OPEC melts down and oil drops 5%

[GeoFisher]

You know the last time oil was at $91.50 gas was in the $2.25 range.

So $0.05 drop would be bull dung. Should see a drop of around $1.75.

Problem is we have two major powers pitting us agianst one another. OPEC and Big OIL. One is as bad as the other.

Lately my concerns are that big oil is the biggest problem and they give us a convienent scapegoat that is forign oil.

Too easy for them to shift blame as long as we are looking at OPEC.

The good ole USA has invested and place all her eggs in the oil basket (Bucket). Rails have been disassembled trillions spent on oil using roads. Big oil has influenced every step of the way to insure our dependence on their product.

Big Oil are the ones that have empowered oil countries,and now they ask us to controll them.

So should the next country invade be Exxon/Mobile?

Not Quite:

I think back in December, 2010 the price of OIL was around 91/barrel......it certainly didn't drop to 2.75/gallon for gas. I think the average was 2.91, WITHOUT TAXES......

http://www.eia.gov/oil_gas/petroleum...s_history.html

And it should REALLY chap your ass that during that time, when oil was fluctuating between 87 - 92 dollars, for 2 or so months, gasoline actually went up. Of course refiners blamed this on spills and switch over.

Later,

Geo

[kydonky]

Not Quite:

I think back in December, 2010 the price of OIL was around 91/barrel......it certainly didn't drop to 2.75/gallon for gas. I think the average was 2.91, WITHOUT TAXES......

http://www.eia.gov/oil_gas/petroleum...s_history.html

And it should REALLY chap your ass that during that time, when oil was fluctuating between 87 - 92 dollars, for 2 or so months, gasoline actually went up. Of course refiners blamed this on spills and switch over.



Later,

Geo

I guess it depends on the propaganda you read. The big oil website shows on thing and another website shows another.

Here are statisticcs from the US Energy Information Website. The following was copied and pasted.

Price of oil for the week of 12/10 to 12/14 2007
2007 Dec-10 to Dec-14 87.72 90.12 94.41 92.35 91.31

Price of gasoline for the week of 12/10 to 12/14/2007

2007 Dec-10 to Dec-14 2.175 2.194 2.313 2.291 2.263

So on 12/14/2007 oil was $91.31 and gas was $2.26

Today oil is around $91.00 yet gas is still ups around $3.50

So maybe my statement of $1.75 less was a little off, maybe more like $1.25

BUT STILL MORE THAN A NICKLE

Here is the link http://www.eia.gov/dnav/pet/pet_pri_spt_s1_d.htm

No reason to be rude with body parts.

[GeoFisher]

I guess it depends on the propaganda you read. The big oil website shows on thing and another website shows another.

Here are statisticcs from the US Energy Information Website. The following was copied and pasted.

Price of oil for the week of 12/10 to 12/14 2007
2007 Dec-10 to Dec-14 87.72 90.12 94.41 92.35 91.31

Price of gasoline for the week of 12/10 to 12/14/2007

2007 Dec-10 to Dec-14 2.175 2.194 2.313 2.291 2.263

So on 12/14/2007 oil was $91.31 and gas was $2.26

Today oil is around $91.00 yet gas is still ups around $3.50

So maybe my statement of $1.75 less was a little off, maybe more like $1.25

BUT STILL MORE THAN A NICKLE

Here is the link http://www.eia.gov/dnav/pet/pet_pri_spt_s1_d.htm

No reason to be rude with body parts.

Not really..........

You said the LAST time...........

2007 was not the last time. 2010 was. But I AGREE with you on the fact that we are paying way too much for it and the speculators are still ripping off the american people.

People.......common folks as well as LOTS of other folks are getting really good and playing the futures market. I got a buddy that made 50k last month betting on the futures game. AND he made that 50k on a 100k investment.

If you're willing to make the gamble, and you KNOW how to use some very simple tools, you can make a boatload of money.

MORE and MORE folks are trying their hand at commodity trading. Those that are good are really beginning to understand how to manage and manipulate the market to their advantage.

It is not just the big boys that play the game.

Later,

Geo

[kydonky]

Amen brother

[HURRICANEBOB]

Oil prices ought to be more like older men. Down more often, and down for longer periods of time. I mean from a perspective of working vs resting of course.

[bassin_bug]

Oil prices ought to be more like older men. Down more often, and down for longer periods of time. I mean from a perspective of working vs resting of course.

