Oil at $129 right now..

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  • marketsmart
    HOMICIDAL TROLL KILLER
    • Dec 2004
    • 20419
    #1

    Oil at $129 right now..

    OPEC says price is being driven by speculators...

    Boone Pickens says price is being driven by less oil available..

    I believe Boone Pickens.. For those that dont know who Boone Pickens is, he was the first person to start talking about peak oil years ago...
    Tags: None
    • Headless
      Registered User
      • Jan 2001
      • 26727
      #2
      i think its being driven by both actually.. what i do know s that i never thought i would see 4 bucks a gallon....

      I read an article that said ts just ne big bubble about to burst. i disagree though, we need our oil, as a nation we arent going to slow down consumption. forget globally... china is a hgue issue too

        Comment

        • potter
          Confirmed User
          • Dec 2004
          • 6559
          #3
          less oil available where? in the united states we're currently importing more oil than we need. we're using less than we have. and the majority of our reserves are full at the moment.

            Comment

            • marketsmart
              HOMICIDAL TROLL KILLER
              • Dec 2004
              • 20419
              #4
              Originally posted by potter
              less oil available where? in the united states we're currently importing more oil than we need. we're using less than we have. and the majority of our reserves are full at the moment.
              reserves are only 200 million barrels... thats 10 days worth of usage...

              plus, china and india usage rising...

              i do agree, there doesnt seem to be a lot of rhyme or reason as to the continued increase in oil price. however, i hold a lot of value in what Boone Pickens says and if he says its mostly due to lower overall worldwide supplies, i believe him..

                Comment

                • teomaxxx
                  Confirmed User
                  • May 2003
                  • 2737
                  #5
                  The most estimates on oil speculation says, that there is around 20-30 bucks premium due speculation on weak dollar. Thats what you get when you have FED trying to bailout its Wallstreet friends, while they dont care much for value of dollar.

                  "Now every Gradmamma speculate on further rise of oil."

                  The Central Eurobank head even told it few weeks ago: "to cut interest rates at this point would be the same as taxing the people to bail out the banks. Cost of extra inflation would be the ultimate sign of moral hazard to save banks."

                    Comment

                    • Tom_PM
                      Porn Meister
                      • Feb 2005
                      • 16443
                      #6
                      Welp, all I know is that if this thing in the middle east really was a "blood for oil" deal, it sucks nasty ass because oil was $24 a barrel back in 2001.
                      43-922-863 Shut up and play your guitar.

                        Comment

                        • ADL Colin
                          Too lazy to set a custom title
                          • Feb 2001
                          • 11929
                          #7
                          Boone Pickens' book is pretty good - worth a read - and he has a new one coming out soon.

                          He's a great promoter of himself and his fund. if I recall correctly though he lost a lot back some decades ago on a bad natural gas bet. I remember he was also short oil just a few months ago before saying he was wrong and going long.

                          No one knows when peak oil will be. Does he have insight into this that others don't? I am pretty sure he said we were at peak oil when production was about 3 million barrels per day less than it is now. He seems to move the markets with his statements and predictions.


                          Adult Date Link - $50 PPS starting NOW! -- good and JUICY!

                          skype = "adultdatelink"

                            Comment

                            • Rochard
                              Jägermeister Test Pilot
                              • Dec 2001
                              • 75733
                              #8
                              Great. The higher the cost of gas the less crowded the freeways will be, and the more public transportation will be used.
                              Herschel Savage
                              Brooklyn, NY

                                Comment

                                • teomaxxx
                                  Confirmed User
                                  • May 2003
                                  • 2737
                                  #9
                                  Originally posted by ADL Colin
                                  Boone Pickens' book is pretty good - worth a read - and he has a new one coming out soon.

                                  He's a great promoter of himself and his fund. if I recall correctly though he lost a lot back some decades ago on a bad natural gas bet. I remember he was also short oil just a few months ago before saying he was wrong and going long.
                                  from someone else:

                                  "T Boone's hedge fund was down 98% in 1998, yes 98% when crude went to $10"

                                    Comment

                                    • dready
                                      Confirmed User
                                      • Oct 2002
                                      • 5247
                                      #10
                                      From yesterday's Globe and Mail - Oil price defies swelling supplies
                                      ICQ: 91139591

                                        Comment

                                        • ADL Colin
                                          Too lazy to set a custom title
                                          • Feb 2001
                                          • 11929
                                          #11
                                          Originally posted by teomaxxx
                                          from someone else:

                                          "T Boone's hedge fund was down 98% in 1998, yes 98% when crude went to $10"
                                          "I struggled through the '90s. I struggled to the point of depression. I couldn't get anything to work. I really got down in the '90s. Then, you had this turnaround. Now it looks like everything you throw is a strike."

                                          He's had good times and bad for sure.

                                          He made his bet this time and bet big. Now he is worth $3 billion. He's a great promoter and seems to be on CNBC every week. he's taking some big risks over the years for sure. Back when Mesa was doing big LBOs and trying to do even bigger ones.


                                          Adult Date Link - $50 PPS starting NOW! -- good and JUICY!

                                          skype = "adultdatelink"

                                            Comment

                                            • teomaxxx
                                              Confirmed User
                                              • May 2003
                                              • 2737
                                              #12
                                              130$ today...and we are just going into season....

                                                Comment

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