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Old 07-29-2008, 12:18 PM
 
Location: Here but I spend time There.
1,972 posts, read 5,252,324 times
Reputation: 560

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could it be possible? Naaaaahh...it can't be, at least not this soon IMO. but what does everyone think?

"We're seeing both statistical and anecdotal evidence of very rapidly weakening demand picture," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill. "I think we could see $117 a barrel in a one-week time frame, and this market could eventually get to $100."

Here's the entire piece:
Oil falls over $3 on demand worries, dollar gain - AOL Money & Finance (http://money.aol.com/news/articles/_a/bbdp/oil-falls-over-3-on-demand-worries/106432 - broken link)
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Old 07-29-2008, 12:37 PM
 
Location: Stewartsville, NJ
7,577 posts, read 21,834,906 times
Reputation: 1258
Quote:
Originally Posted by Alex07860 View Post
could it be possible? Naaaaahh...it can't be, at least not this soon IMO. but what does everyone think?

"We're seeing both statistical and anecdotal evidence of very rapidly weakening demand picture," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill. "I think we could see $117 a barrel in a one-week time frame, and this market could eventually get to $100."

Here's the entire piece:
Oil falls over $3 on demand worries, dollar gain - AOL Money & Finance (http://money.aol.com/news/articles/_a/bbdp/oil-falls-over-3-on-demand-worries/106432 - broken link)

Silly, silly man..don't you see what's happening? An election is coming up and if the republicans stand a chance of getting in, the price of oil must be down by election day
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Old 07-29-2008, 12:45 PM
 
Location: Here but I spend time There.
1,972 posts, read 5,252,324 times
Reputation: 560
Quote:
Originally Posted by wileynj View Post
Silly, silly man..don't you see what's happening? An election is coming up and if the republicans stand a chance of getting in, the price of oil must be down by election day

The thought did cross my mind but we can all dream that the decline will go farther past the election and into the winter months. <sigh> in the meantime I'll just close my eyes and listen to some more angry music thinking on how to freaking kick some politician or oil executive's a$$.
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Old 07-29-2008, 12:46 PM
 
Location: 32°19'03.7"N 106°43'55.9"W
8,934 posts, read 19,573,533 times
Reputation: 8988
Quote:
Originally Posted by wileynj View Post
Silly, silly man..don't you see what's happening? An election is coming up and if the republicans stand a chance of getting in, the price of oil must be down by election day
Are you serious Wiley?
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Old 07-29-2008, 12:48 PM
 
Location: Stewartsville, NJ
7,577 posts, read 21,834,906 times
Reputation: 1258
Quote:
Originally Posted by Alex07860 View Post
The thought did cross my mind but we can all dream that the decline will go farther past the election and into the winter months. <sigh> in the meantime I'll just close my eyes and listen to some more angry music thinking on how to freaking kick some politician or oil executive's a$$.
It's worth dreaming about Alex but It won't last! It's just like how gas prices go up before a holiday weekend and then down again once monday rolls around... But if it does drop...go with the buy down plan if you can..lock in at the lower rate!
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Old 07-29-2008, 01:30 PM
 
Location: High Bridge, NJ
3,858 posts, read 9,528,016 times
Reputation: 3392
Quote:
Originally Posted by Alex07860 View Post
could it be possible? Naaaaahh...it can't be, at least not this soon IMO. but what does everyone think?

"We're seeing both statistical and anecdotal evidence of very rapidly weakening demand picture," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill. "I think we could see $117 a barrel in a one-week time frame, and this market could eventually get to $100."

Here's the entire piece:
Oil falls over $3 on demand worries, dollar gain - AOL Money & Finance (http://money.aol.com/news/articles/_a/bbdp/oil-falls-over-3-on-demand-worries/106432 - broken link)
Unless the Indian and Chinese economies burst there's no popping the oil bubble anytime soon.
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Old 07-29-2008, 01:46 PM
 
Location: Bergen co.
563 posts, read 1,240,070 times
Reputation: 219
Quote:
Originally Posted by Badfish740 View Post
Unless the Indian and Chinese economies burst there's no popping the oil bubble anytime soon.
The high price of oil has nothing to do with Indian and Chinese economies. The price is being dictated by the commodity market right here on wall street, where a few greedy bastards are playing Monopoly with the economy and getting away with it, while the congress looks the other way.
"Record oil prices are inflated by speculation and not justified by market fundamentals," according to Gheit. "Based on supply and demand fundamentals, crude-oil prices should not be above $60 per barrel."
read here:
http://www.marketwatch.com/news/stor...%7D&dist=msr_3
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Old 07-29-2008, 02:38 PM
 
Location: High Bridge, NJ
3,858 posts, read 9,528,016 times
Reputation: 3392
Quote:
Originally Posted by 86Sebring View Post
The high price of oil has nothing to do with Indian and Chinese economies.
That's hardly a fair statement. Asia as a whole is consuming hydrocarbons in general (gasoline, diesel, propane, natural gas, kerosene, etc...) on a level any orders of magnitude higher than just 10 years ago. The Chinese and Indian markets are also almost solely responsible for the sharp increase in scrap metal prices. I'm not complaining about it at all since I've profited from it, but the price of copper has shot to over $3.00 per pound! 10 years ago a good price was $0.60 a pound.

Quote:
Originally Posted by 86Sebring View Post
The price is being dictated by the commodity market right here on wall street, where a few greedy bastards are playing Monopoly with the economy and getting away with it, while the congress looks the other way.
There's no doubt that speculation is going on, but most estimates put the number around $30-40 per barrel. Saying that $80 of a barrel of oil is speculation is a little much. The Congress isn't exactly looking the other way in terms of speculation either-the very article you cited mentions the anti-speculation legislation in the works as we speak. However, it's evident that Congress (for the most part) and the Administration (pretty much completely) is looking the other way on alternative energy. We need a "Manhattan Project" push toward alternative energy-it hasn't happened yet.
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