How then, do we move backwards? How does a society, with most of the people having no clue of future events, move from being dependent on a vast and intertwined network of goods and services produced by the indigenous people of whereever, to a local resource and renewable energy based society, and do so in the timeframe available (20-30 years using the most liberal extimates, 10-20 with resonable estimates, 5-10 with worst case scenarios), all the while prices on everything increasing, world politics getting more militaristic, governments continuously reducing civil liberties, shortages of goods on the market and weather patterns resembling bad Hollywood movies?
Posted: Mon Jun 16, 2008 8:15 am Post subject: Re: Another Record ($139.16)
olekriri wrote:
I've bet $100 with a friend of mine on a new record today
Is your friend stupid or something? Oil went into record territory as soon as the market opened. This is a sky is blue, water is wet type. Hopefully this knocks some sense into your friend.
Posted: Mon Jun 16, 2008 10:00 am Post subject: Re: Another Record ($139.89)
Just another $10 and change and we will get $150.
So much for the Saudi's "pledge" to increase output by 500 kbpd. _________________ Live quotes - crude oil, gold and currencies
http://www.post1.net/lowem/page/livequotes
Posted: Mon Jun 16, 2008 10:09 am Post subject: Re: Another Record ($139.89)
lowem wrote:
Just another $10 and change and we will get $150.
So much for the Saudi's "pledge" to increase output by 500 kbpd.
They can't really maintain that. Think about it, the incentive for upping production was way back at $90 per barrel (when was that?) No, if they do come in with some stuff it will be goop not high grade oil, that does'nt help anyone. What helps is for OPEC to finally come clean and tell the world the way it is. Yes, there will be a price shock, but at least you are giving people the information they need to make informed decisions about their personal energy use and their future.
Right now I feel better betting on the Saudi's to have a conscience than the current Administration, but then again Bush has told us often that we need to get off oil. Apparently we prayed him into office so that he would tell us only what we want to hear. Stuff like 'our way of life is non-negotiable.' and 'God bless America.'
Posted: Mon Jun 16, 2008 10:12 am Post subject: Re: Another Record ($139.16)
mcgowanjm wrote:
joewp wrote:
Doesn't crude look like it's forming a bullish pennant? That's like classic technical analysis textbook stuff there.
Breakout today.
Flagpole replication says $160 min the next traget.
It's pulled back and is testing the top of the pennant. If that holds, should be cleared for takeoff. _________________ "I was born in a deep forest
I wish I could live here all my life
I am made from stones and roots
My home, these woods and roads
All my life I loved this sound
Of the woods all around
Eagles fly where the winds blow free" -Korpiklaani
Posted: Mon Jun 16, 2008 10:18 am Post subject: Re: Another Record ($139.89)
Over at Calculated Risk it is assumed that what is going on is that the Investment Banks dumped all their bad mortgage securities on the Fed in exchange for T-Bills, and then leveraged it all up to bet on oil. Soon the big boys will decide they've played the game long enough and the price of oil will collapse. Probably right after enough public pressure builds on congress to allow oil drilling in off limit places. _________________ One of these now am I too, a fugitive from the gods and a wanderer, at the mercy of raging Strife.
--Empedocles
Posted: Mon Jun 16, 2008 10:45 am Post subject: Re: Another Record ($139.89)
BigTex wrote:
Looks like the whole "doom pack" is travelling together today.
Oil (USO)
Natural Gas (UNG)
Gold (GLD)
Silver (SLV)
Coal's (KOL) is up too.
The dollar is down a bit, but I don't think it's enough to explain all that. _________________ "I was born in a deep forest
I wish I could live here all my life
I am made from stones and roots
My home, these woods and roads
All my life I loved this sound
Of the woods all around
Eagles fly where the winds blow free" -Korpiklaani
Posted: Mon Jun 16, 2008 11:13 am Post subject: Re: Another Record ($139.89)
Cannot find an updated oil price, nymex is down, cnn is a couple of hours behind, etc... I have noticed a stoppage in the past, does anybody know what's happening this time?
Posted: Mon Jun 16, 2008 11:43 am Post subject: Re: Another Record ($139.89)
The upper line of the pennant broke. It's currently testing the lower line of the pennant (~$133.40). If that breaks, we may be in for a significant drop. _________________ "I was born in a deep forest
I wish I could live here all my life
I am made from stones and roots
My home, these woods and roads
All my life I loved this sound
Of the woods all around
Eagles fly where the winds blow free" -Korpiklaani
June 16 (Bloomberg) -- Crude oil fell, retreating from a record, on signs that Saudi Arabia will increase production to stabilize prices.
Saudi Arabia will produce 9.7 million barrels of oil a day next month, an increase of 200,000 barrels above June's level, King Abdullah told United Nations Secretary-General Ban Ki-Moon, according to a UN spokesman. Prices earlier climbed to a record $139.89 after a fire cut North Sea output and the dollar declined against the euro, bolstering the appeal of commodities.
Crude oil for July delivery fell 80 cents, or 0.6 percent, to $134.06 a barrel at 1:34 p.m. on the New York Mercantile Exchange. Futures earlier reached a record $139.89 a barrel.
Let's break out the Victory Gin! _________________ Cogito, ergo non satis bibivi
Walter, there is an unspoken message here.
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