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Topic: good news for Gas Prices
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Page 1 of 1 of 3 replies
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June 29, 2008 at
08:59:47 PM
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This message was edited on
June 30, 2008 at
08:06:28 AM by 48miniRacer
www.foxnews.com/story/0,2933,373452,00.html
Basically the short story on this is that Saudi Arabia just anounced a 10% increase in oil production to satisfy the world demand that has triple prices of crude in the past year. They have essentially said that what ever is demanded will be supplied. Hopefully this will shut the speculators up who have been thinking that we have hit full tilt.
Hopefully the impact will be hitting the market soon. I'm tired of spending $200 a week for fuel.
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June 30, 2008 at
11:19:44 AM
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Reply to:
Posted By: 48miniRacer on June 29 2008 at 08:59:47 PM
www.foxnews.com/story/0,2933,373452,00.html
Basically the short story on this is that Saudi Arabia just anounced a 10% increase in oil production to satisfy the world demand that has triple prices of crude in the past year. They have essentially said that what ever is demanded will be supplied. Hopefully this will shut the speculators up who have been thinking that we have hit full tilt.
Hopefully the impact will be hitting the market soon. I'm tired of spending $200 a week for fuel.
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I don't think it's going to help. The people who get rich by keeping the price of oil high are going to make sure it stays that way. The best way to fix this problem is to take oil OFF the stock exchange.
It's not HOW fast you go, but how you GO fast.
www.myspace.com/bucky65c
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June 30, 2008 at
01:12:24 PM
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Your right in a way. Oil isn't exactly exchanged like stock, but it is similar.
The issue at hand now are the speculators and the weak US Dollar. The EU is about to hike their version of the Federal Interest Rate which is intended to strengthen the Euro, which will more than likely weaken the US Dollar even more. Speculators right now our preying on Hedge type investors in the oil market, because just like precious metals it is being unaffected by inflation and degradation of the US Dollar and Stock Exchange's.
Eventually the people investing in this will rescind out and move back into the stock market. Right now it is kind of like a Shi--- rolls down hill scenario. I wouldn't expect any decreases in prices until after the summer but I personally feel that as long as we react to this hike in prices like we did after the 73' debacle w/ more economic vehicles and get rid of soccer moms driving around in large SUV's rather than minivans then we will ride through this for a while.
The thing that we have to worry about is the next hike isn't going to be as nice as this one. Oil production is pretty close to peaking, and pretty close to choking out the majority of future growth. I consider myself a very big conservative, and I do not believe in Global Warming, and could care less about my Emissions, but I do know we have to become Energy Independent. We need Nuclear Power-plants, Windmills wherever they will work, advances in reusable energy, and leave corn alone because this affects our food prices too much.
In the end we will make it through the next few years, but we have to be wise in the future and make ourselves more resilient to the future peak in energy costs.
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June 30, 2008 at
08:09:02 PM
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418
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Reply to:
Posted By: 48miniRacer on June 30 2008 at 01:12:24 PM
Your right in a way. Oil isn't exactly exchanged like stock, but it is similar.
The issue at hand now are the speculators and the weak US Dollar. The EU is about to hike their version of the Federal Interest Rate which is intended to strengthen the Euro, which will more than likely weaken the US Dollar even more. Speculators right now our preying on Hedge type investors in the oil market, because just like precious metals it is being unaffected by inflation and degradation of the US Dollar and Stock Exchange's.
Eventually the people investing in this will rescind out and move back into the stock market. Right now it is kind of like a Shi--- rolls down hill scenario. I wouldn't expect any decreases in prices until after the summer but I personally feel that as long as we react to this hike in prices like we did after the 73' debacle w/ more economic vehicles and get rid of soccer moms driving around in large SUV's rather than minivans then we will ride through this for a while.
The thing that we have to worry about is the next hike isn't going to be as nice as this one. Oil production is pretty close to peaking, and pretty close to choking out the majority of future growth. I consider myself a very big conservative, and I do not believe in Global Warming, and could care less about my Emissions, but I do know we have to become Energy Independent. We need Nuclear Power-plants, Windmills wherever they will work, advances in reusable energy, and leave corn alone because this affects our food prices too much.
In the end we will make it through the next few years, but we have to be wise in the future and make ourselves more resilient to the future peak in energy costs.
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You're very correct Sir. The other point is, there is no oil shortage. There are so many oil wells that have been drilled and then capped, it's not even funny. We HAVE oil. Someone just thinks we need to pay alot more for it than we ever have. Back in the mid-70's when there was a shortage, gas was still only 46 cents a gallon. You could only buy 10 gallons at a time though.
It's not HOW fast you go, but how you GO fast.
www.myspace.com/bucky65c
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