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Old 07-20-2008, 11:43 AM
 
Location: Charlotte, NC (in my mind)
7,946 posts, read 15,403,590 times
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Quote:
Originally Posted by tallrick View Post
//www.city-data.com/forum/busin...er-gallon.html It is amazing how those who benefit from a bubble try and hype it up. Good thing some of us are not easily fooled. Don't forget that energy prices are still high and every year the lows are higher than last year's. The long-term trend is like inflation...UP!
Anybody remember predictions of Dow 65,000 in the late '90s?
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Old 07-20-2008, 11:48 AM
 
Location: San Diego California
6,797 posts, read 6,484,473 times
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Yes the price is droping like I said it would and my shorts are paying off nicely. It is good to be right!
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Old 07-20-2008, 12:03 PM
 
Location: Charlotte, NC (in my mind)
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Originally Posted by jimhcom View Post
Yes the price is droping like I said it would and my shorts are paying off nicely. It is good to be right!
Will be interesting to see what happens this week being that the Iran summit outcome was less than expected. I am hoping it keeps falling, but my prediction would be stabilizing for the next couple of weeks in the high 120s-low 130s. The big sell off will occur after the Olympics, taking oil possibly below $100.
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Old 07-20-2008, 12:16 PM
 
Location: San Diego California
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Quote:
Originally Posted by bchris02 View Post
Will be interesting to see what happens this week being that the Iran summit outcome was less than expected. I am hoping it keeps falling, but my prediction would be stabilizing for the next couple of weeks in the high 120s-low 130s. The big sell off will occur after the Olympics, taking oil possibly below $100.
Actually the Chinese are drastically cutting the amount of driving they are allowing in Beijing starting a few days ago, in order to attempt to clean the air prior to the Olympics. This along with the demand destruction from the U.S. and the rest of the industrialized world should start to affect oil futures and spot prices soon. The one fly in the ointment could be an Iranian conflict, which is a real possibility, but not until after the Olympics. That will be a prudent time to put some stops on, and protect profits.
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Old 07-20-2008, 04:01 PM
 
Location: Heartland Florida
9,324 posts, read 24,267,347 times
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Quote:
Originally Posted by bchris02 View Post
Anybody remember predictions of Dow 65,000 in the late '90s?
I do, and I remember telling people how ridiculous things were in the stock market in 1998. Who knew then that this nonsense would lead to an even bigger real estate bubble!
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Old 07-20-2008, 04:14 PM
 
13 posts, read 28,594 times
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We had the CEO of Chevron come out this week and state that the true market price of oil for delivery to the US, if all speculation was removed would be $43-$55 per barrel. Write your senators and congress men demanding they take legislative action about this. This means that between $80-$100 per barrel is pure manipulation among those trading it. Enough already!
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Old 07-20-2008, 04:32 PM
 
4,247 posts, read 9,540,296 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)
Well, I wasn't going to sell until $150, so maybe it's good I got out, but not really. I would have sold now and with a profit.
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Old 07-20-2008, 09:18 PM
 
Location: Charlotte, NC (in my mind)
7,946 posts, read 15,403,590 times
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Appearantly investors are unhappy with the latest meeting in Iran, so prices are going to rise again. I wouldn't be surprised to see another run at $140 by the end of the week on Iran tensions. A lot of last weeks drop was on anticipation of easing tensions with Iran. The meeting did nothing to ease tensions and in fact opened up possibilities of more tensions in the future.
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Old 07-20-2008, 11:44 PM
 
Location: Sandpoint, ID
3,110 posts, read 9,691,677 times
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Quote:
Originally Posted by franksbacon View Post
We had the CEO of Chevron come out this week and state that the true market price of oil for delivery to the US, if all speculation was removed would be $43-$55 per barrel. Write your senators and congress men demanding they take legislative action about this. This means that between $80-$100 per barrel is pure manipulation among those trading it. Enough already!
Can you elaborate? I don't really understand oil speculation, so I'm interested in how it can nearly triple the cost...
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Old 07-20-2008, 11:51 PM
 
Location: Charlotte, NC (in my mind)
7,946 posts, read 15,403,590 times
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Quote:
Originally Posted by Sage of Sagle View Post
Can you elaborate? I don't really understand oil speculation, so I'm interested in how it can nearly triple the cost...
There are two big issues right now that seem to be driving prices up. Speculation on Iran, and the value of the dollar. When the dollar falls, oil goes up because people buy oil futures as a hedge against inflation. Oil has become the new gold in that sense. Right now new tensions with Iran will drive prices higher. I wouldn't be surprised to see $145 by the end of the week.

Since oil speculation was deregulated in 2001, anybody can trade oil futures electronically and its unregulated, making price manipulation very easy. It didn't used to be this way. Enron used this loophole in 2001 to drive up prices of electricity in California, and oil speculators are using it now.
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