Oil prices fall below $90 amid financial crisis worries

Oil prices fall below $90 amid financial crisis worries

PostBy: bear creek burnout On: Mon Oct 06, 2008 5:50 am

Light, sweet crude for November delivery was down $4.69 to $89.19 a barrel in electronic trading on the New York Mercantile Exchange by late afternoon in Singapore.

Oil prices have tumbled nearly 40% since peaking in July. The Nymex front-month contract last traded this low in early February.

bear creek burnout
 
Stove/Furnace Make: Hitzer
Stove/Furnace Model: 503 Insert

Re: Oil prices fall below $90 amid financial crisis worries

PostBy: Freddy On: Mon Oct 06, 2008 7:08 am

Good news!

I'll be ason of a gun. I have been saying that we'd never, ever, see gasoline go below $3.35 again. Yesterday one station in town was $3.34.

While the low prices are good, we must remember, all it takes is one glitch anywhere in the world and zoom, back up they go. A storm, a terrorist attack, a leaky ship, a refinery burns, and we'll looking at $5 a gallon the next morning.
Freddy
 
Stoker Coal Boiler: Axeman Anderson 130 (pea)
Hot Air Coal Stoker Stove: Reading piece o' junk in the barn (rice)
Coal Size/Type: Pea size, Superior, deep mined

Re: Oil prices fall below $90 amid financial crisis worries

PostBy: billw On: Mon Oct 06, 2008 7:10 am

Gouge me once shame on you, gouge me twice shame on me. They can still drink the 800 gallons of fuel oil I used to use.
billw
 
Stove/Furnace Make: EFM 520
Stove/Furnace Model: GOODBYE OIL COMPANY


Re: Oil prices fall below $90 amid financial crisis worries

PostBy: bear creek burnout On: Mon Oct 06, 2008 8:23 am

Freddy....you nailed it.....don't be fooled by this....although it's always good news for gas prices & home heating oil I think it's just a "reverse spike" in prices that will again reverse itself in a heartbeat.
bear creek burnout
 
Stove/Furnace Make: Hitzer
Stove/Furnace Model: 503 Insert

Re: Oil prices fall below $90 amid financial crisis worries

PostBy: chabbo On: Mon Oct 06, 2008 8:24 am

Freddy, you forgot the most important threat to a continued rise in oil prices, viz., in light of the massive mounting US debt, the debasement of the dollar will continue, leading to hyperinflation and oil prices to soar. When that happens (and more importantly the severity of the price increases) all depends upon when our foreign creditors start flooding our dollars back into the US domestic market. I am more convinced now than I was 3 months ago when I started the coal conversion, that my decision to transition out of oil was the only way to insulate me from soon to be expected higher heating costs.

JMO,

Manny
chabbo
 
Stove/Furnace Make: EFM
Stove/Furnace Model: 520

Re: Oil prices fall below $90 amid financial crisis worries

PostBy: ken On: Mon Oct 06, 2008 11:57 am

all it takes is one screw up in the world to jack it up. i predicted 3 months ago oil would $75 to $80 buy the end of the year. when gold , platinum , rhodium and silver started to dive. the dollar has really made some ground in last couple weeks. a strong US dollar will have an effect on everything. Asia and Europe are now having big problems in housing and banks. overall there will be less demand for oil. Opec will either cut back or leave it alone. those countries are in double digit inflation. the made tons of $ , but now it's coming back to hurt them. the people there are not very happy. they import everything , but oil.
ken
 
Stove/Furnace Make: Keystoker - Rice Coal
Stove/Furnace Model: 75K - Bay Window - Direct Vent

Re: Oil prices fall below $90 amid financial crisis worries

PostBy: coaledsweat On: Mon Oct 06, 2008 1:48 pm

Just fell into the $80s.
coaledsweat
 
Stoker Coal Boiler: Axeman Anderson 260M
Coal Size/Type: Pea

Re: Oil prices fall below $90 amid financial crisis worries

PostBy: coalmeister On: Mon Oct 06, 2008 2:25 pm

I expect oil to go lower, much lower. The despots that have most of the oil reserves use the oil money to keep the natives from getting restless, now its baked into their budgets. So when oil plunges, they have to start cheating on OPEC to try to make it back on volume, which turns into a tasty downward price spiral .

I hope Chavez ends up swimming in it!! :dancing: :cheers:
coalmeister
 
Stove/Furnace Make: Alaska 140 Furnace -sold
Stove/Furnace Model: Harmon VF3000 -sold

Re: Oil prices fall below $90 amid financial crisis worries

PostBy: coalmeister On: Mon Oct 06, 2008 2:30 pm

chabbo wrote: all depends upon when our foreign creditors start flooding our dollars back into the US domestic market.

JMO,

Manny


Manny,

When do you think the Chinese will tire of lending us billions of dollars every week? I am shocked they say nothing and just keep writing the checks. :idea: Maybe they have big plans for us... Start practicing your Chinese- :sick:
coalmeister
 
Stove/Furnace Make: Alaska 140 Furnace -sold
Stove/Furnace Model: Harmon VF3000 -sold

Re: Oil prices fall below $90 amid financial crisis worries

PostBy: coaledsweat On: Mon Oct 06, 2008 2:50 pm

coalmeister wrote:I hope Chavez ends up swimming in it!! :dancing: :cheers:


With any luck, the SOB can't swim! :lol:
coaledsweat
 
Stoker Coal Boiler: Axeman Anderson 260M
Coal Size/Type: Pea

Re: Oil prices fall below $90 amid financial crisis worries

PostBy: riderman On: Sun Oct 26, 2008 1:04 am

We are the bread basket of the world, arent we? If OPEC wants to curtail production\output of oil to the world, why cant we curtail output wheat or corn in the same manner? At least add tarrifs to the our corn and wheat sold to the oil producing countries. I'd like to see them grow crops in Saudi, Iran, etc. Mayby we can make a deal, dont screw us on crude, we wont screw you on food... LOL
riderman
 

Re: Oil prices fall below $90 amid financial crisis worries

PostBy: Devil505 On: Sun Oct 26, 2008 6:46 am

Freddy wrote:all it takes is one glitch anywhere in the world and zoom, back up they go. A storm, a terrorist attack, a leaky ship, a refinery burns, and we'll looking at $5 a gallon the next morning.



Don't forget the real cause of huge gasoline /home heating fuel price increases here in the U.S......... The end of a Presidential election cycle!.....That ALWAYS causes a veritable storm of GREED to reemerge. ;)
Devil505
 
Stove/Furnace Make: Harman
Stove/Furnace Model: TLC-2000