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Crude oil tops $133; Fed's outlook batters stocks.

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hoser147

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Major Ripoff

CBS reported tonite that it may go as high as $200 a barrel. And on another note the Senate hearings on the oil companies, one made 48 billion last year and the bottom made 11, and they are squirming for answers in the hearings. Hoser
 

iMONITOR

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hoser147 said:
CBS reported tonite that it may go as high as $200 a barrel. And on another note the Senate hearings on the oil companies, one made 48 billion last year and the bottom made 11, and they are squirming for answers in the hearings. Hoser

Who's squirming for answers? I saw part of the trial and none of the top oil executives were squirming at all. Not only did they not apologize, they claimed what they've done is good for them, and great for America!
 

SAR923

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Forget the amount of profit. It's meaningess unless you compare it the total revenue. The top US oil company, ExxonMobil, earned a 10.7% profit, only slightly above the average 10.05% of the S&P 500 companies. Microsoft, on the other hand, earned a whopping 26% profit. So, who's gouging who? Does anyone think MS Office is really worth $350? I guess so, since Microsoft keeps selling at these inflated prices. Oil companies are the victim of supply and demand like any other company that sells a commodity, not a proprietary product like Microsoft. Demand will fall off enough that oil prices will drop and it will happen very fast once it starts. If we think the governement has any role in regulating corporate profits, let's go after Microsoft and leave the oil companies alone.
 

XTS3000

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Just watched on WMAQ NBC5 news in Chicago, some so called expert said prices could go up as high as $12-$15 before demand deminishes and stabelizing in the $12-$15 range.

"the prices we are paying today will be the good 'ol days"

Yikes!!! These high gas prices are digging into my radio funds, darn it!!!!
 

Zaratsu

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its due to speculation on the commodity and investment side of the petroleum business, not the CEO's pay. The CEO's pay is a result of all the money going into the speculation and exploration side.

Yes it will go higher, and yes it will crash. I do not think we will see $12-15/gal gas, but $5 or $6 will push americans to kick everyone out of the current government when elections are up, if it is their fault or not. Once the petro market crashes (new production gets online) all the oil sitting in tankers for 3 years that is owned by all the big I-banks will knock the oil prices back down to $2/gallon or maybe less. Assuming that the $ and greater economy does not tank before then, this will be a boon to the economy and jumpstart us on the next economic expansion, albeit at a higher inflated dollar.
 

Allan_Love_Jr

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DanTSX said:
its due to speculation on the commodity and investment side of the petroleum business, not the CEO's pay. The CEO's pay is a result of all the money going into the speculation and exploration side.

Yes it will go higher, and yes it will crash. I do not think we will see $12-15/gal gas, but $5 or $6 will push americans to kick everyone out of the current government when elections are up, if it is their fault or not. Once the petro market crashes (new production gets online) all the oil sitting in tankers for 3 years that is owned by all the big I-banks will knock the oil prices back down to $2/gallon or maybe less. Assuming that the $ and greater economy does not tank before then, this will be a boon to the economy and jumpstart us on the next economic expansion, albeit at a higher inflated dollar.
I just wish that I could believe your comment. But the Price of Oil has been going up ever since. People kept on saying that it would come back down. NOT! The people in this country must understand,it is not gonna get any better. We will NEVER EVER see cheap gas anymore. The price of Gas WILL in fact go well over $10 to $12 dollars a gallon in the very near future. I have warned people about this many years ago. They laughed in my face and called me every name in the book. But I am the one laughing now. This country is in serious Danger of a major and total Oil crises. More to come.
 

Thaellar

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BNSFrailfan said:
I have warned people about this many years ago. They laughed in my face and called me every name in the book. But I am the one laughing now. This country is in serious Danger of a major and total Oil crises. More to come.
I hope you invested in some options and are laughing all the way to the bank.

Thaellar
 
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AZScanner

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No, I understand the "I'm laughing now" comment. I'm "laughing now" too - everyone where I work thought I was crazy to ride the bus 60 miles round trip to work. Takes me 2 hours each way. But to travel all 60 miles I pay a whopping $2.50. Compare that to the price of gas at (as of today) $3.70 a gallon in a car that gets 25 or so MPG and I'm saving OVER SIX BUCKS A DAY. Is that something to laugh to the bank about? I think so. I'm basically putting about $2,300 a year back in my own pocket - and each time the price of gas goes up so does the amount of money I'm NOT spending on it. Get the idea? Meanwhile my coworkers grumble everytime the news mentions the word "oil" or "gas".

You can't control the price of oil or gas, but you still are in charge of where you put your money. You can either burn it up in your gas tanks or you can spend it on the things you need or want. We can cry to the politicians all we want about it and they can make all sorts of promises and empty threats (after all, that's what politicians do, isn't it?) but at the end of the day sooner or later we have to realize that we did this to ourselves, and only we can get ourselves out of this mess. The only variable you have to work with is WHEN. I choose NOW.

