Hmm, oil too cheap now?
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    Hmm, oil too cheap now?

    OPEC seeks to halt price slide, cushion economy | U.S. | Reuters


    Wasn't it just a few months ago that oil was going to get up to $500 a barrel?



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    Re: Hmm, oil too cheap now?

    The lowering cost of oil is the only thing to keep inflation from going through the roof.


    They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety. - Benjamin Franklin 1775

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    Re: Hmm, oil too cheap now?

    I can't afford milk anymore so now I put gasoline on my Honey Nut Cherrios



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    Re: Hmm, oil too cheap now?

    Quote Originally Posted by snowcraig2.0 View Post
    OPEC seeks to halt price slide, cushion economy | U.S. | Reuters


    Wasn't it just a few months ago that oil was going to get up to $500 a barrel?
    It's not easy being a speculator.


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    Re: Hmm, oil too cheap now?

    Amazing how fast OPEC acted to reign in dropping prices.

    We really need to reduce our dependence on oil (and not just foreign oil).
    Posted via Mobile Device



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    Re: Hmm, oil too cheap now?

    Domestically, is there a problem with cheap oil? It can't get low enough for my tastes and I get about 33 mpg and carpool.



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    Re: Hmm, oil too cheap now?

    It is a problem for Chavez and his 18 countries like Cuba that he is supporting. He has no money left over for Venezuela at these prices. Crunch time for him.


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    Re: Hmm, oil too cheap now?

    There is another problem with cheap oil. The consumer has a short memory and will start buying gas guzzlers again. The big 3 will totally abandon small vehicles and put all their eggs in the basket of SUV's.



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    Re: Hmm, oil too cheap now?

    Quote Originally Posted by dmclone View Post
    There is another problem with cheap oil. The consumer has a short memory and will start buying gas guzzlers again. The big 3 will totally abandon small vehicles and put all their eggs in the basket of SUV's.
    And this is the biggest problem of all.

    Once this starts happening again, as consumers forget about how high the prices were and have their gas guzzlers again, they'll jack oil/gas prices back up on us again. And those of us who are responsible consumers and remember this stuff will get hosed again by the high gas prices.



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    Re: Hmm, oil too cheap now?

    I don't think the American consumer (or voter) will be real quick forgetting this. Oil will find a balance in the free market, and it will stop it's freefall and level out to an extent where it should be. The US can certainly help keep downward pressure on it by continuing to open domestic sources while tapping new ones. High oil prices do not benefit us in any way, and they largely benefit our enemies. It's obviously time to switch gears in a responsible manner and move towards all sources of domestic energy.



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    Re: Hmm, oil too cheap now?

    Quote Originally Posted by brianhos View Post
    The lowering cost of oil is the only thing to keep inflation from going through the roof.
    That is the scariest part of all, especially with a poor economy. It is getting to the point where if the Fed were to cut interest rates any more...we could be looking at a stagflation problem. Inflation + a slow economy can spell a disaster.



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    Re: Hmm, oil too cheap now?

    Quote Originally Posted by ISUAlum2002 View Post
    And this is the biggest problem of all.

    Once this starts happening again, as consumers forget about how high the prices were and have their gas guzzlers again, they'll jack oil/gas prices back up on us again. And those of us who are responsible consumers and remember this stuff will get hosed again by the high gas prices.
    You are talking like there is someone pulling the strings here. Oil is a commodity, and people are going to bid on it based on usage and supply. We could ask India and China to stop using it so we can all go have Tahoes, or we can get off oil altogether.


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    Re: Hmm, oil too cheap now?

    Quote Originally Posted by brianhos View Post
    You are talking like there is someone pulling the strings here. Oil is a commodity, and people are going to bid on it based on usage and supply. We could ask India and China to stop using it so we can all go have Tahoes, or we can get off oil altogether.
    I agree with you in general, but what I don't understand is this:

    The price of gas has nearly been cut in half recently. I can't believe that the demand for oil has been cut in half. The explanation when it climbed was that countries like India and China were consuming more, but there could not have been twice as much consumption as there was previously. And if so, what happened?



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    Re: Hmm, oil too cheap now?

    Quote Originally Posted by Cyclonepride View Post
    I don't think the American consumer (or voter) will be real quick forgetting this. Oil will find a balance in the free market, and it will stop it's freefall and level out to an extent where it should be. The US can certainly help keep downward pressure on it by continuing to open domestic sources while tapping new ones. High oil prices do not benefit us in any way, and they largely benefit our enemies. It's obviously time to switch gears in a responsible manner and move towards all sources of domestic energy.
    Don't underestimate the ignorance of the American consumer. Already we see cheers to "cheap" gas ringing up at $2.99/gal.



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    Re: Hmm, oil too cheap now?

    Quote Originally Posted by ISUguy View Post
    I agree with you in general, but what I don't understand is this:

    The price of gas has nearly been cut in half recently. I can't believe that the demand for oil has been cut in half. The explanation when it climbed was that countries like India and China were consuming more, but there could not have been twice as much consumption as there was previously. And if so, what happened?
    Speculation about how bad the economy is going to be over the next 3-4 years is driving people from buying futures.


    They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety. - Benjamin Franklin 1775

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