Oil Prices Retreat
+3
Cincy Fan 44
Canuck
LTRT
7 posters
The Real Board :: News :: USA Happenings
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Oil Prices Retreat
http://www.breitbart.com/article.php?id=D91UDTKO0&show_article=1
"NEW YORK (AP) - Wall Street recouped its steep early losses and traded mixed Tuesday as oil dropped by more than $7 a barrel, giving investors hope that lower energy prices could help revive the flagging economy."
No way, your kidding me. Can't wait for that five cent drop in the gas price.
"NEW YORK (AP) - Wall Street recouped its steep early losses and traded mixed Tuesday as oil dropped by more than $7 a barrel, giving investors hope that lower energy prices could help revive the flagging economy."
No way, your kidding me. Can't wait for that five cent drop in the gas price.
LTRT- Jedi Master
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Number of posts : 3456
Re: Oil Prices Retreat
Damn, I just filled up last night. I knew I should have waited.
Just a side question, are they allowed to change the prices at the pumps daily in Fort Wayne?
Here in Ontario, they can change it as often as they want.
British Columbia, they have to publish it before it is changed.
New Jersey, they can only change it once a week.
Just a side question, are they allowed to change the prices at the pumps daily in Fort Wayne?
Here in Ontario, they can change it as often as they want.
British Columbia, they have to publish it before it is changed.
New Jersey, they can only change it once a week.
Canuck- Jedi Padawan
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Number of posts : 1717
Location : Kanaduh
Re: Oil Prices Retreat
Canuck wrote:Damn, I just filled up last night. I knew I should have waited.
Just a side question, are they allowed to change the prices at the pumps daily in Fort Wayne?
Here in Ontario, they can change it as often as they want.
British Columbia, they have to publish it before it is changed.
New Jersey, they can only change it once a week.
Yea, they can change it every day, more than once a day.... I dont see how a $7 drop in oil that is already up $30 is going to revive anything.
Guest- Guest
Re: Oil Prices Retreat
I agree Pez.
It is funny when some of us see that 5 cents drop we think we are getting a deal.
For us it is about 5.15 CAD a gallon.
It is funny when some of us see that 5 cents drop we think we are getting a deal.
For us it is about 5.15 CAD a gallon.
Canuck- Jedi Padawan
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Number of posts : 1717
Location : Kanaduh
Re: Oil Prices Retreat
I doubt we'll see any drop to be honest.
I was in Anderson on Sunday for gas.. it was $3.98 just off the interstate. $4.13 in FW the same day and I think it was $4.13 in Indy as well.
I was in Anderson on Sunday for gas.. it was $3.98 just off the interstate. $4.13 in FW the same day and I think it was $4.13 in Indy as well.
Guest- Guest
Re: Oil Prices Retreat
cardinal5150 wrote:I doubt we'll see any drop to be honest.
Saw a 6 cent increase on the way home tonight.
LTRT- Jedi Master
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Number of posts : 3456
Re: Oil Prices Retreat
Bush Says Drill, Drill, Drill — and Oil Drops $9! [Larry Kudlow]
Tuesday, July 15, 2008
In a dramatic move yesterday President Bush removed the executive-branch moratorium on offshore drilling. Today, at a news conference, Bush repeated his new position, and slammed the Democratic Congress for not removing the congressional moratorium on the Outer Continental Shelf and elsewhere. Crude-oil futures for August delivery plunged $9.26, or 6.3 percent, almost immediately as Bush was speaking, bringing the barrel price down to $136.
Now isn’t this interesting?
Democrats keep saying that it will take 10 years or longer to produce oil from the offshore areas. And they say that oil prices won’t decline for at least that long. And they, along with Obama and McCain, bash so-called oil speculators. And today we had a real-world example as to why they are wrong. All of them. Reid, Pelosi, Obama, McCain — all of them.
