Aces High Bulletin Board
General Forums => The O' Club => Topic started by: mg1942 on June 06, 2008, 03:07:33 PM
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That's the biggest jump I've ever seen!
Expect $6/gallon for regular before July 4. $8 to $10 when Israel/US attacks Iran this year or next year.
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great reason for virtual office :D
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actually........expect $10 per gallon by September....and $30-$45 per gallon when Israel attacks Iran.
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extremely high oil prices will cause a world wide recession which in turn will cause a collapse of the speculation driven oil futures market. If you are holding oil futures contracts better sell them now wile there still some suckers left.
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Yeah our market went up 1,3% today mostly driven by Tech and oil.
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extremely high oil prices will cause a world wide recession which in turn will cause a collapse of the speculation driven oil futures market. If you are holding oil futures contracts better sell them now wile there still some suckers left.
that's insane financial advice my friend.
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extremely high oil prices will cause a world wide recession which in turn will cause a collapse of the speculation driven oil futures market. If you are holding oil futures contracts better sell them now wile there still some suckers left.
And then the hedge funds will come to the government and state that if they are allowed to fail the U.S. financial system will go down the tubes, they will demand and receive a nice taxpayer bail out.
Now if you just own a few contracts, you are probably right.
shamus
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The only reason oil went up is because some idiot at a large investment bank said it would. Self fulfilling prophesy.
Why oil is traded the way it is is beyond me....it's an essential commodity, not an investment vehicle. The world's getting strangled while less than .01% of the population is getting rich off of it. Think of how many people are going to get royally shafted come the fall when they have to heat their homes.
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The only reason oil went up is because some idiot at a large investment bank said it would. Self fulfilling prophesy.
Why oil is traded the way it is is beyond me....it's an essential commodity, not an investment vehicle. The world's getting strangled while less than .01% of the population is getting rich off of it. Think of how many people are going to get royally shafted come the fall when they have to heat their homes.
You sound suspiciously like a communist....
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Most capitalists sounds like communists when capitalism doesn work in their favor :D
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capitalism is one thing. The greed in speculation is another.
I'm moving because I have oil heat....I can't afford it.
Think about Grandma this winter....food or warmth.
2600 people at GM just recieved notice they'll be out of work next year because the truck plant is shutting down(well, they are grossly overpaid, so that might be a bad example).
Jevic transport in New Jersey shut down a couple of weeks ago, 1200 people out.
Yet mobile makes 40 billion. Gas prices are high becuse of lack of refineries. What's a refinery cost? Mobile can make at least ten and still have enough to give their execs bonuses.
I admit...I'm a socialist. Essential services....electricity, oil, roads....things required for the operation of society....should not be on the wide open market.
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I foresee riding the Pan in the rain much more often now :uhoh
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Check out grocery prices come Labor Day.
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One nice thing about high gas prices are the interstate is a hell of a lot less crowed. I feel for the average person who has to drive to work everyday or people that buy heating oil. Myself, I'm lucky as I run my business from home and spend maybe $40 to $50 a month on gas. Typically I fill up my truck once a month and everything I absolutely need is with in 10 miles.
As far as GM shutting down their pants, well I don't really feel bad for them.. The workers yea but not the company. The writing has been on the wall for a very long time, that we needed to start making changes. Ford, GM and Dodge all kept pumping out 12 mpg vehicles. They will now reap what they sowed.
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And for the fat cats its good. Grab has much as they can as quickly as they can. Like flipping a house.
For the Dad's and Mom's with kids in little league etc, it should be a crime, says I.
That is when the writing has been on the wall for a time.
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Check out grocery prices come Labor Day.
looking at the size of the average lard arse these days, that might not be a total bad thing
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looking at the size of the average lard arse these days, that might not be a total bad thing
Sad thing is that even with rising food prices, its always the junkfood thats cheapest
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freeways are less crowded.. no stop and go... they were talking of toll roads.. this works as well for me.
