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Kearnstd
Space Elf
Premium Member
join:2002-01-22
Mullica Hill, NJ

1 recommendation

Kearnstd to Aygeear

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to Aygeear

Re: Have You Checked Oil Prices Lately?

The current lie from the oil goons is that prices are going up due to the unrest in Egypt. We really need to ban futures trading on things like oil, It only serves to screw the customer and line executive pockets at the cost of the economy. I mean if the NWS even says "Gulf Hurricane" the futures crooks jack up the prices.

DSL987
join:2000-03-22
Helotes, TX

DSL987 to Aygeear

Member

to Aygeear
A stunning rise in WTI has now put it ahead of Brent crude.
Both trading at roughly $109 right now

atuarre
Here come the drums
Premium Member
join:2004-02-14
EC/SETX SWLA

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atuarre to Aygeear

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to Aygeear
Increasing domestic production will not lower the price of gas. Oil is a global commodity. Domestic production is higher then it has ever been and the prices are not going down. I don't know why people continue to say such things when they are simply not true.

Aygeear
A Day Late And A Dollar Short
join:2000-12-03
Stockton, CA

1 edit

Aygeear

Member

What ever happened to "America First" ????????? We can export at world prices, but American oil should benefit ALL Americans, like any domestic resource.

Juggernaut
Irreverent or irrelevant?
Premium Member
join:2006-09-05
Kelowna, BC

Juggernaut

Premium Member

To them, that would mean becoming a 'socialist' country. Oh, the horrors of it all!

DSL987
join:2000-03-22
Helotes, TX

DSL987 to atuarre

Member

to atuarre
said by atuarre:

Increasing domestic production will not lower the price of gas. Oil is a global commodity. Domestic production is higher then it has ever been and the prices are not going down. I don't know why people continue to say such things when they are simply not true.

The rise in US crude production has probably helped keep a lid on crude prices.

Aygeear
A Day Late And A Dollar Short
join:2000-12-03
Stockton, CA

Aygeear

Member

said by DSL987:

The rise in US crude production has probably helped keep a lid on crude prices.

Where's the lid????????????

Juggernaut
Irreverent or irrelevant?
Premium Member
join:2006-09-05
Kelowna, BC

Juggernaut

Premium Member

Your wallet's contents are the lid. They'll be happy with nothing less.

P Ness
You'Ve Forgotten 9-11 Already
Premium Member
join:2001-08-29
way way out

P Ness to Aygeear

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to Aygeear
been here before and will test it over and over again thanks to the ignoring of supply and demand.

DSL987
join:2000-03-22
Helotes, TX

DSL987 to Aygeear

Member

to Aygeear
said by Aygeear:

Where's the lid????????????

Look at the Brent chart not the WTI chart

P Ness
You'Ve Forgotten 9-11 Already
Premium Member
join:2001-08-29
way way out

P Ness to Aygeear

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to Aygeear
»www.cnbc.com/id/100886286

Oil prices should be about half of today's $105 a barrel by the end of the year, Gulf Oil CEO Joe Petrowski predicted on CNBC on Monday.

He stressed on "Squawk Box" that this trend is mostly on the supply side because record amounts of oil and natural gas are being produced in the United States and in Canada and OPEC supplies are higher.

But "$50 [a barrel] oil does not translate into $2 gasoline," he said, because it still has to be refined and transported.
Zoder
join:2002-04-16
Miami, FL

Zoder

Member

Is he going to put his money where his mouth is and short the December contracts? Today it closed at $101.77

DSL987
join:2000-03-22
Helotes, TX

DSL987 to P Ness

Member

to P Ness
said by P Ness:

»www.cnbc.com/id/100886286

Oil prices should be about half of today's $105 a barrel by the end of the year, Gulf Oil CEO Joe Petrowski predicted on CNBC on Monday.

He stressed on "Squawk Box" that this trend is mostly on the supply side because record amounts of oil and natural gas are being produced in the United States and in Canada and OPEC supplies are higher.

But "$50 [a barrel] oil does not translate into $2 gasoline," he said, because it still has to be refined and transported.

"Should be $50" is all well and good and is probably what oil would cost if left to the free market, but we don't have a free market. OPEC adjusts production to keep the price of oil high, and they WILL keep world oil prices close to $100 as they now need that price to fund their own social agendas.

If we do see a big dip in crude prices (below $90) it will only be until OPEC can convene an emergency meeting to adjust production quotas until prices come back above $100.
Zoder
join:2002-04-16
Miami, FL

2 edits

Zoder

Member

It wasn't too long ago, when OPEC said $25-35 oil was their goal and anything over $35 was unacceptable. All those extra dollars quickly changed their minds and set the "new normal" price target.

I also don't think it's a coincidence that that price target held until the Fed changed their rules on commodities trading in 2003. They allowed Citigroup to start trading physical commodities which then opened the door for other Wall Street banks to do the same.
Then each year the price rose until it hit the 2008 peak. The Fed is now reexamining that decision.

