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InvisibletrendalM
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Oil prices top $92 a barrel
    #7562068 - 10/26/07 07:59 AM (16 years, 3 months ago)

Oil prices top $92 a barrel
Crude hits record high amid Mideast tensions, supply worries

BANGKOK, Thailand - Crude oil prices spiked above $92 a barrel Friday on tensions in the Middle East and renewed concerns about supply.

...

“With oil taking the $90 hurdle, a price of $100 seems more and more likely, if only for speculative reasons,” Commerzbank commodity analyst Eugen Weinberg told Dow Jones Newswires.

http://www.msnbc.msn.com/id/12400801/


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Re: Oil prices top $92 a barrel [Re: trendal]
    #7562087 - 10/26/07 08:06 AM (16 years, 3 months ago)

time to invade iran or afganistan or north korea or?....:lol:


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InvisibletrendalM
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Re: Oil prices top $92 a barrel [Re: makaveli8x8]
    #7562089 - 10/26/07 08:06 AM (16 years, 3 months ago)

Canada? :grin:


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Invisibleblewmeanie
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Re: Oil prices top $92 a barrel [Re: trendal]
    #7562092 - 10/26/07 08:09 AM (16 years, 3 months ago)

Invest in a scooter. 100mpg


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InvisibletrendalM
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Re: Oil prices top $92 a barrel [Re: blewmeanie]
    #7562102 - 10/26/07 08:13 AM (16 years, 3 months ago)

It's not so hard to get around my city on a bicycle...I could probably bike to the other side of the city in a little under an hour.

100 km / sandwich and drinks :wink:


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OfflineKinematics
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Re: Oil prices top $92 a barrel [Re: makaveli8x8]
    #7562106 - 10/26/07 08:13 AM (16 years, 3 months ago)

Quote:

makaveli8x8 said:
time to invade iran or afganistan or north korea or?....:lol:




North Korea has no oil. Otherwise we'd have cleaned them out by now.


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Re: Oil prices top $92 a barrel [Re: Kinematics]
    #7562119 - 10/26/07 08:18 AM (16 years, 3 months ago)

isn't commie blood as good as oil?


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Invisibleblewmeanie
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Re: Oil prices top $92 a barrel [Re: trendal]
    #7562197 - 10/26/07 08:54 AM (16 years, 3 months ago)

Quote:

trendal said:
It's not so hard to get around my city on a bicycle...I could probably bike to the other side of the city in a little under an hour.

100 km / sandwich and drinks :wink:



Not looking like a sweaty, late, homeless person....priceless


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InvisibleAsante
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Re: Oil prices top $92 a barrel [Re: trendal]
    #7562216 - 10/26/07 09:06 AM (16 years, 3 months ago)

I like to add to that!

Oil -- $92/barrel -- highest ever
Gold -- $776/oz -- highest in 30 years
Silver -- $14.01/oz -- highest in 30 years
US $ -- 0.6959 euro -- lowest ever

What you are seeing here isn't a sudden price spike in oil and gold, but the decline of the dollar is a big part of it.

You need more dollars to buy oil, gold and euros because the dollar is worth less.


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Invisiblezorbman
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Re: Oil prices top $92 a barrel [Re: trendal]
    #7562512 - 10/26/07 10:34 AM (16 years, 3 months ago)

It is ominous and strangely encouraging at the same time that the markets are finally talking about there being a problem on the supply end rather than just demand side. I think that recognition is what is behind the recent rate of increase.

I predicted 100$ barrel oil two years ago hoping I'd be wrong. And now next stop is 100$..

The next few decades should be *cough* interesting.


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InvisibleAsante
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Re: Oil prices top $92 a barrel [Re: zorbman]
    #7562539 - 10/26/07 10:40 AM (16 years, 3 months ago)

Yup, one hiccup and we got $100 oil. Worse still, hiccup or not, it's the push that will soon drive oil to the $100 mark and way past that, for a long time if not forever.

It's push too, not hiccups, that is driving the gold price. I had my doubts whether the $900 gold of the Cheuvreux Gold Report was realistic.

