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Old 07-11-2008, 09:47 PM
 
Location: Sandpoint, ID
3,110 posts, read 9,697,734 times
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I look at the oil prices, and think to myself that even if the prices stabilize in the $150-170 range, it will take the US dollar being worth a lot more to bring "our price" via conversion rates down to $100-120 again...but I don't have much faith in that happening...
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Old 07-12-2008, 05:28 AM
 
5,090 posts, read 10,049,893 times
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Quote:
Originally Posted by HappyTexan View Post
Lots of people don't believe in peak oil or that demand has outstripped supply or that China/India have up and coming middle class consumers.

So, we yelled at the oil companies, we yelled at OPEC and now we're yelling at Wall Street.
Well, its gotta be, gotta be, gotta be . . . anybody but ME!

Truly is a culture of no self-responsibility

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Old 07-13-2008, 10:31 PM
 
Location: Charlotte, NC (in my mind)
7,946 posts, read 15,413,409 times
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Asian trading has begun and the price of oil is rising. I think we'll end this week in the upper $150s maybe near $160. The Feds bailout of Freddie and Fanny is going to really bruise the dollar. I expect to see $1.65-$1.70 vs. the Euro real soon. I see the Dow ending this week below 10,500 but above 10,000.
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Old 07-14-2008, 06:48 AM
 
Location: Central CT, sometimes NH.
3,605 posts, read 5,337,229 times
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It is absolutely ludicrous for people to say that speculation has not played a role in the rise of crude. After a $9 decline over 2 days last week it bounced back and took out its price before the drop.

The same people are controlling the up and down movement like a party-like tug-of-war making money up and down and wrecking havoc with families with modest incomes whose budgets must absorb the increases in the prices of gasoline and heating oil at the expense of other essential expenses related to living.
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Old 07-14-2008, 10:13 AM
 
5,090 posts, read 10,049,893 times
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Quote:
Originally Posted by Lincolnian View Post
It is absolutely ludicrous for people to say that speculation has not played a role in the rise of crude. After a $9 decline over 2 days last week it bounced back and took out its price before the drop.

The same people are controlling the up and down movement like a party-like tug-of-war making money up and down and wrecking havoc with families with modest incomes whose budgets must absorb the increases in the prices of gasoline and heating oil at the expense of other essential expenses related to living.

Maybe it is a proportional or magnitude difference discussion we are having. While it is now clear that hinky finance and speculation was behind real estate, now that it is dropping, we can see how much was bogus. In real estate it was/is 30 to 50% of the make believe peak -- is that about correct? A classic bubble.

With oil, it bounces up and down. As you mentioned $9? With a base number presently of about $130 to $140, that is less 10%. Single digit moves percentage wise. With an overall long-term trend upwards. Is that all correct? It would seem wise to plan one's affairs as that is the expected condition.

If you could zero that $9 -- or better yet for your argument inverse it -- make it - $9, that would put the price around $120 to $130.

Now what does that do?

Nothing.

Folks still could not afford to buy and burn the stuff. With that very basic situational awareness, now a plan could be made.

There are hundreds of correct and forward paths for action. Choose one. But none involve the continued buying and burning of oil. Does that feel better?
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