Oil Price spikes up by $25/bbl

[Locke]

I think the oil markets have adopted Colin Campbell's strategy.

Somewhere theres a man with a wheel who is busily randomizing oil prices for our consumer benefit.

[Bobblehead]

Originally Posted by CGYTransplant

Remember when the price of gas went up 15 cents overnight, and everyone had a fit and demanded that the government step in? Oil prices had just spiked, because the refineries in the US Gulf had shut down in anticipation of Hurricane Ike (most were able to get running again after Gustav, very few were down the whole time).

Only after Ike passed, and the refineries got up and running again, did the price of oil fall to $90-ish, and the price of gas fell again.

No, oil prices had not spiked. As a matter of fact, they were the lowest they had been in months.

[Claeren]

A couple people here might benefit from knowing, oil prices and gasoline prices are two different things.

Sometimes they move together and sometimes they do not.






Claeren.

[Bobblehead]

Originally Posted by Claeren

A couple people here might benefit from knowing, oil prices and gasoline prices are two different things.

Sometimes they move together and sometimes they do not.

You may want to mention that to the "experts" who are interviewed every time there is a price spike and say, "It is because the price of Oil jumped".

When people then see the price of oil low and the price of gasoline jumps, the reasoning no longer line up with the parroted excuse.

[Tyler]

I just went and filled up just in case.

[Bring_Back_Shantz]

Originally Posted by arsenal

Every other time a hurricane was headed to that area, price of oil went up. This time, it went down. Maybe I am off a little with the time line.
They could have been gone from the area, or the rigs sent word that they where fine, and then the prices went down.

Ahhh, when the hurricanes were headed to the gulf oil/gas prices jumped dramatically.
Once the hurricanes were done and the damage was found to be minimal, oil/gas prices fell again.
So yes, it would appear that you're off a little with the time line.

[Finner]

People realize that buying commodities gives you physical ownership over an asset....and as such it will always have value.

The US economy is on the decline, and people don't want there money in US dollars. Oil and gold are hedges, as they are valued in US dollars, so by converting your us dollars to oil, as the dollar goes down your oil price goes up proportionately.

[Nancy]

The US dollar is tanking too... off 2.1% on the Euro and 2.6% on the CHF. Looks like the C$ is good for a penny as well.

[4X4]

Does anyone feel like getting into (read: explaining to me) oil being traded in the USD and the repercussions of it switching to the Euro?

[PIMking]

I just want to be thanked by the oil companies and the companies that are screwing me for my tax dollars. The sad thing is I have nothing to do with these companies that failed but they are going to use my taxes to bail them out. Will I ever see that money again? No. Its a joke. But we cant let these companies fail.

[burn_this_city]

Originally Posted by PIMking

I just want to be thanked by the oil companies and the companies that are screwing me for my tax dollars. The sad thing is I have nothing to do with these companies that failed but they are going to use my taxes to bail them out. Will I ever see that money again? No. Its a joke. But we cant let these companies fail.

Its not big oils fault greedy bankers gave out a trillion dollars of unpayable mortgages. The US should rightly allow these companies to fail, but its the seniors and retiring boomers who would be broke, not some suit with a 15 million dollar golden parachute.

[Bobblehead]

Originally Posted by burn_this_city

Its not big oils fault greedy bankers gave out a trillion dollars of unpayable mortgages. The US should rightly allow these companies to fail, but its the seniors and retiring boomers who would be broke, not some suit with a 15 million dollar golden parachute.

http://blogs.abcnews.com/politicalpu...years-big.html

In 2007, Wall Street's five biggest firms -- Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, and Morgan Stanley -- paid a record $39 billion in bonuses to themselves.

That's $10 billion more than the $29 billion loan taxpayers are making to J.P. Morgan to save Bear Stearns.

Those 2007 bonuses were paid, even though the shareholders in those firms last year collectively lost about $74 billion in stock declines -- their worst year since 2002.

[Finner]

Originally Posted by Nancy

The US dollar is tanking too... off 2.1% on the Euro and 2.6% on the CHF. Looks like the C$ is good for a penny as well.

Actually a little more. 1.3 pennies to be exact.

Currently 96.56CDN - 1USD

[burn_this_city]

Originally Posted by Bobblehead

http://blogs.abcnews.com/politicalpu...years-big.html

Honestly, they should spend the rest of their lives in jail. This makes Conrad Black look 100% legit.

[psicodude]

Originally Posted by burn_this_city

Honestly, they should spend the rest of their lives in jail. This makes Conrad Black look 100% legit.

Wow, that is harsh. They didn't do anything illegal. Immoral..debatable.

[burn_this_city]

Originally Posted by psicodude

Wow, that is harsh. They didn't do anything illegal. Immoral..debatable.

Its malicious intent in my opinion.. I know theres no law in the states against what they did.

[Phanuthier]

Originally Posted by psicodude

Wow, that is harsh. They didn't do anything illegal. Immoral..debatable.

White collar crime is pretty serious. I believe the accounting laws are pretty strict about morals, and if anything can be found that can tried tried, I would have to think these execs will be persecuted to the full extent of the law.

[flamesaresmokin]

Originally Posted by Kidder

So we can expect gas at the pump to hit $2.00/litre by... oh, late afternoon?

Direct correlation you know.

Lol its only directly correlated when oil is high.

Funny thing is that when the pump prices spiked last week because of the hurricane, prices in the US didn't budge at all but for some reason they go up astronomically in Canada....Some fat cats made millions over that.

[RougeUnderoos]

Originally Posted by PIMking

I just want to be thanked by the oil companies and the companies that are screwing me for my tax dollars. The sad thing is I have nothing to do with these companies that failed but they are going to use my taxes to bail them out. Will I ever see that money again? No. Its a joke. But we cant let these companies fail.

I know someone already said it, but I don't think the oil companies are screwing you out of your tax dollars. They didn't do this. It sure looks like they'll benefit from it though.

Anyway, this is what today's events look like to me. The banks got a bailout on Friday, so on Monday they start blowing money on something else, hoping to get as "safe" and "rich" as fast as possible, with what is essentially taxpayers money. Am I wrong?

The strangest thing is the opening article in this thread blamed this all on "jitters about the bailout plan". Why the jitters? It doesn't make sense. If I'm down to my last penny on Thursday, I win the lottery on Friday, shouldn't I be "less nervous" come Monday? Shouldn't I be downright relaxed and happy?

[burn_this_city]

Originally Posted by RougeUnderoos

I know someone already said it, but I don't think the oil companies are screwing you out of your tax dollars. They didn't do this. It sure looks like they'll benefit from it though.

Anyway, this is what today's events look like to me. The banks got a bailout on Friday, so on Monday they start blowing money on something else, hoping to get as "safe" and "rich" as fast as possible, with what is essentially taxpayers money. Am I wrong?

The strangest thing is the opening article in this thread blamed this all on "jitters about the bailout plan". Why the jitters? It doesn't make sense. If I'm down to my last penny on Thursday, I win the lottery on Friday, shouldn't I be "less nervous" come Monday? Shouldn't I be downright relaxed and happy?

I see the same thing with regards to playing with the taxpayers money now. I think the jitters would be investors wondering what else is going to happen.