Oil & Gas thread:12-17-08 OPEC & non-members agree to largest reduction in history 7 percent

[JohnCU]

hmm no thread title change yet

 

[StageLeft]

So, crude fell by the largest dollar amount in a month and by a month I mean 17 years. I doubt dmcowen will put that as his title though because if it's not negative news, it's not news, right?

EDIT: Actually the 17 years is true but a bit disingenuous; it's a dollar amount. Percent is what counts and it's only the biggest percent drop in 4 years.

hmm no thread title change yet

Misery loves company. These threads unfortunately lose their luster if they even hint at relinquishing their firm grasp on negative bias. If oil went up $3 the title would already be changed. Down $6+? Down $20? No fun!

 

[Special K]

Originally posted by: Skoorb
Oil falls over $6 as dollar strengthens

Wow, these prices have been very volatile lately.

 

[TastesLikeChicken]

Originally posted by: Skoorb
So, crude fell by the largest dollar amount in a month and by a month I mean 17 years. I doubt dmcowen will put that as his title though because if it's not negative news, it's not news, right?

EDIT: Actually the 17 years is true but a bit disingenuous; it's a dollar amount. Percent is what counts and it's only the biggest percent drop in 4 years.

hmm no thread title change yet

Misery loves company. These threads unfortunately lose their luster if they even hint at relinquishing their firm grasp on negative bias. If oil went up $3 the title would already be changed. Down $6+? Down $20? No fun!

How could oil have dropped that far in one day, or at all? All the forum members named dmcowen674 claimed such a thing was impossible!

 

[Blackjack200]

IMO it would be brilliant for the U.S. to open up the strategic reserve and flood the market with oil. I'll bet a $6 drop in one day coupled with a surge in supply could really collapse the price. When the futures hit $45 to $50, gradually close off the reserve, and then gradually restock it.

It would be like OPEC in reverse, and the best part is that it would be exactly the same kind of price manipulation that is illegal for individuals to engage in. It will never happen though, and it's just as well: if it worked Americans would go right back to driiving SUVs and we'd be at another "crisis" within 10 years.

 

[StageLeft]

Originally posted by: Blackjack200
IMO it would be brilliant for the U.S. to open up the strategic reserve and flood the market with oil. I'll bet a $6 drop in one day coupled with a surge in supply could really collapse the price. When the futures hit $45 to $50, gradually close off the reserve, and then gradually restock it.

It would be like OPEC in reverse, and the best part is that it would be exactly the same kind of price manipulation that is illegal for individuals to engage in. It will never happen though, and it's just as well: if it worked Americans would go right back to driiving SUVs and we'd be at another "crisis" within 10 years.

It MIGHT work. It's hard to say. Although I think this is bubbleicious I'm not quite positive enough or know to what extent it's a bubble that I'd endorse the US using its only and last trick up its sleeve.

 

[dmcowen674]

Originally posted by: Blackjack200
IMO it would be brilliant for the U.S. to open up the strategic reserve and flood the market with oil.

I'll bet a $6 drop in one day coupled with a surge in supply could really collapse the price.

When the futures hit $45 to $50, gradually close off the reserve, and then gradually restock it.

It would be like OPEC in reverse, and the best part is that it would be exactly the same kind of price manipulation that is illegal for individuals to engage in. It will never happen though, and it's just as well: if it worked Americans would go right back to driiving SUVs and we'd be at another "crisis" within 10 years.

Only one problem with you suggestion.

We already have more oil than can be used.

The oil depots are full across the country that they are using barges to hold the overflow.

In fact they be switching some gasoline storage tanks to oil because they can't hold anymore oil.

Yesterday was an amazing day in New York for a mid August summer day.

No haze from car pollution, able to tranverse any street without bumper to bumper and leave the city during what used to be a grueling rush hour of stop and go traffic for 3 hours to get home.

There was hardly a car on the road, mainly buses.

 

[LegendKiller]

Originally posted by: dmcowen674

Originally posted by: Blackjack200
IMO it would be brilliant for the U.S. to open up the strategic reserve and flood the market with oil.

I'll bet a $6 drop in one day coupled with a surge in supply could really collapse the price.

