# The "Oil Prices" thread. **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [March 10, 2008, 10:44am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739 "2008-03-10T10:44:58Z")\ **Posts on this page:** 20\ **Page:** 40
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [July 15, 2008, 10:38am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/781 "2008-07-15T10:38:26Z")
> [@Joe](#): > > Supply and demand shape the general curve. Speculation makes it steeper. Bigger peaks, and, in the event we ever get there again, bigger troughs. With sharper curves from one to the other. I don’t see how people can blame only one element. > Oil goes up. Speculators think oil’s gonna go up and buy oil. Oil ends up going up a lot. > > Oil goes down. Speculators think the oil bubble has burst. They sell and short oil futures. Oil goes down a lot. > > In the current market, all we’ve seen is oil going up. People naturally assume it’s going to keep doing so and/or want to hedge against higher gas prices. Speculation is driving this market higher, even though the underlying causes are S&D related. I agree with this. What kind of % are we talking about though? My point is oil is never going to drop significantly unless demand drops or supply increases. ---
**Author:** ![Dr.Stevil](https://avatars.discourse-cdn.com/v4/letter/d/da6949/32.png) [@Dr.Stevil](https://forums.speedlife.net/u/Dr.Stevil)\ **Post date:** [July 15, 2008, 10:38am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/782 "2008-07-15T10:38:29Z")
shit, I was watching something on the news that liberal activists in California are even all for off shore drilling now. That says a lot IMO ---
**Author:** ![Dr.Stevil](https://avatars.discourse-cdn.com/v4/letter/d/da6949/32.png) [@Dr.Stevil](https://forums.speedlife.net/u/Dr.Stevil)\ **Post date:** [July 15, 2008, 10:42am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/783 "2008-07-15T10:42:43Z")
[http://volokh.com/posts/1215871080.shtml](http://volokh.com/posts/1215871080.shtml) ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [July 15, 2008, 10:47am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/784 "2008-07-15T10:47:44Z")
> [@AWDrifter](#): > > I agree with this. > What kind of % are we talking about though? > My point is oil is never going to drop significantly unless demand drops or supply increases. Really hard to say. Speculation has never been a problem because there was always approximately an equal number of people who thought a given item would go up or down. Nobody honestly thinks oil/gas is going to go down these days, everyone thinks its going to go up forever. Thus, we get fucked by the imbalance. If we didnt get speculation regulation, all we would really need to get that factor out of the market is a big group of really, really rich people willing to short oil for the greater good, and trust that they’ll get theirs. Short of a supply crunch or demand spike, they would. Speculation is self-fulfilling if you do it in big enough quantities. ---
**Author:** ![j\_espo1](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/j_espo1/32/7291_2.png) [@j\_espo1](https://forums.speedlife.net/u/j_espo1)\ **Post date:** [July 15, 2008, 4:58pm UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/785 "2008-07-15T16:58:28Z")
Oil prices plunge at fastest rate in 17 years over economic fears ---
**Author:** ![j\_espo1](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/j_espo1/32/7291_2.png) [@j\_espo1](https://forums.speedlife.net/u/j_espo1)\ **Post date:** [July 16, 2008, 8:06am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/786 "2008-07-16T08:06:21Z")
down another $3.44 so far today to $135.30 ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [July 16, 2008, 8:11am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/787 "2008-07-16T08:11:06Z")
\< 130 by the end of the week? ---
**Author:** ![Dr.Stevil](https://avatars.discourse-cdn.com/v4/letter/d/da6949/32.png) [@Dr.Stevil](https://forums.speedlife.net/u/Dr.Stevil)\ **Post date:** [July 16, 2008, 8:11am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/788 "2008-07-16T08:11:43Z")
lets hope so ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [July 16, 2008, 8:13am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/789 "2008-07-16T08:13:02Z")
If it goes below 130, I will be doing hairy burnouts at every stop light ---
**Author:** ![Dr.Stevil](https://avatars.discourse-cdn.com/v4/letter/d/da6949/32.png) [@Dr.Stevil](https://forums.speedlife.net/u/Dr.Stevil)\ **Post date:** [July 16, 2008, 8:17am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/790 "2008-07-16T08:17:58Z")
lol ---
**Author:** ![Fry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fry/32/7284_2.png) [@Fry](https://forums.speedlife.net/u/Fry)\ **Post date:** [July 16, 2008, 8:20am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/791 "2008-07-16T08:20:57Z")
:lol: I hit refresh and it dropped from 138 to 133. 🤣 ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [July 16, 2008, 8:22am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/792 "2008-07-16T08:22:21Z")
