Comments on: Oil: What goes up…

By: Jerry Watson, Atlanta, GA

Jerry Watson, Atlanta, GA — Fri, 01 Aug 2008 11:20:29 +0000

Giving public assets as blackmail to big oil companies to get lower gas prices has never worked. Yet, republicans continue to insist that we should contine to give more public assets to big oil companies and wait for them to lower gas prices…eventually. How long do republicans want voters to continue playing “blackmail fool and high gas price victim” to big oil companies?

By: BIGFOOT

BIGFOOT — Tue, 29 Jul 2008 04:17:55 +0000

The China Daily headlines yesterday “OPEC Chief says Oil may drop to $70 a barrel”

By: Francine wantagh NY

Francine wantagh NY — Mon, 28 Jul 2008 17:24:54 +0000

i do not think the price of oil or gas will ever go back to where it was last year or even earlier. The government, politicians do nothing to help the US citizens, and they see we can pay (as hard as it is) so they will not do anything to lower prices. Oil companies and other companies are also making a fortune off of us so they dont want the price to come down either otherwise, they will not make money.

By: Jim, Phoenix AZ

Jim, Phoenix AZ — Mon, 28 Jul 2008 15:07:47 +0000

Anyone who thinks that gas will drop significantly is fooling themselves. Why would the oil companies let that happen when we all know that they can manipulate the industry. This just opens the door for some brave inventor to find an alternate fuel source and turn the Arab sands into worthless oily deserts.

By: timberline2000@gamil.com

timberline2000@gamil.com — Sat, 26 Jul 2008 15:09:54 +0000

NO..It’s the lull before the storm.
To think they will stay down is believe we do not live in a world motivated by greed.And I just don’t think there is anyone left that hasn’t figured out that greed has taken over.

By: wnowack, Leawood, KS

wnowack, Leawood, KS — Fri, 25 Jul 2008 21:49:05 +0000

In reply to Michael Winston:

The financial geniuses who helped the mortgage market to its current height have transferred their immense insight and skillset to the oil futures market. Guess who will get astronomical commissions and who will get stuck with the bill when everything collapses?

By: wnowack, Leawood,KS

wnowack, Leawood,KS — Fri, 25 Jul 2008 21:43:45 +0000

Congress – the most expensive clown show in the world. Instead of compromising and getting something done, Reid, Pelosi and the democrats tried to score political gotcha points and ended up doing nothing, as usual.

By: G.B, Denver, CO

G.B, Denver, CO — Fri, 25 Jul 2008 19:28:05 +0000

Slowing demand for oil + New Trade legislation + election + alternative energy + a stronger dollar = Bad news for Oil speculators…..$60 dollars by April

By: The Rich Jerk, Chicago, IL

The Rich Jerk, Chicago, IL — Fri, 25 Jul 2008 18:07:49 +0000

Slowing US economy + falling equity markets in Asia and India => less demand => falling price. The “prices are because of strong demand from Asia and India” won’t hold water 6-9 months. Sell oil futures and get rich!

By: Henrk, Houston TX

Henrk, Houston TX — Fri, 25 Jul 2008 17:01:55 +0000

The price of oil will triple when Israel bombs Iran. The recent decline is based on a false hope that Israel can be restrained.

By: David - Dallas

David - Dallas — Fri, 25 Jul 2008 16:31:07 +0000

Posted By John Duluth, MN :”…if it goes back to $100 and less and stays there for many months, then the incentives to work on alternative energy sources will be set back”

This is one of the reasons why oil will fall. The big oil companies (no I am not talking Exxon/Mobil, Conoco/Phillips, etc. as these are al small players when compared to the national oil companies of Saudi, Iran, Venezuela, etc.) fully understand what development of viable alternative energy sources means to them. (why do you think Dubai is so rapidly diversifying into the financial sector?) Therefore, I fully anticipate drastically lower oil prices, but it will not happen too fast, as these major oil companies (read countries) also understand that this is the (right) time to make high profits, similar to the history of the late 70’s early 80’s.

