PC12Fan
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Oil Hits All Time High - Again.

Thu Oct 25, 2007 7:40 pm

$90 a barrel

Get your car pooling friends together again.
Just when I think you've said the stupidest thing ever, you keep talkin'!
 
baroque
Posts: 12302
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RE: Oil Hits All Time High - Again.

Thu Oct 25, 2007 8:45 pm

Quoting PC12Fan (Thread starter):
$90 a barrel

Get your car pooling friends together again.

Now for another flood of "the oil companies are holding large supplies of oil off the market".

I heard some idiot on out local radio declaring that the oil companies discovered large oilfields in Aus after WWII but shut the wells in. Good grief, all our wells have to be reported to central government, and samples held in Canberra. Indeed, such was the desire to find commercial oil, that we had the Petroleum Search Subsidy Act (PSSA) and until about 1969 virtually all wells were drilled under PSSA rules with monster reports published.

Voodoo oil reserves seem to be a rival to voodoo economics!
 
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yowza
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RE: Oil Hits All Time High - Again.

Thu Oct 25, 2007 10:08 pm

Quoting Baroque (Reply 1):
Voodoo oil reserves seem to be a rival to voodoo economics!

No need to hide anything when you're part of a cartel. Charge what you want and people will have to pay. They have all the aces...

YOWza
 
lehpron
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RE: Oil Hits All Time High - Again.

Thu Oct 25, 2007 10:10 pm

Sometimes I don't understand the complaints; if you don't like to spend on oil, don't drive or buy products that have used large amount of oil. If you think you have t or need to, then your complaints are a waste of your time. But hey, to each their own.

Oil will continue to rise until other forms of energy/fuel become competitive and soon we won't care for oil anymore, expect those that will defend their perceived right to have it.
The meaning of life is curiosity; we were put on this planet to explore opportunities.
 
aa61hvy
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RE: Oil Hits All Time High - Again.

Thu Oct 25, 2007 10:13 pm

Saw the thread title and thought "No Shit" I paid $53 to fill up today-on regular gas!

Booo!
Go big or go home
 
LAXspotter
Posts: 3227
Joined: Sat Jan 27, 2007 4:16 pm

RE: Oil Hits All Time High - Again.

Thu Oct 25, 2007 10:21 pm

Quoting AA61Hvy (Reply 4):
I paid $53 to fill up today-on regular gas!

damn, how did you pay per gallon? U drive a Truck?

Regardless, I think Americans are going to keep on with their driving trends. I go to a college, where half of the kids can somehow afford to drive Trucks. I wonder if it will be the same when gas will inevitably reach 5 bucks a gallon tho....  scratchchin 
"Patriotism is the last refuge of the scoundrel" Samuel Johnson
 
MattRB
Posts: 1357
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RE: Oil Hits All Time High - Again.

Thu Oct 25, 2007 10:23 pm

Time to perfect that whole fusion deal..
Aviation is proof that, given the will, we have the capacity to achieve the impossible.
 
LAXspotter
Posts: 3227
Joined: Sat Jan 27, 2007 4:16 pm

RE: Oil Hits All Time High - Again.

Thu Oct 25, 2007 10:25 pm

I forgot to add, usually on my Toyota Camry 2003, I fill up for about 43 bucks, about 13.5 gallons

on my Toyoto Corolla 1994, I can fill up for about 25 bucks, luckily that lasts me for about two weeks.
"Patriotism is the last refuge of the scoundrel" Samuel Johnson
 
tootallsd
Posts: 494
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RE: Oil Hits All Time High - Again.

Thu Oct 25, 2007 10:29 pm

The right wing radio talkheads seem to be as bad as any on the topic of explaining economics to their listeners and why high prices are a GOOD thing.

Limited Supply
Rising Demand
ALWAYS means higher prices

Higher prices moderate demand and help to assure supply.

For those of us old enough, when the system does not work, say due to political motivations like in 1973, we all get to spending hours a week in our cars searching for and waiting for gasoline. I'd rather pay a lot than have severe constraints placed on my usage.