When the futures hit $45 to $50, gradually close off the reserve, and then gradually restock it.

It would be like OPEC in reverse, and the best part is that it would be exactly the same kind of price manipulation that is illegal for individuals to engage in. It will never happen though, and it's just as well: if it worked Americans would go right back to driiving SUVs and we'd be at another "crisis" within 10 years.

Only one problem with you suggestion.

We already have more oil than can be used.

The oil depots are full across the country that they are using barges to hold the overflow.

In fact they be switching some gasoline storage tanks to oil because they can't hold anymore oil.

Yesterday was an amazing day in New York for a mid August summer day.

No haze from car pollution, able to tranverse any street without bumper to bumper and leave the city during what used to be a grueling rush hour of stop and go traffic for 3 hours to get home.

There was hardly a car on the road, mainly buses.

Bullshit. I walked from Midtown to the MOMA to meet up with my buddy that's visiting, it was fucking busy on the streets.

Different day, same dave.

 

[dmcowen674]

Originally posted by: LegendKiller

Originally posted by: dmcowen674

Yesterday was an amazing day in New York for a mid August summer day.

No haze from car pollution, able to tranverse any street without bumper to bumper and leave the city during what used to be a grueling rush hour of stop and go traffic for 3 hours to get home.

There was hardly a car on the road, mainly buses.

Bullshit. I walked from Midtown to the MOMA to meet up with my buddy that's visiting, it was fucking busy on the streets.

Different day, same dave.

The only bullshit is from you.

That is where I took debi yesterday.

We spent the day at the Met.

I'm surprised you didn't recognize me.

 

[LegendKiller]

Originally posted by: dmcowen674

Originally posted by: LegendKiller

Originally posted by: dmcowen674

Yesterday was an amazing day in New York for a mid August summer day.

No haze from car pollution, able to tranverse any street without bumper to bumper and leave the city during what used to be a grueling rush hour of stop and go traffic for 3 hours to get home.

There was hardly a car on the road, mainly buses.

Bullshit. I walked from Midtown to the MOMA to meet up with my buddy that's visiting, it was fucking busy on the streets.

Different day, same dave.

The only bullshit is from you.

That is where I took debi yesterday.

We spent the day at the Met.

I'm surprised you didn't recognize me.

Great for you, I spent the day working.

I thought traffic was pretty bad, especially down 42nd. The intersection I was in was clogged with cars.

Why do you continue with lies Dave, when I actually work in the fucking city every day? It makes you look stupid.

Why is it a surprise? You aren't my hero.

 

[dmcowen674]

Originally posted by: LegendKiller

Originally posted by: dmcowen674

Originally posted by: LegendKiller

Originally posted by: dmcowen674

Yesterday was an amazing day in New York for a mid August summer day.

No haze from car pollution, able to tranverse any street without bumper to bumper and leave the city during what used to be a grueling rush hour of stop and go traffic for 3 hours to get home.

There was hardly a car on the road, mainly buses.

Bullshit. I walked from Midtown to the MOMA to meet up with my buddy that's visiting, it was fucking busy on the streets.

Different day, same dave.

The only bullshit is from you.

That is where I took debi yesterday.

We spent the day at the Met.

I'm surprised you didn't recognize me.

Great for you, I spent the day working.

I thought traffic was pretty bad, especially down 42nd. The intersection I was in was clogged with cars.

Why do you continue with lies Dave, when I actually work in the fucking city every day? It makes you look stupid.

Why is it a surprise? You aren't my hero.

I was on 42nd. It was light for a friday.

You even said you don't have a car so how would you know?

 

[StageLeft]

Originally posted by: dmcowen674

Originally posted by: LegendKiller

Originally posted by: dmcowen674

Originally posted by: LegendKiller

Originally posted by: dmcowen674

Yesterday was an amazing day in New York for a mid August summer day.

No haze from car pollution, able to tranverse any street without bumper to bumper and leave the city during what used to be a grueling rush hour of stop and go traffic for 3 hours to get home.

There was hardly a car on the road, mainly buses.

Bullshit. I walked from Midtown to the MOMA to meet up with my buddy that's visiting, it was fucking busy on the streets.

Different day, same dave.

The only bullshit is from you.

That is where I took debi yesterday.

