20 reasons why Oil to NEVER hit $135.00 again...dated: May 22, 2008

The only reason I have to be happy if CL had never passed $139 that I had predicted, but it when up through that point. So I was technically wiped out :D. Any way, I had no betting on CL.

Happy reasoning along this hot thread!
 
Quote from Diego11:

It is just too much..

Oil is used by me and by all of us. It just needs to be managed.
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ride a bike. look how much people have already cut back. demand is way down and prices are reflecting that. unfortunately it takes a crisis to get this country to do anything.
 
Quote from brocklanders:

ride a bike. look how much people have already cut back. demand is way down and prices are reflecting that. unfortunately it takes a crisis to get this country to do anything.
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look into the $2,500.00 USD Nano Car made in India..
 
Well increasenow, the latest news is that Oil is $135.00 a barrel. :) The prices are going down. :D

See here: http://biz.yahoo.com/ap/080717/oil_prices.html

Oil steady in Asia near $135 a barrel

Oil was steady Thursday in Asia after plummeting more than $10 a barrel in the previous two sessions as evidence mounted that record prices are slowing U.S. demand.

Higher U.S. oil supplies, along with evidence of quickening inflation and slowing economic activity in the world's largest economy, have helped pull prices down from last Friday's record above $147 a barrel, said Victor Shum, an oil analyst with consulting firm Purvin & Gertz in Singapore.
 
Quote from SuperCruz:

Well increasenow, the latest news is that Oil is $135.00 a barrel. :) The prices are going down. :D

See here: http://biz.yahoo.com/ap/080717/oil_prices.html

Oil steady in Asia near $135 a barrel

Oil was steady Thursday in Asia after plummeting more than $10 a barrel in the previous two sessions as evidence mounted that record prices are slowing U.S. demand.

Higher U.S. oil supplies, along with evidence of quickening inflation and slowing economic activity in the world's largest economy, have helped pull prices down from last Friday's record above $147 a barrel, said Victor Shum, an oil analyst with consulting firm Purvin & Gertz in Singapore.
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thanks man...keep up the great posts!!!
 
There is a relative inflation to the price of oil.

But I beleive it is due to the actual demand for the product.

Personally do not use much oil but truckers and fisherman for example use plenty. Not mention all sorts of planes.
 
QUOTE]Quote from JSSPMK:
Gee, are we running out of oil or what? Or is it USD which is causing all this bullshit? [/QUOTE]

The falling dollar has caused the prices of the Oil to rise; as international prices of Oil is in US Dollars. Thus, when US dollars fell the prices rose dramatically.

Please have a look at the following threads to have a clearer idea:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=104501
http://elitetrader.com/vb/showthread.php?s=&threadid=108642
http://www.elitetrader.com/vb/showthread.php?s=&threadid=55456
 
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