Oil Bubble?

[askbob1]

Today, while one industry lobbies Congress for one break or another, other industries lobby against it. The result is that the most powerful lobbies represent collections of the little people: the NRA, AARP (admittedly a corporate front, and yet still one of the most powerful lobbies), truckers, teachers’, lawyers’ and doctors’ unions, along with the political parties.

where is this TRUCKERS lobbyist group you speak of??

[jacksonbart]

I give up, I am digging my grave now so I can just fall into the sucker.

[jacksonbart]

Oh wait, there is this black stuff seeping from the ground.

[InnerTuber]

"So the idea that we can alter our strategic or economic situation by
producing still more oil domestically is simply nonsense. It is
foolishness sold by fools to other fools, and you can’t run your car on
foolishness."

MD - Granted we need to conserve .... but c'mon. More selling on the futures market brings prices down.

A lil good news I suppose -

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.1 million barrels from the previous week.
At
295.2 million barrels, U.S. crude oil inventories are in the lower half
of the average range for this time of year. Total motor gasoline inventories
decreased
by 3.5 million barrels last week, and are near the upper boundary
of the average range. Both finished gasoline inventories and gasoline
blending components inventories decreased last week. Distillate fuel
inventories increased by 2.4 million barrels, and are in the upper half of
the average range for this time of year. Propane/propylene inventories
increased by 0.5 million barrels last week but remain below the lower limit
of the average range. Total commercial petroleum inventories increased by
2.6 million barrels last week, and are in the ower half of the average range
for this time of year.

Total products supplied over the last four-week
period has averaged nearly 20.2 million barrels per day, down by 2.4 percent
compared to the similar period last year. Over the last four weeks, motor
gasoline demand has averaged nearly 9.4 million barrels per day, down by 2.4
percent from the same period last year. Distillate fuel demand has averaged
about 4.2 million barrels per day over the last four weeks, up by 4.0
percent from the same period last year. Jet fuel demand is 6.8 percent lower
over the last four weeks compared to the same four-week period last year.

[Colin]

Here is how the global economy brings down the price of oil: China has 20% inflation, India has 11%, their stocks are down 40% and growth is tapering off at 7%; slowing demand and new fossil fuels will bring Crude down, I still expect Crude to crack lower, perhaps as low as $90 per barrel, if only briefly, by the end of the year

[Fish]

The “fuelishness” of offshore drilling

By Jay Bookman | Monday, July 14, 2008, 05:24 PM

The Atlanta Journal-Constitution

So the idea that we can alter our strategic or economic situation by producing still more oil domestically is simply nonsense. It is foolishness sold by fools to other fools, and you can’t run your car on foolishness.

Whoever wrote this is an idiot of the first order,I find it hard to believe that a brain can be so damaged and still move muscles.

[Jeff Matthews]

The “fuelishness” of offshore drilling

By Jay Bookman | Monday, July 14, 2008, 05:24 PM

The Atlanta Journal-Constitution

So the idea that we can alter our strategic or economic situation by producing still more oil domestically is simply nonsense. It is foolishness sold by fools to other fools, and you can’t run your car on foolishness.

Whoever wrote this is an idiot of the first order,I find it hard to believe that a brain can be so damaged and still move muscles.

Oh, but Fish, we made our minds up to go to the moon, and we got there. <saracasm>. For the moon example, there are countless other times we made up our minds and failed. The war on drugs. The war on poverty. No child left behind. And on and on..... I like the moon example, though. We can do anything.

[Fish]

Yeah,I hear ya Jeff,and agree,together I think we could do just about anything.But,never to be together again(on anything of import),not in my lifetime for sure,to bad,it was a great experiment.................I feel kinda bad cause I'll be leaving this planet with it in much worse shape than when I got here.

[Fish]

Whoever wrote this is an idiot of the first order,I find it hard to believe that a brain can be so damaged and still move muscles.

But, he can at least write. He does have an actual argument. You on the other hand haven't been able to manage more than a childish insult here in 6 months. Do you have have thoughts beyond insults that you can share?

I'll have you know I've been making childish comments much longer than 6 months!

I have much better things to do(fun) than spend more than a moment(kinda fun) discussing absurd statements or rebuffing old wore out talking points from some hack.I'm a man of few words,I understand some people are full of em',that's fine,for them,just imagine what I'm thinkin',lol.

It's a beautiful day to be alive,so off on the scoot,hopefully the world can do without my further commentary,for a while.........Have a great evening.

[InnerTuber]

C'mon now, everyone knows that going to the moon stuff was faked ...

[Colin]

The problem with that argument: it's just not true that speculators are cleaning up. In fact, Merrill Lynch analyst Mary Ann Bartels writes in a recent report that they're not making any money at all. Over the past year, she found, the average commodity futures fund lost 5.85%.

One big reason: plenty of hedge fund managers didn't believe the run-up in oil prices could be sustained, and they were placing bets on prices going down.

Bartels' report echoes many of the findings found in a task force report from the Commodities Futures Trading Commission, issued in late July. When the task force examined non-public trading data for so-called swap dealers (traders such as investment banks) that handle transactions for institutional investors, they found no evidence that their activity was pushing prices up.

Rather, the CFTC found that the dealers "have held roughly balanced long and short positions in the crude oil markets over the last year and actually held a net short position over the first five months of 2008."

http://money.cnn.com/2008/08/06/news/companies/commoditiesdesk_valero.fortune/index.htm?postversion=2008080612

[Guest srobak]

I still expect Crude to crack lower, perhaps as low as $90 per barrel, if only briefly, by the end of the year

I'll take that bet. How much you good for?

Not a chance. those prices are ancient history - most certainly for this year.

[billybob]

We'll see where it settle(s?), a small *rick developed with a slow, steady roll.

Being a teenager at the local billiard center, I and my friends were amazed at the statement from an older employee there, that it was "All faked", as like a Hollywood stunt. Almost convinced me....

Now I li1ke Sci-Fi, but those are some award winning "Special Effects", for the sixties.

Cool,lol!

C'mon now, everyone knows that going to the moon stuff was faked ...

C'mon now, everyone knows that going to the moon stuff was faked ...

[billybob]

Oh wait, there is this black stuff seeping from the ground.

Cool!

[Jeff Matthews]

$90 by the end of the year might be wishful but not impossible. Wasn't oil over $145 about a month or so ago? It's down to $121 now. Was $118 before the start of trading today.

[JJkizak]

Paris Hilton has all the answers in pink.

JJK

[Colin]

In the next few weeks and months, possibly a year, I suspect Crude will rise $10-20 again (without any scary crisis event, like a bomb) before falling, first to $110, then $100, before testing lows below $90, even to mid-60s. I do not expect a test of the mid-140 highs unless there is a world wide crisis. Long-term trend though still remains bullish, with Crude prices rising about an average of $10 per decade…

[Guest srobak]

So - that means you are not taking the bet for $90 by the end of this year?

[Jeff Matthews]

$10 per decade would be bearish.

[Guest srobak]

What? You don't like doubling it every year or two like it has been lately?