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122 Comments
- IanG73, on 11/20/2008, -11/+69Title FAIL
- ZOMGitsRadimus, on 11/20/2008, -2/+38I filled up for $24 an hour ago... I was like BOOYA!
But then I realized I had no where to go... - jordn, on 11/20/2008, -1/+35suck it OPEC, you price fixing bastards!
- inactive, on 11/20/2008, -3/+32OPEC cutting production in 3....2...1...
- MalharP16, on 11/20/2008, -4/+30Great, SUV sales are going to shoot up.
- ElGubrush, on 11/21/2008, -0/+26But wait!! I thought the prices were so high because the world was running out and so they had to raise prices!
Oh, that's right, that was ***** that oil companies were trying to push on us.
"oh, it's not our fault.. gas is just soooo expensive now"
I hope they all get fired
Out of a cannon
Into the sun - leontes, on 11/20/2008, -2/+19I haven't filled my gas tank since the end of September. Gas is a dollar and sixty cents cheaper at my local station. I think I can hold out for a couple more weeks.
As much as I want to be thrilled about this, I know it's a sign that the next two years (at least) will be *****. The economy is in full-fledged free-fall mode. It's just so sad that we (the world) were so greedy... and now we (the world) suffers.
Thank god for my weekly paycheck and I hope I don't get laid-off. A couple of my friends did the last couple of weeks. - MforMike, on 11/20/2008, -1/+17Its not a good sign for the global economy but my broke college wallet sure likes it
- andyb747, on 11/20/2008, -2/+15How long will OPEC allow this nonsense to go on? Considering Dubai isn't quite "finished" yet
- Shiftgood, on 11/20/2008, -4/+15I think most consumers just burnt their hand on the stove. They probably wont touch it again.
(yes, im talking about buying low MPG cars) - humanawho, on 11/20/2008, -1/+10Long enough for people to forget how crappy it is to have expensive energy and give up on that stupid idea of "alternative" energies
- BESTenemy, on 11/20/2008, -0/+9 Inflationists and speculators were projecting commodity prices to soar into the stratosphere. Nobody bothered to calculate would would be able to buy oil if it was $200+ a barrel.
Now OPEC is threatening to cut production. *****! The prices are going down because of the demand destruction and deleveraging. They rise the cost of extraction, fewer will be able to get their product, demand will fall further and the market will once again price their resource lower. The balance sheet of oil extracting companies will remain unchanged.
Deflation is here and it is going to stay for years to come. Asset prices are going down. Rising unemployment is going to ensure that with every new day there are fewer buyers for goods and services. China is weak and cannot pick up the slack. They're crashing along with the rest. Who's to buy oil when everyone's too poor to afford it? God knows. - jinsundo, on 11/21/2008, -1/+10I'm patiently waiting for the price of oil to fall below zero. At that point I'll make some bux since the gas companies will now have to pay me to fill up my gas tank.
- plr4ever, on 11/20/2008, -0/+9If you didn't learn the first time around...
- roberekson, on 11/21/2008, -0/+9They'll worry about that later.
- Dinsdale77, on 11/20/2008, -1/+9Watch us start to forget things that we were just interested in. Alternative what?
- jasdf, on 11/20/2008, -3/+11Wooohooo! A great time to be a SUV drivin' green house gas emmitin' son-of-a-bitch!!
- tecratour, on 11/20/2008, -0/+8I hope your right, my friend.
- Sherman901, on 11/20/2008, -1/+9we won't be fooled again?
- jasdf, on 11/20/2008, -0/+7That is what I am seriously concerned about, the high price of energy was a major impetus to develop affordable alternative energy sources. Now with fossil fuels at affordable prices, the consumer (who drives the market) will loose interest in alternatives (which are now more expensive in absolute terms).
- skubiszm, on 11/20/2008, -1/+8Time to withhold production so the price goes back up.
- mattbelanger, on 11/20/2008, -7/+14I saw a guy driving in a Hummer today... I think I saw a tear of joy trickle down his face. Then he was like ***** this ***** I'm driving a Hummer and he started driving like a douche. True story
- Sherman901, on 11/20/2008, -4/+11apparently you failed on this one
- antonio97b, on 11/20/2008, -0/+7your username is moot.
- greeniy, on 11/20/2008, -0/+7If people had the confidence to believe that the oil prices will stay low for the next few years, this could be the most important factor in turning the US economy around, not only in regard to US automakers, but also with the lower cost of transportation which helps lower consumer prices.
- quadforce, on 11/20/2008, -3/+9Looks like big oil is going to bail out the big 3 :/
- leontes, on 11/20/2008, -2/+8If I wildly predict some ***** and it comes true, I can be seen as prescient. There are a lot of people who predict a lot of ***** all the time, at some point someone is bound to be right. The question is: has this dude been right about a lot of things?
I predict an earth quake of large magnitute will hit the earth in two months time that will shake a tall building to the ground.
I predict a popular beverage will have a massive recall in four months time, due to contamination.
I predict that AAPL will be above 150 before the release of the next version of the iphone.
It is kind of fun. - krnldmp, on 11/21/2008, -0/+5Whatever. Oil fired heat and electric rises in the winter and pretty much offsets the drop in gasoline demands for crude oil. The justification for summer price rise is largely believed, not understood.
- tgc1, on 11/21/2008, -0/+5The price has dropped because the cash cows have all fed themselves retarded by charging us up the ass for the last 3 years. Or doesn't anyone remember that? The bubble in that market has burst. That's what happens in every bubble market.
- rowlodge, on 11/21/2008, -0/+5just normal price gas should of been at ,why so sad, wallstreet?
