Oil has largest single day drop in 17 years.

[royalfan5]

http://www.cnbc.com/id/25680397

[OKLA21FAN]

dangling a carrot?
that drop will probably go up 3 fold in 24 hours

[OUHOMER]

dangling a carrot?
that drop will probably go up 3 fold in 24 hours

Thats what i was thinking

[OUDoc]

If only....

[r5TPsooner]

I'm gonna go fill er up right now.

[Ike]

Largest dollar-wise drop....


Of course, when the price is as high as it is now, thats not terribly difficult.

[RUSH LIMBAUGH is my clone!]

If the drop shows at the pump, you'll see a run on gas that makes the CA bank run look llike it didn't even happen.

[royalfan5]

If the drop shows at the pump, you'll see a run on gas that makes the CA bank run look llike it didn't even happen.

You really think people are going to **** themselves over a 5% or so drop?

[Boarder]

You really think people are going to **** themselves over a 5% or so drop?
Do you actually live in America? Have you ever looked around at the inhabitants?

[RUSH LIMBAUGH is my clone!]

You really think people are going to **** themselves over a 5% or so drop?If perception is that it's going to be short-lived, then yeah.

[royalfan5]

If perception is that it's going to be short-lived, then yeah.

We've had multiple 5% drops in the past few weeks and people haven't went nuts yet. Oil is locked in a sideways patter right now, and it's mostly significant in the sense that a normal break within the pattern can be historically large, yet completely meaningless.

[tommieharris91]

If this really is the start of the commodity bubble bursting, then a run on gas wouldn't happen.

[OUDoc]

You really think people are going to **** themselves over a 5% or so drop?
Yes.

[tommieharris91]

Haha, a 5% drop from $4.11 would put the price at $3.90.

[yermom]

and i just broke down and filled up the other day :(

i'm probably good for another 2 weeks at this point :D

[RUSH LIMBAUGH is my clone!]

If this really is the start of the commodity bubble bursting, then a run on gas wouldn't happen.of course

[tommieharris91]

Actually, a run on gas would cause prices to return to their old levels and stay there. So don't panic and buy discounted gasoline yet people...

/drives to the gas station

[Rogue]

The same day the GWB pushes drilling. (http://www.cnbc.com/id/25691496/)
Somewhere a caribou in ANWAR is crying.

[Harry Beanbag]

The same day the GWB pushes drilling. (http://www.cnbc.com/id/25691496/)
Somewhere a caribou in ANWAR is crying.

Froze is gonna go Jesse Jackson on your nutsack for adding that extra "A". :)

[Rogue]

Froze is gonna go Jesse Jackson on your nutsack for adding that extra "A". :)

Heh! Ima leave it, but thanks for the warning. 'Sides, in the military and gubmint we throw extry letters in acronyms all the time.
He's not nearly as scary since the name change.
Is he?

[Harry Beanbag]

Heh! Ima leave it, but thanks for the warning. 'Sides, in the military and gubmint we throw extry letters in acronyms all the time.
He's not nearly as scary since the name change.
Is he?

I don't know, a lot of his posts scare the **** out of me. :)

[olevetonahill]

He still just as ugly tho .:D

[tulsaoilerfan]

You really think people are going to **** themselves over a 5% or so drop?


Are u serious? Some people would drive 20 miles to fill up just to save a penny a gallon; there's some tight bastards in this state.
:D

[bluedogok]

Are u serious? Some people would drive 20 miles to fill up just to save a penny a gallon; there's some tight bastards in this state.
:D
There are always idiots who will spend $10.00 driving around to save $5.00 on a fill up.

[birddog]

you cagers will have to start looking for fuel alternatives...
http://img525.imageshack.us/img525/3732/greengrasscarmn5.th.jpg (http://img525.imageshack.us/my.php?image=greengrasscarmn5.jpg)

[olevetonahill]

There are always idiots who will spend $10.00 driving around to save $5.00 on a fill up.

Quit talking about My Daddy Hes Daid .

[Frozen Sooner]

The same day the GWB pushes drilling. (http://www.cnbc.com/id/25691496/)
Somewhere a caribou in ANWAR is crying.

:shakes head:

For the love of God people, just think about what ANWR stands for.

We're not drilling in assassinated Egyptian presidents.