High prices over a sustained period will:

Lower energy consumption.
Alter living patterns live closer to your work
Alter housing sizes, why heat 3500 sq feet for 3 people?
Drive more efficient cars

None of this is bad. It is all good stuff. And it allows individuals to make a series of trade off decisions about what they want to spend their money on. Now clearly, the transition period can be painful. But really -- who did not see this coming?

The fallacy is to think government intervention can or should moderate these increases. This is basic economics at work. If you're a fiscal conservative and don't get this, then get help.
 
aa61hvy
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RE: Oil Hits All Time High - Again.

Thu Oct 25, 2007 10:37 pm

Quoting LAXspotter (Reply 5):
damn, how did you pay per gallon? U drive a Truck?

Regardless, I think Americans are going to keep on with their driving trends. I go to a college, where half of the kids can somehow afford to drive Trucks. I wonder if it will be the same when gas will inevitably reach 5 bucks a gallon tho....

Per gallon it was something like $3.26 per gallon
and no I drive a 6 cylinder Audi, big gas tank I guess....
Go big or go home
 
LAXspotter
Posts: 3227
Joined: Sat Jan 27, 2007 4:16 pm

RE: Oil Hits All Time High - Again.

Thu Oct 25, 2007 10:45 pm

Quoting AA61Hvy (Reply 9):
big gas tank I guess....

your car probably has an 18 gallon tank.
"Patriotism is the last refuge of the scoundrel" Samuel Johnson
 
A332
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RE: Oil Hits All Time High - Again.

Thu Oct 25, 2007 11:24 pm

Oil prices are at record highs yet I am paying much less for a litre of gasoline than I was in the spring... I love how that works.
Bad spellers of the world... UNTIE!
 
prebennorholm
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RE: Oil Hits All Time High - Again.

Thu Oct 25, 2007 11:50 pm

Quoting A332 (Reply 11):
Oil prices are at record highs yet I am paying much less for a litre of gasoline than I was in the spring... I love how that works.

That's an easy one. Crude oil is traded in US dollars which is going down. You buy gas using Canadian money going up.

I also pay less for gas than half a year ago.

The situation right now is that oil traders are fearing a civil war in Turkey which may close down some vital pipelines for a long period of time while winter is approaching. That has produced a storm on securing futures on especially Texas and North Sea oil.
Always keep your number of landings equal to your number of take-offs
 
photopilot
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RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 12:00 am

I stopped complaining long ago and just got smart.

Went from a SUV that got 22 mpg to a Toyota Matrix that gets 48 mpg. That's better than cutting the cost of gas in half.

As other's have noted. Stop whining. Either pay for what you use or modify your usage requirements. It's called CHOICE and the Freedom to Choose! Isn't that what you guys south of the border alway claim to be about.

Oh, and for the record. I hope oil hits $200 a barrel or whatever it takes to modify people's behavior.
 
jfk69
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RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 12:00 am

Which countries don't pay high prices for Oil? we find them and find our problem.
 
Springbok747
Posts: 3993
Joined: Sun Nov 14, 2004 9:13 am

RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 12:07 am

Quoting JFK69 (Reply 14):
Which countries don't pay high prices for Oil?

I guess most of the middle eastern countries (Saudi Arabia et al) dont. Correct me if I'm wrong though.

Unleaded fuel just shot up this morning here in ADL. It was AU$1.17 a litre yesterday, today its $1.34. Thats a big jump in one day...and our dollar is supposed to be strong and keeping the fuel prices from rising further  Yeah sure
אני תומך בישראל
 
N1120A
Posts: 26503
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RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 12:20 am

Quoting Lehpron (Reply 3):
don't drive

 rotfl  rotfl 

You must not live in L.A.

Quoting LAXspotter (Reply 5):
damn, how did you pay per gallon? U drive a Truck?

That is what I paid for just over 15 gallons of 91 today. Actually, I paid $51 and some change

Quoting Prebennorholm (Reply 12):

I also pay less for gas than half a year ago.

