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Oil going up again?????

Discussion in 'Uncategorized Threads' started by H82MIS, Oct 21, 2008.

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  1. H82MIS

    H82MIS TS Member

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    That didn't take long,,,,,,
     
  2. stokinpls

    stokinpls Well-Known Member

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    Oil, oil, everywhere, and not a drop for us. Thanks tree huggers.
     
  3. perga1

    perga1 Active Member

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    Down today.
     
  4. CalvinMD

    CalvinMD Well-Known Member

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    Location:
    Northeastern MD @ the top o the Bay
    heard today it may dip as low as 50 bux a barrel...that would be cool
     
  5. Ahab

    Ahab Well-Known Member

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    Yup! Today crude back down to $71/barrel an wholesale gasoline down to $!.68/ gallon.

    Lead down to 61¢/pound.
     
  6. bigdogtx

    bigdogtx Well-Known Member

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    Enjoy it while you can....if hussein gets in....no drilling in US...just more suffering
     
  7. Andy Moreland

    Andy Moreland TS Member

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    Just keep an eye on OPEC... they've gotten used to $100/barrel oil! Some OPEC countries have increased their spending to match the price of oil. Now they need to increase their income to match their spending... and unlike us, they can do it.

    Andy Moreland
     
  8. JH

    JH Well-Known Member

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    NFL.....Not For Long....If Obama+Reid+Pelosi are in power...buy air gauges and a new bicycle....no drilling, no nuclear facilities, etc....(except them, of course, ALGORE will continue flying his jet and ride his limo...)
     
  9. Joe Potosky

    Joe Potosky Well-Known Member

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    A September news article....

    Democrat Leader: Restoring Offshore Drilling Ban a ‘Top Priority’ for Next Year

    CNSNews.com) -House Majority Leader Steny Hoyer (D-Md.) told CNSNews.com on Wednesday that restoring the ban on new offshore oil drilling leases “will be a top priority for discussion next year” if the Democrats retain control of Congress.

    The congressional Democratic leadership decided this week not to try to extend the ban, which they might have attempted by including it in the continuing resolution that passed the House today in order to keep the government funded past the end of the fiscal year, which comes to a close on September 30.

    The existing ban on selling new offshore oil drilling leases is part of the fiscal 2008 Interior Department appropriation. When that appropriation expires on September 30, so does the drilling ban.

    “I am sure it will be a top priority for discussion next year,” Hoyer said when CNSNews.com asked him if Democrats would fight to restore the ban.

    Republicans have targeted the ban since summertime, pointing to historically high gas prices as good reason to lift the ban that has been included in the Interior funding bill every year since fiscal 1982.

    In July, President Bush rescinded an Executive Order that mirrored the congressional ban in prohibiting new offshore oil drilling leases. During the August congressional recess, Republicans held frequent press conferences in Washington to criticize the Democratic leadership for leaving town not having held a vote on allowing new offshore oil drilling.

    On Wednesday, Senate Republicans gathered at a press conference at the Capitol to celebrate what they consider a victory on drilling. In their view, congressional Democrats bowed under pressure to public opinion by choosing to allow the ban to expire.

    “We have gathered to celebrate and to thank the American people for literally sweeping over Congress with public opinion in demanding this result,” said Senate Majority Leader Mitch McConnell (R-Ky.)

    Republicans also warned that the fight is not over, and predicted that Democrats would try to restore the ban.

    “Oh yes,” Sen. James Inhofe (D-Okla.) told CNSNews.com when asked if he expected Democrats to attempt to restore the ban. “I would expect them to try to restore the moratoria but that’s why its so important to get the word out to the American people that, yes, this is a great thing, but it makes it so much worse for Democrats if the people of America find out that they are doing this only to get by in the elections then turn around and cut off the supply.”

    CNSNews.com reported on Monday that congressional Democrats were considering allowing the ban to expire in the hopes that they could restore it next year with a stronger majority in Congress or a president in the White House. (See article: http://www.cnsnews.com/public/content/article.aspx?RsrcID=36204 )

    McConnell said he believes that restoring the ban after the elections would not be a ‘responsible use of democracy.’