- BlatheringIdiot, on 11/21/2008, -1/+6I'm getting me a Hummer. A BIG *****' Hummer.
- mojonyc212, on 11/20/2008, -1/+5Damned, now, I have no reason not to go to work!!!
- BESTenemy, on 11/21/2008, -0/+4"All speculative bubbles have a kernel of truth behind them to justify their existence. This time around it was China and India. These emerging Asian giants were gobbling up all the commodities the world could produce to fuel their rapid industrialization.
It wasn't that the story was untrue; it was old. Growing global demand probably was the reason for the gradual rise in oil prices from $20 a barrel to $40 earlier in the decade, and even to $60 by mid-2005.
It was the moon shot to $147 that took on a life, and a litany, of its own. Emerging nations didn't start gobbling up crude, coal and copper all of a sudden in the middle of 2007.
Yet analysts on TV and in print told us with a straight face that the doubling in oil prices from July 2007 to July 2008 was a result of fundamental demand, not speculative buying or investors, including pension funds, "diversifying" into "alternative investments" in search of "uncorrelated returns." (It sounds a lot better than admitting you got suckered into buying what was going up and are now stuck with a pile of stuff that no one wants.)"
- Bloomberg News
You can read the whole article here:
http://www.bloomberg.com/apps/news?pid=20601039&si ... - tgc1, on 11/21/2008, -0/+4How can people afford SUV's when they're losing their houses?
- ColonelJessup, on 11/21/2008, -3/+7Here we go again with the digg.com economic professors...............................
- czaffa, on 11/21/2008, -1/+5GAS TAX!
- TheSwashbuckler, on 11/21/2008, -1/+5The Iranians could become trouble makers over this. Their budget requires that oil be at least $75/barrel. Create a little mischief and the price of oil goes up...
- inactive, on 11/20/2008, -2/+6Hmm...it turns out Lindsey Williams has been right all along.
In July he predicted that oil would go below $60 a barrel on the Alex Jones show because of his direct ties to Oil CEOs.
http://video.google.com/videoplay?docid=3340274697 ... - inactive, on 11/21/2008, -1/+5Attention consumers: Please resume wasteful driving practices.
- schnibitz, on 11/21/2008, -0/+4And still no one remembers this little blurb just before the bubble burst: http://money.cnn.com/2008/07/24/markets/cftc/index ...
- Autodidaddict, on 11/20/2008, -0/+4Ordinary citizens mobilized and united using social networking site facebook plan to do what to OPEC? Write them letters? Boycott them?
Just because something is impossbile doesn't mean you shouldn't try it.
But what exactly are you going to do against OPEC? - Dauntless1, on 11/21/2008, -0/+3@gndoab
Demand does go up, but not as much as the prices. - BESTenemy, on 11/21/2008, -0/+3"As long as people who sell oil need stuff, there will be people buying oil."
That argument would hold true even if the oil trade amounted to an exchange of one barrel of oil a year from Saudis for one car stereo from Japan, but then we'd hardly call it an active economy, would we?
You bring up the point that when the oil prices dropped rapidly, the consumption didn't. Alright. What about when the price rose form $60 a barrel in 2005 to over $140 in 2007. Did the consumption increase 3 fold to match? Did the demand for industrial goods (metals and construction material) soar 3 times? Nope.
What was happening was a short-lived speculation bubble. The oil rose in perceived value, without an actual increase in demand.
The current deflation first caused oil to return to its actual market value and then proceeded lower based on further reduction in demand. No conspiracies. Just another bubble going "pop". - samuraipizzacat, on 11/21/2008, -0/+3http://ap.google.com/article/ALeqM5i81yLy9mKB6DZ3c ...
little outdated but article says $90/barrel. - rossiohead, on 11/21/2008, -0/+3OPEC has already "promised" to cut production by 1.5million barrels/day.
- hoonooka, on 11/21/2008, -0/+3It doesnt matter. Now people will go "hey gas is low".and start doing as much as they used to in stead of conserving. Then the big oil companys will realize that we are buying again and raise it higher.
- nullcodes, on 11/21/2008, -0/+3As long as people who sell oil need stuff, there will be people buying oil. Last I heard non of the OPEC countries can manufacture stuff with the quality and scale of the US, Chinese, Europe, Japanese .. and they damn sure can't do high tech and aerospace as well as we can.
Oil is useful and an essential commodity, but the sellers of oil don't have everything they need .. so they will have to sell oil to get stuff they don't make themselves .. and in that endeavor they will end up competing with each other. Their cartel only stands if the countries can keep from cheating each other. What happens is individual greed takes over so they end up trying to sell more oil than what the quota tells them to sell and then the oil price drops. That's why there is this collapse of oil prices. If you look at the actual number of oil barrels being sold every day .. the amount has only changed by a few percent (something like 5 to 10 percent) .. but the oil price has dropped by 68% -- not 10% .. when demand is higher than production capability (it takes a few years to get extra oil output production btw), those who need oil will pay anything to get it. When demand is less than production .. those who sell oil will try to sell off as much of it as possible even though the best thing for them to do is not cheat each other in their cartel (individual greed takes over). - Dauntless1, on 11/21/2008, -0/+3Too bad we're unable to pass on the share of blame to where it belongs, the guys who voted for these people in the first place.
- rossiohead, on 11/21/2008, -0/+3Their budget requires a price of $75/barrel? Source?
- Dauntless1, on 11/21/2008, -0/+3@tgc1
Because arrogance causes people to assume it's more dignified to be homeless than without a car. -
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