(Seriously, though, my main pet peeve is when people act like they're experts on ANWR-which I'm not by any means-but can't manage to spell it right.)

[royalfan5]

:shakes head:

For the love of God people, just think about what ANWR stands for.

We're not drilling in assassinated Egyptian presidents.

I only support drilling in Nasser.

[Curly Bill]

Do you actually live in America? Have you ever looked around at the inhabitants?

true dat...

[Harry Beanbag]

:shakes head:

For the love of God people, just think about what ANWR stands for.

We're not drilling in assassinated Egyptian presidents.

(Seriously, though, my main pet peeve is when people act like they're experts on ANWR-which I'm not by any means-but can't manage to spell it right.)


Looks like he let you off easy this time, Rogue. :)

[Frozen Sooner]

Oh yeah?

I highly support drilling in Queen Raina of Jordan

http://img.timeinc.net/time/daily/2007/0705/a_br10questions_rania_0521.jpg

[Frozen Sooner]

Looks like he let you off easy this time, Rogue. :)

Well, I didn't want to disappoint you.

BOOGA BOOGA BOOGA!!

[Curly Bill]

Oh yeah?

I highly support drilling in Queen Raina of Jordan

http://img.timeinc.net/time/daily/2007/0705/a_br10questions_rania_0521.jpg

:hot:

[Frozen Sooner]

No kidding, eh?

Seriously, though, it's got to be pretty easy to pull when you can introduce yourself as a King.

Hail to the King, baby.

[Tulsa_Fireman]

It's good to be the king!

http://www.ladyofthecake.com/mel/world/images/goodkng2.jpg

[Curly Bill]

Truly an instance of it being good to be King.

[Curly Bill]

Damn it Fireman...

you quick typing SOB :D

[Frozen Sooner]

You have to think that being King-particularly of a constitutional monarchy (which I don't think Jordan is) has to be pretty cool.

Pretty much you're rich, you're famous, you have almost 0 responsibilities. Oh, yeah, and every woman in your country knows that she's going to be a Queen if she nails you down.

That's got to be a poon bonanza. Kind of like me, but opposite.

[olevetonahill]

:shakes head:

For the love of God people, just think about what ANWR stands for.

We're not drilling in assassinated Egyptian presidents.

(Seriously, though, my main pet peeve is when people act like they're experts on ANWR-which I'm not by any means-but can't manage to spell it right.)

Bitch, Bitch, Bitch !

[StoopTroup]

Oh yeah?

I highly support drilling in Queen Raina of Jordan

http://img.timeinc.net/time/daily/2007/0705/a_br10questions_rania_0521.jpg

If I was gonna get into the oil business with her...

She'd need to dump her husband.

I don't think he'd be much fun having around. :D

[shaun4411]

I'm gonna go fill er up right now.

i wonder how many millions of people said that today.

[Cam]

If I was gonna get into the oil business with her...

She'd need to dump her husband.

I don't think he'd be much fun having around. :D

You could always be the kept man. Even less responsibility than being King. You only need to be around for the good stuff. :D

[StoopTroup]

But...I don't like him and knowing me...

I'd try to oust him and start a bloody coup. :D

[tommieharris91]

Right now crude oil is trading down $5. A lot of people will enjoy this fall in oil prices. It lost another $1 as I posted this.

[StoopTroup]

What can GW do for us today?

He's got it finally going in the right direction.

Lets see if he can bankrupt some folks now. ;)

[soonerhubs]

Sure Oil has dropped, but the Pump price here hasn't budged. Has anyone seen a change in their town?

[royalfan5]

Sure Oil has dropped, but the Pump price here hasn't budged. Has anyone seen a change in their town?

Gas is down 7-15 cents since Sunday here in Omaha.

[StoopTroup]

I saw lots of folks at work trying to find out about the drop last night after I told them about this thread.

I think people want hope.

Folks who work for Transportation, whether by Land or by Sea or by Air are worried as heck.

I'm for change though.

I think some of this is should have changed long ago.

It's like knowing your overdrawn at the bank but you know it will be OK because you can always dip into your 401k or your your trust fund or take a 2nd on your house....it's just such a little problem.

The deal is we've been ignoring the warning signs of bad mojo for way to long.

[Frozen Sooner]

Gas hasn't dropped here yet, but we typically lag on gas prices.

