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Quinne
Coal
Joined: Aug 02, 2007
Posts: 5
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 Posted: Tue Aug 07, 2007 1:00 pm Post subject: CNN today: Why oil won't hit $100 |
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Have you guys read this little gem?
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Twilight
Expert
Joined: Mar 02, 2007
Posts: 2971
Location: UK
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| Posted: Tue Aug 07, 2007 1:10 pm Post subject: Re: CNN today: Why oil won't hit $100 |
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| CNN wrote: | "Four to 8 years from now, we could come down and break $20 a barrel."
Beutel bases his prediction on the fact that oil is historically a cyclical commodity. |
I would ask for his job, but I have too much pride.
| CNN wrote: | | "We need it all, and we needed it yesterday," said Adam Sieminski, Deutsche Bank's chief energy economist. "There's still a shortage." |
At least they gave the last word to someone with a clue. |
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Benzin
Heavy Crude
Joined: Apr 25, 2006
Posts: 144
Location: middle of somewhere
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| Posted: Tue Aug 07, 2007 1:40 pm Post subject: Re: CNN today: Why oil won't hit $100 |
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| I read it. Can't say I believe it. With huge demand destruction it may be possible to reach $20 a barrel but I doubt it. |
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Resurrection
Tar Sands
Joined: Jul 22, 2007
Posts: 52
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| Posted: Tue Aug 07, 2007 1:40 pm Post subject: Re: CNN today: Why oil won't hit $100 |
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| Twilight wrote: | | CNN wrote: | "Four to 8 years from now, we could come down and break $20 a barrel."
Beutel bases his prediction on the fact that oil is historically a cyclical commodity. |
I would ask for his job, but I have too much pride.
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Ha, who knows it could well happen just like that. 4 - 8 years the crash has happened so therefor demand for oil will plummet. Then again I guess if the economy has collapsed and money loses value maybe it will be $4000 a barrel?
I shouldn't post on crap I don't fully understand sorry, just kinda thinking aloud 
Last edited by Resurrection on Tue Aug 07, 2007 1:42 pm; edited 1 time in total |
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sameu
Intermediate Crude
Joined: Aug 18, 2005
Posts: 530
Location: Belgium, Europe
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| Posted: Tue Aug 07, 2007 1:41 pm Post subject: Re: CNN today: Why oil won't hit $100 |
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waht's up with this cyclical nonsense
and that's exactly why economics is not a real science
always running behind the facts making up new 'laws' when someting doesn't seem to fit the current set of laws
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Fiddlerdave
Heavy Crude
Joined: Mar 18, 2007
Posts: 276
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| Posted: Tue Aug 07, 2007 1:42 pm Post subject: Re: CNN today: Why oil won't hit $100 |
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A fantasy puff piece for the stock market Plunge Protection Team, trying to prevent inflation by reducing expectations of inflation.
| Quote: | | "If this market can continue going lower without OPEC disrupting it, it's very possible that by 2010 we could be substantially lower than anyone is imagining," said Peter Beutel, |
Mmm, yeah baby, OPEC and the multinational oil companies are going to become Santa Claus. They have made all the money they want, now they just want to help the world.
Last edited by Fiddlerdave on Tue Aug 07, 2007 1:46 pm; edited 2 times in total |
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cat
Tar Sands
Joined: May 09, 2005
Posts: 97
Location: Western Washington
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| Posted: Tue Aug 07, 2007 1:45 pm Post subject: Re: CNN today: Why oil won't hit $100 |
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| I think news articles rise and fall like the price of oil, when prices are up the more pestismistic articles come out, when they are down you get a lot more of the optimistic articles. What is funny is it seems that when oil drops a little and people start saying "oil will be at $20 soon," this is when in shoots back up. In reality, unless something changes drastically, oil is headed up with lots of ups and downs on the way. |
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Niagara
Heavy Crude
Joined: Aug 17, 2006
Posts: 471
Location: Mt. Hubbert Scenic Lookout
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| Posted: Tue Aug 07, 2007 1:51 pm Post subject: Re: CNN today: Why oil won't hit $100 |
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More spoon feeding to keep the masses spending.