Lucky you

Quoting Photopilot (Reply 13):

Oh, and for the record. I hope oil hits $200 a barrel or whatever it takes to modify people's behavior.

For the record, I wish there was an alternative form of transportation to my car.
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
LAXspotter
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RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 12:22 am

Quoting Photopilot (Reply 13):
SUV that got 22 mpg to a Toyota Matrix that gets 48 mpg

I believe the SUV mileage, but the Matrix how the hell could you get 48, EPA states around 32 MPG Highway for the Automatic, nevertheless its still great mileage compared to all the other cars.

Quoting Photopilot (Reply 13):
your usage requirements. It's called CHOICE and the Freedom to Choose! Isn't that what you guys south of the border alway claim to be about.

Oh, and for the record. I hope oil hits $200 a barrel or whatever it takes to modify people's behavior.

yes, precisely, I dunno why single people have to drive SUV's, I dont see the need for Pickup's when 99% of the time I dont see anyone hauling anything. I'm 6'5 and I fit comfortably into a 1994 Toyota Corolla that gives me great mileage, I dont feel the need to excite some kids by purchasing a "cool" car. I seriously doubt tho, that people will change their patterns, I just hope gas reaches 5 bucks a gallon soon.
"Patriotism is the last refuge of the scoundrel" Samuel Johnson
 
N1120A
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RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 12:28 am

Quoting LAXspotter (Reply 17):
EPA states around 32 MPG Highway for the Automatic

The manual does better, though not 48MPG

Quoting LAXspotter (Reply 17):
I dunno why single people have to drive SUV's

I don't know why ANYONE needs an SUV. Then again, I am glad the Escape Hybrid is becoming the taxi of choice in New York

Quoting LAXspotter (Reply 17):
I'm 6'5 and I fit comfortably into a 1994 Toyota Corolla that gives me great mileage

You would fit even better into a Mini Cooper, and still get awesome gas mileage.
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
LAXspotter
Posts: 3227
Joined: Sat Jan 27, 2007 4:16 pm

RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 12:35 am

Quoting N1120A (Reply 18):
though not 48MPG

yeah thats just Hybrid Mileage. I think the car with the best fuel economy that is not a hybrid is the Yaris and the Corolla, which get about 37MPG each on the Highway.

Quoting N1120A (Reply 18):
Escape Hybrid

probably one of the only "acceptable" SUV's along with the RAV 4.

Quoting N1120A (Reply 18):
Mini Cooper, and still get awesome gas mileage.

true, SUV's having more legroom is just BS. There is more room in a cooper for the driver than in a Ford Excursion.
"Patriotism is the last refuge of the scoundrel" Samuel Johnson
 
N1120A
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RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 12:51 am

Quoting LAXspotter (Reply 19):

yeah thats just Hybrid Mileage. I think the car with the best fuel economy that is not a hybrid is the Yaris and the Corolla, which get about 37MPG each on the Highway.

There are plenty of diesels running around that do significantly better than that. Unfortunately, they aren't coming back until next year. Anyway, those numbers are correct under the new EPA measurements, but those seem to be very conservative now. I am betting the Corolla will do 40 at a 70 cruise.
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
LAXspotter
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Joined: Sat Jan 27, 2007 4:16 pm

RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 12:52 am

Quoting N1120A (Reply 20):
I am betting the Corolla will do 40 at a 70 cruise.

probably, and just stick behind an SUV the whole time down the highway, that way the wind resistance is lowered signifiicantly, or so i think.
"Patriotism is the last refuge of the scoundrel" Samuel Johnson
 
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Acey
Posts: 1118
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RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 1:06 am

I'm here swimming in oil but still paying more than the lot of you for regular gas...

0.95 (Canadian dollars per litre) = 3.71 U.S. dollars per US gallon

So hush.
If a man hasn't discovered something that he will die for, he isn't fit to live. -- Martin Luther King, Jr.
 
LAXspotter
Posts: 3227
Joined: Sat Jan 27, 2007 4:16 pm

RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 1:07 am

Quoting Acey (Reply 22):
3.71 U.S. dollars per US gallon

So hush.