We spent the day at the Met.

I'm surprised you didn't recognize me.

Great for you, I spent the day working.

I thought traffic was pretty bad, especially down 42nd. The intersection I was in was clogged with cars.

Why do you continue with lies Dave, when I actually work in the fucking city every day? It makes you look stupid.

Why is it a surprise? You aren't my hero.

I was on 42nd. It was light for a friday.

You even said you don't have a car so how would you know?

I would also like to know how a guy who admits he doesn't own a car is possibly qualified to judge what is and is not a car. LK, I demand an explanation.

dmcowen the US may have a lot of oil at the moment in depots or it may not, but they're not enough to keep it running for long at all and it remains enslaved to foreign oil. Short of tapping the strategic petroleum reserve, the US based only on what it has in-country now and domestic production, would run out of gas at gas stations in very short order.

 

[dmcowen674]

Originally posted by: Skoorb

Originally posted by: dmcowen674

Originally posted by: LegendKiller

You even said you don't have a car so how would you know?

I would also like to know how a guy who admits he doesn't own a car is possibly qualified to judge what is and is not a car. LK, I demand an explanation.

dmcowen the US may have a lot of oil at the moment in depots or it may not, but they're not enough to keep it running for long at all and it remains enslaved to foreign oil. Short of tapping the strategic petroleum reserve,

the US based only on what it has in-country now and domestic production, would run out of gas at gas stations in very short order.

When was the last time you've seen gas rationing and massive shortages?

 

[newmachineoverlord]

http://www.time.com/time/busin...8599,1834888-1,00.html

Here's an article explaining how and why it is actually possible for oil prices to be manipulated.

Just because Dave is paranoid doesn't mean they aren't out to get him and us.

 

[LegendKiller]

Originally posted by: dmcowen674

Originally posted by: LegendKiller

Originally posted by: dmcowen674

Originally posted by: LegendKiller

Originally posted by: dmcowen674

Yesterday was an amazing day in New York for a mid August summer day.

No haze from car pollution, able to tranverse any street without bumper to bumper and leave the city during what used to be a grueling rush hour of stop and go traffic for 3 hours to get home.

There was hardly a car on the road, mainly buses.

Bullshit. I walked from Midtown to the MOMA to meet up with my buddy that's visiting, it was fucking busy on the streets.

Different day, same dave.

The only bullshit is from you.

That is where I took debi yesterday.

We spent the day at the Met.

I'm surprised you didn't recognize me.

Great for you, I spent the day working.

I thought traffic was pretty bad, especially down 42nd. The intersection I was in was clogged with cars.

Why do you continue with lies Dave, when I actually work in the fucking city every day? It makes you look stupid.

Why is it a surprise? You aren't my hero.

I was on 42nd. It was light for a friday.

You even said you don't have a car so how would you know?

Ohh bullshit, it wasn't "light" for a Friday night. You don't even work in the city, so how would you know? You're so full of shit I thought the city smelled worse than usual yesterday, now I know why.

I'd love for you to show NYC traffic patterns are any different, through data. I am in the city right now, going to be getting on a tour with my friend, and the city is full of traffic. Want pictures? I'll take a few from my building's window as I print out a few things.

As far as me not having a car, who the fuck cares? does that make me any less qualified to judge traffic than anybody else? What's pathetic is *I WORK HERE* I am in this city, midtown, 12+ hours per day. I lived in manhattan for 14 months until I moved out.

Then you make the bullshit statement about "only busses", dude, you're so full of shit it's disgusting.

 

[dmcowen674]

Originally posted by: LegendKiller

Originally posted by: dmcowen674

Originally posted by: LegendKiller

Originally posted by: dmcowen674

Originally posted by: LegendKiller

Originally posted by: dmcowen674

Yesterday was an amazing day in New York for a mid August summer day.

No haze from car pollution, able to tranverse any street without bumper to bumper and leave the city during what used to be a grueling rush hour of stop and go traffic for 3 hours to get home.

There was hardly a car on the road, mainly buses.

Bullshit. I walked from Midtown to the MOMA to meet up with my buddy that's visiting, it was fucking busy on the streets.

Different day, same dave.

The only bullshit is from you.

That is where I took debi yesterday.

