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#315015 - 12/17/08 02:18 PM Oil prices  
Joined: Aug 2008
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Peter Jones Offline
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Peter Jones  Offline
... are expected to go up by at least 12% as an intended consequence of OPEC cutting production.

#315021 - 12/17/08 02:35 PM Re: Oil prices [Re: Peter Jones]  
Joined: Nov 2000
Posts: 8,874
seashell Offline
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seashell  Offline
Interestingly enough, it has already gone down $1.88 this morning, based on January prices.

Maybe it's going to take a bit longer to see the increase.

Or maybe no one knows what the heck is going to happen.


A fish and a bird can fall in love, but where will they build their nest?

#315035 - 12/17/08 04:00 PM Re: Oil prices [Re: seashell]  
Joined: Nov 2000
Posts: 8,874
seashell Offline
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seashell  Offline
"Crude oil for January delivery declined $3.45, or 7.9 percent, to $40.15 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Futures touched $39.88, the lowest since July 2004. Prices have tumbled 73 percent from a record $147.27 on July 11."

The above taken from this article:

http://www.bloomberg.com/apps/news?pid=20601087&sid=as693ID2nOv0&refer=home



A fish and a bird can fall in love, but where will they build their nest?

#315036 - 12/17/08 04:00 PM Re: Oil prices [Re: seashell]  
Joined: Aug 2008
Posts: 3,046
Peter Jones Offline
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Peter Jones  Offline
According to the paper I read, OPEC's purpose is to raise the price at least that much, so they will keep cutting production until they achieve it. Kinda leaves us between a rock and a hard place.

#315037 - 12/17/08 04:10 PM Re: Oil prices [Re: Peter Jones]  
Joined: Nov 2000
Posts: 8,874
seashell Offline
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seashell  Offline
I thought Saudi thought that $75 was fair.

From where I'm sitting, that would be fair. Might be hard on the price of gas down in Belize, but the upside for me personally would be that I would have work, ergo be able to afford to go to Belize to pay exhoribitant prices for gas.


A fish and a bird can fall in love, but where will they build their nest?

#315038 - 12/17/08 04:15 PM Re: Oil prices [Re: seashell]  
Joined: Mar 2001
Posts: 10,966
klcman Offline
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klcman  Offline
SS - I think I'd be pretty comfortable in stating that your bar tab exceeds your petrol tab by an exponential amount - say like 5000:1 source: http://www.seashellsliquidintake.com


_ _ _ _ _ _ _________________ _ _ _ _ _ _
But then what do I know, I am but a mere caveman
#315042 - 12/17/08 04:28 PM Re: Oil prices [Re: klcman]  
Joined: Jun 2004
Posts: 1,337
MALIBU Offline
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MALIBU  Offline
seashellsliquidintake link not working.

#315044 - 12/17/08 04:41 PM Re: Oil prices [Re: MALIBU]  
Joined: Sep 2002
Posts: 10,850
Ernie B Offline
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Ernie B  Offline
Crude closed at $40.06, even with OPEC reduction in output, supply is forcast to exceed forecasted demand.

Last edited by Ernie B; 12/17/08 04:42 PM.

Gun Control is Hitting Your Target.
#315045 - 12/17/08 04:46 PM Re: Oil prices [Re: MALIBU]  
Joined: Aug 2007
Posts: 3,157
pugwash Offline
pugwash  Offline
Originally Posted by MALIBU
seashellsliquidintake link not working.

I have a bridge for sale if you are interested smile


It's rarely rocket science, it's usually just math: then again if you can't do the math.......
#315066 - 12/17/08 06:38 PM Re: Oil prices [Re: Peter Jones]  
Joined: Jun 2008
Posts: 1,979
ragman Offline
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ragman  Offline
Peter, The member countries spent money they expected from oil sales and will now say they are cutting supplies to drive up prices but in reality they will cheat on their output to pay their bills. This is all part of their psychological battle to seperate us from as much money as they can.

Of course eventually it will go back their way unless we find other ways to do business. My suggestion, start building Nuclear power stations. Of course continue on green energy but costs are not in their favor at the moment.


Jim
Somewhere on a beach in Belize
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