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Old 02-18-2011, 02:57 PM
 
Location: Chicago
36,638 posts, read 57,980,482 times
Reputation: 25689

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Speculation is a bet on a future price. That's all it is. It's a zero-sum affair -- either you win your bet or you lose it, and same goes for the party on the other side of the bet. The act of betting on a future price doesn't change today's spot price. A whole lot of people who supposedly "bid up" the price of oil in 2008 lost their shirts when the bottom fell out.

Oh, and nobody's trying to corner the oil market either.
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Old 02-19-2011, 05:31 PM
Status: "Stay in Florida, scrape ice off truck. Voila." (set 17 days ago)
 
Location: H-town, TX.
2,076 posts, read 2,474,831 times
Reputation: 1073
Quote:
Originally Posted by architext View Post
you should stop complaining because all of canadians currently pay $5 a gallon

That free health care that Justin Beiber was baiting into cooing over the other day isn't all that free.

Life is full of trade offs, eh?
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Old 02-19-2011, 07:00 PM
 
Location: Yucaipa, California
8,334 posts, read 10,535,269 times
Reputation: 4626
Gas increased .5 yesterday to $3.46 gal.
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Old 02-19-2011, 07:23 PM
 
30,955 posts, read 19,204,373 times
Reputation: 15118
Quote:
Originally Posted by steel7 View Post
Gas increased .5 yesterday to $3.46 gal.
It's about 40-50cents cheaper around here. Guess why?
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Old 02-19-2011, 09:01 PM
 
Location: A good place
853 posts, read 723,315 times
Reputation: 1025
Quote:
Originally Posted by Marv101 View Post
The US dollar & Canadian dollar are almost dead-even in value given our government's deliberate destruction of our currency.

That Treasury Secretary & counterfeiter par excellence is no friend of the citizens of this country, and is unquestionably our second worst domestic enemy, next to his equally incompetent boss.
I was in a store the other day and tried to use a Canadian quarter I have had for a while. The lady wouldn't take it. Thought it was fake. So much for being worth as much.
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Old 02-19-2011, 09:10 PM
 
19,350 posts, read 7,563,499 times
Reputation: 8370
Quote:
Originally Posted by steel7 View Post
Due to the speculators being wrong that Egypt's crisis would cause $100 oil, crude oil slipped $1.81 a barrel to $84.92. There's the reminder that the gas price increase was due to the artificially inflated oil prices during the past couple weeks and barring some major problems, gasoline prices should be on the decline within the next couple weeks.
Well then, all those speculators lost their shirts then, didn't they?
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Old 02-21-2011, 01:24 PM
 
10,481 posts, read 14,872,973 times
Reputation: 6363
As of the time of this post:

WTI OIL

91.42



5.22

+6.06%



Wholesale gas

2.621



0.0697

+2.73%



Brent Crude

106.10



3.58

+3.49%




Get ready for a repeat of 2008. I am glad I get 35 mpg in my Ford Escort.
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Old 02-21-2011, 09:15 PM
 
Location: Yucaipa, California
8,334 posts, read 10,535,269 times
Reputation: 4626
Thanks to whats going on in the middle east gas is going to soar.

This is bad.....really bad.

Oil is at $108.00 a barrel.

In 2008 i remember paying $4.68 a gal when oil peaked at $1.47 a barrel.

Last edited by steel7; 02-21-2011 at 09:24 PM..
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