We spent the day at the Met.

I'm surprised you didn't recognize me.

Great for you, I spent the day working.

I thought traffic was pretty bad, especially down 42nd. The intersection I was in was clogged with cars.

Why do you continue with lies Dave, when I actually work in the fucking city every day? It makes you look stupid.

Why is it a surprise? You aren't my hero.

I was on 42nd. It was light for a friday.

You even said you don't have a car so how would you know?

Ohh bullshit, it wasn't "light" for a Friday night. You don't even work in the city, so how would you know? You're so full of shit I thought the city smelled worse than usual yesterday, now I know why.

I'd love for you to show NYC traffic patterns are any different, through data. I am in the city right now, going to be getting on a tour with my friend, and the city is full of traffic. Want pictures? I'll take a few from my building's window as I print out a few things.

As far as me not having a car, who the fuck cares? does that make me any less qualified to judge traffic than anybody else?

What's pathetic is *I WORK HERE* I am in this city, midtown, 12+ hours per day. I lived in manhattan for 14 months until I moved out.

Then you make the bullshit statement about "only busses", dude, you're so full of shit it's disgusting.

Yes, you are unqualified to judge vehicle traffic.

In fact you should never have anything to say about oil or gas prices either since you are not personally affected whatsoever vehicle wise either.

Well I have pictures from yesterday so unless you do as well your picture statement is worthless as your empty rhetoric.

Full of traffic? Of course it's New York City but it was not overwhelming at all.

I didn't say "only buses".

 

[StageLeft]

Originally posted by: dmcowen674

Originally posted by: Skoorb

Originally posted by: dmcowen674

Originally posted by: LegendKiller

You even said you don't have a car so how would you know?

I would also like to know how a guy who admits he doesn't own a car is possibly qualified to judge what is and is not a car. LK, I demand an explanation.

dmcowen the US may have a lot of oil at the moment in depots or it may not, but they're not enough to keep it running for long at all and it remains enslaved to foreign oil. Short of tapping the strategic petroleum reserve,

the US based only on what it has in-country now and domestic production, would run out of gas at gas stations in very short order.

When was the last time you've seen gas rationing and massive shortages?

Good fvck, you are stupid, I cannot word it better.

Well I have pictures from yesterday

I'd love to see your pictures of "There was hardly a car on the road, mainly buses. "

 

[dmcowen674]

Fcking asshole

8-23-2008Bush blames Democrats for high gas prices

President Bush on Saturday blamed the Democratic-led Congress for the high cost of gasoline

"This Congress has been one of the most unproductive on record. They've failed to address the challenge of high gas prices," the president said. "They need to send me a bill next month that I can sign so we can bring relief to drivers, small business owners, farmers and ranchers and every American affected by high prices at the pump."
====================================================

First of all Dems do not have full control.

Second of all what happend during the six fcking years him and his fcking minions did in fact have FULL fcking control???

:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|

 

[frostedflakes]

Originally posted by: dmcowen674
Fcking asshole

8-23-2008Bush blames Democrats for high gas prices

President Bush on Saturday blamed the Democratic-led Congress for the high cost of gasoline

"This Congress has been one of the most unproductive on record. They've failed to address the challenge of high gas prices," the president said. "They need to send me a bill next month that I can sign so we can bring relief to drivers, small business owners, farmers and ranchers and every American affected by high prices at the pump."
====================================================

First of all Dems do not have full control.

Second of all what happend during the six fcking years him and his fcking minions did in fact have FULL fcking control???

:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|:|

Nothing to get upset about, that's just politics. Dems blame Repubs, Repubs blame Dems. Hopefully they don't actually believe half the shit that comes out of their mouths.

 

[LegendKiller]

Originally posted by: dmcowen674

Yes, you are unqualified to judge vehicle traffic.

In fact you should never have anything to say about oil or gas prices either since you are not personally affected whatsoever vehicle wise either.

Well I have pictures from yesterday so unless you do as well your picture statement is worthless as your empty rhetoric.

Full of traffic? Of course it's New York City but it was not overwhelming at all.

I didn't say "only buses".

So, because I don't own a car I am unqualified? I can't make my own observations? I am affected you dolt, I still rent cars to travel, I still perform economic studies on consumers for my job.

