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Holy Free-fall, Batman, they're almost giving it away!!!!

Discussion in 'Political Discussion' started by Fogbuster, Jan 21, 2009.

  1. Fogbuster

    Fogbuster Rookie

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    [size=+7]Crude Oil Falls Below $33 a Barrel on Dollar, Contract Expiry[/size]


    Jan. 20 (Bloomberg) -- Crude oil fell below $33 a barrel in New York as the strengthening dollar reduced the appeal of commodity investments at a time when demand is declining and stockpiles are rising.

    At Cushing, Oklahoma, where the benchmark oil for New York futures is stored, inventories have climbed to 33 million barrels, the highest since records started four years ago. The February contract will cease trading today, so traders have to sell futures or accept the barrels at a time of falling demand.

    “Traders are rolling over to the next month to avoid delivery and the dollar is rallying,” said Andrey Kryuchenkov, an analyst with VTB Capital in London. “All this against a background of falling demand and easing geopolitical tensions.”

    Crude oil for February delivery fell to $32.70, down 10.4 percent from last week’s close and the lowest since Dec. 19, on the New York Mercantile Exchange today. The contract traded at $34.10 a barrel at 1:32 p.m. London time. ....... "

    Bloomberg.com: Worldwide


    [size=+3]Drill, baby, drill!!!![/size]

    How 'bout some global warming, eh. My reindeers are all froze up.

    --- Will O'Canada

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  2. Holy Diver

    Holy Diver Rookie

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    Drill baby drill.????


    what a joke kid.


    Farm Bill Baby, Farm Bill!!! is more like it.


    or........



    I'll make it easier for you:

    Energy regulation BABY, Energy regulation.
  3. apple strudel

    apple strudel Banned

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    It's hard to take your posts seriously. Is this intentional?
  4. Holy Diver

    Holy Diver Rookie

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    welcome to the forum.....

    The bigger and bolder the font......the crazier the poster.

    I mean that in the most sincere way. FOG and HARRY are like the Notorious BIGfonts
  5. Real World

    Real World Moderator Staff Member

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    I'm not sure I'd be comfortably gitty just yet. I've read that the current market conditions have volatility written all over it. That the fall in price is more due to the lack of actual storage capacity, and that the futures are trading higher, or some mumbo jumbo like that. Some people think the lower price could spike rather easily moving forward. I'm no pro, it's just what some one posted somewhere.
  6. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    It's Bush's Fault
  7. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Since Obama has been in office...
  8. PatsWSB47

    PatsWSB47 Rookie

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    #12 Jersey

    We need to work just as hard on energy alternatives now as we talked about when gas was $4. BTW Even dems were starting to cave on drilling at that point. When it goes back up, and it will we'll be wishing we had more of our own supply of oil as well as alternatives.
  9. MrBigglesWorth

    MrBigglesWorth Rookie

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    strengthening dollar? is there such a thing?

    how can you strengthen something when you keep on printing it?

    baffling
  10. apple strudel

    apple strudel Banned

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    LOL. I was wondering if it was some sort of bot.
  11. Holy Diver

    Holy Diver Rookie

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    word..

    I know the dems were calling for offshore drilling, which I KNOW was complete bull$H1t. Look at the price now...thats all you need to do.
    Look at the regulations placed on energy in the latest farm bill, and what happened to the price.

    Drill baby Drill people must think that these offshore leases were opened a few months ago, Exxon and BP built or place a bunch of rigs that were already working to capacity in the se new locations, drilled.....then refined and redistributed the oil to your local gas station in a matter of 3 months?


    what a joke?



    its a regulated market, plain and simple. The inmates can't take over the asylum when thay are being guarded and in cages.....
    Last edited: Jan 21, 2009
  12. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Hate to break Fog's bubble, this has not been translating at the pump.. paid $1.94 gallon today.. so someone is making money again..
  13. MrBigglesWorth

    MrBigglesWorth Rookie

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    it's regulated by big business, that's what it is
  14. Fogbuster

    Fogbuster Rookie

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    I heard the super-tankers are anchored off shore somewhere, waiting for the prices to rise before they head into Newark or other refining cities to drop their loads. So to speak.


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  15. Fogbuster

    Fogbuster Rookie

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    Imagine that. Someone is making money. What a crime. Lock 'em up. Every one should just be a unionized government employee, then there will be whirled peas and everyone will eat well. Of course, they won't have cars or other transportation any more, but ....


    :nono:


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  16. Fogbuster

    Fogbuster Rookie

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    Next week Exxon-Mobil is going PAY people to take their gas!!!



    ..... at the rate things are moving.


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  17. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Figured you might want to know how it translates as you continue your exile in Vilnius... 33 dollars a barrel does not translate in a different price for those of us in the US... it is always interesting that any bump up results in a coincidental price increase.. when it goes down it trickles down.. interesting.
  18. Fogbuster

    Fogbuster Rookie

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    Wow, is your name Volker?? Greenspan??

    The barrel price is the benchmark for crude on any given day. Duh. It's the price for oil that's practically still in the ground, hasn't even been pumped yet. Duh. But it is still the price paid for a set allotment, say 2,000,000 or 10,000,000 barrels or whatever. Then that fresh-from-the-ground crude needs to travel to a refinery; then it needs to be refined, etc. Then it is shipped to distributors and retailers. In the meantime the street price of gasoline or diesel may go up or down, depending on the markets, but those markets will reflect the price the distributors and retailers must pay. Duh. If a retailer still has left-over stockpiled gas that cost him $1.60 a gallon, he probably ain't gonna sell it for less than that, probably might even become an "evil capitalist" and charge a few pennies on a gallon just so he can feed his family. :eek: Duh.

    But, bottom line: I asked my ten-year old niece how much she would rather pay for fresh potatoes bought at the farm: $5 a pound or $1 a pound, and guess what??!!!! She said she'd rather pay $1 a pound!!!! Go figure.


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  19. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    This sounds all well and good, and the insane hyperbole continues.. but as someone who buys gas in the US what happens is exactly as I described.. a slight bump up results in an automatic increase.. a bump down does not translate immediately.. it is what it is; what happens in gas stations.. so continue thinking how the world works according to your 10 year old niece.. it does not work that way at all.

    Once again you have no idea what you are talking about..
  20. Fogbuster

    Fogbuster Rookie

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    OK, Professor Greenspan. You live in Rhode Island, so you must be right.

    But, just in case you have one ear still open: what you describe is micro -- it may be happening to you, now, where you live; it may all well be true for YOU -- but it is not necessarily macro. I KNOW from MY first 50 years living in New England that when the price of oil goes in either direction, the price at the pump almost always lags because that gasoline was *already bought*. If the dealer paid $1.50 and sells it for $1.70, and then the new oil -- what's essentially still in the ground -- is priced at a lower or higher level, that change will be reflected sometime later. A week is very soon; usually takes almost a month because the dealer won't be buying new stock every day, only when he needs it.

    Maybe where you live the dealer is buying on speculation, however, so if the crude price goes up or down he must respond immediately (because of buying on spec -- although this is rare, since most dealers are parts of chains), particularly if it goes up.

    Ease your pain: move to New Hampshire, where the prices are still relatively honest. You know who gets their cut in Mass and RI, and it ain't the Little Sisters of the Poor.


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    Last edited: Jan 22, 2009

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