Speculators Spooked....Oil Price Dropping Fast

reply to post by Rockpuck


I actually get oil checks from an inheritance and oil isnt sold for $25-$30. The companies that take out the oil really are paying what the market says. Or at least they are paying us what the market price is. I dont think the gov't gets the oil for cheaper. What I get paid per bl is the market price.

7-10-08 By Mark Reback

Fortune Magazine has released their Global 500 list of the top international companies, and to no one's surprise, Big Oil companies hold 6 of the top 10. So much for Big Oil's claims that their profits aren't any more than other industries... Check out the entire list of the Global Fortune 500.

Company Revenues PROFITS

1 Wal-Mart Stores $378,799,000,000 / $12,731,000,000

2 Exxon Mobil (Big Oil) $372,824,000,000 / $40,610,000,000

3 Royal Dutch Shell (Big Oil) $355,782,000,000 / $31,331,000,000

4 BP (Big Oil) $291,438,000,000 / $20,845,000,000

5 Toyota Motor $230,201,000,000 / $15,042,000,000

6 Chevron (Big Oil) $210,783,000,000 / $18,688,000,000

7 ING Group $201,516,000,000 / $12,649,000,000

8 Total (Big Oil) $187,280,000,000 / $18,042,000,000

9 General Motors $182,347,000,000 / -$38,732,000,000

10 ConocoPhillips (Big Oil) $178,558,000,000 / $11,890,000,000

www.oilwatchdog.org...

Crude prices suffer biggest one-day drop in 17 years

2008-07-16 06:07:38 NEW YORK, July 15 (Xinhua) -- Crude prices plunged almost 7 U.S. dollars a barrel Tuesday, the biggest daily drop since 1991, due to fears that U.S. economic woes could hurt global oil demand.

Federal Reserve Chairman Ben Bernanke, who testified before the Senate Banking Committee Tuesday, said the fragile economy is facing "numerous difficulties"

Concerns about the economic woes of the United States, the world's biggest oil consumer, helped spark the heavy sell-off.

news.xinhuanet.com...

Long time reader, first time poster.

Seriously people, how stupid can you be to believe that oil should be at this price?

I bet the people that believe that oil prices are based on supply and demand, are the same people that believe house prices should increase yearly at 20% due to population growth or Flyfishing.com was worth $70 Million.

If you want to see the price of oil go down, the SEC only has to make one law. The law - if you do not have the ability to accept delivery, you can not speculate. Since 2001 speculation has risen 70%.

wow... big day...


Oil droped OVER $9 today!!! Something close to 7%...


CRAZY...


is it going to jump back up 15$ tommorow.. Mabye...

Who knows... if the US keeps moving towards Drilling for our own oil, the proce shoudl keep droping, but, we have an oil president, so... who realy knows what will happen...


MY THOUGHT, The senate doesnt allow the drilling, which will cauase the price to go up even more...

Originally posted by AtlantaInsider
Long time reader, first time poster.

Seriously people, how stupid can you be to believe that oil should be at this price?

I bet the people that believe that oil prices are based on supply and demand, are the same people that believe house prices should increase yearly at 20% due to population growth or Flyfishing.com was worth $70 Million.

If you want to see the price of oil go down, the SEC only has to make one law. The law - if you do not have the ability to accept delivery, you can not speculate. Since 2001 speculation has risen 70%.

Good to know that you agree, there can only be a change if ordinary people start taking a stand against this massive global extortion, by a few Greedy Gorillas.

Rein in the oil speculators

Once petroleum futures contracts were bought and sold by people who actually used the oil. The contracts helped smooth market fluctuations and ensure a steady supply at a predictable price. In other words, they worked to increase stability in the oil market.