I think some Europeans can beat that  Big grin
"Patriotism is the last refuge of the scoundrel" Samuel Johnson
 
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Acey
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RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 1:13 am

Quoting LAXspotter (Reply 23):
I think some Europeans can beat that

I most certainly am not doubting that, just alluding to the fact that my province is making billions in profits from oil but we see nothing of that at the pumps.
If a man hasn't discovered something that he will die for, he isn't fit to live. -- Martin Luther King, Jr.
 
photopilot
Posts: 3101
Joined: Mon Jul 15, 2002 11:16 am

RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 1:14 am

Quoting LAXspotter (Reply 17):
I believe the SUV mileage, but the Matrix how the hell could you get 48, EPA states around 32 MPG Highway for the Automatic, nevertheless its still great mileage compared to all the other cars.

Sorry, make that 47 mpg as per Transport Canada. But remember, a Canadian gallon (when we used to use them) is 160 fluid ounces while an American gallon is only 128 fluid ounces. So our old gallon is 20% larger than yours. Oh, and I've NEVER owned a slush-a-matic. Love the 5-spd however.

Here's the info sheet.



[Edited 2007-10-25 18:14:57]

[Edited 2007-10-25 18:16:10]
 
LAXspotter
Posts: 3227
Joined: Sat Jan 27, 2007 4:16 pm

RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 1:20 am

Quoting Photopilot (Reply 25):
. So our old gallon is 20% larger than yours. Oh, and I've NEVER owned a slush-a-matic

damn I forgot, you guys are using Imperial gallons which is 1.2 US gallons.
"Patriotism is the last refuge of the scoundrel" Samuel Johnson
 
N1120A
Posts: 26503
Joined: Sun Dec 14, 2003 5:40 pm

RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 1:20 am

Quoting Acey (Reply 22):

0.95 (Canadian dollars per litre) = 3.71 U.S. dollars per US gallon

Incorrect. Using 3.785 liters per gallon and the current conversion rates, it ends up at $3.48 per gallon.
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
LOT767-300ER
Posts: 8526
Joined: Mon Jan 01, 2001 12:57 pm

RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 1:32 am

Quoting LAXspotter (Reply 19):
probably one of the only "acceptable" SUV's along with the RAV 4.

The joke has to be that the words SUV are in the same sentence as RAV4  rotfl 
 
Toast
Posts: 1249
Joined: Thu Aug 30, 2007 4:04 am

RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 1:33 am

Quoting PC12Fan (Thread starter):
Oil Hits All Time High - Again.

Personally, this news barely makes my give-a-fuck-o-meter budge.  Smile

I use exclusively public transportation, and its price has only risen minimally in the last year. And Ryanair is still dirt-cheap.  Smile

Sucks to be you guys in LA.  duck  With endless commutes, choking pollution and the Santa Ana blowing up your asses, what can possibly keep you in such a place?  flamed 
Shit Piss Fuck Cunt Cocksucker Motherfucker Tits
 
yfbflyer
Posts: 257
Joined: Sun Sep 10, 2006 5:50 am

RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 1:36 am

The price has been climbing but you have to look at the fall of the US dollar. Oil is sold in USD so any price increase is exacerbated by the decline.
 
Falcon84
Posts: 13775
Joined: Fri Sep 10, 2004 11:52 am

RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 1:38 am

Something funny, maybe even fishy here. The price per barrel has skyrocketed in the last month, yet prices at the pump aren't skyrocketing with them-like they did last summer. Remember? Why is that? I thought the price per barrel always meant a huge spike at the pump? Could it be another game that the oil companies are playing?
Work Right, Fly Hard
 
LAXspotter
Posts: 3227
Joined: Sat Jan 27, 2007 4:16 pm

RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 3:18 am

Quoting LOT767-300ER (Reply 28):
SUV are in the same sentence as RAV4

well what do you consider the ideal SUV?  scratchchin 

Quoting Toast (Reply 29):
Sucks to be you guys in LA. With endless commutes, choking pollution and the Santa Ana blowing up your asses, what can possibly keep you in such a place?

damn you toast, I bet all major European cities have excellent public transport  Sad
"Patriotism is the last refuge of the scoundrel" Samuel Johnson
 
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Acey
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RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 5:56 am

Quoting N1120A (Reply 27):
Incorrect. Using 3.785 liters per gallon and the current conversion rates, it ends up at $3.48 per gallon.

