Oil is going back up!!!!

Has anyone noticed that Oil is back above $47 dollars a barrel. The only thing that has been a slight relief during this tailspin is that it only costs me $50 to fill my SUV when in the summer it cost over $100 per tank.

If oil goes anywhere near last summer's prices, the US economy will evaporate even faster.

Originally posted by finemanm
Has anyone noticed that Oil is back above $47 dollars a barrel. The only thing that has been a slight relief during this tailspin is that it only costs me $50 to fill my SUV when in the summer it cost over $100 per tank.

If oil goes anywhere near last summer's prices, the US economy will evaporate even faster.

This is a good sign if you think the market is going up

No way we have DOW below 7000 if oil is steadily above 50+

It's also a good thing in that, it will create pressure to fund research on viable alternative energy solutions and push more people to buy fuel efficient vehicles. Necessity is the mother of invention, and nobody gives a damn about getting off of fossil fuels so long as oil is so cheap. Not to mention that if we sever our ties to foreign oil, we will hopefully push the middle-east to become a more stable and moderate region. They don't have abundant natural resources, so if the OPEC nations there expect to keep their wealth and power, they need to make information and technology their largest export. This means they will need to force a stabilization of their countries. They will need to subdue fundamentalist uprisings and create a stable economy to support their people who will be entering this new workforce. They will need to increase education and social welfare.

This is what Japan did after WWII, because they don't have abundant natural resources either.

It wouldn't be a panacea for the region, and many countries will remain embroiled in conflict, but the more moderate nations will likely see improvement and their influence in the region will be a great benefit to stabilization and human rights efforts.

Every time I read a story like this I have to question the writers intentions. I wonder - another guy that hopes his oil stock will go up.

First of all $47 a barrel is not a big deal - perhaps it should be a little higher.

Funny I watch the oil prices everyday and half the time when they go down a few cents to four dollars it's not reported in the MSM unless you dig deep, but every time it goes up a few cents it makes the top 10 news stories as if the news pushers are trying to push the oil prices up. They don't report when it goes down as if they don't want a sell off.

When oil hit $50 a barrel after the $147 last year gas prices went down to about $1.65 where I live. Since then oil has gone down near $30 dollars, yet gas prices have steadily continued to rise since December. Makes no sense - gas should have gone down to about $1 a gallon in January if it was indexed with oil, but it didn't.

There's no doubt that this is the time of year that gas prices historically begin to go up and then plateau on Memorial Weekend. So, no matter what oil does I would expect gas prices to rise at least 50 cents a gallon and perhaps be about 2.65 - 3.00 a gallon unless oil goes above $75 - then I think we'll have a problem.

Bottom line Oil prices last year were probably just as responsible for putting us in a crises as the mortgage crap was. When everyone had to spend an extra $100-500 a month for gas last summer we had to cut back buying other things for people that were on the edge it pushed them over. If that happens again we'll see more business fail and more people unable to pay their bills.

While everyone's busy blaming Banks, Mortgage Companies, Realtor's and irresponsible homeowners, the truth is oil prices took everyone's extra cash and then some and helped drive our economy into the ground while the oil companies enjoyed world record profits at the expense of the world economy.

[edit on 10-3-2009 by verylowfrequency]

Seems that the powers that be are doing everything they can to bankrupt the oil rich nations.

When the 'oil crisis' hit back in the seventies there was so much optimism about alternative energy; I really expected we'd be using solar and wind power to a much greater degree, but dang they can't find a way to tax what comes freely.

They are finally finding a way to tax CO².

reply to post by finemanm


Well, it's not due to lack of supplies, I will assume the dollar has begun weakening again perhaps.. I will have to check up on exactly why the price is rising. If anything it's probably artificially being propped up.

Here's the thing . . . collectively, we are such retards when it comes to things dealing with the economy. Call it short-sighted, or just plain old 'out of sight, out of mind', but demand for gasoline is rising despite everything being said about conservation.

We can't pay for houses, education, food, utilities and the like, but we will belly up to the pump to feed the beasts we drive.

Added to that is the greed among OPEC producers who see raw supplies stacking up damn near everywhere in the world while the refiners wait until the huddled yet stupid masses get their summer glut for driving going where they can jack up the prices so we can get little Timmy and Tammy to their summer vacations.

Crude Oil prices traded higher for second consecutive week, as expectation of further production cut by OPEC in their upcoming meeting, boosted market sentiments. Unexpected drop in crude oil inventory and increase in gasoline consumption also helped prices to trade higher.

Weekly inventory data showed that US gasoline consumption for past four weeks increased by 2.2% to 9.18 million barrels. Also closely watched Cushing inventory fell for the second time in a row, bringing stocks to its total operable capacity of 34 million barrels. Optimism of supply cut from OPEC and rise in gasoline consumption supported gains in oil prices. Oil market shrugged off weak unemployment data from US. US unemployment rate soared to the highest in more than 25 years

Source

NEW YORK - Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room . . . So oil companies and investors are stashing crude, waiting for demand to rise and the bear market to end so they can turn a profit later.

Source

So . . . we'll continue to be too stupid to live, the refiners will pick up on that and curtail production until they can limit supply to be less than total demand . . . we'll piss, moan, bitch and complain about gas prices while we line the pockets of the refiners, OPEC and the rest of the muckity mucks that run this world.

Jules Verne was right . . . it's the whole Morlock Eloi thing . . . the Morlocks make sure that the Eloi have everything they want and the Eloi go through life dumb but happy. At dinner time, the Morlocks 'harvest' the sated Eloi with the ease of picking ripe tomatoes from the vine.

So, as the powers that be lead us to our own little economic slaughter, lets not bitch too much about it or we'll upset the apple cart.

Nobody would want that, now would they . . . would they?????

It is sad that the weaker the dollar is the more stronger it is. Now that we are educated somewhat about the economy we now understand that the economy is considered in good shape when crude oil cost a lot more dollars than usual. I was really liking filling up my gas guzzzler for 30 US dollars. The sad part about it is when the economy gets better back to 100 dollar a barrel.

Oil prices fell $1.36 on Tuesday to settle at $45.71.



Looks like they'll have to have Australian lobster tonight instead of Maine.

Oil prices fell $3.38 on Wednesday to settle at $42.33

Oil inches above $43 after big drop in inventories

Now oil went down today, yet the article headline makes it sound as if it went up and will continue going up. Just lies and manipulation.

Oil inches above $43 after big drop on inventories (headline)

Yet the first line of the article says

Oil prices inched above $43 a barrel Thursday in Asia after an unexpected rise in U.S. crude inventories

Just doesn't make sense to me maybe I'm reading it wrong.

Edit: Amazing Now the article headline has morphed - I guess next time I'll use a screen capture.


[edit on 12-3-2009 by verylowfrequency]