$139 a barrel...This can't be good
 

http://news.yahoo.com/s/ap/20080606/..._ge/oil_prices


Someone (or many) at Morgan Stanley have a lot of stock in the oil markets [verymad][verymad]

If these people would keep their mouth shut the prices would probably stabalize for more than a week!!!

Why would they keep thier mouth shut, they are heavily leveraged in oil. Oil was going down all week and they were in a position to loose lots O $$$. Make a prediction, boom INSTANT REVERSAL OF THE MARKET TO THIER FAVOR....

this is why I ran out and filled up the tank, most likely tomorrow it will be back up to 4.70-4.80....we were actually DOWN to 4.55! and i thought that was awesome....how sad.

You are exactly right!!! They were about to loose big cash and had to do something. That is twice in a row Morgan Stanley "Predicts" a higher price and BAM.... the price jumps the NEXT day [verymad]

Also add Goldman Sachs into the manipulation today.

MikeyB

yup! it's been going on for several years, and they've been investigated for it.
http://wearesc.com/forums/showthread.php?t=39136

Did the price of oil really go up or the value of the US dollar go down?

It's been going down for about the last two weeks and it was at a low of about 122 this week. It rose $10 and some change friday because someone said something about a weaker dollar or thought that a weaker dollar something.....kinda gets your head to spinnin when you know oil prices are down $12-14 and they don't lower pump prices then someone spills a quart of crude and AHHHHH!!! Up and away they go. I say investigate them, stick it to them........they do it to us.

Yup. I wish the oil and investment companies would be watched closer and the REAL information be given to the media. But we all know that will NEVER happen. [verymad]

The answer is "E" all of the above!

Went up $11 on Friday

They are "Predicting" gas will jump another .10 a gallon in the next 3-4 days [verymad] With that news I bet it jumps by TOMORROW!!!

the key is understanding who 'they' are, and that their predictions DO move the market, and that 'they' hoard oil that was headed for the market, to artificially manipulate supply. investment banks are doing a lot more harm to us, than just speculating on future prices, and it sure helps that they only have to abide by a small % of the trading regulations, that the rest of the commodities markets have to follow (thanks to enron, and some politicians who agreed that they shouldn't have to be burdened by normal rules of commodities trading).

You are so very right.
The people that manipulate things are not at all worried about the price of a gallon of gas or a loaf of bread either. That is what is really killing us "Common folk"

I havent looked at diesel as I filled up 3 weeks ago and my truck hasnt moved since. I had to fill up the bike this morning. GAS jumped .16 overnight. It was 3.83 for the longest time but it shot up this morning. It was on the news that $4/gal for gas is about the norm. Im predicting $5/gal diesel very soon.

I sure hope all this hubub about the oil bubble bursting and prices going down holds true. Weve gotta have a break somewhere.

There's plenty of refinery capacity. Conoco was running 97% compared to BP and Exxon's 91% last month. Here's the problem - the Fed EPA and the Sierra Club. The IL EPA green lighted a proposed increase in Conoco's production, but the Feds shut it down citing air quality standards. http://www.post-trib.com/news/993320,ropflare.article
IOW, as much as the companies want to increase production our own govt is working against them and us.

i like it! [coffee]

Took me a bit but I finally noticed your avatar! [laugh] I am sure there are many people happy about it but at least they are the minority. [tapdshut]

I'll see your pumping unit and raise you a Lubricator [coffee]

The store I read (just before the summer driving started) said most of the refineries were only running 82% give or take 3% due the USA as a whole had cut back 3-4% on the amount of gas being used every day and also due to the amount of gas that is being imported every day. One thing that does not help the price of diesel and keeps the price so high for us is that we export 500,000 barrels of diesel very day to other countries like the EU and IIRC each barrel hold 42 gallons.