Today petroleum markets are a sandbox with no stability to be found. The advent of global electronic oil markets has meant huge increases in trading volume, without effective regulation and with such flimsy reporting and tracking that it is impossible to know who is gaming the system or when.
This demand for so-called "paper barrels" of oil, bought merely for quick financial speculation, has added 25 to 50 percent to the price of crude


The only ones denying the problem are the investment banks that are raking in major profits and the Bush administration. The White House sees nothing wrong with wild price swings enriching the investment houses that brought us the subprime mortgage crisis, while average citizens not only have to worry about keeping their houses but filling their tanks to get back and forth to work.

Congress should take straightforward steps to ease the upward price pressure from speculation. Job one should be closing the "Enron loophole," the provision that the now-defunct energy company pushed through Capitol Hill eight years ago that eliminated most government regulation of the electronic trading of oil.
Hiring more regulators to oversee the markets is also essential. The Commodities Futures Trading Commission has fewer staffers than at any time in its 33-year history, even as activity on the markets it oversees has exploded.

wow... big day...


Oil droped OVER $9 today!!! Something close to 7%...


CRAZY...
is it going to jump back up 15$ tommorow.. Mabye...
Who knows... if the US keeps moving towards Drilling for our own oil, the proce shoudl keep droping, but, we have an oil president, so... who realy knows what will happen...
MY THOUGHT, The senate doesnt allow the drilling, which will cauase the price to go up even more...




I agree.....but not crazy.... it's contrived volatility to make more cash......

Several bullets......

1-Supply/Demand? China, India? BS who the frig is buying oil at this price when their standard of living is much lower than the US and as Rockpuk stated their growth % doesn't come close to matching oil increase.

2- Oil did not drop on Bush's statement . It was Political cover

3- Market wasn't up because the Fed boys were in front
of congress lying how their going to fix things. It was Political cover


It's all BS.....all these clowns are in bed with each and the populace
pays for the room........
Rant off......

I think that if the price drops too much, the single nigerian rebel in Nigeria will attack the nigerian oil well with his ak-47, and we'll all be doomed once again.

Edit: I did not say the n-word!


stupid filter.

[edit on 15-7-2008 by Critical_Mass]

Originally posted by TKainZero
wow... big day...


Oil droped OVER $9 today!!! Something close to 7%...


CRAZY...


is it going to jump back up 15$ tommorow.. Mabye...

Who knows... if the US keeps moving towards Drilling for our own oil, the proce shoudl keep droping, but, we have an oil president, so... who realy knows what will happen...


MY THOUGHT, The senate doesnt allow the drilling, which will cauase the price to go up even more...

The real Oil Brothel Speculators have long cashed-up their loot from this Gang-Bang and have sold-up their scrap oil shares to the latecommers into the Market, who have just discovered that they have bought their Ghost Shares at Outpriced amounts, and the gauntlet is dropping faster than Gravity.....because it just cannot sustain itself on a false bottom, The Bottom has just Crashed......It's now a Free Fall

This is what the Iraq War was all about, at the expense of the American Taxpayers Money.....to Build the Storage Facilities in Haifa-Israel especially for the Oil Speculators, also financed by the American Taxpayers

America is now being thanked by these Parasites....$6.00 per Gallon

100mpg...fairly smooth ride....no gas required.....gets you to your destination....16 seater limo.....not a sugar coated poison.....the oil-mans nightmare

reply to post by Dubyakadubla


this is nonsense/.

Originally posted by dbates
All the stories I'm seeing in the news seem to indicate that oil will go higher still. Don't short-sell oil unless you want to lose your shirt. It will hit $150 before it drops down to $120.

Brazil energy giant Petrobras said on Monday that a strike started by its oil workers at midnight on Sunday will cut its production by 300,000 barrels per day.

www.reuters.com...

I was told the day Light Sweet Crude hits $150.00 is the day we attack Iran!

MOSCOW (AP) -- Three of Russia's oil projects, which all have foreign participation, failed to achieve oil production targets in 2007, Russia's Audit Chamber said Monday.
hosted.ap.org...