By: Richard S. Fort Collins CO

Richard S. Fort Collins CO — Fri, 25 Jul 2008 04:11:44 +0000

Hmmmm. It seems to me that I remeber the 2006 gas price run-up had a very conveiniant and timely reversal that happened just in time for the mid-term election cylce.
I have a hunch that oil and gas prices will drop significantly before November. Once the elections are over the prices will go back up again.

By: Marcus. Vallejo, CA

Marcus. Vallejo, CA — Fri, 25 Jul 2008 04:00:32 +0000

I am not sure that one ought to focus on the “dollar-value” of oil so much as the comparative worth of it. Dollar devaluation (aka inflation) has been a significant driving in the 2007-2008 run-up in oil price.
When viewed from an American perspective, clarity is greatly disadvantaged and it is difficult to determine whether or not we have reached peak/bottom. Price oil in Euro’s, Pound Sterling, Canadian Dollars, Gold… pretty much anything other than greenbacks and the price of oil is far more stable than we think.

By: Kyle Cox, Macon, MO

Kyle Cox, Macon, MO — Fri, 25 Jul 2008 03:05:39 +0000

No, I do not believe that the price of oil and gas has peaked. Granted, I will say that it has for the short term, less than one year. Gas will continue to go up, demand is steadily increasing and supply is struggling to maintain the curve. Eventually the world will see the Hubbert Peak, but by then, hopefully there will be several viable alternatives available. Price will most likely continue to rise due to the fact that every year the value of oil is a good hedge against inflation, and more and more investment institutions are using oil instead of stocks and bonds.
I do not believe that we will ever see oil below 80 dollars again for any sustained period of time.

By: Denver

Denver — Fri, 25 Jul 2008 00:31:51 +0000

Oil prices will continue to drop because this is an election year. Other reasons include the bankrupcy of SemiGroup and legislation to curb speculation. There has also been some movement on a new Drill Bill by president Bush and although this will not hav any immediate effect it will send a message to OPEC and the world that the US is moving towards a more self sufficient stance in energy management. As a side note, civil charges were laid by CFTC against a Dutch firm for manipulation OIL futures contracts in the commodities market. This will also send a message that the CFTC is serious about cracking down on questionable activities of unscrupulous traders. Oil will drop to about $80 a barrel by December 2008 and will continue to drop until it levels off at about $60 a barrel early next year. G.B.

By: T. Baker Redwood City, CA

T. Baker Redwood City, CA — Thu, 24 Jul 2008 23:17:45 +0000

Oil will stay high until we get the Oilman out of the white house

By: Pete, Philly, PA

Pete, Philly, PA — Thu, 24 Jul 2008 22:03:48 +0000

If you still insist that demand/supply is behind this housing->oil->commodity–>food price surge, you need to pull your head out of your pants. It is the greed + deregulation + government dysfunction + bush that caused all these. The fact is market economy is not perfect, not panacea, so stop using it try to make sense to the nonsense.

By: Peter San Jose, CA

Peter San Jose, CA — Thu, 24 Jul 2008 21:41:09 +0000

Of course they are going down. The calendar shows there are 179 days left. Oil will not even get close to this price for a long, long time after that.

By: Tony W. Waterford, CT

Tony W. Waterford, CT — Thu, 24 Jul 2008 20:35:46 +0000

YES I think they are on the way down to around 75.00 a barrel. Thsi whole thing is the best of both worlds. We had a 147.00 per barrel price to scare people into looking for alternatives and really driving those technologies in place since we all know it’s a matter if time. At the same time, the prices will come back down so for the short term the econly can bounce back.

Added to all of this is that the housing market is bottoming out and will begin rebound next year – mid 09. We have some good times right around the corner.

I do believe Oil will be 3 steps and 1 little step up as it drops rather quickly.

By: Scott, Hartford CT

Scott, Hartford CT — Thu, 24 Jul 2008 20:29:05 +0000

I am a staunch republican and conservative and I pray every day that Obama does not get inot the White House. With that said, I’ll admit I knew months ago that this would happen. Why? Because the election is coming. Good news from Iraq will continue and relations with Iran will improve, as well. Tensions in Afghanistan will cool by late August. Oil will be at $90 by the election and gas at $3.50 per gallon. This will all lead to a victory for McCain. I wouldn’t be surprised to see something nig on the OBL front as well. Mark my words, these things will occur. You heard it here. Remember!