Juggernaut
Irreverent or irrelevant?
Premium Member
join:2006-09-05
Kelowna, BC

Juggernaut

Premium Member

Then, 2 years ago they said $80-85, and there was no reason to be higher. There was lots of oil.

Of course, the speculator's didn't get figured in to their statement, and would seem to be where the problem lies.

P Ness
You'Ve Forgotten 9-11 Already
Premium Member
join:2001-08-29
way way out

P Ness to DSL987

Premium Member

to DSL987
did the repubs say if we "drilled drilled drilled baby" that we would have cheap gas?

now we are producing more then the last 20 years and oil is as high as ever?

what went wrong?

DSL987
join:2000-03-22
Helotes, TX

1 edit

DSL987

Member

We do have cheap gas, it is currently $3.46 per MMbtu, which goes to show what happens when you increase production in a closed market, and it is having a HUGE impact and helping to bring back manufacturing to the US.
However, I assume you meant gasoline, in which case you can drill all you want, but unless you can flood the market with crude you will not have much luck lowering prices dramatically. I will however stand by my earlier statement that increased US oil production has more then likely kept a lid on world oil prices spiking up.

P Ness
You'Ve Forgotten 9-11 Already
Premium Member
join:2001-08-29
way way out

P Ness

Premium Member

additional production has only caused the price to increase.

»www.eia.gov/dnav/ng/hist ··· us2M.htm

2012 Production by month (Million Cubic Feet)
2,149,088 1,989,201 2,122,975 2,065,390 2,138,899 2,061,377 2,141,974 2,130,052 2,090,411 2,173,951 2,107,616 2,148,521

2013 2,136,670 1,951,513 2,146,002 2,091,448

Prices
2012 2.89 2.46 2.25 1.89 1.94 2.54 2.59 2.86 2.71 3.03 3.35 3.35

2013 3.33 3.33 3.80 4.17 4.04 3.83

DSL987
join:2000-03-22
Helotes, TX

DSL987

Member

Try looking at prices around 2005-2008 when everybody was worried the US could not meet its Natural Gas needs and we were actualyl building LNG IMPORT facilities. Wellhead prices are around $8 at this time, then fracking gets geared up and production soars, and prices fall below $2. That's when some producers restricted production to get prices back to a a breakeven level, and at the same time the incredibly low price spurred increased demand, which has in turn led to slighly higher prices and the return of increased production. We are still below $3.50 though which is very cheap compared to World prices, and it would have been a lot higher without fracking.

P Ness
You'Ve Forgotten 9-11 Already
Premium Member
join:2001-08-29
way way out

P Ness

Premium Member

its not going to help us when exporting ramps up and they are able to get 11+ overseas easy.

DSL987
join:2000-03-22
Helotes, TX

DSL987

Member

Depends on how many export licenses they grant
DSL987

DSL987 to Aygeear

Member

to Aygeear
Damn oil prices going up again, all because Wall Street is jittery over Syria.

Sigh

JRW2
R.I.P. Mom, Brian, Gary, Ziggy, Max.
Premium Member
join:2004-12-20
La La Land

JRW2

Premium Member

Any excuse to raise prices, really...

Voxxjin
Made of Hamburger
Premium Member
join:2010-01-13
Dupont, WA

Voxxjin to DSL987

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to DSL987
said by DSL987:

Damn oil prices going up again, all because Wall Street is jittery over Syria.

Which I find odd because isn't syria mostly barred from selling oil via sanctions and stuff? Wouldn't think it would affect prices too much.

I'm still trying to get used to the higher prices here in WA. (about .40 higher here than in TX)

DSL987
join:2000-03-22
Helotes, TX

DSL987

Member

I don't think they are worried about Syrian oil not getting to market. They are more worried about the US bombing Syria, and Syria lobbing stuff at Israel in retaliation and the whole area becoming a war zone

Jim7
Premium Member
join:2003-02-10

Jim7

Premium Member

said by DSL987:

I don't think they are worried about Syrian oil not getting to market. They are more worried about the US bombing Syria, and Syria lobbing stuff at Israel in retaliation and the whole area becoming a war zone

And/or Iran supporting Syria by attempting a blockade of the Strait of Hormuz.

DSL987
join:2000-03-22
Helotes, TX

DSL987

Member

Yeah that wouldn't help either.
Who knows, at least the UK seems to have come to their senses and opted out.

NOCTech75
Premium Member
join:2009-06-29
Marietta, GA

NOCTech75

Premium Member

Luckily everyone appears to be opting out of this one, hopefully Obama pulls his head out of his ass and doesn't decide to charge in alone.

Aygeear
A Day Late And A Dollar Short
join:2000-12-03
Stockton, CA

Aygeear

Member

Yeah.... remember Iraq.... weapons of mass destruction... just what we need... another war...

aurgathor
join:2002-12-01
Lynnwood, WA

aurgathor to Aygeear

Member

to Aygeear
$3.06 ATM (ARCO) and if the current trend continues it could be under $3 by my next fill-up.