Because you don't work in finance you are unqualified to even question my qualifications in this area. How's that for moronic logic?

I sat on the Uptown, Downtown, and Night loops of the Grayline NYC tours. I was in traffic all fucking day, let me tell you, it was pretty damn bad. Around Washington and Union squares we were stuck in traffic for 45min each.

Even if traffic was "light", do you think that one reason might be people going on vacation before school season starts? I have dozens of coworkers who were out for the past two weeks.

But ohhh no, The Great Prognosticator, who has a fucking Doppler radar built into his brain and has all knowledge of economics, finance, and now, traffic patterns, can divine traffic rates because he drives in them for a day.

We should be so glad that the planet has you for all of these obviously critical functions.

 

[LegendKiller]

Originally posted by: Skoorb

Originally posted by: dmcowen674

Originally posted by: Skoorb

Originally posted by: dmcowen674

Originally posted by: LegendKiller

You even said you don't have a car so how would you know?

I would also like to know how a guy who admits he doesn't own a car is possibly qualified to judge what is and is not a car. LK, I demand an explanation.

dmcowen the US may have a lot of oil at the moment in depots or it may not, but they're not enough to keep it running for long at all and it remains enslaved to foreign oil. Short of tapping the strategic petroleum reserve,

the US based only on what it has in-country now and domestic production, would run out of gas at gas stations in very short order.

When was the last time you've seen gas rationing and massive shortages?

Good fvck, you are stupid, I cannot word it better.

Well I have pictures from yesterday

I'd love to see your pictures of "There was hardly a car on the road, mainly buses. "

No shit, I'd love to see those pictures too.

There's been one time that I've seen "hardly a car" in NYC. That was around Aug 14th 2003, when the whole city was more or less shut down because of the blackout. I walked down the middle of Madison Ave.

Otherwise, he's full of shit. What makes this so funny is that anybody could call him out on this trash, which still begs the question as to why he makes such stupid fibs.

Personally, I think he's lonely in life and needs to feel important.

 

[StageLeft]

Originally posted by: LegendKiller

Originally posted by: Skoorb

Originally posted by: dmcowen674

Originally posted by: Skoorb

Originally posted by: dmcowen674

Originally posted by: LegendKiller

You even said you don't have a car so how would you know?

I would also like to know how a guy who admits he doesn't own a car is possibly qualified to judge what is and is not a car. LK, I demand an explanation.

dmcowen the US may have a lot of oil at the moment in depots or it may not, but they're not enough to keep it running for long at all and it remains enslaved to foreign oil. Short of tapping the strategic petroleum reserve,

the US based only on what it has in-country now and domestic production, would run out of gas at gas stations in very short order.

When was the last time you've seen gas rationing and massive shortages?

Good fvck, you are stupid, I cannot word it better.

Well I have pictures from yesterday

I'd love to see your pictures of "There was hardly a car on the road, mainly buses. "

No shit, I'd love to see those pictures too.

There's been one time that I've seen "hardly a car" in NYC. That was around Aug 14th 2003, when the whole city was more or less shut down because of the blackout. I walked down the middle of Madison Ave.

Otherwise, he's full of shit. What makes this so funny is that anybody could call him out on this trash, which still begs the question as to why he makes such stupid fibs.

Personally, I think he's lonely in life and needs to feel important.

I'm increasingly wondering if he's simply an extremely bored troll. I really wonder if anybody could say the things he says and mean them. I'm starting to find it all just too unbelievable and difficult to take seriously.

 

[JohnCU]

Originally posted by: Skoorb

Originally posted by: LegendKiller

Originally posted by: Skoorb

Originally posted by: dmcowen674

Originally posted by: Skoorb

Originally posted by: dmcowen674

Originally posted by: LegendKiller

You even said you don't have a car so how would you know?

I would also like to know how a guy who admits he doesn't own a car is possibly qualified to judge what is and is not a car. LK, I demand an explanation.

dmcowen the US may have a lot of oil at the moment in depots or it may not, but they're not enough to keep it running for long at all and it remains enslaved to foreign oil. Short of tapping the strategic petroleum reserve,

the US based only on what it has in-country now and domestic production, would run out of gas at gas stations in very short order.

