant troglodyte.

E



Aneirin -> RE: oil plummets below $83 (10/10/2008 4:29:26 PM)

I am  a college student, and I have decided to buck the trend in these difficult times, and buy a car, a diesel, but one that does over 50 mpg. The understanding being, if I don't have the money to put fuel in the tank, I don't use it, simple as that.



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