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1890MilesToNorman
12/17/2008, 05:23 PM
1st time since 2004! :D :D

I'm a happy boy considering how much #2 fuel oil I go through every year. 4 buildings to heat and it adds up to a bunch. :D :D

Did I say I was happy?

:pop:

Boomer.....
12/17/2008, 05:27 PM
I don't think that's what OPEC had in mind when they announced they would cut 2.2 million barrels a day starting next month.

1890MilesToNorman
12/17/2008, 05:30 PM
Nope, I don't think it was. I forgot to add I found a dealer to sell me oil for $.25 above his cost. It's been a good day in several areas of my life, I found a genuine smile thing happening.

Frozen Sooner
12/17/2008, 05:35 PM
In other news, the Alaska economy tanks.

Yikes. Hope the housing crash holds off up here until I sell.

Boomer.....
12/17/2008, 05:45 PM
Down over $100 per barrel in only 5 months. Somebody wasn't doing something right.

OUHOMER
12/17/2008, 06:10 PM
Down over $100 per barrel in only 5 months. Somebody wasn't doing something right.

Makes you wonder.... Who was bending me over and why.

I guess I know why........ The public has gotten screw from every angle there is

OklahomaTuba
12/17/2008, 06:32 PM
Makes you wonder.... Who was bending me over and why.

I guess I know why........ The public has gotten screw from every angle there is

When cushing is running out of space, you know its bad.

The only screwing going on was the market working. And its not just oil, its just about every commodity.

This may seem really good to everyone, and cheap energy generally is, but this is REALLY bad for many reasons this time.

Demand has collapsed in NA, LA, Europe, etc. But we are still demand positive globally. And the reason for the collapse is scary as hell.

So while the collapse in oil begins to cause mass layoffs and economic ruin for Oklahoma, it also stalls any new investment in new E&P plays, and sucks any momentum out of alternative energy investments.

Scary times.

OklahomaTuba
12/17/2008, 06:35 PM
If I were the gubment, I would be buying the hell outta oil for the SOR right now. Maybe the State of Oklahoma should start doing something like that, then sell it when the price doubles in a year.

Jerk
12/17/2008, 07:16 PM
T Boone Pickens "Oil will never be below $100 a barrel again!"


ps - watch for Venezuela, Russia, or Iran to do something stupid in order to scare the price back up.

Jacie
12/17/2008, 07:34 PM
Here are the year-end prices paid at Cushing for a barrel of oil. Note how from 1986 to 1997 prices fluctuated within a $11/bbl range (low of $16 to a high of $27). Then there was crash at the end of 1998. From that time forward, end of year prices steadily climbed (peaking in June of this year at $133/bbl). The anomaly was the sharp run up of price that started at the end of 2007. This led to a decrease in consumption worldwide, an effect that has been seen several times since 1970 (everytime there was manipulation of the market). Helped along with global recession, caused in no small part by this manipulation, the market is righting itself as it returns to 2004 levels.

Cushing, OK WTI Spot Price FOB (Dollars per Barrel)

Year Dec
1986 $16.11
1987 $17.27
1988 $16.38
1989 $21.10

1990 $27.28
1991 $19.50
1992 $19.41
1993 $14.51
1994 $17.16

1995 $19.03
1996 $25.23
1997 $18.33
1998 $11.35
1999 $26.10

2000 $28.44
2001 $19.39
2002 $29.46
2003 $32.13
2004 $43.15

2005 $59.41
2006 $61.96
2007 $91.69
2008 $??.?? December 2008 numbers are not out yet but project to be half of the amount from the year before.

The full chart can be seen at the following link.

http://tonto.eia.doe.gov/dnav/pet/hist/rwtcM.htm

StoopTroup
12/17/2008, 09:15 PM
I'm thinking about buying a $43,000 Yukon. :D ;)

http://www.body-kitz.com/contents/media/t_00_yukon_evo5_f.jpg

Frozen Sooner
12/17/2008, 09:16 PM
Only if you can write a check for it.

Otherwise, you might have to get insurance.

Frozen Sooner
12/17/2008, 09:17 PM
Making fun of that guy STILL hasn't gotten old. What, that's like five years old now isn't it?

StoopTroup
12/17/2008, 09:21 PM
:D