When was the last time you've seen gas rationing and massive shortages?

Good fvck, you are stupid, I cannot word it better.

Well I have pictures from yesterday

I'd love to see your pictures of "There was hardly a car on the road, mainly buses. "

No shit, I'd love to see those pictures too.

There's been one time that I've seen "hardly a car" in NYC. That was around Aug 14th 2003, when the whole city was more or less shut down because of the blackout. I walked down the middle of Madison Ave.

Otherwise, he's full of shit. What makes this so funny is that anybody could call him out on this trash, which still begs the question as to why he makes such stupid fibs.

Personally, I think he's lonely in life and needs to feel important.

I'm increasingly wondering if he's simply an extremely bored troll. I really wonder if anybody could say the things he says and mean them. I'm starting to find it all just too unbelievable and difficult to take seriously.

agreed, no one is this stupid.

 

[dmcowen674]

Originally posted by: JohnCU

Originally posted by: Skoorb

Originally posted by: LegendKiller

Originally posted by: Skoorb

Originally posted by: dmcowen674

Originally posted by: Skoorb

Originally posted by: dmcowen674

Originally posted by: LegendKiller

You even said you don't have a car so how would you know?

I would also like to know how a guy who admits he doesn't own a car is possibly qualified to judge what is and is not a car. LK, I demand an explanation.

dmcowen the US may have a lot of oil at the moment in depots or it may not, but they're not enough to keep it running for long at all and it remains enslaved to foreign oil. Short of tapping the strategic petroleum reserve,

the US based only on what it has in-country now and domestic production, would run out of gas at gas stations in very short order.

When was the last time you've seen gas rationing and massive shortages?

Good fvck, you are stupid, I cannot word it better.

Well I have pictures from yesterday

I'd love to see your pictures of "There was hardly a car on the road, mainly buses. "

No shit, I'd love to see those pictures too.

There's been one time that I've seen "hardly a car" in NYC. That was around Aug 14th 2003, when the whole city was more or less shut down because of the blackout. I walked down the middle of Madison Ave.

Otherwise, he's full of shit. What makes this so funny is that anybody could call him out on this trash, which still begs the question as to why he makes such stupid fibs.

Personally, I think he's lonely in life and needs to feel important.

I'm increasingly wondering if he's simply an extremely bored troll. I really wonder if anybody could say the things he says and mean them. I'm starting to find it all just too unbelievable and difficult to take seriously.

agreed, no one is this stupid.

Then how can all my fans be exlained?

 

[dmcowen674]

8-18-2008 Oil prices: Economists get it wrong again!

The spectacular rise in the oil prices since 2004 has flummoxed the world. Nothing, it would seem, explains the phenomenal rise in crude oil prices -- from a mere $30 per barrel in few years back to well above $145 per barrel in July 2008 -- a rise in excess of 350 per cent.

However, most economists had rationalised this consistent and spectacular rise in the price of oil for the past few years, as one being caused by a steep demand and supply mismatch.

Perhaps the US has run out of storage capacity. In the process that could be easing demand pressures leading to the easing of the oil prices. In the absence of authentic data pertaining to the unfilled storage capacities one is not sure. Yet this is one possibility that one cannot rule out.

The theory of burgeoning global demand that was supposed to be the chief driver for the rise in the prices of these commodities for the past few years has been turned on its head. Falling commodities prices are strangely attributed by economists to slackening global demand. Isn't it a bit strange considering that till the other day economists argued that it was global demand that fuelled the rise in the prices of these commodities?

As already pointed out, oil has fallen 25 per cent in the past five weeks, that is, in effect 5 per cent every week. Surely, global demand by any stretch of imagination has not recorded a concomitant fall. Nor has supply built up that significantly over the past few weeks. Obviously, if it was speculation all the way up, it is speculation all the way down.

Yet economists continue to offer standard theoretical explanations, little realising whatever be the reason for the rise and fall of oil and commodity prices, their credibility has registered a huge fall.

PS: If US economy is witnessing a slowdown, would economists explain as to why the US dollar is strengthening in the past few weeks?
====================================================
I would add that it is Economists and P&N corporate apologists getting it all wrong