With all due respect sir, I double checked my math using the following:
1 CAD = 1.03 USD (several sources are giving either this rate or 1.02)
1 U.S. liquid gallon = 3.785 litres

$0.95 CAD per litre x 3.785 litres per gallon = $3.60 CAD per gallon
$3.60 CAD per gallon x $1.03 USD per CAD = $3.71 USD per gallon

Looks like you used a conversion rate from some time ago.

[Edited 2007-10-25 22:57:48]
If a man hasn't discovered something that he will die for, he isn't fit to live. -- Martin Luther King, Jr.
 
pilotpip
Posts: 2839
Joined: Fri Sep 19, 2003 3:26 pm

RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 6:40 am

They keep the price of oil this high and they'll price themselves right out of their big profits. At these prices alternative forms of energy start making sense and as more people spend more on gas the economy will slow due to reduction of spending on other items.
DMI
 
baroque
Posts: 12302
Joined: Thu Apr 27, 2006 2:15 pm

RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 7:38 am

Quoting YOWza (Reply 2):
Quoting Baroque (Reply 1):
Voodoo oil reserves seem to be a rival to voodoo economics!

No need to hide anything when you're part of a cartel. Charge what you want and people will have to pay. They have all the aces...

Which must be why some of the majors have experienced declining refinery margins - the part that they go nearest to controlling.

There is an accounting quirk that discourages them from hiding anything. Essentially any resource to be realised more than 15 years out has essentially zero NPV regardless of how valuable it might actually be in 16 years.

All of which is why:

Quoting Tootallsd (Reply 8):
Limited Supply
Rising Demand
ALWAYS means higher prices

is the major factor. AND

Quoting Tootallsd (Reply 8):
Lower energy consumption.
Alter living patterns live closer to your work
Alter housing sizes, why heat 3500 sq feet for 3 people?
Drive more efficient cars

is close to the best solution.
 
Alessandro
Posts: 4961
Joined: Wed Sep 12, 2001 3:13 am

RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 3:51 pm

Well, nice to see that motorbikes are also availble in diesel like the neander, I think this will lead to the revival of diesel vechicles in the future.

[Edited 2007-10-26 08:51:46]
From New Yorqatar to Califarbia...
 
N1120A
Posts: 26503
Joined: Sun Dec 14, 2003 5:40 pm

RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 9:24 pm

Quoting Acey (Reply 33):
With all due respect sir, I double checked my math using the following:
1 CAD = 1.03 USD (several sources are giving either this rate or 1.02)



Quoting Acey (Reply 33):

Looks like you used a conversion rate from some time ago.


I used the instant rate from www.xe.com/ucc.
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
Arrow
Posts: 2325
Joined: Wed Jun 19, 2002 7:44 am

RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 9:40 pm

Quoting Prebennorholm (Reply 12):
You buy gas using Canadian money going up.

Nice theory, and it works short term. But unfortunately oil is priced in declining US dollars and the people who sell it aren't very happy with the hit they are taking. That's why there's a lot of Euro-based selling going on and I expect to see more. I would not be surprised to see a formal move from dollars to Euros as the new petrodollar -- watch out when that happens.

On a side note (at the risk of infuriating the lefties out there), Canada's oil producers have seen their revenue gains from the rising crude price almost completely eroded by the spectacular climb of the Canadian dollar vs. the greenback -- from 65 cents three years ago to $1.04 at the close of currency markets today. All their costs, of course, are in Canadian dollars. That's why they are screaming about Alberta's new royalty regime.

[Edited 2007-10-26 14:42:42]
Never let the facts get in the way of a good story.
 
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Acey
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RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 10:48 pm

Quoting N1120A (Reply 37):
I used the instant rate from www.xe.com/ucc.