Traders took a look at a feisty and aggressive George Bush and started selling the market well before a single new drop of oil has been lifted. What does this tell us? Well, if Congress moves to seal the deal, oil prices will probably keep on falling. That’s the way traders work. They discount the future. Psychology and expectations can turn on a dime.
The congressional ban on offshore drilling expires September 30, so that becomes a key date. A new report from Wall Street research house Sanford C. Bernstein says that California actually could start producing new oil within one year if the moratorium were lifted. The California oil is under shallow water and already has been explored. Drilling platforms have been in place since before the moratorium. They’re talking about 10 billion barrels worth off the coast of California.
There’s also a “gang of 10” in the Senate, five Republicans and five Democrats, that is trying to work a compromise deal on lifting the moratorium. So it’s possible a lot of action on this front could occur much sooner than people seem to think.
So I repeat: Drill, drill, drill. Deregulate, decontrol, and unleash the American energy industry. Those hated traders will then keep selling oil as the laws of supply and demand and free markets keep working.
Bravo for Bush. Bravo for the traders.
07/15 01:07 PM
http://kudlow.nationalreview.com/post/?q=NjMyNDljNTQ5MThjNWE3YTAzYWYzMmZmNDVmMjA0ZWY=
Tuesday, July 15, 2008
In a dramatic move yesterday President Bush removed the executive-branch moratorium on offshore drilling. Today, at a news conference, Bush repeated his new position, and slammed the Democratic Congress for not removing the congressional moratorium on the Outer Continental Shelf and elsewhere. Crude-oil futures for August delivery plunged $9.26, or 6.3 percent, almost immediately as Bush was speaking, bringing the barrel price down to $136.
Now isn’t this interesting?
Democrats keep saying that it will take 10 years or longer to produce oil from the offshore areas. And they say that oil prices won’t decline for at least that long. And they, along with Obama and McCain, bash so-called oil speculators. And today we had a real-world example as to why they are wrong. All of them. Reid, Pelosi, Obama, McCain — all of them.
Traders took a look at a feisty and aggressive George Bush and started selling the market well before a single new drop of oil has been lifted. What does this tell us? Well, if Congress moves to seal the deal, oil prices will probably keep on falling. That’s the way traders work. They discount the future. Psychology and expectations can turn on a dime.
The congressional ban on offshore drilling expires September 30, so that becomes a key date. A new report from Wall Street research house Sanford C. Bernstein says that California actually could start producing new oil within one year if the moratorium were lifted. The California oil is under shallow water and already has been explored. Drilling platforms have been in place since before the moratorium. They’re talking about 10 billion barrels worth off the coast of California.
There’s also a “gang of 10” in the Senate, five Republicans and five Democrats, that is trying to work a compromise deal on lifting the moratorium. So it’s possible a lot of action on this front could occur much sooner than people seem to think.
So I repeat: Drill, drill, drill. Deregulate, decontrol, and unleash the American energy industry. Those hated traders will then keep selling oil as the laws of supply and demand and free markets keep working.
Bravo for Bush. Bravo for the traders.
07/15 01:07 PM
http://kudlow.nationalreview.com/post/?q=NjMyNDljNTQ5MThjNWE3YTAzYWYzMmZmNDVmMjA0ZWY=
LTRT- Jedi Master
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Number of posts : 3456
Re: Oil Prices Retreat
I gotta admit, I think it's more than just a coincidence that George Walker Bush did this and the price of oil took a nosedive. I know some of the headlines are saying they fell because of "fears of the economy," but it sure makes you wonder, doesn't it? Almost as if the other oil-producing countries are saying, "OK, you got us, we'll drop the price a skosh if you promise to not drill for your own and take away the billions you send us."
Re: Oil Prices Retreat
I'm not opposed to drilling out of hand, But...
1. this seems to be a more political move by Bushco to paint the democrats in a negative light before an election in which the republicans are widely seem as being poised to lose more seats.
