Posted by Jahari Davis on 8/1/06 2:50pm
Msg #136520

OT- You, OPEC, and why Oil wont drop below $60 a barrel

I guess its time to start buyin and trickin out Hybrids.

http://money.cnn.com/2006/08/01/news/economy/oil_floor/index.htm?cnn=yes

Reply by SanDiegoCA on 8/1/06 3:37pm
Msg #136526

The "price" of oil is not controlled by cartels or oil companies.

Oil is a publicly traded commodity.

Prices of contracts for oil delivery will rise or fall depending on how the traders feel about currnet demand, guessed future demand and how much they are willing to pay to guaranty their share of the supply.

There are also other traders in the mix who never want to guaranty deliver, just make priofits from trading the futures contracts!

Compound that with the fact that liquefied natural gas and gasoline are ALSO publicly traded commodities, and there is no way to tell for sure where prices will end up in the future for any of them.

Historically, EVERY time somebody tries to tell anyone that the future price of a publicly traded commodity will be they are inevitably shown to be wrong .......... WHEN that future arrives, no matter what commodity is being discussed.

But, I will agree that the days of sub $50 per barrel oil are most likely gone, barring any MAJOR new discovery.

Reply by newlysmomva on 8/3/06 3:19pm
Msg #136855

Re: OT- You, OPEC, and why Oil wont drop below $60 a barrel-

Time for biodesiel!