We will see something done at some point.. we will have to have nukes and drill for the oil we have.. people will stomp the greenies to death to get to the oil.
new tech will come out.. a new gold rush to get to better turbo diesels and electric cars.. better solar for all is around the corner....
It all seems like a win win to me. I have a good feeling about the way it will all turn out... 20 years from now we will be living better than we are now.. unless we elect too many socialist who will drag their feet and stop progress and go down a bunch of blind paths and build a bigger and clumsier and more intrusive government.
It is gonna work out.. we are one breakthrough or a bunch of little ones away from a solution.
Unless of course.. you are just one of those types who loves doom and gloom.
One thing.. I bet no one is gonna want a dollar or two a gallon tax on gas to save the planet from "man made global warming" scam.
It all seems win win to me.
lazs
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Israel-Iran Tension Causing Oil Price Surge, 2 Israeli officials threatened Iran in last 24 hours:
“If Iran continues with its programme for developing nuclear weapons, we will attack it. The sanctions are ineffective,”Israeli Transport Minister Shaul Mofaz told the Israeli newspaper
http://www.businessandmedia.org/articles/2008/20080606112914.aspx (http://www.businessandmedia.org/articles/2008/20080606112914.aspx)
"We must tell them: If you so much as dream of attacking Israel, before you even finish dreaming there won't be an Iran anymore," Israeli infrastructure minister Benjamin Ben-Eliezer
http://www.presstv.ir/detail.aspx?id=59102§ionid=351020104 (http://www.presstv.ir/detail.aspx?id=59102§ionid=351020104)
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Yet mobile makes 40 billion. Gas prices are high becuse of lack of refineries. What's a refinery cost? Mobile can make at least ten and still have enough to give their execs bonuses.
And how many refineries are they able to build with all the Nimbys and Environmentalists suing them any time they try?
http://www.nwi.com/articles/2008/05/19/updates/breaking_news/doc4831a2833256c615344521.txt
This is just one example -- you can find many more on in internet if you search for them. Any and every time a refinery tries to expand, a lawsuit is filed, and construction is delayed. This has been going on for years, and in more places than just Whiting. Oil companies are perfectly willing to spend their profits on captial improvements to increase capacity, but they are not allowed to do so.
And yet the uninformed continue to blame the oil companies for the fact that refining capacity has not grown to meet demand. Truly sad.
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I'm gonna start digging holes in my back yard. What would old Jed be worth today?
(http://upload.wikimedia.org/wikipedia/en/thumb/5/5a/EbsenasJedClampett.jpg/200px-EbsenasJedClampett.jpg)
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Yet mobile makes 40 billion. Gas prices are high becuse of lack of refineries.
No, it's high because of crude oil prices. In fact, refineries have been running well below capacity for a while, and the refining costs have fallen pretty far, to about 35c a gallon.
Just buying the oil to make a gallon of gasoline costs about $3 at the moment. State and federal governments take an average 47c in taxes, and the rest is split between the retailers and distributors.
Any and every time a refinery tries to expand, a lawsuit is filed, and construction is delayed. This has been going on for years, and in more places than just Whiting. Oil companies are perfectly willing to spend their profits on captial improvements to increase capacity, but they are not allowed to do so.
Oil companies have been spending money on increasing capacity. US refinery capacity has risen from 16.3 million barrels a day in January 2000 to 17.6 million barrels a day at the end of May this year.
The US also imports about 10% of its gasoline, mostly from Europe, which produces a gasoline surplus thanks to its reliance on diesel.
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I sell woodstoves and pellet stoves for a living.
Been doing it since bout 1985.
I have NEVER seen such a surge in sales of these products.
The factorys are having a hard time keeping up with all the orders.
And its June for cripes sake!!
Most people here in New Hampshire are paying 4.50 a gallon for heating oil.
I can't imagine what the price will be this winter.
Boner
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No, it's high because of crude oil prices. In fact, refineries have been running well below capacity for a while, and the refining costs have fallen pretty far, to about 35c a gallon.
Just buying the oil to make a gallon of gasoline costs about $3 at the moment. State and federal governments take an average 47c in taxes, and the rest is split between the retailers and distributors.
