sprout5199
Posts: 1681
Joined: Sat Feb 26, 2005 8:26 am

Oil Prices Fall Due To Surprise?

Thu May 04, 2006 4:12 am

Check this crap out:

http://money.cnn.com/2006/05/03/markets/oil_eia/index.htm?cnn=yes

oil supplys rose 1.7 mil bar., gas rose by 2.1 mil bar. , and diesel fell by 1.1 mil bar.. and these are surprises? 2.1 Million Barrels? 2.1 MILLION? I think this is a load of crap. maybe 1000 barrels is a surprise, but how do you not account for 3.8 million of anything? methinks something screwy is going on here.

short little rant

Dan in Jupiter
 
AerospaceFan
Posts: 6990
Joined: Thu Dec 22, 2005 1:43 am

RE: Oil Prices Fall Due To Surprise?

Fri May 05, 2006 1:39 pm

The various news channels have also offered two contradictory claims:

1. That oil supply has been tight, leading to the recent spectacular rise in gas prices; and, more rarely,

2. That there is actually plenty of oil, the problem being that speculators have bid the price up artificially.

Today, it was reported that the price of crude oil fell; however, the price of gasoline continues to rise -- it rose 3 cents in Southern California in the last day. Yet whenever it's reported that crude oil just rose in price, the gas companies seem to raise prices immediately. If gas prices can rise so quickly, why can't they fall equally quickly?

As you say, something is screwy here.

[Edited 2006-05-05 06:41:13]
What's fair is fair.
 
AsstChiefMark
Posts: 10465
Joined: Thu Feb 05, 2004 2:14 pm

RE: Oil Prices Fall Due To Surprise?

Fri May 05, 2006 1:45 pm

Local gasoline prices dropped 11 cents since yesterday.

Mark
Red tail...Red tail...Red tail...Red tail...Red tail...Red tail...Red tail...Red tail...Damned MSP...Red tail...Red tail
 
AerospaceFan
Posts: 6990
Joined: Thu Dec 22, 2005 1:43 am

RE: Oil Prices Fall Due To Surprise?

Fri May 05, 2006 1:56 pm

Quoting AsstChiefMark (Reply 2):
Local gasoline prices dropped 11 cents since yesterday.

That's good news. I hope that this happens to us tomorrow.
What's fair is fair.
 
L-188
Posts: 29881
Joined: Wed Jul 07, 1999 11:27 am

RE: Oil Prices Fall Due To Surprise?

Fri May 05, 2006 2:16 pm

Welcome to market economics people.

The markets would be able to work better if we could get goverment interference out of them.....mandating ethanol blends then slapping a 50% import tariff on Brazilian Ethanol for example.
OBAMA-WORST PRESIDENT EVER....Even SKOORB would be better.
 
AerospaceFan
Posts: 6990
Joined: Thu Dec 22, 2005 1:43 am

RE: Oil Prices Fall Due To Surprise?

Fri May 05, 2006 2:25 pm

Free market economics, I do think, depends on competition. I wonder if the oil companies are truly competitive.
What's fair is fair.

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