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7-10-08 By Mark Reback
Fortune Magazine has released their Global 500 list of the top international companies, and to no one's surprise, Big Oil companies hold 6 of the top 10. So much for Big Oil's claims that their profits aren't any more than other industries... Check out the entire list of the Global Fortune 500.
2008-07-16 06:07:38 NEW YORK, July 15 (Xinhua) -- Crude prices plunged almost 7 U.S. dollars a barrel Tuesday, the biggest daily drop since 1991, due to fears that U.S. economic woes could hurt global oil demand.
Federal Reserve Chairman Ben Bernanke, who testified before the Senate Banking Committee Tuesday, said the fragile economy is facing "numerous difficulties"
Concerns about the economic woes of the United States, the world's biggest oil consumer, helped spark the heavy sell-off.
Originally posted by AtlantaInsider
Long time reader, first time poster.
Seriously people, how stupid can you be to believe that oil should be at this price?
I bet the people that believe that oil prices are based on supply and demand, are the same people that believe house prices should increase yearly at 20% due to population growth or Flyfishing.com was worth $70 Million.
If you want to see the price of oil go down, the SEC only has to make one law. The law - if you do not have the ability to accept delivery, you can not speculate. Since 2001 speculation has risen 70%.
Originally posted by TKainZero
wow... big day...
Oil droped OVER $9 today!!! Something close to 7%...
is it going to jump back up 15$ tommorow.. Mabye...
Who knows... if the US keeps moving towards Drilling for our own oil, the proce shoudl keep droping, but, we have an oil president, so... who realy knows what will happen...
MY THOUGHT, The senate doesnt allow the drilling, which will cauase the price to go up even more...
Originally posted by dbates
All the stories I'm seeing in the news seem to indicate that oil will go higher still. Don't short-sell oil unless you want to lose your shirt. It will hit $150 before it drops down to $120.
Brazil energy giant Petrobras said on Monday that a strike started by its oil workers at midnight on Sunday will cut its production by 300,000 barrels per day.
I was told the day Light Sweet Crude hits $150.00 is the day we attack Iran!
MOSCOW (AP) -- Three of Russia's oil projects, which all have foreign participation, failed to achieve oil production targets in 2007, Russia's Audit Chamber said Monday.