2. There are millions of acres of land that oil companies are allowed to drill on, yet they do not.
3. This is an attaock on high gas prices, that is only the result of high gas consumption
The proof is in the pudding... I think the link between this action and the $7 drop in oil prices yesterday is tenuous. I would be very surprised if oil is not back up $7 by the end of this week.
1. this seems to be a more political move by Bushco to paint the democrats in a negative light before an election in which the republicans are widely seem as being poised to lose more seats.
2. There are millions of acres of land that oil companies are allowed to drill on, yet they do not.
3. This is an attaock on high gas prices, that is only the result of high gas consumption
The proof is in the pudding... I think the link between this action and the $7 drop in oil prices yesterday is tenuous. I would be very surprised if oil is not back up $7 by the end of this week.
Guest- Guest
Re: Oil Prices Retreat
One advantage of the high cost of fuel is companies that sent production overseas is now starting to move it back to the US due to high shipping costs.
http://www.tennessean.com/apps/pbcs.dll/article?AID=/20080617/BUSINESS01/806170316/-1/ARCHIVE01
http://www.tennessean.com/apps/pbcs.dll/article?AID=/20080617/BUSINESS01/806170316/-1/ARCHIVE01
Re: Oil Prices Retreat
Scooby, I heard something about that, but I also heard the weak dollar in comparison with the Euro is also helping make the US a more attractive location to do business.
Guest- Guest
Re: Oil Prices Retreat
I read two articles today that attribute the drop in oil prices to decreased demand due to high cost... a good indication of a plateau....
Guest- Guest
Re: Oil Prices Retreat
dropped another $4 today.. reports are coming in of higher than expected supply, not to mention people were selling off to protect some gains. Next week will be interesting, options expire which means more trading.
I think this was a big political move that actually worked out for the white house. Now they can point to the price of oil and say "See, we cleared the way to drill and it went down". Now if the dem's don't do the same they can point to them for blocking the way and forcing prices up. If oil goes down more, they can say it was their initiative in the first place.
All in all it's a win/win for them. And no one can really prove them wrong (or right for that matter).
Oh.. the Dow was up today as well. I'd guess we'll go back down next week then slowly climb up.
I think this was a big political move that actually worked out for the white house. Now they can point to the price of oil and say "See, we cleared the way to drill and it went down". Now if the dem's don't do the same they can point to them for blocking the way and forcing prices up. If oil goes down more, they can say it was their initiative in the first place.
All in all it's a win/win for them. And no one can really prove them wrong (or right for that matter).
Oh.. the Dow was up today as well. I'd guess we'll go back down next week then slowly climb up.
Guest- Guest
Re: Oil Prices Retreat
cincy and ltr---have you called bushco yet to set up a look-see at your property...might be oil there!
never been any nasty oil spills on americas shores? and what was the damage and the costs? or worth it in your opinion? i think its not gonna fly.
i agree card about th political ploy. i think everything bushco from here out will be about trying to give himself a better historical appearance. he needs something besides the war to talk about on his guest appearances on fox in coming years! thought it when he started readying plans to have a stand-in talk with iran. he cracked me up in his recent speech on that...said he never said he wouldnt talk to iran LOL!!
never been any nasty oil spills on americas shores? and what was the damage and the costs? or worth it in your opinion? i think its not gonna fly.
i agree card about th political ploy. i think everything bushco from here out will be about trying to give himself a better historical appearance. he needs something besides the war to talk about on his guest appearances on fox in coming years! thought it when he started readying plans to have a stand-in talk with iran. he cracked me up in his recent speech on that...said he never said he wouldnt talk to iran LOL!!
floridafun- Jedi Knight
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Number of posts : 2519
Re: Oil Prices Retreat
If anyone is looking for Oil, I hear they have trucks ready to roll...