[KC//CRIMSON]

Sure Oil has dropped, but the Pump price here hasn't budged. Has anyone seen a change in their town?

Nope. Still at $4.15 a gallon

[sooneron]

No drop here and we don't lag. Heck, we have some of the cheapest gas in the country.

[soonerboomer93]

The same day the GWB pushes drilling. (http://www.cnbc.com/id/25691496/)
Somewhere a caribou in ANWAR is crying.

ANWR drilling would have no impact on caribou. It's a false sentiment. The haven't birthed, or calved near the proposed drilling areas in something like the last decade. I have the tracking data and would be happy to provide it to you. The whole caribou is a false sentiment, propegated in part by the Canadians. The particular herd of caribou they're attempting to protect by stopping the drilling actually spends most of it's time in Canada. It's been a couple years since I researched the issue so I might be incorrect about how much the range.


If you really want to know who it would effect, that would be the Polar Bears, who are already having massive problems due to the melting polar ice.

[soonerboomer93]

Gas was down here, father then I realized. I bougt at 3.95 and about 10 miles down the road it was 3.88 (stupid me for filling up so close to galveston, I thought I was far enough away)

[soonerhubs]

So is this evidence that if we lifted the ban altogether, oil would drop significantly? If it is, Congress better lift the ban, or many will forfeit reelection in November. I simply can't see the further raising of fuel prices not being a tipping point for many consumers who may be undecided regarding their elections.

[RUSH LIMBAUGH is my clone!]

So is this evidence that if we lifted the ban altogether, oil would drop significantly? If it is, Congress better lift the ban, or many will forfeit reelection in November. I simply can't see the further raising of fuel prices not being a tipping point for many consumers who may be undecided regarding their elections.It would be "nice" if most voters were that rational.

[tommieharris91]

No, it's actually evidence that there is a speculative bubble. A big reason for yesterday's selloff was due to small cap banks needing capital and liquidating their oil positions. Today, the selloff is because yesterday's analyst numbers were way off, and oil & gas stocks actually rose over the past week instead of an expected fall.

[shaun4411]

bush's actions did several things really. most obviously, and pretty quickly too, showed the ridiculously high impact of oil prices by speculation.

gave the middle finger to opec. gave a "whatchya gonna do?" to the dems in congress. daring them to vote against him which would risk the incumbant's seats for the upcoming election. if they vote no, it'll give significant leverage to the republicans who vote for it. this is going to be interesting. we'll either be drilling, or the pubs may pick up a few new seats!

[S008NER]

Newt G. has interesting ideas about oil, particularly punishing speculators by flooding the market with the strategic reserve.


http://youtube.com/watch?v=UOpcPfAarjY

[shaun4411]

i think the prices will even out over time. people buying buy because they want to make money! they dont make money if they dont sell. and people are going to sell some if they get a hint that the price may fall. large corporations like banks will sell in order to free up assetts.

i think the past year has come to show how much control over the markets the people really have. but its the people with the money that have that power. fear begat fear, which begat more fear. its all ridiculous.

[Animal Mother]

bush's actions did several things really. most obviously, and pretty quickly too, showed the ridiculously high impact of oil prices by speculation.

gave the middle finger to opec. gave a "whatchya gonna do?" to the dems in congress. daring them to vote against him which would risk the incumbant's seats for the upcoming election. if they vote no, it'll give significant leverage to the republicans who vote for it. this is going to be interesting. we'll either be drilling, or the pubs may pick up a few new seats!


What a wonderful world it would be if voters were motivated and informed enough to vote in that manner. Dubya would’ve been back in Crawford in 2004. Well, except that the Dems ran Mr. Jalapeno Head against him. He couldn’t beat a pair with a full house.

[Boomer.....]

Oil prices fell another $4.14 today, settling at $134.60. Yet the average price of regular unleaded gasoline rose to a an all-time high of $4.114 a gallon last night.

The U.S. Energy Information Administration's weekly stockpile report showed that crude supplies rose by 3 million barrels for the week, when analysts were looking for a drop of 3 million barrels.

[Harry Beanbag]

Why do some of you think a drop in per barrel oil prices yesterday would show up at your local gas pumps today?

[homerSimpsonsBrain]

You have to think that being King-particularly of a constitutional monarchy (which I don't think Jordan is) has to be pretty cool.