they are saying on [bloomberg.com](http://bloomberg.com) that the reason it is dropping is a lower demand, and NOT because our dollar value is low right now. So does that mean that this is only a temporary drop? If prices go down, and people start feeling relief, will the visit the pump more often and drive the demand back up? Of course if people feel relief at the pump, they are more likely to start spending in other areas, which will surely help the economy as a whole. What are your thoughts? I am I complete idiot? I did NOT pay attention in my economics class in high school. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [July 16, 2008, 8:27am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/793 "2008-07-16T08:27:35Z")
a demand change is about the best kind of drop you can hope for. It’s the longest lasting one. ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [July 16, 2008, 9:23am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/794 "2008-07-16T09:23:59Z")
Jim Roger’s take on oil… [http://www.hellenicshippingnews.com/index.php?option=com\_content&task=view&id=12891&Itemid=37](http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=12891&Itemid=37) From the article… “He said those who blame speculators for oil price surge do not understand the oil reality in the world.” But hey, I will take NYSPEED’s word for it. I mean after all look at your credentials.😛 ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [July 16, 2008, 9:26am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/795 "2008-07-16T09:26:08Z")
it is back up to almost 135. I think it will end up closing back up near where it closed yesterday ---
**Author:** ![j\_espo1](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/j_espo1/32/7291_2.png) [@j\_espo1](https://forums.speedlife.net/u/j_espo1)\ **Post date:** [July 16, 2008, 9:42am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/796 "2008-07-16T09:42:20Z")
134.62 ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [July 16, 2008, 9:51am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/797 "2008-07-16T09:51:22Z")
> [@AWDrifter](#): > > Jim Roger’s take on oil… > [Hellenic Shipping News Worldwide | Hellenic Shipping News Worldwide, Online Daily Newspaper on Hellenic and International Shipping](http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=12891&Itemid=37) > > From the article… > “He said those who blame speculators for oil price surge do not understand the oil reality in the world.” > > But hey, I will take NYSPEED’s word for it. > I mean after all look at your credentials.😛 Much better to take the word of a guy in the commodities business. > **[Rogers International Commodity Index](https://en.wikipedia.org/wiki/Rogers_International_Commodity_Index)** > > The Rogers International Commodity Index (RICI) is a broad index of commodity futures designed by Jim Rogers in 1996/1997. The first fund tracking the index began on July 31, 1998.\[citation needed\] > The index was designed to meet the need for consistent investing in commodities through a broad-based international vehicle. The index tracks 38 commodity futures contracts from 13 international exchanges. The list of commodities is subject to change by the RICI Committee. In general, a commodity wil... I’m sure you ask car salesmen how much you should pay for a car too. ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [July 16, 2008, 9:51am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/798 "2008-07-16T09:51:37Z")
> [@boardjnky4](#): > > I did NOT pay attention in my economics class in high school. Was it the class called “Supply and Demand and the other eight things Jay listed”?(That is a fairly new course.)😛 ---
**Author:** ![Fry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fry/32/7284_2.png) [@Fry](https://forums.speedlife.net/u/Fry)\ **Post date:** [July 16, 2008, 10:20am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/799 "2008-07-16T10:20:47Z")
AWDrifter I think you’re just messing with Jay, but you’re not really arguing that demand is the ONLY cause for the price jump over the last year? ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [July 16, 2008, 10:37am UTC](https://forums.speedlife.net/t/the-oil-prices-thread/44739/800 "2008-07-16T10:37:15Z")
> [@Fry](#): > > AWDrifter I think you’re just messing with Jay, but you’re not really arguing that demand is the ONLY cause for the price jump over the last year? He’s on the phone right now having Brown and Williamson explain why smoking is good for you, and how anyone who doesn’t understand that clearly doesn’t understand modern medicine. [Previous page](https://forums.speedlife.net/t/the-oil-prices-thread/44739.md?page=39) [Next page](https://forums.speedlife.net/t/the-oil-prices-thread/44739.md?page=41)