Which currently gives $1.04, making 0.95 CAD per litre even more than $3.71 USD per gallon. Whatever.
If a man hasn't discovered something that he will die for, he isn't fit to live. -- Martin Luther King, Jr.
 
Acheron
Posts: 1851
Joined: Mon Sep 05, 2005 1:14 am

RE: Oil Hits All Time High - Again.

Fri Oct 26, 2007 10:56 pm

Quoting Arrow (Reply 38):
I would not be surprised to see a formal move from dollars to Euros as the new petrodollar -- watch out when that happens.

I've heard if that happens, the Dollar will go into a very steep dive.
 
baroque
Posts: 12302
Joined: Thu Apr 27, 2006 2:15 pm

RE: Oil Hits All Time High - Again.

Sat Oct 27, 2007 1:58 pm

Quoting Arrow (Reply 38):
That's why there's a lot of Euro-based selling going on and I expect to see more. I would not be surprised to see a formal move from dollars to Euros as the new petrodollar -- watch out when that happens.



Quoting Acheron (Reply 40):
Quoting Arrow (Reply 38):
I would not be surprised to see a formal move from dollars to Euros as the new petrodollar -- watch out when that happens.

I've heard if that happens, the Dollar will go into a very steep dive.

You have to wonder if that is not the third force in the current rise. Physical shortage, political concerns and then trying to insulate income against the falling US dollar.

The Chinese presumably are not best pleased as the US dollar declines.
 
Arrow
Posts: 2325
Joined: Wed Jun 19, 2002 7:44 am

RE: Oil Hits All Time High - Again.

Sat Oct 27, 2007 5:43 pm

Quoting Baroque (Reply 41):
The Chinese presumably are not best pleased as the US dollar declines.

It will be fascinating (and somewhat scary) to see how this plays out. China would not want to precipitate a crash in the US dollar for obvious reasons -- but if the current decline gets steeper as a result of other moves -- like OPEC suddenly deciding it will price its product in Euros from now on -- then you can expect the Chinese to try and get out of its US currency holdings before it suffers too much damage. They've already made moves to limit their US exposure, but a tumbling greenback might prompt more drastic action.

It would be a bit like a run on a bank, on a macro scale. Once something like that gets rolling, it will be very difficult for any one player to stop the incoming tsunami (images of Canute on the beach). Given the global financial catastrophe that might represent, we can hope that all the power brokers are aware of this. I guess the other scenario for China might involve throwing even more money at the US debt to keep that greenback as high as possible. China would go from owning US stock to owning the US lock, stock and barrel.

It would be helpful if the US could stop running deficits and do something about reducing that huge debt instead of adding to it on an annual basis.
Never let the facts get in the way of a good story.
 
baroque
Posts: 12302
Joined: Thu Apr 27, 2006 2:15 pm

RE: Oil Hits All Time High - Again.

Sun Oct 28, 2007 4:23 pm

Quoting Arrow (Reply 42):
It would be a bit like a run on a bank, on a macro scale. Once something like that gets rolling, it will be very difficult for any one player to stop the incoming tsunami (images of Canute on the beach).

Ah so you have been reading the election speeches by our beloved Treasurer, Mt P Costalot! We have him to thank for our bullet proof economy but it is about to be overwhelmed by just such a tsunami, and only Costalot can do the Canute thingy properly.

Quoting Arrow (Reply 42):
I guess the other scenario for China might involve throwing even more money at the US debt to keep that greenback as high as possible. China would go from owning US stock to owning the US lock, stock and barrel.

They might try and switch out of bonds into buying up companies, although when they tried and oil company, that was blocked. Then again, if they bought on Wall St how could that be stopped?

The other side of it is that the declining US dollar sort of does what the US has been wanting, it revalues the renmimbi in effect.

Each 10 dollar increment in oil prices is supposed to be the limit, but each one seems to be something that can be lived with. Maybe demand is just that inelastic that any old price is OK!! Big grin  Big grin Bigger exploration budgets you know!!  bigthumbsup 

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