It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Oil Prices Slip Below $70 a Barrel

page: 1
3

log in

join
share:

posted on Oct, 16 2008 @ 08:00 PM
link   

Oil Prices Slip Below $70 a Barrel


www.nytimes.com

Oil prices have tumbled by nearly $40 a barrel in just three weeks amid growing signs that demand for energy will slow along with weakening economies around the world. As recently as July, oil was trading at a record of $145 a barrel.

The decline in oil prices could provide a form of stimulus to the economy as consumers pay less to fill up their tanks. If oil prices stay at current levels, consumers would have $250 billion more, over a year, to save or spend elsewhere, according to Lawrence Goldstein, an energy economist. Some analysts expect oil prices to keep declining, perhaps to as low as $50 a barrel in coming months.
(visit the link for the full news article)


Related News Links:
business.timesonline.co.uk
www.foxbusiness.com
www.msnbc.msn.com
www.chron.com




posted on Oct, 16 2008 @ 08:00 PM
link   
This is some of the best news I've heard in a longgg time!

The price actually fell to $68 per barrel!

I just paid my electric bill, $120 for electric, $80 for the fuels surcharge!

Lower fuel costs will definitely have some impact on the economy if, and I men IF, this will help bring the prices down in electric bills, food bills, and other consumer goods.

I sure hope oil prices remain where they are now for a long, long time!

www.nytimes.com
(visit the link for the full news article)



posted on Oct, 16 2008 @ 08:13 PM
link   
But of course there are forces at work to scale back oil production to drive the prices back up!

Oil Prices Slip Below $70 a Barrel


The cartel’s producers, who control 40 percent of global experts, could curb their output by about a million barrels a day to try to stem the drop in prices, according to analysts.

It is unclear what price range for oil the cartel wants to establish. But the meeting “sends a clear signal that OPEC is concerned about the speed with which oil prices are slipping away from a preferred price of around $80 a barrel,” said Lawrence Eagles, an oil analyst at J.P. Morgan.

Iran’s oil minister, Gholamhossein Nozari, told reporters in Tehran on Tuesday, “I think the low price is a real damage to the future of production.”
******SKIP******
The drop in prices has already created problems for oil producers. Iran and Venezuela both need oil prices at $95 a barrel to balance their national budgets, Russia needs $70, and Saudi Arabia needs $55 a barrel, according to Deutsche Bank estimates. Algeria’s oil minister, Chakib Khelil, said on Thursday that the “ideal” price for crude oil was $70 to $90 a barrel.

In Russia, which is not part of OPEC, the drop in prices is threatening the country’s ability to increase production.



I guess all we can do is to keep our fingers crossed that the price of oil will stay this low, at least threw the winter months!



posted on Oct, 16 2008 @ 08:22 PM
link   

Originally posted by Keyhole


This is some of the best news I've heard in a longgg time!



i think its bad news.
i want $150+ oil, soil we get electic cars and cheap solar quickly.
then tell hugo and his arab buddies to farg off.



posted on Oct, 16 2008 @ 08:24 PM
link   
www.abovetopsecret.com...

Lindsey Williams.....$50/Bar prediction back in May......


www.youtube.com...

[edit on 16-10-2008 by Pinktip]



posted on Oct, 16 2008 @ 08:29 PM
link   
reply to post by bigspud
 
At this point, your idea really isn't practical. Certainly, we need to move towards energy independence, but but baby steps seem more practical at this point. Ripping the scab off seems appropriate for many issues, but you need to understand how energy is woven into our every day lives. We must ween ourselves of oil, not just drop it cold turkey.

Just my opinion.

