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Ferretlover
Moderator
Joined: Jun 13, 2007
Posts: 3641
Location: Minniesotuh
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 Posted: Fri May 09, 2008 9:08 am Post subject: Re: Another Record ($124.61) |
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| MD wrote: | | Ferretlover wrote: | That's going to put a crimp in summer travel.
I wonder how much of an effect (affect?) this will have on other areas of the economy if people don't buy as much extra gas wanted for summer travel? |
it will have a huge effect and nothing can affect that effect. |
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"RRrrruuuunnnn!!!" ~Apocalypto |
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Roy
Intermediate Crude
Joined: Jun 18, 2004
Posts: 766
Location: Western North Carolina
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| Posted: Fri May 09, 2008 9:11 am Post subject: Re: Another Record ($126.61) |
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NYMEX Crude -- $126.10/bbl
RBOB $3.19/gal
Round and round and round she goes, where she stops nobody knows. |
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frankthetank
Fusion
Joined: Sep 16, 2004
Posts: 4464
Location: Southwest WI
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| Posted: Fri May 09, 2008 9:13 am Post subject: Re: Another Record ($124.61) |
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Pup-
My brother that kind of gets it (the part about us being doomed) says the same exact thing. He has to have it. The stuff is more addicting then any drug out.
I always play really dumb when talking about gas prices/oil prices when talking with others. Its a good way to see how much they really know. Most of the time its mind boggling how stupid people really are.
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"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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Roy
Intermediate Crude
Joined: Jun 18, 2004
Posts: 766
Location: Western North Carolina
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| Posted: Fri May 09, 2008 9:17 am Post subject: Re: Another Record ($126.20) |
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| Quote: | | Most of the time its mind boggling how stupid people really are |
I agree, but I've had a change or perspective in the last 4 years. Now it boggles my mind when the subject oil price arises and someone is actually clued in.
I've come to expect the clueless responses and am surprised by knowledge beyond the common misconceptions that we all know so well. |
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catbox
Heavy Crude
Joined: Sep 29, 2005
Posts: 451
Location: liberal/socialist moron
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| Posted: Fri May 09, 2008 9:18 am Post subject: Re: Another Record ($119.22) |
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Man, I almost had it! Looks like 125 by Friday will be more like it.
cb[/quote]
Nice prediction CB. What's your best guess on a date for $200[/quote]
Sooner than we all think.
Anyones guess is as good as the others at this point but, we'll get the oil game going again at work today...maybe we'll hit 127 by the end of the day and someone will win the pot! 127.20 is a good number...I'll go with that today. Why? it just sounds good!
Off to deliver the youngin to school....via bike and trailer....and it's sunny!
Have a good day PO crew!
catbox
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President Bush: “There’s no question about it. Wall Street got drunk—that’s one of the reasons I asked you to turn off the TV cameras. It got drunk, and now it’s got a hangover." |
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whereagles
Intermediate Crude
Joined: Aug 17, 2005
Posts: 580
Location: Portugal
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| Posted: Fri May 09, 2008 9:23 am Post subject: Re: Another Record ($126.20) |
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| 126 broken. I feel like such a NOOBLAR at this game... lol. |
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joeltrout
Light Sweet Crude
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Joined: Sep 19, 2007
Posts: 1317
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| Posted: Fri May 09, 2008 10:38 am Post subject: Re: Another Record ($126.20) |
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I hope I am not the only one profiting off these record high prices by investing in oil.