Oil companies have been spending money on increasing capacity. US refinery capacity has risen from 16.3 million barrels a day in January 2000 to 17.6 million barrels a day at the end of May this year.
The US also imports about 10% of its gasoline, mostly from Europe, which produces a gasoline surplus thanks to its reliance on diesel.
Was watching a program the other night
At $130 a barrel. Roughly about a 3rd of a barrel of oil is from speculators.
Its estimated that if the speculators were put under the same kind of regulatory controls they had for some 60 years untill (I think)around 2000
the price of oil would drop by about 20%
Another large chunk is due to the weak dollar
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Roughly about a 3rd of a barrel of oil is from speculators.
Where do speculators have there drill rigs?
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Don't worry about the price of oil,
Democrats have a plan to lower gas prices…join Democrats who are working to lower gas prices now. – Nancy Pelosi (D-CA), Press Release, April 19, 2006
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Another large chunk is due to the weak dollar
A very important factor that many forget
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time to stop buying oil.
let china waste their time with that.
it's well on it's way to becoming completely cost prohibitive.
but then, lets not forget that we are willing to pay the higher prices to keep other competitors out of the market.
we can conceivably buy tons at a bargain rate compared to what it will be when we tap into our own supply.
that said...some day gasoline petroleum power will go the way of the steam engine.
invention is what western culture is best at.
time to get to it.
good luck.
(steps off box)
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that said...some day gasoline petroleum power will go the way of the steam engine.
Coal and Nuke power stations are steam engines. My plant (Nat Gas) is 2/3 jet engine and 1/3 steam engine to make electricity.
More than half the energy we (USA) consume as a nation is used to produce steam to power steam engines to rotate generators to feed the grid electricity.
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That being said, what we need to do is extend favrable tax and siting regulations to wind farms, copy the German policy to enhance the residential solar installations, build 100+ new 1000 MW nuclear stations, get coal to liquid plants built in Appalachia and Wyoming, get oil shale going, drill in ANWR and North Dakota...
We need all these and more to solve the problem and government provided hurdles instead of government provided enducements is the real problem.
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I sell woodstoves and pellet stoves for a living.
Been doing it since bout 1985.
I have NEVER seen such a surge in sales of these products.
The factorys are having a hard time keeping up with all the orders.
And its June for cripes sake!!
Most people here in New Hampshire are paying 4.50 a gallon for heating oil.
I can't imagine what the price will be this winter.
Boner
post a linky
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Where do speculators have there drill rigs?
Man I know I should be the last person on earth playing spelling police.
They have their oil rigs over there. In our wallets. LOL
http://www.sltrib.com/business/ci_9514415
"WASHINGTON - One is a billionaire financier and the other operates seven gas stations and convenience stores in a farming community of 7,000 in eastern Washington state.
But George Soros and Gerry Ramm joined others in delivering the same message last week to the Senate Commerce Committee. Rampant speculation has helped spur out-of-control crude oil prices, which neared $140 a barrel Friday.
In the measured tones of high finance, Soros, whose hedge fund by some accounts made $3 billion last year, talked about a ''speculative excess'' and warned that the run-up in oil prices could drag the United States into a recession.
''It is intellectually dishonest, potentially destabilizing and distinctly harmful in its economic consequences,'' he said.
Ramm, the president of the Inland Oil Co. of Ephrata, Wash., was a bit more plain-spoken.
''Excessive speculation on energy trading is the fuel that is driving this runaway train in crude oil prices.''
Others testifying said speculation by investment banks, hedge funds, institutional investors and others may be responsible for more than half of the skyrocketing price of crude oil. The Federal Trade Commission and the Commodity Futures Trading Commission, they said, have failed to investigate.
Gasoline should cost about $2.25 a gallon, and everything above that is ''funny money'' largely tacked on by speculation and manipulation, testified Mark Cooper of the Consumer Federation of America.
''The speculative bubble in energy commodities has cost households about $1,500 over the past two years in increased costs for gasoline and natural gas,'' said Cooper, estimating that the total cost to the U.S. economy has been more than half a trillion dollars.
