OPEC Is Going to Rape Us

coalmeister · Post by **coalmeister** » Thu. Oct. 23, 2008 3:15 pm

He Called the Peak in Oil, Now Bleier Sees $50 Crude in Early '09
Posted Oct 23, 2008 11:58am EDT by Aaron Task in Investing, Commodities

"The commodity trade is over...oil is going to $100 per barrel."

Or so declared Scott Bleier, president of CreateCapital.com, on July 18. What sounded like an outrageous prediction then turned out to be too conservative as commodities, led by oil and gold, have crashed.

Today, Bleier predicts oil will fall to as low as $50 a barrel in early 2009, and, short of turning off the spigots entirely, he doesn't think OPEC -- which is meeting in Vienna this week -- can do much about it.

Who is going to rape who? Ha HA Shoe is on the other foot, oh ye men from the land of the sand

rberq · Post by **rberq** » Thu. Oct. 23, 2008 5:50 pm

slb04786 wrote:I hope it will be a long time before I ever burn a drop of the oil left in my tank.

Same here. Speaking of which, should anything be added to that oil? You know, the way we add a cap-full of stabilizer to the lawn mower gas tank before putting it away for the winter? Does anybody have knowledge about this?

efo141 · Post by **efo141** » Thu. Oct. 23, 2008 7:45 pm

Lets just hope people stay in the fuel mizer mode. People do have a habbit of going back to there old ways.

Adamiscold · Post by **Adamiscold** » Fri. Oct. 24, 2008 8:31 am

They cut production.

http://money.cnn.com/2008/10/24/markets/oil/index.htm

The Organization of Petroleum Exporting Countries, whose member nations control about 40% of the world's oil, said it would cut production by 1.5 million barrels a day starting in November.

Many investors anticipated a larger production cut from OPEC to deal with falling demand in the slowing economy.

"Demand destruction is at over 2 million barrels a day," said Robert Laughlin, senior broker at MF Global. "What OPEC did today was a good gesture, but it wasn't enough."

catdog · Post by **catdog** » Fri. Oct. 24, 2008 8:55 am

LONDON (Reuters) – Oil slid nearly $5 a barrel on Friday as gloom about a global economic downturn that is sapping fuel demand took the steam out of an OPEC agreement to cut output.

Ministers of the Organization of the Petroleum Exporting Countries agreed at an emergency meeting in Vienna to take 1.5 million barrels a day of crude, about 5 percent of its supply, off the world market.

U.S. light crude for December delivery traded down $4.80 at $63.04 a barrel. Earlier it touched $62.85, its lowest since May 2007.

It has fallen $42 a barrel in a month.

London Brent crude was down $4.42 at $61.50.

Saudia Arabia's Oil Minister Ali al-Naimi said the group had agreed the output reduction with effect from November1.

Traders said OPEC's action might not be enough to arrest a slide that has seen oil down more than 50 percent from a record $147 a barrel in July.

"Already we've seen demand destruction of 2 million barrels per day. I'm not convinced this cut will be enough to stop the slide." said Rob Laughlin, at broker MF Global.

Adamiscold · Post by **Adamiscold** » Fri. Oct. 24, 2008 9:02 am

Dow futures locked at -550. Looks like oil is going to be going a lot lower with if the Dow falls to were people think it's going today.

av8r · Post by **av8r** » Fri. Oct. 24, 2008 9:16 am

It's like a train wreck that you can't help but watch. I'm sorry for the innocent folks that get hurt in this, but the guilty people must pay for what they have done. There is no free ride.

cbc6 · Post by **cbc6** » Fri. Oct. 24, 2008 9:34 pm

It's like a train wreck that you can't help but watch. I'm sorry for the innocent folks that get hurt in this, but the guilty people must pay for what they have done. There is no free ride.

AMEN!!!

cbc6 · Post by **cbc6** » Fri. Oct. 24, 2008 9:34 pm

It's like a train wreck that you can't help but watch. I'm sorry for the innocent folks that get hurt in this, but the guilty people must pay for what they have done. There is no free ride.

AMEN!!!

damn double post

efo141 · Post by **efo141** » Sat. Oct. 25, 2008 2:36 am

Should we feel sorry for opec now that they got used to the the lifestyle of 150 a barrel oil ? NOT ME

Adamiscold · Post by **Adamiscold** » Sat. Oct. 25, 2008 7:25 am

Should we feel sorry for opec now that they got used to the the lifestyle of 150 a barrel oil ? NOT ME

OPEC can kiss my hairy white Butt!

Ed.A · Post by **Ed.A** » Sat. Oct. 25, 2008 9:39 am

OPEC can kiss my hairy white Butt!

Dammit Adam, I would like to second that notion....but it makes me feel dirty.

Adamiscold · Post by **Adamiscold** » Sun. Oct. 26, 2008 8:52 am

While Ed on the positive side at least your not dirty from the coal dust.

tstove · Post by **tstove** » Tue. Oct. 28, 2008 10:24 am

I'm afraid that people will just start using more oil products now that the price is down again and in a few month's or year's we'll be in the same situation again.I think America need's a wake-up call,it has to hurt more than it has already before we become more independent.Watch how much gas usage start's to go up again here in the next month or two now that the price is declining.

jeromemsn · Post by **jeromemsn** » Tue. Oct. 28, 2008 9:40 pm

Can You imagine heating a Mc Mansion. People can't afford paying on them and now winter is here and it's time to crank up the heat. I like to drive around and look at them, have you ever noticed how many exhaust pipes come out of them, that has to be good for the integrity of the insulating envelope. I say we deserve what we get, They didn't tell us to build them or to buy them, and that goes for the gas guzzling cars too. It sure is easy to blame another country than to just say hmmmm I wonder if I'm doing the world right or not. Oh by the way how many of us has given back the raises that we received from our employer the last 5 years, not me and I'm self employed. We did this and thats just the way it is.
Look out our children because here it comes, taxes, taxes and more taxes, and it doesn't matter who is going to be president. Look at what we have done for future generations. Somebody has to pay for this mess, but oh no it won't be us, but it sure should be.