Its cool right up to the point your subjects kill you... :)

[tommieharris91]

Because gasoline contract prices also fell.

[Curly Bill]

Why do some of you think a drop in per barrel oil prices yesterday would show up at your local gas pumps today?

It seems to work so well when the opposite is true...You know: price per barrel goes up, gas prices go up immediately.

[Harry Beanbag]

Because gasoline contract prices also fell.


But the stations already paid for the gas that is in the ground under their stations...

[Harry Beanbag]

It seems to work so well when the opposite is true...You know: price per barrel goes up, gas prices go up immediately.


Of course, they're quick to do that. :)

I was in a Chevron a few weeks ago buying something and had to wait on the attendant to get off the phone with the owner telling her to raise the prices. She said it was the third call like that she had received that day.

[Scott D]

Besides, it's midweek. If the prices didn't drop at the pump yesterday, they likely won't drop until Friday if you're lucky, but I'd wager the drops to happen next Tuesday provided the ppb continues to go down.

[royalfan5]

But the stations already paid for the gas that is in the ground under their stations...

Most gas stations now price on fluid formula linked to futures prices that doesn't have a lot to do with what price is paid for the underground tank.

[12]

I'm not an anarchist, but it is obvious we are being played in a game causing countless suicides, depression, divorce, destitution... the list goes on.

Oh wait...

(BURRRRUUU[taco bell]PPPHHHHHH)

I think it'll all work out assuming we vote [your party's man or woman here] into office.

[Frozen Sooner]

Most gas stations now price on fluid formula linked to futures prices that doesn't have a lot to do with what price is paid for the underground tank so long as prices are going up.

Fixed.

[Harry Beanbag]

Fixed.

Exactly.

[royalfan5]

Gas prices dropped in Omaha. Must be part of the Good Life.

[Blue]

Oil is up 44% this year. A 7% drop in two days doesn't exactly have me doing cartwheels. Especially when most speculators see 150-200 6 to 9 months out. Throw in a hurricane or a war and we're phukked. I'd like to see it go back to 90 or so and stay there. I just don' see that happening anytime soon. It will probably get worse before it gets better.

[Frozen Sooner]

Oil is up 44% this year. A 7% drop in two days doesn't exactly have me doing cartwheels. Especially when most speculators see 150-200 6 to 9 months out. Throw in a hurricane or a war and we're phukked. I'd like to see it go back to 90 or so and stay there. I just don' see that happening anytime soon. It will probably get worse before it gets better.

Heh. I remember when it got to $40 per barrel and everyone up here was turning cartwheels.

[r5TPsooner]

I remember purchasing my 1st truck back in 1999 and regular unleaded was .99/gallon. Hell, I was so rich with my 35k a year job that I always sprung for the Super Unleaded at $1.09 gallon.

[Harry Beanbag]

Actually, I just read something that said that most states have a law that stations can only raise prices when they receive a new shipment. I would guess they would do the same for lowering the price. Apparently, Arizona doesn't have this law.

[tommieharris91]

Oil is up 44% this year. A 7% drop in two days doesn't exactly have me doing cartwheels. Especially when most speculators see 150-200 6 to 9 months out. Throw in a hurricane or a war and we're phukked. I'd like to see it go back to 90 or so and stay there. I just don' see that happening anytime soon. It will probably get worse before it gets better.

The problem with that is that the speculators have had problems busting through 150. They know that the consumer will buy less and less gas between 150-200. So this is probably a top being seen, at least for this year. Next year, who knows.

[Blue]

The problem with that is that the speculators have had problems busting through 150. They know that the consumer will buy less and less gas between 150-200. So this is probably a top being seen, at least for this year. Next year, who knows.

I hope so. You seem level headed and pretty well informed, Tommie. What do you think about this quote?

"
The Fed has been pushed into a corner. The next "scheduled" push is this fall, and the Fed will not be able to react to the push without severe systemic risk, global economic systematic meltdown, or extreme monetary inflation leading to extreme price inflation. Of course, as we have witnessed, a black swan push can come at any time.

If they raise rates, imagine the consequences to banks and the markets in their current state, I suspect they will be even more fragile soon, that is a fair assumption.

If they keep rates the same, the USD stays unfavorable and the downward pressure continues.

If they drop the rates, the USD becomes even more unfavorable.