As retail gas prices have reached record highs for nearly 30 consecutive days, Cooper said the recent $120-$130 price for a barrel of crude oil could be split into thirds - about $40 for the true economic cost, $40 added by OPEC and $40 because of speculators.
Sen. Maria Cantwell, D-Wash., who chaired the hearing, was especially critical of the Commodity Futures Trading Commission for deciding that regulators in London and Dubai should patrol international crude-oil markets rather than doing so itself.
The International Petroleum Exchange is in London but is owned by an Atlanta exchange; the oil trading exchange in Dubai is connected with the New York Mercantile Exchange. In addition, West Texas Intermediate Crude is the benchmark used on most international oil markets.
Cantwell said that the Commodity Futures Trading Commission had oversight authority over international exchanges but so far had refused to act. Speculators are taking advantage of the situation, she said.
''This is no different than when U.S. businesses take out a post office box in the Cayman Islands to avoid U.S. business laws,'' Cantwell said. The commission, so far, has ''abdicated its oversight responsibility.''
Even as speculators and others are getting rich, the retail side of the industry is getting squeezed, Ramm said.
''Last year, gasoline dealers and heating oil retailers saw profit margins from fuel sales fall to their lowest point in decades,'' he said, adding that most station owners make their profits by selling drinks and snacks.
Ramm, representing the Petroleum Marketers of America, said retailers were near the limits on their lines of credit because of the high petroleum prices.
Michael Greenberger, a University of Maryland law professor, said that not only were speculators playing the markets, they also were starting to take delivery of the petroleum products. As they drive prices higher, they then can sell their products for even more. Greenberger said that one investment company was the largest owner of heating oil in New England, where oil heats 80 percent of homes.
Soros said there are real economic reasons for oil prices to be going up. First, there is ''the increasing cost of discovering and developing new reserves and the accelerating depletion of existing oil fields as they age.'' Second, oil-producing countries have less incentive to sell their oil reserves - which are gaining in value - for dollars, which have lost value in recent months.
Third, countries where demand is growing fastest, such as China, are keeping energy prices artificially low for their domestic consumers by providing subsidies.
But Soros said speculation is also artificially increasing oil prices, which have risen by more than 40 percent in the past six months. "
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Oil Speculators in this country are nothing more "Than Congressional Authorized & Legalized Gangsters "
You can thank Senator Phil Gramm and the sheep in the Democratic Party that supported his Oil Cartel backed bills in Congress .
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can you say Enron?
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As far as GM shutting down their pants, well I don't really feel bad for them.. The workers yea but not the company. The writing has been on the wall for a very long time, that we needed to start making changes. Ford, GM and Dodge all kept pumping out 12 mpg vehicles. They will now reap what they sowed.
They have built what their customers want. Their customers want SUV's and Pickups so they built them by the hundreds of thousands.
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Ford, GM and Dodge all kept pumping out 12 mpg vehicles. They will now reap what they sowed.
As will we all.
Its a self perpetuating situation, one high price drives up another and anyone who thinks the oil companies aren't gone turn every possible profit is dreamin.
They have built what their customers want. Their customers want SUV's and Pickups so they built them by the hundreds of thousands.
And we still want them. This really ticks me off. I drive 78 miles a day to work (one way). Gotta move now, cant afford to pay $100+ a week for transportation. Need a vehicle with better mileage too, but mostly I need to move. looking at spending over $90,000 for a place while I work in a business that is very dependent on fuel (aviation) and there are already cuts in commercial flights and routes all over the US. I need to have my head examined.
lasz may have a point about how things will be in 20 years, I hope so, but dang things are gonna be rough around here until then.
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Coal and Nuke power stations are steam engines. My plant (Nat Gas) is 2/3 jet engine and 1/3 steam engine to make electricity.
More than half the energy we (USA) consume as a nation is used to produce steam to power steam engines to rotate generators to feed the grid electricity.
point taken.
;)
but still...
ya. time to get on the good foot.