No way, not without a cat 5 hurricane that seriously destroys our gulf oil production.
Forget logic, I was just hoping he was going to throw $1000 or so at his prediction and invest. If he’s right, he’ll be :D:D:D
I am going after it in prolly last september/early october when it drops to about $90-95 and dumping about 10k into it.
Cool. +karma for that. At least you’re backing up your prediction, though I hope for my sake, oil stays low.
Funny you said the same thing last July when I said oil was going to hit 80 and maybe 100.
Oil will go up after the election.
If you’re sure go buy some oil contracts. 
I wont buy them until OPEC cuts output again. They are still producting at the same rate so I am holding off.
Yeah, they met today and said, “There is no reason to cut output”. Just a couple weeks ago one of the guys holding a top position in OPEC said oil should be around $80/barrel.
^^ OPEC DID cut output. Fucking scumbags. they are keeping oil above $100.
:mad: :jays:
http://www.bloomberg.com/apps/news?pid=20601087&sid=ancfz6nvWKjI&refer=home
Time to buy!
If this hurricane destroys anything expect back up to $120-130
:picard:
OPEC cut the excess production they put on the market when they caved in to the international pleas for more oil to try to stop oils record price run. Even though they said the price has nothing to do with supply and demand because it wasn’t a demand issue they caved in and added the production, only to see the price continue to rise.
Now that they have basically been proven right they removed the excess oil from the market. And what do you know, the price continued falling today despite the cut in supply, further proving this entire mess was speculator fueled.
Another study out today showing just that:
http://money.cnn.com/2008/09/10/news/economy/oil.ap/index.htm?postversion=2008091013
Finally, will someone please go cunt punch Nancy Pelosi for her stupid idea to release oil from our strategic reserve? This should be the final nail in the coffin of that stupid price fixing scheme since it proves that fiddling with supply when it’s not a supply issue is pointless.
that sounds like an awesome time. i want some big oil sex.
can I do it just because?
i’ll bet it’s rough too
Fuck yes. Just think of all the drilling puns.
Down here they are not too bad. ~3.60 a gallon of 93.
:angryhump:
Really surprised oil didn’t go up considering Ike is now heading much farther north than originally expected.
If Ike goes through without major damage to the oil production it will be real interesting to see what happens to oil prices next week. Production never came back online after Gustav because Ike was so close behind, so basically the 10x.xx price we’re seeing today is already accounting for the temporary loss of gulf production.
The big unknown is the damn fed. I saw this morning that they are probably going to leave the rate alone at the next meeting but suggested they might need to LOWER it after that. Just saying that may hurt the dollar, which will probably bring oil back up.
I hope and expect they leave it alone. Lowering the rate isn’t going to make mortgages any easier to get, they’re still super affordable, you just need dynamite credit. As for the economy, this slowdown is more unemployment and inflation than lack of liquidity. Not the type that can be fixed by lowering the fed funds rate, in fact just the opposite. Plus, our dollar is finally rallying a bit, in time for me to book my Caribbean spring break soon.