If the USD does not look favorable soon, then why should anyone keep it? There are better currencies, stronger economies, and less risk/better payoff potential elsewhere. Why keep the U.S. afloat if it appears it is certain to sink?"

[tommieharris91]

I hope so. You seem level headed and pretty well informed, Tommie. What do you think about this quote?

"
The Fed has been pushed into a corner. The next "scheduled" push is this fall, and the Fed will not be able to react to the push without severe systemic risk, global economic systematic meltdown, or extreme monetary inflation leading to extreme price inflation. Of course, as we have witnessed, a black swan push can come at any time.

If they raise rates, imagine the consequences to banks and the markets in their current state, I suspect they will be even more fragile soon, that is a fair assumption.

If they keep rates the same, the USD stays unfavorable and the downward pressure continues.

If they drop the rates, the USD becomes even more unfavorable.

If the USD does not look favorable soon, then why should anyone keep it? There are better currencies, stronger economies, and less risk/better payoff potential elsewhere. Why keep the U.S. afloat if it appears it is certain to sink?"

Good points, and I really think the Fed should raise rates at their next meeting to give a little boost to the dollar and stave off some very high inflation due to these low interest rates. Financial stocks have had a nice past two days as well. Continued success by these will take one reason for keeping the discount rate where it is or cutting it off the table. However, the housing market is still tanked in the larger cities, and there apparently hasn't been a bottom for those prices yet. A rate hike would make things worse for home sales. Also, exports have been propping up US GDP. Without the dollar's weakness, we would be in a textbook recession. Upping the interest rate would make US exports more expensive overseas.

So yea, it really is a mess. However, just based on what CNBC is trying to push, it seems as though the US consumer would be for a rate increase because they are worried about inflation more than recession right now.

I also wouldn't mind hearing thoughts from Froze, rf5, or Chuck Bao on this.

[Frozen Sooner]

I also wouldn't mind hearing thoughts from Froze, rf5, or Chuck Bao on this.

We're boned. ;)

Raise the discount rate too much and more banks are going to fail as their margins get squeezed. Deposits reprice much faster than loans.

If they don't raise the discount rate, banks are going to have to start raising rates due to inflationary pressures anyhow.

Personally, I think the Fed should probably raise rates and bite the bullet-but I don't know that fiscal policy is the right solution here. Unfortunately, we're getting inflationary pressure from our monetary policy-and it's not infrastructure-building deficit spending, so as a long-term strategy it's just inflationary.

[Chuck Bao]

My thoughts are pretty much in line with the current very popular catch phrase used by most international brokers - "demand destruction" as in oil prices have risen to the level to destroy demand.

I would have thought that that "demand destruction" level was about US$60/barrels. That goes to show you what I know.

I wrote an economic piece about it earlier this week and I need to write another one today. Basically, I'm telling Thai stock market investors that there is either demand destruction and the economy is heading down or the oil price is going up. I'm telling them that the chance of a goldilocks scenario isn't really a realistic scenario at all.

You take your chances.

I have also told investors for many months now not to trust Wall Street. This financial crisis has many legs.

[Chuck Bao]

Oh, I'm writing something that is a bit weird to me. The Bank of Thailand very clearly said, and I think that clarity is unusual in a central bank, that we can't tackle slowing economic growth until we bring inflation under control.

That's a pretty clear message for any and all of you foreigners selling Thailand over the last month...JUST STOP and think for a sec.

[Blue]

What about foriegn holders of dollars dumping them in the near future collapsing the dollar and most markets? Is it like a game of hot potato? No country wants to admit we will never pay the debt owed them and they are all still acting like our dollar and debt are good? The first one to drop sets it all in motion?

[royalfan5]

What about foriegn holders of dollars dumping them in the near future collapsing the dollar and most markets? Is it like a game of hot potato? No country wants to admit we will never pay the debt owed them and they are all still acting like our dollar and debt are good? The first one to drop sets it all in motion?

On the upside if that happens, we can change our name to Argentina Jr.

[Boomer.....]

Actually, I just read something that said that most states have a law that stations can only raise prices when they receive a new shipment. I would guess they would do the same for lowering the price. Apparently, Arizona doesn't have this law.

I don't know if that is true in Oklahoma. I have seen stations raise or lower prices in consecutive days and sometimes even in the same day. I know they don't receive fuel shipments daily.

