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  1. #1
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    Oil nearly under $50 a barrell

    Who would have thunk it 3 months ago? I figured it would go down, but this is just getting crazy.

    World News, Financial News, Breaking US & International News | Reuters.com



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    Re: Oil nearly under $50 a barrell

    Well that explains why gas went up a dime in DSM yesterday

    Wait.....



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    Re: Oil nearly under $50 a barrell

    It has traded down to $56.41 today but not near $50 quite yet. It very well could get there because the demand is shrinking. You have to go back to March 2007 to get to the level we are trading at today again.



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    Re: Oil nearly under $50 a barrell

    Quote Originally Posted by Cyclonesrule91 View Post
    It has traded down to $56.41 today but not near $50 quite yet. It very well could get there because the demand is shrinking. You have to go back to March 2007 to get to the level we are trading at today again.

    It is at $53.22 right now. Reuters front page has it displayed on the lower right.



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    Re: Oil nearly under $50 a barrell

    That is Brent Crude(BZ). Crude Oil(CL) is the commodity most people look at nowadays.



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    Re: Oil nearly under $50 a barrell

    G-G-R-R-E-A-T! Another industry we are going to be bailing out.

    Right after we bail out the auto industry. Then the oil/natural gas/heating oil industry. Then we are going to have to bailout the airlines since no one is flying. Then we will have to bailout the airplance builders since who needs commercial planes if no one is flying. Then we will have to bailout the hotel and resorts since no one is going there.

    You figure out were the retailer and dining out industry bailout fits in that picture...

    When is the 'bailout' for those that spend less than we make and pay our house/car loan every month ?



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    Re: Oil nearly under $50 a barrell

    Is the drop in demand the only reason for the drop in price? If so, all I can say is wow...a few months ago it seemed like the price of oil didn't adhere to the concept of supply/demand.



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    Re: Oil nearly under $50 a barrell

    Buy, Buy, Buy...



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    Re: Oil nearly under $50 a barrell

    Quote Originally Posted by DJK15 View Post
    Is the drop in demand the only reason for the drop in price? If so, all I can say is wow...a few months ago it seemed like the price of oil didn't adhere to the concept of supply/demand.
    no. speculators were in the game helping buoy prices.


    As far as depth goes though, the combination of White, Woodbury, Olaseni, Basabe, and Uthoff is much better than Niang, Ejim, Edozie, Gibson. Not because of the top 2, but because of the next 2 or 3. -DeanVogs

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    Re: Oil nearly under $50 a barrell

    Quote Originally Posted by Bobber View Post
    Buy, Buy, Buy...
    Quote Originally Posted by jmb
    no. speculators were in the game helping buoy prices.



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    Re: Oil nearly under $50 a barrell

    Quote Originally Posted by DJK15 View Post
    Is the drop in demand the only reason for the drop in price? If so, all I can say is wow...a few months ago it seemed like the price of oil didn't adhere to the concept of supply/demand.
    Yeah, that is why I couldn't help but laugh at people that thought the huge spike in oil prices was simply driven by supply/demand. It was a bubble created by a bunch of speculators getting rich. Of course like everything else it burst eventually.



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    Re: Oil nearly under $50 a barrell

    the markets are operating under a 'Sell everything for cash' mantra.

    This explains why all commodities have been caught in the sell off. 'Normally', in fear induced economic turbulence (or hyper inflation), the black helicoptor/one world government crowd flocks to gold.

    Anyone remember $1,000 an ounce gold earlier this year ? Go look at what it is now (@ $718)...



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    Re: Oil nearly under $50 a barrell

    Quote Originally Posted by CloneIce View Post
    It was a bubble created by a bunch of speculators getting rich. ...Speculators TRYING to get rich. They lose money in downturns just like the rest of us.

    Of course like everything else it burst eventually. So, when does the bubble burst on McDonald's that I bought in 1990?


    Dean Wormer was wrong. Fat, drunk and stupid was a great way to go through college (all five years of it).

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    Re: Oil nearly under $50 a barrell

    I would have wagered we would never see oil below $50 again. We may not, but I am floored where it is today. I think it will be back in the 70-80 range inside of the next year, maybe to 100...and it won't take long when the tide turns. But, as long as the country is in a financial crisis, it will take a while.


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

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    Re: Oil nearly under $50 a barrell

    Anyone that did not believe that oil prices were at least double from what they should be should really take a step back and reevaluate where they form their opinions. Nothing more than Def Lepard Hysteria. There is nothing that indicated those prices were anything but ficticious. Are your opinions spoon fed or are they educated? The knee jerk reactions of that so-called crisis should raise caution to what we are facing today. Educate yourselves people. Are we in a crisis? Yes. Are these over-reaction bailouts the answer? No way. Temper the enthusiasm. Why are we handing money out versus loans and bonding? When irresponsibility fails responsibility prevails. Which side are you on?



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