"Martha, let's buy that SUV. $20 oil coming, they said so on the TV"
Baa-aaa-aaa-aaa |
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jdmartin
Intermediate Crude
Joined: May 19, 2005
Posts: 797
Location: Merry Ol' USA
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| Posted: Tue Aug 07, 2007 1:53 pm Post subject: Re: CNN today: Why oil won't hit $100 |
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| Quote: | | The government-run Energy Information Administration has a $50 target price for crude by 2015. |
| Quote: | | "If this market can continue going lower without OPEC disrupting it, it's very possible that by 2010 we could be substantially lower than anyone is imagining," said Peter Beutel, an oil analyst at the consultancy Cameron Hanover. "Four to 8 years from now, we could come down and break $20 a barrel." |
| Quote: | | All this means the world's spare production capacity - the difference between what is consumed and what is produced - should grow, relieving some of the fears that have pushed prices so high as of late, such as a disruption in supply from a hurricane in the Gulf of Mexico or a war with Iran. |
| Quote: | | "This is an inherently cyclical business," said Edward Morse, chief energy economist at Lehman Brothers, who said he could see oil prices in the $40 to $50 range by 2010. "We're seeing a potential overbuilding of refining capacity." |
Who needs comedians when we've got economists?
_________________
After fueling up their cars, Twyman says they bowed their heads and asked God for cheaper gas.There was no immediate answer, but he says other motorists joined in and the service station owner didn't run them off. |
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frankthetank
Fusion
Joined: Sep 16, 2004
Posts: 4496
Location: Southwest WI
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| Posted: Tue Aug 07, 2007 1:55 pm Post subject: Re: CNN today: Why oil won't hit $100 |
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He does mention conservation. Maybe he thinks when the mortgage mess finally explodes, along with the dollar and then mass unemployment, we will have the conservation (given that no one will have money/home/food) will cause the price to come down to $20/barrel. Maybe he thinks nuclear war will break out or some plague that will kill off 80% of the population? Maybe he's just a Fark retard? Maybe he gets paid to tell people what they want to hear?
I'm saving this one... Maybe i can catch up with this guy in 2015.
_________________
"Oil is going up because we use too much oil, and the capacity to replace reserves is dwindling"
-President Bush 11/07/07 |
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WisJim
Expert
Joined: Jan 03, 2005
Posts: 1185
Location: western Wisconsin
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DantesPeak
Expert
Joined: Oct 23, 2004
Posts: 5923
Location: New Jersey
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| Posted: Tue Aug 07, 2007 3:08 pm Post subject: Re: CNN today: Why oil won't hit $100 |
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| Quote: | | "If this market can continue going lower without OPEC disrupting it, it's very possible that by 2010 we could be substantially lower than anyone is imagining," said Peter Beutel, an oil analyst at the consultancy Cameron Hanover. "Four to 8 years from now, we could come down and break $20 a barrel." |
I don't know what Beutel is thinking, but he did state the same thing about prices when oil was near $50 last January.
OPEC - excluding Iraq - hasn't budged on total production from February to July. Even the EIA said today that OPEC production increases in the third quarter are doubtful.
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It's already over, now it's just a matter of adjusting. |
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Twilight
Expert
Joined: Mar 02, 2007
Posts: 2971
Location: UK
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| Posted: Tue Aug 07, 2007 3:40 pm Post subject: Re: CNN today: Why oil won't hit $100 |
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Demand destruction my ass.
$20? That would have to be one hell of a US recession.
Anything the US doesn't buy, the Asians will buy with all the dollars they have. Or US auto makers will start an SUV craze in the EU. And/or the Asian ones as well.
They might as well say "We could see $20 oil in four to eight years if the world suffers an economic cataclysm which makes daily foraging for food your highest priority." |
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Ancien_Opus
Heavy Crude
Joined: Jul 21, 2005
Posts: 148
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| Posted: Tue Aug 07, 2007 3:49 pm Post subject: Re: CNN today: Why oil won't hit $100 |
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| $20/barrel sure enough and that same $20 will likely get you an ounce of gold. |
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Gideon
Light Sweet Crude
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Joined: Aug 29, 2006
Posts: 1142
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| Posted: Tue Aug 07, 2007 4:21 pm Post subject: Re: CNN today: Why oil won't hit $100 |
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Montequest is a certified asshole.
_________________
Chief of Asshole Certification
Last edited by Gideon on Wed Sep 26, 2007 6:05 pm; edited 1 time in total |
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