dollar needs to get better before that can happen, no?
edit: nevermind, I understand now, ignore the above statement
other way round.
yeah I figured that out around 30 seconds after my post
it basically needs to be credit/housing gets better -> raise interest rate -> dollar gets stronger -> oil prices come down. In regards to the weak dollar portion of the price anyway.
Speculation might have played a small role in the high prices and sudden daily changes but unless the dollar goes up we are gonna be shitty in the global market to buy anything. Also, who doesnt speculate in the market. Remors of Steve Jobs falling ill to cancer again dropped apples shares a large margin in a day. Oil is just something that people pay the most attention to.
Offshore drilling is just a business ploy. There will no immediate effect at the pumps that this will solve and we wont see the price change till at least 2020. Even at that point, if we do nothing to change our demand for gas, it will be so high we all will be broke or dead anyways.
Also, now that we are paying almost $4.50 a gallon for gas, nothing will make the price come down unless we suddenly reduce our demand for gas and come to a point where we dont need it anymore. This means that we need a type of power solution not only in cars but across the board. Again, this wont happen over night.
Even if we did reduce our demand, nothing really will bring the price down since its so high. Its selling so high. They suddenly wont say “Oh we have a lot stocked up…gas is going to $2.50 a gallon now.”
Here’s the problem. When I want to speculate on Apple and buy on margin I have to put down 50%. When I want to do the same on oil I only have to put down 5-7%. Want to buy 100 million in oil futures? Put down 6 million and it’s yours. Want to put 100 million to speculate on Apple? Put down 50 million.
I don’t want to see them end speculation, but lets at least level the damn playing field.
BTW, in B4 Nikuk or Joe or JoesTypeS calls me out about my Republicans being the ones fucking up the oil speculation bill. God damn fucking political games. There is bi-partisan support for this speculation bill but the Republicans want to add 20 ammendments, including more drilling, which means the Democrats won’t allow it.
PASS THE FUCKING BILL ASSHOLES! I want more drilling to, but don’t kill a bill that would really help, that everyone wants, just to play political games. You’ll get your chance to push for more drilling later. Hell, it’s going to be a great election issue since 72+% of Americans favor it but the Democrats refuse to even bring it up for debate in Congress.
BINGO!!!
It is not all coincidence that a pre 1964 quarter could buy you a gallon of gas in 1964 and still buy you a gallon of gas today.
Another little sell off so far today…
Currently at $123.01 :tup:
Yep, its down a few dollars so far. Hopefully it will stay that way and close around $123. The price at the pump this morning was $3.89 for regular and $4.09 for 93. :tup: to that. Hoping I can get 93 underneath $4.00 soon.
Honestly I’m very surprised at-the-pump prices are starting to reflect the oil trading prices. They must be afraid of more price gouging lawsuits.
87 octane is $4.25 a gallon at Main and transit. i dont know what gas stations you guys are going to but the prices arent dropping at these places.
I paid $4.16 at noco on Walden and Central ave. on wed. I stopped paying attention to the prices but when I looked I was amazed.
lol
McCain apparently isn’t as tech ignorant as we think. Like most Republicans, he appears to be getting all his news from chain emails, because he’s parroting the latest talking point that’s been propagating down the pipe that brought previous bits of GOP misdirection.
Earlier, campaigning in Wilkes-Barre, Pa., McCain credited the recent $10-a-barrel drop in the price of oil to President Bush’s lifting of a presidential ban on offshore drilling, an action he has been advocating in his presidential campaign.
See, we didn’t even have to drill to lower the price of oil, we only had to talk about it. Which has to make you wonder why Bush didn’t bother to remove the executive ban until after Republicans had decided to make oil the focus of their campaign. (Oh yeah, and how is it that Democrats kept oil companies from saving us when Bush left the executive ban in effect until now?)What’s the real reason oil prices are falling?
“The worries about demand erosion in the U.S. and an economic slowdown are really pulling prices down,” said Victor Shum, an energy analyst with consulting firm Purvin & Gertz Inc. in Singapore.
The Energy Department’s report also showed that U.S. gasoline stockpiles jumped 2.9 million barrels last week, far more than analysts surveyed by energy research firm Platts predicted. The decline in crude inventories was less than forecast.
So congratulations to McCain, Bush, and the Republicans! They’ve reduced oil prices by wrecking the economy to the point where demand is falling. I guess that’s one way to satisfy the supply/demand equation.Don’t worry, none of this will make the email.
http://dailykos.com/storyonly/2008/7/24/113159/139/91/556218
:bigclap:
Somehow I can see how the lower gas prices are going to come up on his next speech about good stuff he has done recently.
123.26
and yet again another stalemate :bloated:
Payed 3.97 last night!!
I’m ready to drill in lots of places but even I’m not sure about drilling in the Great Lakes, where 22% of the entire world’s fresh water resides.