WOW
21 million gallons a day.
I really wish they would start blaming something other than supply and demand. That is getting old. They need to start lieing about something else!! [laugh]

i do feel the pain at the pump like everyone else though! [verymad] $140 every other day! [yuk]

The first URL shows you how many thousands of barrels of our oil and oil related products like gas and diesel we export every day to other countries. The amounts listed do not show the amount of Bio diesel we export every day. Also note the amount listed are in thousands of barrels per day not per month. http://tonto.eia.doe.gov/dnav/pet/pe...0_mbblpd_m.htm

This URL shows whom we export our crude oil products to each day including Venezuela: http://tonto.eia.doe.gov/dnav/pet/pe...X_mbblpd_m.htm

Monthly Mexico Diesel Exports from 1993 to Feb 2008:
http://tonto.eia.doe.gov/dnav/pet/hist/mdiexmx1M.htm

U.S. Biofuels Subsidies: Not for Farmers, but for Europeans
http://blogs.wsj.com/environmentalca...s/?mod=WSJBlog

Demands for crackdown on biofuels scam, aka Splash and Dash
http://www.guardian.co.uk/environmen...iofuels.energy

Govt is going to have to wise up and back off on some of these overkill environmental regs to save the economy. But theyre too spineless to do it!
For example.. if we went back to LSD we would have minimal additional pollution and the fuel wouldnt be viable for european use so the prices would be lower.
Drilling in places like ANWR or the coast might help.. but if the price of oil is 140$ a barrel, that would sell for 140$ a barrel too.
Theyre on the right track investigating the speculators. All the evidence points to them being the cause of the rise in price. But unfortunately legitimate speculation is part of how the free market works.. dont know how you can fix that. :(
Would be nice if we could ban fuel exports so domestic fuel would be cheaper.. but then again who would process such fuel when they could make more selling on the open market? Theyd just stop processing domestic fuels.

There are just so many catch 22's in all of this. If we force "XYZ" to do something they do it, but change something else to keep things the way they are.
Increase taxes and they raise the price.
Take away tax breaks and they raise the price.
Stop exporting fuel and they refine less to keep prices up.

We will never beat them unless MAJOR changes are put inplace so the cause and effect game can NOT be played.

analyst and author clif droke, thinks the ride may be nearing it's end.
http://www.marketoracle.co.uk/Article4941.html

Any of you fellow Canucks got some numbers on how much we export to the USA? Its kind of strange that we export to the USA and other countries and the USA exports as well. I remember watching 3 Flying J tankers roll on through at the Sask MT border when I was clearing. I asked the custom guy on the USA side why they could breeze on by...he said they are through so often that they simply give a wave and all their loads are electronically registered anyway.

Whats the latest on that supply under the layer of shale thats sitting under ND/MT and SK? I have heard numbers from 4.8 billion barrels to 60 Billion are down there.

Scotty

i heard that there is more oil in the rocky mtns, than there is in all of saudi arabia. if and when we go after it, is anyone's guess.

all the oil we produce along with alot of other companies gets trucked to a nearby pipeline and all goes south.

FWIW, most of the oil that the US processes is imported, largest supplier being from Canada. Yet the oils are refined down south and shipped back to us. If you cut off shipments of fuel, the shipments of oil from us would eventually dry up. The US isn't self sufficient when it comes to energy.

Small companies, not affliated with the majors, have been directional drilling for the past several years. They fract the rock with water, forcing the heavy crude out.

The enviros found a solution 25 years ago - don't buck the system, work inside it. They have worked their way into the fabric of govt and are impossible to remove.

If the USAF can have this, why can't we?
http://www.greencarcongress.com/2007..._force_pl.html

You are correct. The problem here in the states is that we have a lot of mis information (politically driven) that leads many to believe that if we become isolationists and cut out exports our economy will rise above all others.
NOT TRUE!!
We already have a massive trade deficit now. This is a major factor in the soft dollar and furthering this would most likely crash this economy far beyond anything we've ever seen.

I think the very best part of blame can be aimed at Washington, DC

The White House and Both Houses of Congress are NOT in this for you and me!

I'm fairly certain that when after November DC tries to take away all our guns there will be a revolt.

Molon Labe baby! From my cold dead hand and NO OTHER WAY!