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Discussion in 'Et Cetera, Et Cetera' started by bigdog83, Dec 17, 2008.
fuck ya this means cheaper gas for everyone!!!
enjoy it while it lasts
with the Fed's latest moves, the US Dollar is falling again
That's good news indeed.
Where are all the geniuses that insisted the paradigm had forever shifted and that oil was heading straight to $200 and never coming back?
OPEC announced today that its cutting production by 2 million barrels a day to drive the price of oil back up. Fill up.
And the market didn't even blink. Inventories are too high for the cut to move the price, for the moment.
And OPEC's members are known for cheating on their production quotas, anyway.
we'll see tomorrow how it plays out. they say the dollar is so low oil is going to keep droping.
Which doesn't make sense - since oil is mostly priced in US$, if the dollar drops, the price of oil should rise, all things being equal.
Which suggests that the perceived lack of future demand is having more of an effect than the production cut and the dollar weakness. Not exactly a good sign.
you will see a range of prices
I was listening to some analysts a few months ago, when oil was well over a hundred USD discussing their projections for oil to be under 40USD/barrel
All things being equal, oil prices should rise in terms of US dollars, but not in the currencies the dollar is falling against. i.e. the Yen and the Euro.
I paid as low as 1.75$ per gallon when I was in the states (FL) two weeks ago. Has it come down since then?
Isn't there a downside to low oil prices in that there is less incentive to develop alternative energy sources? The new technologies are expensive to develop and bring on stream. Plus low prices encourage more consumption of a finite and polluting resource.
Although I guess it could be a boon for the automakers. Perhaps it will help them move some of those huge gas guzzlers off the lots.
Yep...87 octane is $1.49 around here. :sigh:
In my town, we got down to $1.34 a gallon, it's gone up a little bit, but most places are still around 1.45.
What it could mean is that we're in a deflationary cycle and a lot more people are going to be out of work. :frown1:
You meant to tell me that "Drill Baby Drill!" was not the cause of the drop in oil prices?
95 octane (the lowest here and without that shitty ethanol you guys use) has gone down from 11.00 to 7.05$ per gallon. Yea!!
damn well was... Them A-rabs prolly heard Sarah all the way over there in Saudiarabya and it scared'em into dropping the price I bet ya by golly!
Dollar going down, does that mean its time to buy gold?
or is that overly generalized.
If was looking for an investment, I might look into buying oil futures, when it was high, some experts said the supply/demand price for it should have been around $70. That is probably still the case.
At the pump prices haven't dropped as much here, for some reason. It is refined within the state, so don't know why it has been slower to come down. I paid $2.30 last fillup for gas. Diesel was still over $4.
It means 4-5 billion less revenue for the state govt here, but not a deficit. There is plenty in savings.
I was buying some silver coins last spring when it was up to $17., and they were lagging behind the bullion price. I see it is now around $11.,and gold is down also, it looked like it was going to break $1,000.
I don't think of gold as an investment; In certain portfolios it might have a place, just like any other commodity
One of the problems I would have with it is that it is not wealth producing
but, for a range of thought, check out this discussion:
Gold: Too Volatile to Be a Safe Investment - Seeking Alpha
Over the last 20 years ending 9/30/08, gold has averaged 2.4% per year. You'd have done better, over that period, with cash equivalents.