-AZ
 

Thaellar

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Supply and demand doesn't tell the whole story. The only "real" money in the world is gold. Compare the price of oil, or anything really, with the price of gold and you will see that prices have increased over time, but not as much as you think. I saw an interesting video where Ron Paul talks about someone in ancient times saying that a gold coin (an ounce) will buy you a nice toga, a custom belt and a nice pair of sandals. Right now gold is $920/Oz. Think about it. That will buy you a nice suit, a custom belt and a nice pair of shoes.

Oil was about $25 a barrel in 2001 and Gold was about $250. That's a 10 to 1 ratio. Using the same ratio today puts oil at $92 a barrel. So oil has gone up, but in terms of real money, it has only gone up about $10 a barrel. The real story here is the massive increase in our monetary base. The dollar is not falling because we are printing so much money per se, but because we are printing at a rate MUCH higher than other nations.

The US government is printing money at a ridiculous rate and driving the value of the dollar down. Lookout...massive inflation ahead. A big spike in interest rates could really crumble this economy.
 
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Allan_Love_Jr

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Thaellar said:
Supply and demand doesn't tell the whole story. The only "real" money in the world is gold. Compare the price of oil, or anything really, with the price of gold and you will see that prices have increased over time, but not as much as you think. I saw an interesting video where Ron Paul talks about someone in ancient times saying that a gold coin (an ounce) will buy you a nice toga, a custom belt and a nice pair of sandals. Right now gold is $920/Oz. Think about it. That will buy you a nice suit, a custom belt and a nice pair of shoes.

Oil was about $25 a barrel in 2001 and Gold was about $250. That's a 10 to 1 ratio. Using the same ratio today puts oil at $92 a barrel. So oil has gone up, but in terms of real money, it has only gone up about $10 a barrel. The real story here is the massive increase in our monetary base. The dollar is not falling because we are printing so much money per se, but because we are printing at a rate MUCH higher than other nations.

The US government is printing money at a ridiculous rate and driving the value of the dollar down. Lookout...massive inflation ahead. A big spike in interest rates could really crumble this economy.
The Economy is already crumbling. Things will never return to the way it was before. Never. Oil shortages are now starting to cause the world to panic. Long lines at the pumps will just make things worse.
 

Piston52Heavy

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dic said:
Hasn't the Bush Administration been GREAT!
and what about the idiots that run the oil companies? and OPEC?

I remember back in the '70s when gas was expensive. I guess we can blame Carter for that!
 

torontokris

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Im not overly knowledgeable when it comes to the US oil policy but...

Price of gas in Toronto Canada when George Bush took office
$0.49 / litre

Current price of gas
$1.25 / litre and rising

a 250% increase.

Well not his fault hes not an oil man nor did he ever work as a senior partner, or chief executive officer for an oil company... oh wait nevermind.
 

dic

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Piston52Heavy said:
and what about the idiots that run the oil companies? and OPEC?

I remember back in the '70s when gas was expensive. I guess we can blame Carter for that!
Sir, with all due respect:

This isn't the 70's, it is 2008.
We have the Official Worst president IN HISTORY in office.

Carter isn't President, Bush is.
Carter was from Georgia, home of cotton plantations, Bush is from Texas, home of ALL the oil companies.
Carter made his money in peanuts, the Bush families personal fortune was made with oil.


And we have the highest gas prices in History.
OH MY GOODNESS WHAT A COINCIDENCE!

Please stop blaming Democratic EX PRESIDENTS for the disaster that Bush has caused.

Just because there is a( R) next to your name in the Voter Registration rolls, it doesn;t mean you can't at least ATTEMPT to see who is the real problem here.

And please don't say the Democrats.

Dic
 

dic

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Piston52Heavy said:
and what about the idiots that run the oil companies? and OPEC?

I remember back in the '70s when gas was expensive. I guess we can blame Carter for that!

The idiots that run the oil companies?

You mean the guys who ran Enron (A Texas company).
You mean all of George Bush's cronies, lackeys, campaign supporters and hunting buddies?

And OPEC?
Do you think when the president went to Saudi Arabia to discuss lowering the price of oil with the Saudis he said:
A:"Please, gentlemen, lower the price of a barrel of oil so my country and all of the citizens of the country I love can get back on track"
or
B-"Great job, guys. Kick up the price some more so all my friends who own all the oil companies can make money before I am booted out of office".

Dic
 

torontokris

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$1.27 today a 255% increase since the day Bush took office


torontokris said:
Im not overly knowledgeable when it comes to the US oil policy but...

Price of gas in Toronto Canada when George Bush took office
$0.49 / litre

Current price of gas
$1.25 / litre and rising

a 250% increase.

Well not his fault hes not an oil man nor did he ever work as a senior partner, or chief executive officer for an oil company... oh wait nevermind.
 
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