Uuuuuuuum..............Oil is now at $133 a barrel

Refineries still are taking deliveries of expensive oil and refining the more costly stuff. On the other hand, Jim Bob is going to look at his oil stocks in the tank farm and the pricing trend. Maybe he'll say "We can skip the $136 buy and wait until the $126 contracts come up for delivery. What do you thing goldman saks is going to do with all of those $136 contracts that nobody wants? Hope they go "Bear Sterns" with no taxpayer induced bail out. Down in flames, boys. Down in flames.

Best regards,
Frank C
 
it will burst! and we will bail them out as taxpayers.

And if Nancy Pelosi keeps at it, everyone will get paid to stay home and not work.
 
pushing $140 today. Some people on CNBC saying $8 diesel by August and $10-12 diesel by December. I just don't see how the economy can handle this... but I'm no expert.
 
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Four Suns said:
pushing $140 today. Some people on CNBC saying $8 diesel by August and $10-12 diesel by December. I just don't see how the economy can handle this... but I'm no expert.
Click to expand...

I'm no expert either, but I am inclined to agree.

This has just got to be a HUGE driver on REAL inflation (as opposed to the inflation numbers which are usually cited; the ones that look almost ok but do not include either food or energy)

Not a good time to be retired on a fixed income. Not a good time to be drawing a paycheck either; but one can at least hope for more than a 2.33% raise.
 
Four Suns said:
pushing $140 today. Some people on CNBC saying $8 diesel by August and $10-12 diesel by December. I just don't see how the economy can handle this... but I'm no expert.
Click to expand...

It can't.

I just don't understand how the yo-yo's that predict the outrageously high price for crude (and fuel) in the future think that anyone (business or individuals) can afford to pay those kind of prices. Our economy will collapse before that happens.

Dave

:smt009:smt009:smt009
 
comsnark said:
I'm no expert either, but I am inclined to agree.

This has just got to be a HUGE driver on REAL inflation (as opposed to the inflation numbers which are usually cited; the ones that look almost ok but do not include either food or energy)

Not a good time to be retired on a fixed income. Not a good time to be drawing a paycheck either; but one can at least hope for more than a 2.33% raise.
Click to expand...

I am retired and trying to live on a fixed income and I have cut back as much as I can. On the other hand those that are gainfully employed today may not be tomorrow if this trend continues.

:smt009:smt009:smt009
 
Speculators are still at it- and they're going to kill our economy.
The fundamentals do not exist for the price run-up that occurred today. Fear over things that might happen...
Israel says it will attack Iran if it doesn't abandon it's nuke weapons program. Price of oil goes up.
Some hurricane forecaster says it's going to be an above-average hurricane season. Price of oil goes up.
Anyone has a fart crosswise. Price of oil goes up.

The bubble will burst. Question remains as to how badly the economy will suffer until then.
 
One of the biggest cheerleaders for $150 - 200 per barrel for oil is Goldman. Their analyst is endlessly quoted on that. In the last week or so, I learned something interesting. Goldman's hedge fund has a huge position in oil futures contracts. Slimy bastards. If not outright manipulation, it's at least a conflict of interests.

The US has more proven reserves than Iran, Iraq, Venezuela, or most of those other unstable crap holes. Too bad the congress critters won't permit drilling.

Best regards,
Frank C
 
fc3 said:
The US has more proven reserves than Iran, Iraq, Venezuela, or most of those other unstable crap holes. Too bad the congress critters won't permit drilling.

Best regards,
Frank C
Click to expand...

Really? Makes for a great emotional out burst but where did you come up with that? The US is by far and away the biggest consumer and is a rounding error in comparison on probable or proven reserves.

The U.S. is #11 on the list.

#1 is Saudi Arabia with 260 Billion
Iran with 136 Billion
Iraq with 115 Billion
Ven with 80 Billion
#11 U.S. 21 Billion.


That's proven. Probable is more scary.
Exxon is the largest public oil company in the world. They have 4% of proven reserves and declining and control only 2-4% of the worlds production.

As for speculation, does anybody remember the spot market run up to $28 and then back to $3 in the 80's? The demand fundamentals are differant now but speculation will vet itself.
 
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Hogwash. The oil is here. In barrels, shale, dirt or whatever. Plenty of our oil comes from canada, north america, you know where the u.s.a is. This is not about what we use or whats left, its about the damn fleecing of the american backbone, the small businesses, working class, that keep this country going, not the takers or freeloaders. Its about the rich bending us over the barrel and ripping our pockets open, so there retirement accounts will be fatter. And if it wasnt for the fussies in d.c. or the crazy enviros we would have what we need like the third world, and maybe there would be more exxon/mobil outlets(screw exxon let uncle sam start an oil company and make us all shareholders) outlets in Iraq than citgos in this country.

Get the oil down, or start the friggin riots.
 
Those figures that boulder cited are what is being pulled out, not what is in the ground. 30 years ago the gov stopped letting companies drill in the US.

I was watching a special on the Erie canal and I thought to myself, what would be the chances of something like that getting built today. Then I watched a special on Dubai and china and realized that we have some serious catching up to do.
 
The water type development work we did in this country 50 years ago will never be done again. Environmentalists love to bitch and moan every time someone gets near the water now. Look at all the canal type developments that were created back in the 60's/70's in Florida. It would never happen today. You can't even dredge without doing an environmental study and them some clown always is against it.

I say we shoot them all. Oh wait... PETA may not like that.

388px-Your_Daddy_Kills_Animals.png


Can't even catch a fish... you expect to drill for OIL?!
 
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