Oil is at 82 dollars a barrel

oldelkhunter · 10-10-2008, 06:13 AM

and we haven't even started drilling offshore yet. Imagine that only the threat of drilling offshore made it drop from 150 to what it is today. Charlie just remember when I told you so

The Rev · 10-10-2008, 06:21 AM

I hate to say it, but it will go back up. Haven't you heard about the market? It's down, when the market picks up, so will oil. We have not found more oil, we didn't stop using more oil... it will go back up, this is temporary. So enjoy it

oldelkhunter · 10-10-2008, 06:28 AM

Quote:

I hate to say it, but it will go back up. Haven't you heard about the market? It's down, when the market picks up, so will oil. We have not found more oil, we didn't stop using more oil... it will go back up, this is temporary. So enjoy it

Oh I agree I just had made a little comment to a certain poster a few months back that it was all speculation and when McCain announced off shore drilling that the specualtive side would get nervous.

DougMD · 10-10-2008, 06:29 AM

One good thing about a global recession is that it SHOULD stay near where it is or go down until economies and commensurate demand pick up. Maybe if we drill it will go to $40 a barrel, assuming companies can drill profitably at that price.

Charlie P · 10-10-2008, 06:43 AM

Quote:

Imagine that only the threat of drilling offshore made it drop from 150 to what it is today.

You are kidding right? If not stop drinking the Kool aid.

oldelkhunter · 10-10-2008, 06:51 AM

Charlie a simple "you were right OEH" would suffice

Alsatian · 10-10-2008, 07:07 AM

Markets are responsive to all kinds of things. I'm sure the oil prices took a dip on the news we were considering drilling offshore. On the otherhand, this is not the dominating factor in the price change from $150 to $80/barrel.

I wonder what the "correct price" for a barrel of oil is today, undistorted by fears and worries. Of course I know this isn't something we have visibility into -- no more than we can get to Kant's 'das Ding an sich,' the reality behind the appearances -- but it is an interesting thought. Certainly, the "correct price" is substantially higher than in the past. There are several drivers of this reality -- sharply increased worldwide consumption largely driven by the aggressive economic development of both China and India (these countries are transitioning from third world nations to developed first world economies very quickly) anddiminishing rates of increase of oil production (probably increasing but increasing at a diminishing rate -- a second derivativeparameter here).

timbercruiser · 10-10-2008, 07:14 AM

I keep hoping there would be a similar drop in gas prices. I filled up yesterday afternoon and the price was
$3.219 a gallon for regular, and that is the lowest price in the area I have seen.

The Rev · 10-10-2008, 08:04 AM

Quote:

ORIGINAL: Charlie P

Quote:

Imagine that only the threat of drilling offshore made it drop from 150 to what it is today.

You are kidding right? If not stop drinking the Kool aid.

Charlie P, where have you been? I've missed kicking you around and winning all our arguements.

Are you okay?

Champlain Islander · 10-10-2008, 08:43 AM

Oil drops because the economy is tanking. They want to sell it and getting something is better than nothing. When times are good they can charge whatever they want and get away with it. This is like an end of year clearance sale on cars etc. Great prices all of a sudden to clear the lot and recover investment. Since they are so ingrained with our people in DC they don't want to rock the boat. Lower prices and keep the blame away from themselves. When the economy recovers so will their profit margins.

Before anyone jumps me for this it was said facetiously.