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Oil price dilemma!.
We were all ready to hang the oil execs., shoot the speculators and invade to secure our supply. So!, what's the real deal?, is supply and demand the real reason for $44 oil?.
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In short YES. But it is also based on the rest of the world(i.e. China, Europe). From what I hear the U.S. is down in consumption around 20% and the rest of the world is way down. The U.S. consumes 25% of the world's oil.
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I know that around here the station owners are saying their gas sales have really dropped. Seems kind of strange in one way that now with gas the cheapest it has been here for years the demand is way down. But I am sure the economy and people losing jobs has a lot to do with that also.
Ron |
How about countries that owe the US money for development and based their payments on a much higher oil price? Does the US now own those countries, or parts of it?
Dom |
Dom,
Since hardly any of them ever paid us anything back on what they owed, we don't owe them anything at all. As for the lower oil prices if they want the U.S. to keep helping them in their development, then they will just have to pay more in oil. Ron |
I see, didn't know that.
Dom |
A lot of the folks that saved their money and purchased a motorhome won't be buying all this cheap gas beacuse they can't afford to travel while their un employment.
Some are living in their RV's, others had them reposessed, or are attemptuing to sell all their toys just to survive. On the other hand perhaps we will see some lowering of prices on goods and services as the fuel costs stay low.......HA..HA! Don't hold your breath waiting for all those countries to pay us back for anything..they just want more. Bill |
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As of last week, Uruguay intends to skip the interest payment on their debt.
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Are you pleased with this turn of events? Because it sounds like you are unless I am misreading your intent.
Mike Quote:
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I attended a conference last March and in one presentation, it was stated that some economists were estimating that speculation accounted for up to $50 per barrel. At that time oil was in the $90 range. By July oil had climbed to a peak of $147 and the US economy was beginning to show signs of a serious down turn. The price of oil began to slide so if speculators were indeed responsible for a good chunk of the cost, they would have started to get out as there was little chance that oil was going to climb any higher.
By mid 2008, the high price of energy was also starting to have a negative effect on the economies of China, India, etc. Demand began to slide so the price began to follow it downward as per Economics 101. My own estimate 6 months ago was that oil would fall to about $75 per barrel. Wayne |
Ehm
Maybe I was reading too much into John Perkins' "Confessions of an Economic Hitman"...
Dom |
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