Crude Oil at $53!
 

Give me love!

Conspiracy theories?

Its gone up to $54,70 after this thread..

I saw gas @ $1.89 today. Pretty soon they'll be giving it away! :1orglaugh

Finally! :)

How about big oil decided it was better to lower their prices than have the auto industry shift to hybrid and more fuel efficient vehicles. If the prices are lower it will stop people from buying more efficient cars and the govt will likely relax the push toward more fuel efficient autos.

If gas is back under $2.00 it's hard to push that whole agenda along. Considering part of the reason the big three are tanking is because of fuel prices, I'd guess that might have something to do with it as well. They won't be selling much oil if people aren't buying gas.

The simple fact that gas is back down under $2 again, just proves the rapid price increase had no real basis on supply and demand but rather manipulation of the market. What has changed to cause the price to drop.. notta damn thing.

Obama's plan includes financing the hybrid powered cars and eco technology advancement if I recall his first press conference.. They are going to be pushing for it to avoid problems in the future.

I noticed the price a little cheaper today again.

Still nowhere near as cheap as it should be here though...

:thumbsup:thumbsup:thumbsup

I filled up for $1.99 last night... I was so excited it cost me $20.00 to fill up. It was running me about $40.00 not that long ago.

That sux my oil well check is going down.

go long, crude futures.

the high price was the result of speculation. they have since abandoned oil futures and prices settled back down to reality and the current global economic problems/financial market problems are pushing it down further. its not rocket science.

... or yeah.... err.... its a massive, deep, dark conspiracy to control your life... and of course, you're one of the few enlightened ones that sees the big picture because you have an open mind and "find the facts" in the "independent media" and you're not "brainwashed by FOX NEWS"

:1orglaugh:1orglaugh

Are people fucking retarded? It will go back up spring/summer of next year to the same or higher levels it was this year that time.

This is nothing new, it does this EVERY single year.

Oh ya I forgot everyone here forgets what happened yesterday which is why they let AFF shit all over them and think the world is gold now that the US elected a black man. Fuck.

The dollar is strong. When the dollar starts to tank when the reality of these bailouts hits gas will go very high.

sucks for us norwegians :(

Noway, I still prefer Statoil over all :)

What is a pissser is just how quickly gas goes up in price at the pump yet it takes weeks to fall. Gas here in Del Mar, San Diego is still around $2.49. Yet 20 miles south of here its hovering around $2.29 in La masa.

Same thing happens in the UK prices go up the same day but take weeks sometimes months to go down. And we stand for it :321GFY

Fuel prices at the pump should be alot less then they are now IMO.

Speculation, a global recession, and major weakening demand had absolutely nothing to do with it...

I had $1.79 today and only needed 7.5 gallons to fill my lil civic hyrbid. Spending under $20 a week on gas is a NICE change. Too bad when gas was so expensive I had to drive 4k miles a month and now I'm only doing 1500 miles/mnth

I was just going to post the same..

Awesome.

the rally up and down of crude oil had many factors....among them was the US dollar fluctuation had a large role....

Big fucking surprise... When Carter was talking about going forward with plans to reduce the US reliance on oil because of the high prices then, magically the prices dropped big time... Obama is going to do the same... prices drop... Gee... There's no manipulation going on... nope...

Forecast to go down to $40. Much of the fuckers that drove up the price of oil--hedge funds/commodities sections of big investment banks--are on the ropes or went tits up. That explains part of the decline.

The merry go round continues ...

2.09 when i filled up today, lowest in years

"Conspiracy theories?"

1. We're trying to bankrupt Iran. Profit threshold is in the $95/bbl range (with subsidies), and unsustainable deficits if it hit the mid $70/bbl range, now they're now digging into reserves to keep the country going. Along with that, the central banks global meetings are conspiring to collapse the dollar and usher in a global currency, thus consolidating power. NWO buwahahahahaaaa! :pimp

2. Less conspiracy than reality.. demand dropped too fast for opec to cut production. Now there is a huge glut of oil supply, compound that with the fact opec didn't cut enough in production (only cut 1 million barrels per day I think) in their last meeting. And throw hedge funds pushing the price way beyond any fundamentals and.... kaboom! the bottom falls out. :error

I prefer #2. :costumed13

oh ya, and I've read predictions as low as $35/bbl...

53 bucks a barrel. Then how come gas isn't 50 cents a gallon. lol We get assraped no matter what.

OPEC is keeping up the production to fight global depression?

once all this financial mess clears up, oil will go to 200+ because OPEC will keep cutting production, and once oil shoots up there will be not enough supply

Perhaps because oil that is purchased at 53 dollars a barrel is not yet refined to gasoline for your car.

If you all of a sudden found a way to cut production costs in half would you run out and refund money to all your existing members?

There is no speculation going on because they can't borrow money to speculate. That's one of the positives of the downturn in the financial markets.

I think it's funny actually that the people who were running up the price of oil didn't actually have the money to invest themselves, they had to borrow it.

At $39 a barrel they are still making a hefty profit, so at 53 they are still doing fine.