At a spot price of $780 RIGHT NOW (it even surpassed the 775 of a few hours ago, wow) I now believe the $900 gold will arrive right in time, perhaps sooner even, and that it was in fact conservative.

I believe we are headed for 1980s $850 gold in the 2010s, and by that time it will be $2.000-$3.000


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Edited by Asante (10/26/07 10:44 AM)


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OfflinemndfreezeMDiscordReddit
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Re: Oil prices top $92 a barrel [Re: Asante]
    #7562909 - 10/26/07 11:48 AM (16 years, 3 months ago)

I predict we will be at 120 a barrel in the next 3 years.

Gee that was hard!

I also predict the prices of everything will go up over time.

This spike is due to the Iran sanctions crap the UN just imposed because everytime soemone sneezes over there they jack the prices up.


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Invisiblemushbaby
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Re: Oil prices top $92 a barrel [Re: mndfreeze]
    #7563017 - 10/26/07 12:05 PM (16 years, 3 months ago)

It sure doesn't help prices much when everyone drives those damn HUGE Expeditions and navigators. I also noticed a price spike when the 10 and 12 valve vehicles became all the rage.

I find it extremely interesting that the highest gas prices we have ever had occurs at the same time we have a President who's from Texas.


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OfflineThe_Ghost
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Re: Oil prices top $92 a barrel [Re: mushbaby]
    #7563044 - 10/26/07 12:10 PM (16 years, 3 months ago)

Quote:

mushbaby said:
It sure doesn't help prices much when everyone drives those damn HUGE Expeditions and navigators. I also noticed a price spike when the 10 and 12 valve vehicles became all the rage.

I find it extremely interesting that the highest gas prices we have ever had occurs at the same time we have a President who's from Texas.



I suppose the fact that we're running out of oil has Something to do with it?


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Invisiblemushbaby
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Re: Oil prices top $92 a barrel [Re: The_Ghost]
    #7563094 - 10/26/07 12:18 PM (16 years, 3 months ago)

The refining companies have been having record profits for the last couple of years. First they would blame one thing (Katrina) then they would blame another (unrest in Venezuela, unrest in the Middle East)

I personally feel this has less to do with supply and more to do with manipulation of the market for profit. They know they have us over a barrel (ha!) and they are sticking it to us.


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Invisiblezorbman
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Re: Oil prices top $92 a barrel [Re: mushbaby]
    #7563136 - 10/26/07 12:24 PM (16 years, 3 months ago)

That might make sense if the oil companies controlled the price. The prices are set in the open pits in trading floors by oil futures traders.


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Invisiblemushbaby
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Re: Oil prices top $92 a barrel [Re: zorbman]
    #7563189 - 10/26/07 12:36 PM (16 years, 3 months ago)

For the barrel yes, for the prices at the pump no.

Before Katrina crude was running around $ 60. Now it's $ 92. I believe there is a slight discrepancy in the difference in prices for crude( $ 32 )and the difference in refined gas prices.

THere are 42 gallons in a barrel of crude. I know refined requires more than 1 gal of crude but still prices are way above what they should be if gas was only rising due to crude oil prices.

Oil futures means they are speculating. That speculation is another form of manipulation.


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Invisiblezorbman
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Re: Oil prices top $92 a barrel [Re: mushbaby]
    #7563421 - 10/26/07 01:40 PM (16 years, 3 months ago)

Quote:

Oil futures means they are speculating. That speculation is another form of manipulation.




While there is some speculation in all commodities which trade in futures, if supply/demand were not so tight they would have no power at all to push up prices as someone would just undercut the price of those contracts as soon as they asked for a higher price.

Also it is important to understand that the futures contracts are not bought and sold by oil companies themselves.

The main factor driving prices is that we live in a world where countries with huge populations like China and India are industrializing just at the same time global oil production is reaching, or has reached, a peak.

Supply and demand ultimately sets the price- always has, always will. Although there is not exactly a one-to-one relationship with gas prices there is a strong relationship as gas is processed from crude oil.


