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Old 07-18-2008, 05:19 PM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,248 posts, read 21,916,255 times
Reputation: 3587

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Quote:
Originally Posted by travelmate38 View Post
Write it down, "oil will never, I repeat never, dip below $100 again!" I agree it is in decline, but it is temporary and a healthy correction.
The Arabs have a target price of $80 a barrel and that is where I expect it to end up.
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Old 07-18-2008, 05:20 PM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,248 posts, read 21,916,255 times
Reputation: 3587
Quote:
Originally Posted by bchris02 View Post
Don't be so sure. Theoretically, if we were to drill in ANWR and offshore, and at the same time there was to be a recession in China, we could end up in the $20 range fast. If just one of those happens, we would end up in the $40-$60 range fast.
Won't go that low. OPEC will turn off the spigot to keep it above that.
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Old 07-18-2008, 05:26 PM
 
Location: Texas
8,062 posts, read 16,502,480 times
Reputation: 3708
Funny that although oil has been declining, gas prices HAVE NOT. So, we're still being hammered by high prices for food and anything else that needs to be transported, the airlines are in a muddle, and municipalities are now looking at property tax increases because of the increased costs of delivering city services.

I'm really not getting this giddy excitement by the OP.
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Old 07-18-2008, 05:27 PM
 
Location: Great State of Texas
86,068 posts, read 74,813,660 times
Reputation: 27602
Quote:
Originally Posted by teatime View Post
Funny that although oil has been declining, gas prices HAVE NOT. So, we're still being hammered by high prices for food and anything else that needs to be transported, the airlines are in a muddle, and municipalities are now looking at property tax increases because of the increased costs of delivering city services.

I'm really not getting this giddy excitement by the OP.
Gas by me went down $.02 from $3.93 to $3.91
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Old 07-18-2008, 05:28 PM
 
523 posts, read 1,310,578 times
Reputation: 134
Quote:
Originally Posted by KevK View Post
I predict that, on Christmas Day, oil will be in the $80 to $90 range.
So what is your prediction for the US Dollar on Christmas Day? The value of the Dollar and the price of oil go hand in hand. It is foolish to predict the price of oil without considering the value of the Dollar.
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Old 07-18-2008, 05:32 PM
 
Location: Great State of Texas
86,068 posts, read 74,813,660 times
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Quote:
Originally Posted by KevK View Post
Oil fell the fastest EVER recorded in a once week period! EVER! I knew it would happen and it finally is!!

Oil falls again: Is the bubble bursting? - Yahoo! News (broken link)
Direct quote from that article:

"It's too early to say we've seen the worst of it," said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J. "We would be Pollyannish if we believe one week represents a trend."



IMO I too think it's too early to tell. I just don't see any fundamentals there to support the downturn.
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Old 07-18-2008, 05:34 PM
 
Location: Texas
8,062 posts, read 16,502,480 times
Reputation: 3708
Quote:
Originally Posted by HappyTexan View Post
Gas by me went down $.02 from $3.93 to $3.91
Ours went UP earlier this week. It had been $3.89 for a while and then I noticed a bunch of the stations went up to $3.98. I found one that still hadn't changed from $3.89 and filled up fast! So, even if it comes down a few cents, it will still be several cents higher than what it was at the beginning of the week few days ago, grrr.

We haven't hit $4/gallon yet and I dread when we do cuz we likely won't see it under $4 again.
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Old 07-18-2008, 05:40 PM
 
Location: Middle, TN
636 posts, read 1,280,138 times
Reputation: 411
I seen on CSPAN last night where Bush decided to open up our oil reserve to the ''world market'' to help lower prices. Why the world market? I mean we paid for this oil with ''our'' money, so why not open it up to the USA ONLY? It ain't gonna last long, or lower prices much being the world will be using it rather than just us. Why not open it up to just us, and start drilling like hell right here? Well, the USA says they have no way to drill, if they did have the ok.

They said the big oil said ''thank you'' when Bush decided to put our reserves on the world market. Heck, I guess they are happy. They prolly thinking, yep, we'll suck it dry then USA won't have a plan next time we stick it to them.
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Old 07-18-2008, 05:55 PM
 
Location: Great State of Texas
86,068 posts, read 74,813,660 times
Reputation: 27602
That's bad news. So he's going to leave office and clear out all the stockpiles before he goes
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Old 07-18-2008, 06:01 PM
 
Location: Texas
4,933 posts, read 6,979,888 times
Reputation: 5506
they really ought to ban stupid people from the business/finance/investing section. I can't wait to buy once these idiots think the bull market for oil/commodities is over and they start selling. I can't wait to short the financials once these idiots think there that the bear market is stocks is over. This is a suckers rally and oil is merely going through a correction. $120 is my buying price target. When Dow moves to 11,800-12,000 range, I'll take a short position in financials regardless of what the idiots are doing. The next leg down for the market will approach 10,000. From there, I see as trading sideways for many years.

If oil drops to $100, yall can call me on it and rub it in. I don't see it correcting much lower than $120.
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