Opening up drilling will have no impact

[BYU71]

on the price of oil for 10 years. At least that is what I keep hearing from the dems.

Is the fact oil prices started falling right after Bush lifted the drilling ban just a coincedence?

[SoCalCoug]

Originally Posted by BYU71

on the price of oil for 10 years. At least that is what I keep hearing from the dems.

Is the fact oil prices started falling right after Bush lifted the drilling ban just a coincedence?

In a market where speculation seems to drive the price of oil (or at least has a significant effect)? Probably not a coincidence.

[MikeWaters]

Originally Posted by BYU71

on the price of oil for 10 years. At least that is what I keep hearing from the dems.

Is the fact oil prices started falling right after Bush lifted the drilling ban just a coincedence?

And the drops before then?

Wow, you hold yourself out to be a paragon of financial wisdom, yet this is cause and effect for you?

[BYU71]

Originally Posted by MikeWaters

And the drops before then?

Wow, you hold yourself out to be a paragon of financial wisdom, yet this is cause and effect for you?

I am not a paragon of financial wisdom. However, when it comes understanding finances, I am way out of your league. By the way this is not belittling you. I am sure there are area's where you are far more knowledgeable than I am, finances is just not one of them.

What drops before then are you talking about. I thought I heard the drops over the last week were the largest for quite some time.

I don't think I said it was cause and effect, I was asking for alternative reasons. Of course you provided none. Just your usual style. Try to belittle me and then put words in my mouth.

[MikeWaters]

Originally Posted by BYU71

I am not a paragon of financial wisdom. However, when it comes understanding finances, I am way out of your league. By the way this is not belittling you. I am sure there are area's where you are far more knowledgeable than I am, finances is just not one of them.

What drops before then are you talking about. I thought I heard the drops over the last week were the largest for quite some time.

I don't think I said it was cause and effect, I was asking for alternative reasons. Of course you provided none. Just your usual style. Try to belittle me and then put words in my mouth.

falling demand, OPEC saying less oil will be used next year than last year.

I guess you didn't hear about this.

[BYU71]

Originally Posted by MikeWaters

falling demand, OPEC saying less oil will be used next year than last year.

I guess you didn't hear about this.

Nope missed it. Could you provide the day they said that. I would appreciate it.

Many people have been saying demand is going down for weeks and yet nothing happened. Maybe the right people finally heard it.

So I guess it is a perception of supply and demand either way. You know OPEC saying useage is going down next year is a projection on the future as it pertains to supply and demand.

[Indy Coug]

Originally Posted by BYU71

So I guess it is a perception of supply and demand either way. You know OPEC saying useage is going down next year is a projection on the future as it pertains to supply and demand.

Pure speculation.

[TripletDaddy]

Originally Posted by BYU71

I am not a paragon of financial wisdom. However, when it comes understanding finances, I am way out of your league. By the way this is not belittling you. I am sure there are area's where you are far more knowledgeable than I am, finances is just not one of them.

What drops before then are you talking about. I thought I heard the drops over the last week were the largest for quite some time.

I don't think I said it was cause and effect, I was asking for alternative reasons. Of course you provided none. Just your usual style. Try to belittle me and then put words in my mouth.

I did notice that drop in prices, 71, and the coincidence of the timing was not lost on me. In Irvine, the prices dropped from about 4.68 to about 4.38 in a few days immediately after the announcement. But I filled up this morning and the prices were creeping back up again....4.47.

Here is what has not been explained...perhaps you can enlighten...and I am not pulling your chain here......assuming that crude could be sold on the open market today, why wouldnt those drums simply be sold at open market prices? Are these companies going to give the US a discount? Also, do you envision a drop in demand for oil consumption in the near future? Without that drop, why would prices go down? If anything, isnt demand going to continue to rise?

Basically, the US is catching up to the cost of petrol everywhere else, where it has been super expensive for a long time. I doubt it will ever drop back down to where it was pre-Iraq war.

[landpoke]

Originally Posted by BYU71

on the price of oil for 10 years. At least that is what I keep hearing from the dems.

Is the fact oil prices started falling right after Bush lifted the drilling ban just a coincedence?

Approximately 1/2 to 3/4 of that ten year figure is due to regulatory hoops through which the companies wishing to exploit a resource must jump.

[MikeWaters]

Originally Posted by TripletDaddy

I did notice that drop in prices, 71, and the coincidence of the timing was not lost on me. In Irvine, the prices dropped from about 4.68 to about 4.38 in a few days immediately after the announcement. But I filled up this morning and the prices were creeping back up again....4.47.

Here is what has not been explained...perhaps you can enlighten...and I am not pulling your chain here......assuming that crude could be sold on the open market today, why wouldnt those drums simply be sold at open market prices? Are these companies going to give the US a discount? Also, do you envision a drop in demand for oil consumption in the near future? Without that drop, why would prices go down? If anything, isnt demand going to continue to rise?

Basically, the US is catching up to the cost of petrol everywhere else, where it has been super expensive for a long time. I doubt it will ever drop back down to where it was pre-Iraq war.

silly rabbit. the reason that gas was so expensive in other places was not because oil was more expensive for them on the market. It was because of huge taxes.

And yes, it is now even more hugely expensive in Europe.