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The Price Of Oil - Page 47

Yes when the prices soared many other sources jumped in and this is still effecting the price but have no worries they will be putting pressure on the rest to fall in line.

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Oil Future: $38.74 +2.23 that's from above. Looks like its remaining steady below $40 a barrel.

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Only question is for how long. I am glad the prices are stabilizing though as it should help the economy.

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I agree with this article very much...

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Speculation (long term holdings) caused a bubble that just had to pop. There was no true demand to crank the price up to over $100 per barrel. Now, as the price went higher and higher...OPEC did pump more oil. Oil for a market that wasnt there...and then the bubble popped. Now there is a glut on the market. The price will likely go up and the numbers I have heard that OPEC thought were right were about 50-60 per barrel. That number does make some sense and I would expect the price to rebound a bit, but not fly up to that $100 mark again.

I also agree that the rampant speculation that happened during the run up to the peak price probably wont be nearly as strong, because several got burned when the bubble popped.

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I am hoping that with the new administration here in the US that we send a clear message to OPEC that we are not going to be using their oil for long.

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I'm mad that the prices were down to 1.25 or something like that but why have thet started to spike so high?

The Price Oil - Page 47

Mainly, in my opinion, the prices are going back up because the Middle East is "heating up" again. Israel vs. Gaza/Egypt/Syria/Iran/etc etc etc. Trouble there spells trouble for the supply line of oil. Obama hasn't made any real steps to alleviate any of those tensions there, and I don't think any leader in the ME has any respect for Hillary Clinton as Secretary of State. Politics will be very unsettled over there for many years to come; gas prices will reflect that.

Oh, and of course: the prices were low for the presidential elections. Now that that's all done, the prices will inch up to pre-election levels. IMO.

Edited: FarSeer on 11th Feb, 2009 - 2:39am

The Price Oil Politics Business Civil & History - Page 47

You seem as hopeful as me FarSeer I to hope that the prices will start to drop so we can save money trying to fill up our cars.I hope that that will happen so we can relax again.