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“The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought.”  -- Rudiger Dornbusch


Edited by zorbman (10/26/07 01:48 PM)


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OfflineVisionary Tools
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Re: Oil prices top $92 a barrel [Re: zorbman]
    #7563566 - 10/26/07 02:29 PM (16 years, 3 months ago)

It'll hit 200$ a barrel, and then the carbon tax will be put into place. By which time there will only be working slaves working longer than ever before for a meagre living, and the ruling elite, profiting off of more wars, higher costs on everything.

Although by now, they have all the profit they need. The next step is control. Look forward to american and asian versions of the european union soon!


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Re: Oil prices top $92 a barrel [Re: trendal]
    #7563764 - 10/26/07 03:51 PM (16 years, 3 months ago)

Gold just got up to $785/oz. Has the world gone mental ?!


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Re: Oil prices top $92 a barrel [Re: Asante]
    #7563883 - 10/26/07 04:35 PM (16 years, 3 months ago)

http://biz.yahoo.com/ap/071025/bp_settlement.html

"Additionally, the Justice Department charged four former traders accused of carrying out the scheme with 20 counts of mail and wire fraud and commodities violations. At least some of the four traders -- Mark David Radley, James Warren Summers, Cody Dean Claborn and Carrie Kienenberger -- allegedly were caught on tape gleefully discussing how BP could "control the market at will."


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Invisiblezorbman
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Re: Oil prices top $92 a barrel [Re: elcharrosays]
    #7563913 - 10/26/07 04:46 PM (16 years, 3 months ago)

Quote:

a federal grand jury in Chicago indicted four former BP traders who were caught on tape discussing an alleged scheme to pump up profits by cornering the propane markets.




Propane. Not oil or gasoline.

The propane market is tiny compared to the market for petroleum. Therefore it is theoretically possible for a wealthy individual or group to corner that market. For example, the Hunt brothers tried to corner the silver market (another relatively tiny market) in the early eighties.

It backfired.

It usually does.

Here is the story for those who are interested:
http://www.wallstraits.com/main/viewarticle.php?id=1298


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Offlineelcharrosays
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Re: Oil prices top $92 a barrel [Re: zorbman]
    #7565080 - 10/26/07 10:45 PM (16 years, 3 months ago)

oh of course because BP has NOTHING WHATSOEVER to do with gas on the home front. BP being one of the largest oil distributors on the planet has nothing to do with the global gas market and their business practices definitely have no consequence to america since i mean come on after all america is invincible and the rest of the world doesnt matter at all.


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Re: Oil prices top $92 a barrel [Re: elcharrosays]
    #7565085 - 10/26/07 10:47 PM (16 years, 3 months ago)

and im sorry to come off offensive, i realize you werent actually posing any argument at all but these are all the very same companies who control it all dont you see?


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Invisiblemushbaby
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Re: Oil prices top $92 a barrel [Re: elcharrosays]
    #7565217 - 10/26/07 11:40 PM (16 years, 3 months ago)

I apologize for being lousy at providing links but per Wikipedia propane is often derived from petroleum products and/or oil refining. I do think it could be considered a fit example for this discussion of manipulation.

LP-G is liquified petroleum gas.


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Re: Oil prices top $92 a barrel [Re: mushbaby]
    #7565338 - 10/27/07 12:11 AM (16 years, 3 months ago)

thats what i thought, that it all comes from the same bit but here i am a tad tipsy and couldnt be bothered to find any real proof as well.

but hey whatever. a dead dinosaur is a dead dinosaur/5 minute walk down to the convenient store.


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Invisiblezorbman
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Re: Oil prices top $92 a barrel [Re: mushbaby]
    #7565489 - 10/27/07 01:09 AM (16 years, 3 months ago)

Quote:

mushbaby said:
I apologize for being lousy at providing links but per Wikipedia propane is often derived from petroleum products and/or oil refining. I do think it could be considered a fit example for this discussion of manipulation.

LP-G is liquified petroleum gas.




Again, it is a separate market with separate trading. A much smaller market is subject to cornering. Not so with the huge petroleum market.


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