"Oil drops by most in 17 years"

emersonbiggins · Posted: Tue Jul 15, 2008 1:48 pm Post subject: "Oil drops by most in 17 years"

I see the MSM is desperately trying to quell fears and push the market along on a string.

Troyboy1208

next headline: Oil up by most since Earth formation

jlw61

DefiledEngine · Heavy Crude Joined: Aug 19, 2004 Posts: 284

Won't be surprised if oil prices will change by 20$ in an hour, as much as one barrel was worth in total only some 10 years ago.
_________________
"Life is merely an orderly decay of energy states, and survival requires the continual discovery of new energy to pump into the system. He who controls the sources of energy controls the means of survival. "

syrac818 · Heavy Crude Joined: Jun 01, 2005 Posts: 113

What?? LOL...
You guys, oil did drop by the most in 17 years. And yeah, that's going to be the headline. I know mainstream media hasn't given peak oil the attention it deserves, I know we don't get enough honest voices about conservation, and I know the endless predictions from analysts about it simply being a "bubble" are beyond tiresome.

But I hardly see the fact that oil's largest drop in 17 years made the headline as "the MSM is desperately trying to quell fears and push the market along on a string".
Sometimes man, this place. Just gets a little too into it's own world.

Kingcoal

I was watching CNBC at the time. The price dropped $9 literally in 5 minutes. That's a little strange to me, I've never seen anything like it. Then it recovered about $3. The government is doing everything to try to break the selling "psychology." Bernanke looked scared to death while testifying and tried to explain peak oil to congress, it was historic.
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"That's the problem with mercy, kid... It just ain't professional" - Fast Eddie, The Color of Money

emersonbiggins

Cashmere · Light Sweet Crude Joined: Mar 27, 2008 Posts: 1971

Always look for the spin, or you'll get all turned about.
1. Oil was at 145. So a 10 dollar drop is a 6.8% drop. Is that the number they were using? 6.8%? Or were they using the absolute dollar amount?

2. Did they cite the final drop? That is, what the drop was for the day? Or did they cite the biggest change for the day? So if oil goes up 5 then down 20 then up 15 to finish even, does that mean "oil dropped most in one day?"

3. Are we talking about inflation adjusted dollars? Given that the dollar has lost about 1/2 its value in 20 years, a 10 dollar drop today is only a 5 dollar drop then.

All in all, the 10 dollar drop is not newsworthy, but I wouldn't say the MSM is conspiring to paint a rosy picture.

It's just ignorance all the way around, from publishers to viewers.

It'll be news if we get back to 100. Anything less than that is just expected market fluctuations.
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Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.

heroineworshipper

A house in Calif* dropped by the most ever, all the way down to $700,000.
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People first, then things, then dollars.
There will be enslavement, cannibalism, & zombie invasions.

yesplease · Fission Joined: Oct 03, 2006 Posts: 2482

kokoda · Heavy Crude Joined: Aug 24, 2006 Posts: 441

Just a couple of bumps in the curve ... the trend is still up.

emersonbiggins

misterno

the bottom line is we are all farked at the end

ohcomeon · Heavy Crude Joined: Jun 10, 2006 Posts: 132 Location: USA

The funny thing is, even after the "record drop" today, the price of a barrel was still in the high 130's, and that was a record high just weeks back...

Maybe it's not a conspiracy. But some perspective would be nice.

Cashmere · Light Sweet Crude Joined: Mar 27, 2008 Posts: 1971