Oil hits $100 a barrel

[Trek]

How can I be the first to post this? Is it 'cause I'm 7 hours ahead of most of you? Anyway, was watching TV and CNN showed this breaking news story:

Oil pushes to $100 - Jan. 2, 2008

 

[ziggy29]

Gotta love speculators. There is no fundamental reason for this that I can see. I think we need an "irrational exuberance" speech here.

 

[haha]

Gotta love speculators. There is no fundamental reason for this that I can see. I think we need an "irrational exuberance" speech here.

Just use the search function. You will find many irrational exuberance speeches over the past years on this forum regarding oil. Many at prices less than half of today's.

Ha

 

[ziggy29]

Just use the search function. You will find many irrational exuberance speeches over the past years on this forum regarding oil. Many at prices less than half of today's.

Yeah, but people on this forum don't move markets!

 

[brewer12345]

Did they forget to tell you about the Plunge Protection Team? Maybe they have retired...

 

[A854321]

This is good news for news/infomercial/newsletter people who can spread the excitement, jitters, and speculation into more profits.

 

[bssc]

Well, if you are making Euros, then the dollar's drop means that the price of oil has dropped for you. And you can buy more, driving the price up.

 

[FUEGO]

Any Europeans out there saying "What oil price increase?!?"?

 

[Notmuchlonger]

Good hopefully this moves along alternate fuels.

 

[Ed_The_Gypsy]

Observe now the chemical engineers' happy dance: whoop! whoop!

On another note, the geniuses at Shell are getting ready to screw more employees and shoot themselves in the foot once again:
[FONT=MS Sans Serif, Arial][/FONT]http://royaldutchshellplc.com/
(A site antagonistic to Shell.)

If I read the news correctly, in spite of higher oil prices, Shell is making less money. How do they DO that?

 

[haha]

If I read the news correctly, in spite of higher oil prices, Shell is making less money. How do they DO that?

As I remember Shell is a net buyer of crude. So their profits depend more on refining spreads and on retailing. Refining spreads while better than several years ago, are off from the recent peaks.


Ha

 

[kumquat]

For all you Canucks who own XIU: it's 30% oil. Gotta love it.

 

[Trek]

Lone trader caused 100 dollar price for oil - Yahoo! News

 

[Salaryman]

can't wait til the 100 oil hits the gas pumps.
thanks George and Dick for making our world safe...and jack up the gas prices.

 

[ERD50]

can't wait til the 100 oil hits the gas pumps.
thanks George and Dick for making our world safe...and jack up the gas prices.

I thought that it was important for us to start using less petroleum? Increased gas prices should help accomplish that, no?

So, if 'George and Dick' are responsible for 'jacking up the gas prices', they have probably done more for energy conservation than 'Al' 'jet around telling people to conserve and buy my book while I heat the swimming pool in my house'.


-ERD50