Oil sinks to 6-week low on U.S. recession fears »
Posted By STONERS 8 months, 3 weeks ago in Business & FinanceOil fell to a six-week low on Tuesday, dragged lower by a stock market plunge and fears a slowdown in the United States could have a much wider impact than previously thought.
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engineer8 months, 3 weeks ago
It's still not low enough. It has to get to $30 per barrel or less. It's a start. If Bush wants to improve the economy, he can say to Saudi Arabia that we won't sell you the 20 Billion dollars worth of military aircraft unless the price of crude falls back to the poin it was when Bush took office. Knowing Bush --- fat chance!!
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ADAGUY8 months, 3 weeks ago
I am convinced that Bush or Cheney are the reason OPEC cut production in the late 90's.
It's my bet that Cheney approached Arab leaders and told them that if they got OPEC to limit production, there by driving up the price, the US would get rid of Sadam.
If this was solely the work of OPEC, any pres worth his salt would already have addressed the problem with OPEC long ago.
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getreal18 months, 3 weeks ago
This is the way it is. If you don't have the money you don't buy anything. Most people are lucky they can pay the utility companies for the electricity and water they don't use.
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getreal18 months, 3 weeks ago
They offered to drop the price to ten a barrel and he said to let the market handle it. We have another year of this unconscious jerk in the white house.
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slyboy28 months, 3 weeks ago
The stock market has always controlled oil prices. There is no supply and demand working in effect here. (ok maybe a little). Nonetheless, unlike the gas price spikes of the early 80's we aren't running out of oil/gas any time soon. Has anyone seen a gas station closed because they ran out of fuel. I don't think so. So the current high prices aren't completely due to a low supply, but people buying futures because they think there is a low supply.
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simonsez8 months, 3 weeks ago
80% of the world's oil is under the control of sovereign nations, controlled (coordinated) by OPEC and priced daily.
Lead-time on crude can be 90 to 180 days before it is delivered to a refinery, processed and delivered to your station. A lot can happen to demand during that period, but generally it is anticipated demand will continue up, so it becomes a fairly stable hedge.
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saneman8 months, 3 weeks ago
Greed has outpaced the health of the economy and we are seeing it with oil prices. Gee, did they realize that sooner or later there will be a breaking point? Some experts had predicted $4 per gallon of gas by spring. Obviously, those experts didn't realize that the breaking point is nearer to $3 per gallon.
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