[tommieharris91]

Crude oil is now trading below $131. If it falls below $130, it could get nasty for oil, and the US consumer would be very happy.

[tommieharris91]

Oil closes at $129.29. Down about $5.

[shaun4411]

oil keeps dropping. interesting. very nice. good. great. fear begat fear? maybe people keep thinking the price will drop, so they sell while its still hot? those that bought at 120 125 130 are getting antsy in their pantsy and maybe want to sell to hedge losses.

[Harry Beanbag]

What is that, like $15 in three days? Nice.

[olevetonahill]

What is that, like $15 in three days? Nice.

And the price of Gas stays the same .

[Curly Bill]

Woo-who!!!...the return of cheap gas!

[Curly Bill]

And the price of Gas stays the same .

It's gonna go down, way down, wait and see. ;)

[olevetonahill]

Woo-who!!!...the return of cheap gas!

See My post you Flying Dickwheel !:cool:

[royalfan5]

What is that, like $15 in three days? Nice.
Close to 18 at this point. If inventories rise next week as well, I think we will see 115 next week. I really am looking forward to seeing where commodities sit after Labor Day. It could make my job a lot easier if they fall.

[olevetonahill]

It's gonna go down, way down, wait and see. ;)

Ya think its gonna go down Like Pam Anderson ?

[Curly Bill]

See My post you Flying Dickwheel !:cool:

Hey...! I resemble that remark. :P

[Curly Bill]

Ya think its gonna go down Like Pam Anderson ?

You know what they say about Pam Anderson? She'll trip ya and beat you to the floor. :D

[olevetonahill]

Hey...! I resemble that remark. :P

Its a Badge of Honor Ya Flying Dickwheel !

[Whet]

Paid $4.70/gal for diesel in Springfield, IL

[Okla-homey]

I think I figured it out. W opened 2M acres in the ANWR to drilling and lifted off-shore drilling restrictions last Friday. Over the objections of the donk Congress I might add.

That rocked oil speculators because they don't want to be sticking their necks out with oil this high if supply is going to loosen up.

Thus, the price went down. See, 'a supply and demand dealio.

Therefore, if you want 1) lower taxes, 2) cheaper oil, 3) nuke power for electricity and 4) a guy who accepts climate change is anthropromorphic 5) a win in Iraq. Vote McCain.

Otherwise, vote for BHO (who is on the record as bent on raising your taxes, opposing off-shore drilling, exploratory wilderness drilling, nuke power and wants to bail in Iraq even though we're winning.)

That is all.

[royalfan5]

I think I figured it out. W opened 2M acres in the ANWR to drilling and lifted off-shore drilling restrictions last Friday. Over the objections of the donk Congress I might add.

That rocked oil speculators because they don't want to be sticking their necks out with oil this high if supply is going to loosen up.

Thus, the price went down. See, 'a supply and demand dealio.

Therefore, if you want 1) lower taxes, 2) cheaper oil, 3) nuke power for electricity and 4) a guy who accepts climate change is anthropromorphic 5) a win in Iraq. Vote McCain.

Otherwise, vote for BHO (who is on the record as bent on raising your taxes, opposing off-shore drilling, exploratory wilderness drilling, nuke power and wants to bail in Iraq even though we're winning.)

That is all.

However, prices didn't start their downward trend until inventories came in 3M higher than expected on Tuesday. Continued demand destruction and the fall of US gas consumption back to 2003 levels have a lot more to do with it than actions by the president that don't have a short term supply impact.

[tommieharris91]

I think I figured it out. W opened 2M acres in the ANWR to drilling and lifted off-shore drilling restrictions last Friday. Over the objections of the donk Congress I might add.

That rocked oil speculators because they don't want to be sticking their necks out with oil this high if supply is going to loosen up.

Thus, the price went down. See, 'a supply and demand dealio.

Therefore, if you want 1) lower taxes, 2) cheaper oil, 3) nuke power for electricity and 4) a guy who accepts climate change is anthropromorphic 5) a win in Iraq. Vote McCain.

Otherwise, vote for BHO (who is on the record as bent on raising your taxes, opposing off-shore drilling, exploratory wilderness drilling, nuke power and wants to bail in Iraq even though we're winning.)

That is all.