joeltrout |
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darren
Heavy Crude
Joined: Jul 07, 2005
Posts: 133
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| Posted: Fri May 09, 2008 12:50 pm Post subject: Re: Another Record ($124.61) |
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| pup55 wrote: | I asked her "at what gas price would you quit driving" and she just shook her head. "I have to drive everywhere. I drive to work, I drive to shop, I will keep driving no matter how high the price gets"
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Meh. What she said is not literally true. Gas demand is very inelastic yes, but not *completely* inelastic. Everyone who isn't a multi-millionaire will cut back driving (one way or another) or get a smaller car eventually. |
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Novus
Light Sweet Crude
Joined: Jun 21, 2005
Posts: 1702
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| Posted: Fri May 09, 2008 1:06 pm Post subject: Re: Another Record ($126.20) |
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| This run only has a few more dollars to go before we see another pull back. Whenever something goes up $10 in a week that is speculators. Fundamentals support slow increases over a long period of time. Going back from $30 to $60 took two years and going from $60 to $120 took two more years. |
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joeltrout
Light Sweet Crude
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Joined: Sep 19, 2007
Posts: 1317
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| Posted: Fri May 09, 2008 1:13 pm Post subject: Re: Another Record ($126.20) |
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| Novus wrote: | | This run only has a few more dollars to go before we see another pull back. Whenever something goes up $10 in a week that is speculators. Fundamentals support slow increases over a long period of time. Going back from $30 to $60 took two years and going from $60 to $120 took two more years. |
I agree we will see a pull back but $10 is only an 8% move with these prices. That is definitely not unheard of.
joeltrout |
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Jack
Dark Lord
Joined: Aug 11, 2004
Posts: 5089
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| Posted: Fri May 09, 2008 1:23 pm Post subject: Re: Another Record ($126.20) |
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| joeltrout wrote: | I hope I am not the only one profiting off these record high prices by investing in oil.
joeltrout |
You're not. 
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Dieoff. Fun to watch. Better with hot buttered popcorn!  |
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UncoveringTruths
Intermediate Crude
Joined: Nov 04, 2004
Posts: 895
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| Posted: Fri May 09, 2008 1:23 pm Post subject: Re: Another Record ($126.20) |
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| Novus wrote: | | This run only has a few more dollars to go before we see another pull back. Whenever something goes up $10 in a week that is speculators. Fundamentals support slow increases over a long period of time. Going back from $30 to $60 took two years and going from $60 to $120 took two more years. |
That is until the general populace has a Peak Oil epiphany.  The higher oil goes the higher the amount of stones turned over to find out why. The only thing holding the price back is speculation of gouging, manipulation, Saudi's have all the oil if they would just open the taps etc etc. This is particularly interesting since TPTB want to control speculation by passing what I am calling the "American Oil Trading Controls bill" that is within the current Farm bill.
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It's a cold cold world when a man has to pawn his shoes. |
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PeakingAroundtheCorner
Heavy Crude
Joined: Apr 08, 2007
Posts: 480
Location: Cleburne, TX, USA
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| Posted: Fri May 09, 2008 1:53 pm Post subject: Re: Another Record ($126.20) |
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| Just bounced off $126.20 again. |
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Gandalf_the_White
Intermediate Crude
Joined: Nov 21, 2007
Posts: 511
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| Posted: Fri May 09, 2008 2:09 pm Post subject: Re: Another Record ($126.20) |
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| Novus wrote: | | This run only has a few more dollars to go before we see another pull back. Whenever something goes up $10 in a week that is speculators. Fundamentals support slow increases over a long period of time. Going back from $30 to $60 took two years and going from $60 to $120 took two more years. |
Systems like this can experience non-linear and even discrete changes, especially when market failures are evident. The most notable market failure is the lack of reliable information about oil reserves and the physical state of all of the worlds major fields. Simmons said a report was currently being constructed I think it will be out next year. The other failure we have is allowing Cartels to manage oil prices. The fundamentals are present and expected.
The present supply realities are important but the expectation of less oil in the future is like a switch. Once you flip the switch the light goes on, the market immediately knows that $70 oil is too cheap. In fact oil is so important to our ways of life and hopes for the future that some people will pay any price to secure the luxuries it can provide. That is the price 'catastrophe' which is about to occur.
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I return to you now at the turning of the tide. |
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PeakingAroundtheCorner
Heavy Crude
Joined: Apr 08, 2007
Posts: 480
Location: Cleburne, TX, USA
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| Posted: Fri May 09, 2008 2:16 pm Post subject: Re: Another Record ($126.20) |
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BWAAAaaaa!1!!
CNBC just said we're all over reacting to the high price of oil. Seems oil is getting so expensive because "We denominate the value of oil in Dollars and so oil has risen by 100%. But if we denominated oil in Euros, you would see that oil has only increased by 50%, which is only half of the value of oil denominated in Dollars."
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