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Crude Oil Falls Below $33 a Barrel on Dollar, Contract Expiry

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posted on Jan, 20 2009 @ 08:16 PM

This is very Bad for the oil industry to say the least. I'm thinking that this will make the current economic situation worse, not better

posted on Jan, 20 2009 @ 08:18 PM
Here in Arizona they have talked about an 18 cent gas tax. Has not even happened yet, but the gas stations are already charging it. I tell ya.
So while it is going down, our prices have went up to 1.79

posted on Jan, 20 2009 @ 08:27 PM
No new gas tax in Tennessee,still our gas is $1.79-$1.84 a gallon.$33 bucks a barrel the gas price should be somewhere around a $1.25.
We're getting the shaft again.

posted on Jan, 20 2009 @ 08:29 PM
Ive never understood why, the second oil goes up in price you notice it at the pumps a day or two later, but when it goes down it takes weeks to be reflected at the pumps.

posted on Jan, 20 2009 @ 08:32 PM
reply to post by daddyroo45

Be thankful it's not $4.12, but it's good to see you are still diligent. Some eyes tend to glaze back over once they are content. Too bad contentment doesn't recognize basic mathemetics.

posted on Jan, 20 2009 @ 08:33 PM
reply to post by Europe

It's called greed my friend.

I've noticed that as well.

Takes longer for it to fall than it does to rise.

As soon as they can find any excuse to raise it..they do....20/30 cents a pop.

It's 1.91 in Michigan BTW

posted on Jan, 20 2009 @ 08:35 PM
Good, it was big oil's greed and speculators that caused the price of oil to rise to record levels, pushing an already fragile economy over the edge.

Too bad they can't take back the billions they paid to the oil executives when they were taking in more profit in a month than they had in previous years combined.

Karma is a bitch, I hope they all go broke, bankrupt, lose their mansions, have their lavish properties auctioned off to pay debts, and ultimately find themselves living under an overpass with other homeless jobless Americans, some they actually helped put there.

posted on Jan, 20 2009 @ 08:59 PM
I believe that oil is going down because we want to take out some countries like Venezuela for instance. The lower the oil the more Venezuela in in debt and he will be run out of office which is what the US wants in the first place. Bolivia will follow suit because they are getting a handout from Venezuela. Don't think for a minute that the oil companies don't know what they are doing. They are the ones that are lowering the price of oil. Once that work is done you will see oil up again. So in a sense let it go down. You have to look at it from another angle.

posted on Jan, 20 2009 @ 09:25 PM
reply to post by ARNOMANNN

That report was a bit premature as crude actually rallied to finish up on the day @$38.74 bbl. Chalk-up the volatility to Feb contract expiry. What made things a little unusual was oil, the dollar, and Gold moving-up in lockstep today....with Gold setting a new record in the beleaguered Pound Sterling @£612.

I'm still eating crow over my Spring oil calls, and though I don't believe it will endure, the 08 dollar reversal has made look the complete

posted on Jan, 20 2009 @ 10:26 PM
Here in Nova Scotia, Canada it changes every friday.
Right now it's 81 cents a litre for the week.
Which is $3.13 a US Gallon

And we export huge amounts down to you guys. I love how that works..haha

I'm going by Lindsay Williams predictions as of this momenet beause he was the only one right about oil coming down to 50 bucks a barrel( lower now but it will probably level out soon)As per him in 6-12 months it will be really high.

posted on Jan, 20 2009 @ 10:41 PM
My feelings of security rise and fall with the price oil.

Oil goes up I feel good.

Oil goes down I feel bad.

Saudia Arabia

posted on Jan, 21 2009 @ 12:01 AM
reply to post by Walkswithfish

If only that were the case, but trust me it's not the greedy rich white guys at the top who will lose their jobs or will be suffering what so ever.

If you be us in the middle class who will suffer and not only suffer but bail these a-holes out if they go from have 2 billion dollars to 1 billion dollars. Wouldn't want them to suffer than much would we??

posted on Jan, 21 2009 @ 01:23 AM
reply to post by ARNOMANNN

No, it doesn't make it worse; the price of oil is just a very general parameter that you can use to measure the performance of the economy relative to the recent past.

The underlying fluctuations in oil prices are caused by the old-fashioned supply and demand formula, but there is a contributor explained in the article: If you want to make money from buying and selling oil, you need to buy USD. When the dollar trades high against your national currency, the difference cuts into your profit margin. In that case, you need to look around to find another trick how to make a buck. So there are not enough speculators to affect the price of oil. But even if the dollar was weaker, there is not enough world-wide demand for oil to start something.

Many speculators use oil futures trading as a hedge against inflation. If you don't turn your money quick into something real, the inflation will take a bite out of you stack. The steadily rising price of oil could easily outran it. Oil speculation is a popular short-term investment, but it doesn't work all the time.

posted on Jan, 21 2009 @ 02:28 AM
A couple weeks before Christmas, our gas prices up here in the Puget Sound area got down to $1.89 and froze. Literally froze at that point for 2 weeks while the price of oil continued to decrease. Then, within a day of it shedding the downslide trend, it began to go up again, a couple cents a day. We reached about $2.20 a gallon two weeks ago and have stayed at that point since. No decrease whatsoever, even though the price per barrel has plumetted in that timespan.

Sometimes I believe the government propagates the whole "energy independance, alternate fuels" bullcrap with the full permission of big oil purely to prevent the people from targeting the real problem with the oil industry: price fixing and monopoly practices. Holy hell, they slapped Bill Gates down for far less eggregious infractions than they allow the oil industry to get away with on a daily basis.

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