I knew someone would falsely attribute the falling crude oil prices to this. Ohh and you can add the otherwise slumping economy to the reason that oil was simply unsupportable at $146. And since oil prices closed below a support level, I would expect crude oil to fall more tomorrow.

[RUSH LIMBAUGH is my clone!]

I knew someone would falsely attribute the falling crude oil prices to this. Ohh and you can add the otherwise slumping economy to the reason that oil was simply unsupportable at $146. And since oil prices closed below a support level, I would expect crude oil to fall more tomorrow.If you accuse someone of being wrong, you might want to explain what you think is right.

[Sooner_Havok]

If you accuse someone of being wrong, you might want to explain what you think is right.

Only complete and utter idiots would hear:

"President Bush has lifted the presidential ban on off shore drilling."

and think:

"Well ****. Supply is going to increase, better sell ma oil."

Now, can anyone tell me why educated oil speculators would hear W's cry and not think more oil is on the way? This may be to hard for RLIMC, it may not have been covered today on Rush's show.

[yermom]

they are beating the rush... oil is high enough that gas too painful to waste on driving all the time like we are used to and people are looking at gay little cars they never would have before.

Bush and Congress lifting the bans would probably drop the speculation price even if they weren't actually drilling yet, since a good chunk of the price is based on future demand vs. actual demand

there should be laws about that crap, like basing the construction costs of a house on how much it will be worth when it's ready to move in. that's just crazy

[tommieharris91]

If you accuse someone of being wrong, you might want to explain what you think is right.

rf5 pretty much did. And to add, a few other reasons were oil producer strikes overseas ending and not being nearly as harmful to production as thought. There has been some liquidation by bankers on their long positions to make sure their bills are paid (in other words, the bubble is popping). Lastly, there has been some progress with Iran, taking out some risk of supply dampering in the future.

http://www.cnbc.com/id/25709700

[Scott D]

I knew someone would falsely attribute the falling crude oil prices to this. Ohh and you can add the otherwise slumping economy to the reason that oil was simply unsupportable at $146. And since oil prices closed below a support level, I would expect crude oil to fall more tomorrow.

you should probably ask him how much time he's spending out in the 'field' as a McCain stumper.

[royalfan5]

they are beating the rush... oil is high enough that gas too painful to waste on driving all the time like we are used to and people are looking at gay little cars they never would have before.

Bush and Congress lifting the bans would probably drop the speculation price even if they weren't actually drilling yet, since a good chunk of the price is based on future demand vs. actual demand

there should be laws about that crap, like basing the construction costs of a house on how much it will be worth when it's ready to move in. that's just crazyHowever, the prices we are dealing with are the nearby month futures. New medium term production (ANWAR, etc) doesn't really move that. Nigerian rebels distrupting production does because it affects current volumes. Speculation that something could go bang in the middle east real quick like, e.g. Israeli manuevers, will move things. A lot of the current drop is predicated on rising inventories making the spot price weaken. The basis was getting too wide to support rising nearby futures price. Would Bushes actions affect long term options and futures., sure. But the immediate actions are more traceable to a changing supply and demand picture in the near term.

[Chuck Bao]

Yeah, what everyone said except for Homey and Rush.

"Demand destruction" is the new economic catch phrase.

I mean as far as economic terms go that is a pretty cool one.

What happened to your job? Demand destruction!

What happened to your new home? Demand destruction!

What happened to McCain and his remaining loyal Bush supporters? Demand destruction!

[Frozen Sooner]

(ANWAR, etc)

:mad:

[yermom]

i think we should drink Mike's milkshake

[royalfan5]

:mad:

I hate me some Egyptian Caribou. What can I say.

[Frozen Sooner]

Hey, pump it and pave it-it's all good for me and it'll line my pockets. Just spell it right. ;)

Of course, McCain has come out against drilling in ANWR, but he may have changed his mind on it. I can't keep track of his positions anymore.

[royalfan5]

Settles below 125 today. Other commodities have seen a big drop as well. It looks like there is serious fund liquidation going on in commodities at this point as inventories rise.

[tommieharris91]

This makes me happy. I have a small trip to Kansas City this weekend. I won't pay as much at the pump as I do now.

[Sooner_Havok]

This makes me happy. I have a small trip to Kansas City this weekend. I won't pay as much at the pump as I do now.

I am heading to T-Town next week. Keep dropping oil!

[walkoffsooner]

the moon walk was a scam