Oil Slides to $134/barrel
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Permalink Reply by patrick on -
Three Million increase in oil supplies over last year. Seems the citizens are conserving. Oil started dropping yesterday right after President Bush revoked the off shore drilling executive order. Maybe the speculators got nervous. What will happen if Congress will follow Bush's lead?
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Permalink Reply by Ron s on -
If congress does not follow up they all should be removed from office. If everyone involved with Pickens plan would send this to congress it may help.
Ron S
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Permalink Reply by Steve E on -
Oil started dropping yesterday right after President Bush revoked the off shore drilling executive order
Let me get this straight. You're saying that the price of oil dropped because we may have an increase in domestic supply around 2013. I think you are stretching logic a little here.
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Permalink Reply by Ed "AceEyeEd" Fowler on -
So if pelosi and reid get off the chair and move to a vote to take the offshore ban off bet it will drop more
http://www.bloomberg.com/markets/commodities/energyprices.html
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Permalink Reply by Brock Eastman on -
Yep, speculation as said by many in the financial sector makes up for 25-30% of the over-inflated cost of oil. Bush is now making these guys nervous, and prices should stay lower if we actually start doing more refining and drilling or at least make plans to in the next year. However, with oil still over $100 per barrel the alternatives (wind and hydrogen and natural gas and battery power) still seem attractive and people and government now have their eyes open to a real possibility of oil hitting over $150 per barrel- people want action and the speculators know this.
Legislators - get off your duffs and approve more drilling, it will drive down prices now regardless of whether production really increases.
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Permalink Reply by steve obrien on -
Oh Please!!! One day of a drop??? This is NOTHING!! If gas drops to $2.00 per gallon we STILL need a long term energy policy that will KEEP IT THERE by bringing in other alternative sources of energy while still using existing sources that are right under our feet like oil, coal, natural gas, etc. Adding more choices to the mix will ensure that gas prices remain competitive.
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Permalink Reply by Steve E on
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Regarding speculators.This accusation is a little simplistic. I could justify this argument just by pointed out that talk radio (both ends of the spectrum) and media agree that speculators are the problem. Are there speculators? Yes. Oil is a commodity that is traded, by definition that means there are speculators.
But I think a more important root cause of high energy prices (setting aside supply and demand) is the weak dollar. The weaker the dollar, the more dollars required to purchase a barrel of oil. If you have a charting service, do a comparative graph of the dollar vs oil for the past two years. The two move away from each other at an almost consistent pace.
Why is the dollar weak? Bernancke has had to lower interest rates the avert the banking crisis caused by years of deregulation in the banking industry. In other words, one reason oil prices are high is because of poor GOP policies.
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Permalink Reply by katembra on -
As an FYI, the Fed is an independent organization from either political party.
You are correct that a weak dollar is part of the problem related to price.
Steve E said:Regarding speculators.This accusation is a little simplistic. I could justify this argument just by pointed out that talk radio (both ends of the spectrum) and media agree that speculators are the problem. Are there speculators? Yes. Oil is a commodity that is traded, by definition that means there are speculators.
But I think a more important root cause of high energy prices (setting aside supply and demand) is the weak dollar. The weaker the dollar, the more dollars required to purchase a barrel of oil. If you have a charting service, do a comparative graph of the dollar vs oil for the past two years. The two move away from each other at an almost consistent pace.
Why is the dollar weak? Bernancke has had to lower interest rates the avert the banking crisis caused by years of deregulation in the banking industry. In other words, one reason oil prices are high is because of poor GOP policies.
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Permalink Reply by Steve E on
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As an FYI, the Fed is an independent organization from either political party. You are correct that a weak dollar is part of the problem related to price.
Sorry. Didn't make it clear enough. Wasn't referring to the Fed, was referring to deregulation in the banking industry as the example of poor GOP policies.
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Permalink Reply by katembra on
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Totally agree.
Steve E said:As an FYI, the Fed is an independent organization from either political party. You are correct that a weak dollar is part of the problem related to price.
Sorry. Didn't make it clear enough. Wasn't referring to the Fed, was referring to deregulation in the banking industry as the example of poor GOP policies.
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Permalink Reply by Jim Martin on -
The bubble in oil prices will probably break, reducing prices over the next year or two. Although oil prices may retreat to $100 or even $80 per barrel, the need for CNG cars will not diminish. Also, the importance of wind and solar energy will continue.
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