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Old 12-13-2008, 09:19 AM   #331
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Re: F... gas prices

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Originally Posted by JoeRedskin View Post
I appreciate the drop in gas prices as much as the next guy (I hope all the speculators are eating raman noodles and sleeping in boxes). BUT - I suggest this price reduction is a short term thing that will end when the recovery begins. The same real stresses on oil prices will return. In addition, the remedies being used by the Fed and the US Gov. are inflationary. Eventually, all this money being pumped into the system will drive the actual value of money down and prices up. Right now, with no money in the system (b/c of the lack credit and the loss of real wages), gas prices are falling from both the lower global demand and the depression of prices in general. This will change.

Will they hit 4.00 again soon? I doubt it in 2009 but my guess is that in 2010, with the recovery gianing strength prices will again top 3.00

Now is the time to invest the oil savings in the infrastructure of alternative tech.
Don't get me started Bro!
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Old 12-13-2008, 09:20 AM   #332
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Re: F... gas prices

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Originally Posted by jsarno View Post
Since everyone blamed Bush for the high gas prices, can we safely assume that Bush is to be commended for this low in gas prices?
HECK NO, The oil companies feared The Obama so they have brought the prices back down!
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Old 12-13-2008, 01:59 PM   #333
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Re: F... gas prices

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Originally Posted by CRedskinsRule View Post
HECK NO, The oil companies feared The Obama so they have brought the prices back down!
If this is true, and they are selling at a loss of $2.00 per gallon or more, then why don't they fear him enough to go out of business? Something ain't right.
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Old 12-13-2008, 03:10 PM   #334
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Re: F... gas prices

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Originally Posted by CRedskinsRule View Post
HECK NO, The oil companies feared The Obama so they have brought the prices back down!
Ooops. You forgot to turn on your sarcasm font.
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Old 12-13-2008, 04:41 PM   #335
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Re: F... gas prices

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If this is true, and they are selling at a loss of $2.00 per gallon or more, then why don't they fear him enough to go out of business? Something ain't right.
you really think they are losing money?
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Old 12-13-2008, 08:31 PM   #336
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Re: F... gas prices

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you really think they are losing money?
No. I think it's an insane idea to believe they'd be willing to sell at that much of a loss and not go out of business. But it's an implication that has to be made in order to credit the aura of Obama for the drop in gas prices.

The price of oil per barrel is hovering around $50 now. It was around $140 this summer. That's the reason: global demand is down 10% because there's no global economic growth.
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Old 12-17-2008, 03:15 AM   #337
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Re: F... gas prices

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Originally Posted by GTripp0012 View Post
No. I think it's an insane idea to believe they'd be willing to sell at that much of a loss and not go out of business. But it's an implication that has to be made in order to credit the aura of Obama for the drop in gas prices.

The price of oil per barrel is hovering around $50 now. It was around $140 this summer. That's the reason: global demand is down 10% because there's no global economic growth.

A 10% drop in demand causes a 65% drop in price? If Opec cuts production 10% ( and were able to enforce it) , will the price go back to $140? I still think there is a lot of speculation involved. Money chases money in both directions and there is no law that says the flow has to necessarily be rational. Especially when people's vision does not extend beyond the next five minutes.

Of course the idea that the oil companies have lowered the price as an homage to Obama is an idea just stupid enough for most Obama supporters to believe.
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Old 12-17-2008, 07:23 AM   #338
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Re: F... gas prices

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Originally Posted by 70Chip View Post
A 10% drop in demand causes a 65% drop in price? If Opec cuts production 10% ( and were able to enforce it) , will the price go back to $140? I still think there is a lot of speculation involved. Money chases money in both directions and there is no law that says the flow has to necessarily be rational. Especially when people's vision does not extend beyond the next five minutes.

Of course the idea that the oil companies have lowered the price as an homage to Obama is an idea just stupid enough for most Obama supporters to believe.
It was a joke.
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Old 12-17-2008, 07:47 AM   #339
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Re: F... gas prices

i like how Obama is getting all the headlines, and hasn't set foot into the white house yet. i guess old W. is the epitome of a " lame" duck
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Old 12-18-2008, 02:49 AM   #340
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Re: F... gas prices

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A 10% drop in demand causes a 65% drop in price? If Opec cuts production 10% ( and were able to enforce it) , will the price go back to $140? I still think there is a lot of speculation involved. Money chases money in both directions and there is no law that says the flow has to necessarily be rational. Especially when people's vision does not extend beyond the next five minutes.

Of course the idea that the oil companies have lowered the price as an homage to Obama is an idea just stupid enough for most Obama supporters to believe.
If OPEC cut production 10%, it would probably go past 140. 10% is a ridculously massive amount, and based on the current reliance of economies on cheap oil, it would probably border on inhumane for OPEC to do that for no real good reason.

I think OPEC cut production like 1.5% in November to prevent the industry from being floored, and that meant (I think, I'm not sure on this number, I might have an extra zero) 150 million fewer barrels per day produced.
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Old 12-18-2008, 08:50 AM   #341
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Re: F... gas prices

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Originally Posted by GTripp0012 View Post
If OPEC cut production 10%, it would probably go past 140. 10% is a ridculously massive amount, and based on the current reliance of economies on cheap oil, it would probably border on inhumane for OPEC to do that for no real good reason.

I think OPEC cut production like 1.5% in November to prevent the industry from being floored, and that meant (I think, I'm not sure on this number, I might have an extra zero) 150 million fewer barrels per day produced.
Looks like 2 extra zeros:
http://www.nytimes.com/2008/12/18/bu...ss/18opec.html
According to the NYT, since September OPEC has made cuts totaling 4.2 million barrels a day (including a 2.2 million barrel/day pledge yesterday), which represents a 12% reduction since September.
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Old 12-18-2008, 11:29 AM   #342
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Re: F... gas prices

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Originally Posted by onlydarksets View Post
Looks like 2 extra zeros:
http://www.nytimes.com/2008/12/18/bu...ss/18opec.html
According to the NYT, since September OPEC has made cuts totaling 4.2 million barrels a day (including a 2.2 million barrel/day pledge yesterday), which represents a 12% reduction since September.
I thought Bush controlled the price of gas and not OPEC?
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Old 12-18-2008, 11:31 AM   #343
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Re: F... gas prices

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I thought Bush controlled the price of gas and not OPEC?
Of course he does - have the OPEC cuts have any effect? Nope.
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Old 12-18-2008, 12:55 PM   #344
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Re: F... gas prices

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Of course he does - have the OPEC cuts have any effect? Nope.
They will its just takes time for the actual cut backs to start hitting the market. If these don't work they will make even more cuts in production until they do have the intended effect.
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Old 12-25-2008, 12:46 AM   #345
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Re: F... gas prices

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Originally Posted by hooskins View Post
No intelligent person puts the blame for oil prices all on a president, that is just stupid.

There are things he does that can impact the price, however. hostile actions not in line with OPEC, not researching enough on alternate energies, etc.
That says it all. haha. Bush was the reason for all of lifes problems to many.
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