Guest- Guest
Re: Oil Prices Retreat
So we should just do away with oil right now because there have been accidents? Of course there have been spills and accidents. That's what happens with PROGRESS. Should we have not built the Hoover Dam for fear that someone might get hurt? Should we have stopped space exploration after Buzz Aldrin and others died in accidents? Should we have done away with Ted Kennedy because someone died in his car? (okay, maybe on that one). Should we all just go back to walking around place to place and forsake modern and future transportation because you know there will probably be accidents and damages, and is it really worth it? Would that make you happy FF?floridafun wrote:cincy and ltr---have you called bushco yet to set up a look-see at your property...might be oil there!
never been any nasty oil spills on americas shores? and what was the damage and the costs? or worth it in your opinion? i think its not gonna fly.
Re: Oil Prices Retreat
I heard gas is $3.91 in Van Wert but still $4.19 or so here. I wonder if our governor Danielsco is looking into why there is such a difference. Hopefully, Obamaco or McCainco can do something on a national level.
Markwes- Jedi Master
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Number of posts : 3096
Age : 59
Location : asylum
Re: Oil Prices Retreat
That's a good point Markwesco! Gas prices here in Indianaco need to come down. Prontoco!Markwes wrote:I heard gas is $3.91 in Van Wert but still $4.19 or so here. I wonder if our governor Danielsco is looking into why there is such a difference. Hopefully, Obamaco or McCainco can do something on a national level.
Re: Oil Prices Retreat
CincyFanco and Markwesco, FF has reallyco gottenco toco youco hasn'tco sheco?
LTRT- Jedi Master
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Number of posts : 3456
Re: Oil Prices Retreat
Oil is down over $15 since Tuesday.... anyone seen a drop at the pump?
Guest- Guest
Re: Oil Prices Retreat
Negative. They probably are rationalizing by saying, "Well, the cost of a barrel of oil was higher when we made this particular batch of gas, so that's going to be the price...and you won't see an ease at the pump for another 2-3 weeks." Pure speculation on my part.cardinal5150 wrote:Oil is down over $15 since Tuesday.... anyone seen a drop at the pump?
Re: Oil Prices Retreat
Cincy Fan 44 wrote:So we should just do away with oil right now because there have been accidents? Of course there have been spills and accidents. That's what happens with PROGRESS. Should we have not built the Hoover Dam for fear that someone might get hurt? Should we have stopped space exploration after Buzz Aldrin and others died in accidents? Should we have done away with Ted Kennedy because someone died in his car? (okay, maybe on that one). Should we all just go back to walking around place to place and forsake modern and future transportation because you know there will probably be accidents and damages, and is it really worth it? Would that make you happy FF?floridafun wrote:cincy and ltr---have you called bushco yet to set up a look-see at your property...might be oil there!
never been any nasty oil spills on americas shores? and what was the damage and the costs? or worth it in your opinion? i think its not gonna fly.
Not any more than we should just let drunken sea captains crash tankers in Alaska in the name of PROGRESS. This type of argument doesn't get anywhere...
Guest- Guest
Re: Oil Prices Retreat
And why is that? Sounds like you think drunken sea captains are the norm. I assume you are referencing the Exxon Valdez. It was the biggest oil spill in history, and yet it only accounted for 2% of what the United States consumes in one day, per the NOAA's website. So you've seen a few pictures of oil-covered ducks struggling and because of that you think we should quit drilling offshore?pez wrote:Not any more than we should just let drunken sea captains crash tankers in Alaska in the name of PROGRESS. This type of argument doesn't get anywhere...
Markwes- Jedi Master
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Number of posts : 3096
Age : 59
Location : asylum
Re: Oil Prices Retreat
And they get the fines cut as the years go by for doing such damage.
http://www.bloggingstocks.com/2008/06/30/sunny-skies-for-exxon-as-supreme-court-slashes-valdez-judgment/
http://www.bloggingstocks.com/2008/06/30/sunny-skies-for-exxon-as-supreme-court-slashes-valdez-judgment/
Canuck- Jedi Padawan
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Number of posts : 1717
Location : Kanaduh
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