Crude at 106

Lucias · Mar 6, 2011

Crude is at 106.. wow

This is starting to look serious with crude. It looks like the Fed has lost control of the situation.

If I were the President, I would announce a HUGE reserve opening. I mean 3x as much as anyone would expect. This would serve to stop the rise momentarily.

Without that, the crude speculators will not be stopped.

* Thanks. I added more context.

david666 · Mar 6, 2011

Ummmmmm are we supposed to make posts of quotes of commodities which anyone can view by going to quote.com?

Just checking

Roark · Mar 6, 2011

Quote from Lucias:

If I were the President, I would announce a HUGE reserve opening. I mean 3x as much as anyone would expect. This would serve to stop the rise momentarily.

Momentarily is the key word, as in for about three nanoseconds. If he really wants to stop the rise, he should take Palin's advice, "drill, baby, drill". Open ANWR, opening drilling off the California coast, open drilling in the gulf, and lift restrictions on converting shale to oil.

S2007S · Mar 6, 2011

Dont worry about prices, within the next week or so they will announce they are tapping the reserves and prices will drop at least 10% when that news is announced. There is no way this economy can handle higher prices, eventually oil will collapse, this time though its not going to be at $150, its going to be a bit lower than that.

Roark · Mar 6, 2011

Quote from S2007S:

There is no way this economy can handle higher prices, eventually oil will collapse, this time though its not going to be at $150, its going to be a bit lower than that.

The economy can handle it. It's Obama's re-election chances that can't handle it.

TheParable · Mar 6, 2011

Raise interest rates and oil will drop 10% in a day.

wrbtrader · Mar 6, 2011

Quote from Lucias:

Crude is at 106.. wow

This is starting to look serious with crude. It looks like the Fed has lost control of the situation.

If I were the President, I would announce a HUGE reserve opening. I mean 3x as much as anyone would expect. This would serve to stop the rise momentarily.

Without that, the crude speculators will not be stopped.

* Thanks. I added more context.

The Fed has nothing to do with what's occurring in the Middle East almost since the fall of 2010 of which is directly related to rising Oil prices nor any other period.

Also, even if the reserves were open...it will only "slow down" (not stop) rising prices in comparison to the spikes as long as the Middle East crisis continues, rising food prices et cetera. Another major problem, civil wars and so on...$150 is a possibility.

In my opinion, I would leave high prices as they are (don't open the reserves) as another notice to reduce dependency upon oil via using alternatives (e.g. car pool instead of driving alone, walk/bike to the store instead of driving and many hundreds of common sense solutions to help reduce dependency).

My point, it's going to take a an involvement of every one (including you and I) to slow down, stabilize or drop Oil prices.

It's no longer a one man show or blame that one person.

Mark

kashirin · Mar 6, 2011

Quote from wrbtrader:

The Fed has nothing to do with what's occurring in the Middle East almost since the fall of 2010 of which is directly related to rising Oil prices nor any other period.

Mark

Also the Fed has nothing to do with every other commodity which started soaring exactly since the Fed started monetizing debt

with this Fed we won't be able to afford even a bike within a year

wrbtrader · Mar 7, 2011

Quote from kashirin:

Also the Fed has nothing to do with every other commodity which started soaring exactly since the Fed started monetizing debt

with this Fed we won't be able to afford even a bike within a year

Like I said, it's no longer a one man show...we are all at fault for rising Oil prices. Yeah, some more that others (e.g. Middle East crisis) but we all are holding hands on this. :mad:

Try to do your part at home, I'll do the same and hopefully every one else will do their part in a concert togetherness...what are the odds of that happening.

By the way, hopefully the U.S. doesn't send troops into those countries...if that happens...we'll see $150 regardless if reserves are open or not.

Mark

Red_Ink_inc · Mar 7, 2011

Quote from Lucias:

If I were the President, I would announce a HUGE reserve opening. I mean 3x as much as anyone would expect. This would serve to stop the rise momentarily.

Until the very next day when Iran or Venezuela announces they'll be producing less.

It's not an issue of supply. The world is awash in oil. Releasing oil would do nothing.