That's interesting; are you speaking from experience? I saw a guy this morning who told me about a 99 year-old bachelor who is in a nursing home. He had never been married....until last Sunday. I wonder if the wedding gift from his doctor was a prescription for Cialis.

I have a cousin who is a doctor and has a great sense of humor. He said that if Hugh Hefner had used Cialis instead of Viagra that pretty young woman wouldn't have broken their engagement. lol

[RoadToad]

I don't get the timing on tapping the reserves. Back when OPEC tightened up the supply and prices were high, they wouldn't do it. Now, when prices are already dropping, they decide to tap the reserves. Don't get me wrong; if it saves me money, I'm not complaining. I'm just having a hard time understanding the logic.

[artcarney_agr]

I don't get the timing on tapping the reserves. Back when OPEC tightened up the supply and prices were high, they wouldn't do it. Now, when prices are already dropping, they decide to tap the reserves. Don't get me wrong; if it saves me money, I'm not complaining. I'm just having a hard time understanding the logic.

The timing is perfect for someone to start a campaign for re-election. You're going to see lots of "I care" moves in next few months. Do you think it's any coincidence that the news is now clamoring about a few troops coming home? There's plenty more to come...

[HURRICANEBOB]

That's interesting; are you speaking from experience?

Not as far as you know....

Efficiency means accomplishing work with less effort and more time for rest.

[walkeraviator]

I stick to my stance that we are paying what we shoudl be paying for gas. The problem is that we got so used to our wages going up and gas prices staying teh same, we started budgeting that money for other things. Now that gas prices have caught up to inflation in one big jump, we are feeling the pinch. Yes it *****, but it was just a matter of time before printing money to buy oil cheaper than teh rest of the world caught up with us.

1981..Median Income 19,000...Today its approx. $50000 (most recent was 2009 at $49777) That is an increase of 160%

1981 Average New Home Price was $83000, today it is over the 2006 data of $305,000.... that is an increase of 270%

1981 Gas was $1.38/gal (national average...i remember paying the same price in teh late 90's)... Todays gas price nationwide is an average 3.55/gal.. an increase of 157%
http://fuelgaugereport.aaa.com/?redi....com/index.asp


Seems like its just keeping up with inflation to me. Yeah it *****, but that is the reality. We are not spending any higher a percentage of our income on fuel than my parents did 30 years ago when I was born.

[kyfanatic]

I stick to my stance that we are paying what we shoudl be paying for gas. The problem is that we got so used to our wages going up and gas prices staying teh same, we started budgeting that money for other things. Now that gas prices have caught up to inflation in one big jump, we are feeling the pinch. Yes it *****, but it was just a matter of time before printing money to buy oil cheaper than teh rest of the world caught up with us.

1981..Median Income 19,000...Today its approx. $50000 (most recent was 2009 at $49777) That is an increase of 160%

1981 Average New Home Price was $83000, today it is over the 2006 data of $305,000.... that is an increase of 270%

1981 Gas was $1.38/gal (national average...i remember paying the same price in teh late 90's)... Todays gas price nationwide is an average 3.55/gal.. an increase of 157%
http://fuelgaugereport.aaa.com/?redi....com/index.asp


Seems like its just keeping up with inflation to me. Yeah it *****, but that is the reality. We are not spending any higher a percentage of our income on fuel than my parents did 30 years ago when I was born.

I disagree,wages haven't increased that much in comparison to cost of living,I know I was working 30 years ago and fuel prices were nowhere near what I put out today, I was making $32,000 a year in 1981 and I doubt if I spent $50 a week on gas,I only make about $10,000 more a year today and spend $140 on gas and drive fewer miles.You can dig up every statistic you want,but we are being screwed in the name of Green Obama.

[kydonky]

I disagree,wages haven't increased that much in comparison to cost of living,I know I was working 30 years ago and fuel prices were nowhere near what I put out today, I was making $32,000 a year in 1981 and I doubt if I spent $50 a week on gas,I only make about $10,000 more a year today and spend $140 on gas and drive fewer miles.You can dig up every statistic you want,but we are being screwed in the name of Green Obama.

wow, another person bind to greed of big oil corp. Record profits year after year after year. Blame obama, saudis, g w bush anybody but big oil. Gas will keep its grip on us with thinking like that. Gas is going up if we don't take some of the monopoly from opec, exxon, bp and oil in general. Obama has not been that green I think bush signed more environmental laws than obama. But heygotta blame someone and it can't be big oil.