    “One cautionary note,” said McConnell. “I get the impression from listening to the majority that it is their intent to restore these moratoria at a later time. We think any effort to thumb your nose at public opinion as soon as the election takes place is not being very responsible with our democracy.”

    Despite Republican predictions that Obama would attempt to restore the ban if elected president, Hoyer told CNSNews.com that he is unsure how Obama will decide to act on the ban.

    “I have not talked to Sen. Obama and I do not know what his plan is, but I would think he has indicated that he understands that energy independence is very important to this country therefore I would expect him to proceed in a way that facilitates that,” said Hoyer. “How that will play out I don’t know, and don’t want to speculate.”

    If the ban does expire on Tuesday, as expected, most U.S. waters 3 miles or more off the beach will be legally eligible for federal offshore oil drilling leases.

    Officials from the U.S. Interior Department, which oversees federal offshore leases, told CNSNews.com on Monday that even without the ban other existing laws and regulations mean it will take at least 5 years before new leases are actually issued.
     
  10. ronbo142

    ronbo142 TS Member

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    OPEC talks big, but historicly they may say a production cut but usually they are so darn greedy no one actually cuts production. You might see a spike on the announcment but once the market gets to observe the action or non-action of the OPEC members supply and demand takes over, more supply + less demmand = lower oil prices.

    Ronbo
     
  11. dward

    dward Member

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    The recent commodity run up was all about speculators/hedge funds pooring money into the commodity markets. There are supply and demand issues that will eventually drive the price of oil up, but no where near the amount of rise and volatility we've seen in the last year or so. Wall Streets greed is the root of this!

    Read the attached link!


    http://accidentalhuntbrothers.com/?p=67
     
  12. TOOLMAKER 251

    TOOLMAKER 251 Active Member

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    Oil will be going down not up. Russia has no intention of cutting back, and Cuba which has a 10 billion barrel + reserve of oil in the area will be coming on line real soon.
     
  13. Andy Moreland

    Andy Moreland TS Member

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    Neither Russia or Cuba would be bound by an OPEC agreement anyway; they aren't members of OPEC.

    Andy Moreland
     
  14. Rico46

    Rico46 TS Member

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    Oil down $4.00 today. I beleive its at $67 a barrel. I just bought gas in Cudahy, WI for $2.65 a gallon!

    Rick Brohmer
     
  15. H82MIS

    H82MIS TS Member

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    $2.17 in Kansas city Mo.

    hope it goes to a dollar,,,
     
  16. Dove Commander

    Dove Commander TS Member

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    About the time our new president is in office, some yahoo from Russia or the middle east will do something to cause a "crisis", and oil will rebound. Just like they want it. This will be interesting. Bad economy, rising oil prices, layoffs, and recession. Who do you want in the whitehouse?
     
  17. TOOLMAKER 251

    TOOLMAKER 251 Active Member

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    Oil closed today in NY at $66.75 regular gas in the Carlisle, Pa. area is selling for $2.37 a Gal.
     
  18. Rico46

    Rico46 TS Member

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    I'd like to see gas under $2.00 where it should be!
     
  19. grnberetcj

    grnberetcj Active Member

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    Oil perspectives have served me well....

    In Sept. '07 I invested $100K in oil futures at $80.00 per barrel. Sold the futures in May of this year at $132.00 per barrel.

    Profits were moved into BlackRock Global Resources which has a 45% YTD return (12.5% in the last month)....this even with oil going down...

    There's bargains to be had and money to be made.

    Gas in Delaware this morning was $2.49

    Flats of Top Guns are $53.00

    25 #'s of West Coast shot is $30.00

    Curt
     
  20. hmb

    hmb Well-Known Member

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    25# of WCS for $30 is no bargain. Lead closed today at $.55 a pound. 25 x .55 = $13.75. HMB
     
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