Edit for spelling

[edit on 16-10-2008 by tmbandt]



posted on Oct, 16 2008 @ 08:48 PM
link   
Prices haven't dropped in relation to the price of crude oil. I'm still paying $3.40 a gallon.



posted on Oct, 16 2008 @ 08:51 PM
link   
reply to post by Pinktip
 


Lindsey is the MAN! $50 a barrel and then SHTF, that is the prediction and it looks like it will happen.



posted on Oct, 16 2008 @ 08:57 PM
link   
Yea Lindsay did get it right. Now here is the conundrum of the cheap oil and gas. This is falling not because of lower demand and its not falling because the dollar is 50% stronger either. It is falling because the economy is taking a dive. This is scary. $2.50 gas does us no good if people dont have jobs. I think oil is telling us something.



posted on Oct, 16 2008 @ 10:12 PM
link   
reply to post by Sublime620
 


Exactly, I've also wondered why here in Australia, prices went up a number of months ago to approx. $1.55 to $1.65 a litre and never went down.

Also I just did a little math to put Australia's pricing in perspective:

4 litres = 1 gallon so $1.55 in australia is $6.20.

The current exchange rate is .66cents on the US dollar, so we're paying nearly $4.10 USD per gallon, and have been doing so for months.

It's a huge concern here in Australia regarding why there is no direct relation between the official price and the price we see at the pumps. The cost of living here in Sydney also adds to the magnitude of this problem.



posted on Oct, 16 2008 @ 10:26 PM
link   

Originally posted by Sublime620
Prices haven't dropped in relation to the price of crude oil. I'm still paying $3.40 a gallon.

A lot of the south is still experiencing some shortages....

Elsewhere, prices have been falling rapidly in the past week.
The number that I'm seeing below $3.00 (in MD) has grown significantly.



$2.50 gas does us no good if people dont have jobs.

Lower gas prices is ALWAYS good. Period. ESPECIALLY if you don't have a job.



posted on Oct, 17 2008 @ 01:42 AM
link   
whilst oil might be cheaper - the people who sell it are not passing on any price reduction or if they are its really very slowly



posted on Oct, 17 2008 @ 02:26 AM
link   
I haven't seen a drop in petrol price yet at any service stations. How long does it take to see effects I wonder. I have a feeling that the price drops for the stations but not at the pump.



posted on Oct, 17 2008 @ 02:33 AM
link   
1/3 of the stations in my area have fallen below the three dollar mark.

It would be nice if it got down to two bucks or two and a quarter.

Regardless, electric cars and 100mpg cars are coming.

100 mpg car made 24 years ago - resurrected.







[edit on 17-10-2008 by verylowfrequency]



posted on Oct, 17 2008 @ 02:43 AM
link   
price of oil goes down but yet its days before the price of gas to comes down. the oil companies want to bleed us as much as they can at the higher price before they lower it. But yet if the price of oil goes up they raise the price of gas that day. I for one am glad to see the lower oil prices and gas prices. regular unleaded is 2.43-2.49 a gallon here. cheapest its been for awhile



posted on Oct, 17 2008 @ 02:50 AM
link   
Maybe my damn cable company will quit charging us the fuel surcharge that they added months ago because the gas prices got so high. But I bet that they won't take it off the bill as fuel gets cheaper and cheaper.



posted on Oct, 17 2008 @ 08:04 AM
link   
earlier in the year OPEC said that there was plenty of oil - in fact they might be pumping too much , and yet many many people on here and officails in the USA called them `liars` and there wasn`t enough so needed to pump more to drive down prices;

so here we are in the latter part of the year and lo - the rhetoric has calmed down , and focus is on the housekeeping of the usa rather than the yet another war starting - and prices are falling.

reality says the USA needs to STFU and not start more wars for the hell of it - OPEC were right , and gosh so was Ahmadinejad

edit: spelling

[edit on 17/10/08 by Harlequin]



posted on Oct, 17 2008 @ 08:26 AM
link   
reply to post by Sublime620
 




Originally posted by Sublime620
Prices haven't dropped in relation to the price of crude oil. I'm still paying $3.40 a gallon.


The current average is $3.04, down from $3.85 a month ago. Some places in the US have gas for less than $2.51.

www.fuelgaugereport.com...



posted on Oct, 17 2008 @ 08:42 AM
link   
Gas is $2.20/gallon here in south Texas. I like it alot. lol

I do think it is BS, that they are going to scale back production. They can screw us, but we can't reciprocate.



new topics

top topics



 
3

log in

join