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    Oil Prices drop below 130

    Is this a result of Bush lifting the ban and we are talking about drilling more stateside or is it just coincidence. If it is because of the talk of drilling imagine what would happen if we actually proceeded. Just curious on your thoughts.



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    Re: Oil Prices drop below 130

    There's a similar discussion just starting in the political cave. I am of the opinion that lifting the ban is very significant, though not the only factor.



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    Re: Oil Prices drop below 130

    Quote Originally Posted by Cyclonepride View Post
    There's a similar discussion just starting in the political cave. I am of the opinion that lifting the ban is very significant, though not the only factor.
    True...because it was the speculators that drove up the price in the first place.

    Speculation drove it up and will also drive it back down.



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    Re: Oil Prices drop below 130

    there's a big geopolitical price bubble built in, this drop is just emotion, combined with US inventories in surplus...

    The weak dollar will still support crude for as long as its weak.

    But a $100 crude level is not crazy as a leveling out point...will just take some easing of the geopolitical climate...and then they will find something else to be bullish about.


    'Until things are brighter, I'm the man in black.'

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    Re: Oil Prices drop below 130

    The question is...will gas prices go down? I think we've all learned that high oil=high gas, but low oil doesn't necessarily mean low gas. At this point though, even if it only drops $0.10, that's big for some.


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    Re: Oil Prices drop below 130

    Quote Originally Posted by HawkHater View Post
    Is this a result of Bush lifting the ban and we are talking about drilling more stateside or is it just coincidence. If it is because of the talk of drilling imagine what would happen if we actually proceeded. Just curious on your thoughts.
    Some are saying it is because demand has been reduced in the US due to the increased price in recent weeks.



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    Re: Oil Prices drop below 130

    Anything that makes the prices go down is great. It's sad that $100 barrels seems cheap.



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    Re: Oil Prices drop below 130

    via cnn

    Rumors that Mexico is locking in oil contracts for future delivery at today's prices prompt questions of whether oil's record run has come to a halt.



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    Re: Oil Prices drop below 130

    the ironic thing about drilling off shore is that in doing so, any sort of additional supply coming on, will have a downward effect on the markets, thus lowering profit margins for oil companies.


    'Until things are brighter, I'm the man in black.'

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    Even if oil drops to $40/barrel

    We've still got to do something about our lack of excess refining capacity. Remember, cars don't run on oil. They run on gasoline or diesel, which come from oil. Even if we were up to our armpits in oil, we'd still need to refine it to keep the inventory of gasoline high enough to avoid shortages.

    I'm all for alternative energies, but failing to see that petroleum products cannot be replaced by ANYTHING in the next decade or so is just plain Hawkeye-grade STUPID in my book.



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    Re: Oil Prices drop below 130

    So oil has gone down 10% in the last 3 days so $4 gas is now $3.60, right?
    Sadly, probably not, although I haven't been out since this morning.


    Exaggeration is a BILLION times worse than understating.

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    Re: Oil Prices drop below 130

    There's another one of those stinkin' "Iowa Ringtone" ads showing up on the left side of the page. Darn you, JDM!



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    Re: Oil Prices drop below 130

    Quote Originally Posted by dmclone View Post
    via cnn

    Rumors that Mexico is locking in oil contracts for future delivery at today's prices prompt questions of whether oil's record run has come to a halt.
    I suppose that does raise questions, though I am not sure the decision making ability of the Mexican government is ironclad solid.



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    Re: Oil Prices drop below 130

    The SEC is also investigating quite a few Brokerage firms for price fixing in the energies markets which also is not helping the confidence level of the crude bulls. It is upwards of 50 of them.

    Senator Lieberman also introduced legistlation putting a lot tighter restrictions on pension funds to invest in the commodities markets this last week.

    I didn't think a huge part of the plunge had to do with Bush opening the reserves but it was interesting that before his announcement and that crude was up $2.50/ barrel and within 30 minutes of his announcement it was down $9 / barrel and has been lower since other then this morning when it was up $1.50 for a while before slipping another $4.72 this afternoon.



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    Re: Oil Prices drop below 130

    Quote Originally Posted by Cyclonesrule91 View Post
    I didn't think a huge part of the plunge had to do with Bush opening the reserves but it was interesting that before his announcement and that crude was up $2.50/ barrel and within 30 minutes of his announcement it was down $9 / barrel and has been lower since other then this morning when it was up $1.50 for a while before slipping another $4.72 this afternoon.
    Even if they open it up for drilling, we still have to see who will then step up and invest the $$$ to start drilling


    'Until things are brighter, I'm the man in black.'

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