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Saudi king says oil should be $75 per barrel


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just what we need, higher oil prices :censored:

 

Saudi Oil Minister Ali Naimi said that the Organization of Petroleum Exporting Countries will "do what needs to be done" to shore up falling oil prices when the group meets Dec. 17 in Algeria, but for now it was "too early."

Other ministers at the hastily convened OPEC meeting in Cairo did not entirely rule out cuts, including Libyan oil official, Shokri Ghanem, who, ahead of the meeting, said "all options are open."

 

http://biz.yahoo.com/ap/081129/ml_opec_meeting.html

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They do what they want, in Ontario, gov't gets 43% of it, so the higher it goes, the more the gov't makes, thats why they don't step in when it gets out of control..........meanwhile the oil companies are making record profits.............what do we do, WE BEND OVER AND TAKE IT !!

Oh well!!!!!!!!!! Filler' up Ultra please !! :doh:

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I'm no whiz kid, but raising prices when demand has dropped significantly will not make OPEC any more money, it will just depress demand even more. When oil peaked this July @ $147 (I think?)/barrel people just stopped driving as much as they used to. Now, even though the price of fuel has dropped significantly, the demand hasn't snapped back, mostly due to a crappy economy. That's basic supply and demand, Econ 101 type stuff right there...

 

At least with the hurricane season officially over "our" oil companies can't use the excuse of jacking up prices because the Gulf rigs are "threatened"...

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$51.00 a barrel today but the stations still have the price up, it takes them several days to bring it down ,to where it should be but any hint of it going up they jack the price instantly.

 

Perhaps you would like to explain this graph then. Sure looks to me like gasoline prices have fallen much quicker than they rose

post-5147-1228183708_thumb.jpg

post-5147-1228183708_thumb.jpg

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I'm no whiz kid, but raising prices when demand has dropped significantly will not make OPEC any more money, it will just depress demand even more. When oil peaked this July @ $147 (I think?)/barrel people just stopped driving as much as they used to. Now, even though the price of fuel has dropped significantly, the demand hasn't snapped back, mostly due to a crappy economy. That's basic supply and demand, Econ 101 type stuff right there...

 

At least with the hurricane season officially over "our" oil companies can't use the excuse of jacking up prices because the Gulf rigs are "threatened"...

 

So your Econ 101 says we are now using 63% less oil?

 

Perhaps you should consider the possibility that a small increase in demand and a large increase in speculation caused the price to spike.

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So your Econ 101 says we are now using 63% less oil?

 

Perhaps you should consider the possibility that a small increase in demand and a large increase in speculation caused the price to spike.

 

Like I said; I'm no whiz kid. Not sure where you got 63% from, but our consumption is down significantly. It's not a completely linear relationship between the two; we're not paying a third of what we paid for gas this past summer, but the price per barrel is a third of what it was. Speculation did contribute to the price spike, but I don't think it's the smoking gun...

 

But to reiterate, I'm no whiz kid...

 

Gas/diesel ain't gonna stay this cheap forever, but I'm sure gonna enjoy it now!

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Like I said; I'm no whiz kid. Not sure where you got 63% from, but our consumption is down significantly. It's not a completely linear relationship between the two; we're not paying a third of what we paid for gas this past summer, but the price per barrel is a third of what it was. Speculation did contribute to the price spike, but I don't think it's the smoking gun...

 

But to reiterate, I'm no whiz kid...

 

Gas/diesel ain't gonna stay this cheap forever, but I'm sure gonna enjoy it now!

 

The price is down 63% the demand is down a little over 5%. A 5% decrease is significant but doesn't explain the price movements.

 

As far as your price comparison from the peak, let's look at it this way: in 2005 oil was $40/bbl and gasoline was $2.00/gallon. At the peak, oil was $140/bbl and gasoline was $4.00/gallon. That's a 3.5% increase in the oil price and 2x increase in the gasoline price so obviously when it fell it followed a similar ratio (actually a little better from a buyers point of view).

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Oil falls to 3-year low below $48 as dismal US economic news darkens crude demand outlook

 

Oil prices fell to a 3-year low below $48 a barrel Tuesday in Asia, as more bleak U.S. economic news and plunging stocks markets darkened investor expectations for crude demand. Light, sweet crude for January delivery was down $1.50 to $47.78 a barrel, the lowest since 2005, in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.

 

http://biz.yahoo.com/ap/081202/oil_prices.html

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As it should be - the market should dictate the price, not speculators and Saudi kings!

 

Edit - I hope our leaders and oil businesses are still planning to drill more of our own and eliminate so much dependency on the foreigners....

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Perhaps you would like to explain this graph then. Sure looks to me like gasoline prices have fallen much quicker than they rose

 

Demand had little or nothing to do with the rise in prices....it was basically greed.

The fall was driven by some several billion LESS miles being driven by Americans

this past Summer and Fall.

 

 

"Americans wont stopped driving, they'll pay whatever the price of gas is, long before they

will adjust their lifestyle"

 

Many bet the above statement was infallibly true.

Ask them if they want fries with that HAPPY MEAL now.

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