Barrels of sweet crude oil sold today for less than $120 per barrel.

Ilsa

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Tue Aug-05-08 03:41 PM
Original message

Barrels of sweet crude oil sold today for less than $120 per barrel.

Are they nervous that we'll get used to conservation? I need more help in understanding the drop, because I never thought it would go down again to this level.

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truedelphi

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Tue Aug-05-08 03:45 PM
Response to Original message

1. Everywhere the Congress critters go, they are hounded with HATRED

Especially the Republicans.

They had a do nothing Republican Congress critter on C Span about six weeks ago, and it was already pretty bad then.

Every single caller was venomously mad.

The price has to drop back until the election, or they are Kaput as a party.

And it also goes to show, how much of the black op budget is spent on the speculation end of things.

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vitamin_D

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Tue Aug-05-08 04:03 PM
Response to Reply #1

3. smoke and mirrors

Both sides are working to see lower oil prices until after the election. Until we have good alternative energy sources to replace oil, the price will continue to go up. Just what have we got for alternative energy sources that are capable of being mass produced that don't have any effect on the environment.

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truedelphi

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Tue Aug-05-08 06:09 PM
Response to Reply #3

14. On the history channel last week, there was a full demonstration of the

Cars that run on Compressed Air. For three cents for every 120 miles, people in Mexico and in India will be able to know that the autos they use are not huting the environment.

These cars won't be allowed here. Something to do with safety regulations. Never mind that some people here are now using their motorcycles to get to and from work, and that is a lot more dangerous than these cars.

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chelsea0011

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Tue Aug-05-08 04:00 PM
Response to Original message

2. Thank you Presdient Bush for lifting the off shore drilling ban.

Isn't that what McCain said? We should thank the Presdient?

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vitamin_D

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Tue Aug-05-08 04:09 PM
Response to Reply #2

5. Why?

Why should he be thanked for doing something that changes nothing. McPain must be having a senior moment. :eyes:

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Freddie Stubbs

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Tue Aug-05-08 04:03 PM
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4. The price of oil usually falls this time of year and

demand has been down.

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vitamin_D

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Tue Aug-05-08 04:13 PM
Response to Reply #4

7. Maybe

The driving season is coming to a close as school begins. But, wait til you have to fill your oil tank with heating oil. That demand depends on weather. Of course, McPain doesn't care, he can afford it. Also, he lives in Arizona.

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Freddie Stubbs

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Tue Aug-05-08 04:38 PM
Response to Reply #7

11. The seasonal reformulation of gasoline is a big factor

It usually starts falling in the mid to late summer and then bottoms out in the late fall. Conspiracy theorists will say that it is because of elections, but it happens in odd numbered years as well.

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klyon

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Tue Aug-05-08 06:38 PM
Response to Reply #7

16. and no one has been driving this summer, demand is down

the oil companies are over stocked on gasoline.
Exports of gasoline are up 30% while production has either remained the same or fallen.
People can afford it and aren't buying it, that is why the price has fallen.

Why the price of a barrel of crude has fallen is an other matter. I can't explain that. We have no control over that but maybe it is because China slowed up buying to clear the air for the Olympics, I don't know.

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theophilus

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Tue Aug-05-08 04:57 PM
Response to Reply #4

12. Can you provide a link to show that oil goes down this time

of year and not just the price of gasoline goes down? Thanks. Over the last ten years, if you can find one.

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Raksha

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Tue Aug-05-08 04:59 PM
Response to Reply #4

13. I think you're right...the recent dip in gas prices

could very well be the result of a supply-and-demand situation. Everyone I know is driving less because gas has been so expensive.

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Andy823

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Tue Aug-05-08 04:11 PM
Response to Original message

6. Speculators don't want

NEW regulations that will stop them from manipulating the price of oil, so they are letting prices drop so congress won't vote for the new regulations. If congress doesn't pass new regulations to stop the speculators, then next year it will be back to the same "high" prices again. Congress needs to get some backbone and do what will "KEEP"prices down, and regulating speculators will do that now not 10 years down the line like McCains plan to drill, drill, drill.

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vitamin_D

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Tue Aug-05-08 04:15 PM
Response to Reply #6

9. Point made

You are right on with that observation.

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kestrel91316

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Tue Aug-05-08 04:14 PM
Response to Original message

8. Big Oil is beginning to experience the joy of permanent demand destruction.

They have killed the goose that laid the golden egg.

The Middle Class has been pushed off a cliff.

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vitamin_D

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Tue Aug-05-08 04:19 PM
Response to Reply #8

10. Also

And the gas guzzler car manufacturers are on the ropes. Couldn't happen to a nicer bunch of idiots. Maybe, just maybe, they have gotten the message and will seriously start developing fuel efficient cars that are environment friendly.

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itsrobert

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Tue Aug-05-08 06:13 PM
Response to Original message

15. It's going down to $80

Soon.

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Zynx

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Tue Aug-05-08 06:39 PM
Response to Original message

17. It should never have been as high as it was.

Thus the fall is unsurprisng.

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