Engineer
Elite Member
- Oct 9, 1999
- 39,230
- 701
- 126
$96.95. CNBC stated it is because the economy has already turned sour. I would suspect that the high oil/gas prices are a MAJOR reason that the economy has turned sour, pulling huge amounts of our GDP out in the form of higher prices across the board.
guyver01
Lifer
- Sep 25, 2000
- 22,135
- 5
- 61
In other news... Chicago gas prices rose to $12.50/oz, in order to Screw Liar McOwned. Add this to the Vinegar tax...
Doppel
Lifer
- Feb 5, 2011
- 13,306
- 3
- 0
Just like I predicted. Except unlike Dave I won't pretend it was because I am prescient but because every damn economist who can spell the word has worried this will happen, as it has happened many times before.
I like how a week or so ago it was $3.49, then it from like $98 brl to $103 and all of a sudden overnight it's $3.59, and now that it's been under $100 just one day after that short spike it's still around $3.59
wheeee!!
wheeee!!
- Oct 30, 2004
- 11,442
- 32
- 91
Here's an interesting tidbit (that may or may not be true) that I came across earlier today:
http://www.businessinsider.com/2010-oil-story-drawing-down-the-inventories-2011-6
Is it really true that last year the world consumed more oil than it produced?
http://www.businessinsider.com/2010-oil-story-drawing-down-the-inventories-2011-6
Is it really true that last year the world consumed more oil than it produced?
Not so sure the economy has turned sour, but I will agree that higher gas are a problem.
Jobs are not being added back fast enough, but there are some encouraging signs like this if you look..
http://mjperry.blogspot.com/2011/06/more-on-strong-big-truck-sales-in-may.html
Londo_Jowo
Lifer
- Oct 30, 2004
- 11,442
- 32
- 91
The problem is not merely that jobs are not being added back fast enough, but that job growth is lower than the needs of population growth! In other words, we're losing jobs relative to the population growth of working-aged people. For example, if a month has 54,000 new jobs and the nation needs 150,000 merely to keep pace with population growth, then we've really lost about 96,000 jobs for that month.
werepossum
Elite Member
- Jul 10, 2006
- 29,873
- 463
- 126
QFT
Problem is, neither party really has a clue on how to fix the ongoing trend of wealth-creating (farming, manufacturing, mining) job loss. Republicans want lower taxes and spending, which won't affect the economic factors favoring off-shoring. Democrats want to increased taxes and spending, which will merely accelerate the flight of jobs. And neither party wants to acknowledge that our collective standard of living is going to drop either way.
The solution is to let in Millions more illegals from an unsecured border, who end up having a higher birthrate than optimal (2 is the least optimal, less than 2 ideal, more than 2 bad), thereby leading to even more population growth. Brilliance.
Getting a little bit of a break. Gas dropped 10 cents last night to $4.44
Oil dropped quite a bit today so hopefully these city stations start dropping more since we are paying a dollar plus more than the rest of the country.
6-15-2011
http://finance.yahoo.com/news/Oil-r...1.html?x=0&sec=topStories&pos=4&asset=&ccode=
Oil tumbles nearly 5 percent on stronger dollar
The financial crisis in Europe is sending oil prices back to where they were four months ago.
Oil prices fell more than 4 percent Wednesday on worries that a financial crisis in Greece could spread, with European banks getting burned if the country defaults on its debt. That sent the dollar surging against the euro, another negative for oil. And the Europe news comes on the heels of recent U.S. economic weakness and signs of declining demand for oil and gasoline.
"Things are very unsettled right now," Michael Lynch, president of Strategic Energy & Economic Research, said. Three years after the banking meltdown in the U.S., investors remain skittish about banks, Lynch said.
"Just a whiff of a crisis, and everyone's ready to bolt."
Benchmark West Texas Intermediate crude plunged $4.56, or 4.6 percent, on Wednesday to settle at $94.81 per barrel on the New York Mercantile Exchange. That's the lowest level since late February, when a rebellion in Libya closed off that country's oil exports.
Retail gasoline prices continued to fall, although they're still about $1 per gallon higher than a year ago.
Pump prices are expected to continue to drift lower this month, perhaps to a national average of $3.50 a gallon. Wednesday's big drop in oil, however, will not immediately be reflected at the pump since retail gas prices tend to trail oil by about two weeks.
Oil dropped quite a bit today so hopefully these city stations start dropping more since we are paying a dollar plus more than the rest of the country.
6-15-2011
http://finance.yahoo.com/news/Oil-r...1.html?x=0&sec=topStories&pos=4&asset=&ccode=
Oil tumbles nearly 5 percent on stronger dollar
The financial crisis in Europe is sending oil prices back to where they were four months ago.
Oil prices fell more than 4 percent Wednesday on worries that a financial crisis in Greece could spread, with European banks getting burned if the country defaults on its debt. That sent the dollar surging against the euro, another negative for oil. And the Europe news comes on the heels of recent U.S. economic weakness and signs of declining demand for oil and gasoline.
"Things are very unsettled right now," Michael Lynch, president of Strategic Energy & Economic Research, said. Three years after the banking meltdown in the U.S., investors remain skittish about banks, Lynch said.
"Just a whiff of a crisis, and everyone's ready to bolt."
Benchmark West Texas Intermediate crude plunged $4.56, or 4.6 percent, on Wednesday to settle at $94.81 per barrel on the New York Mercantile Exchange. That's the lowest level since late February, when a rebellion in Libya closed off that country's oil exports.
Retail gasoline prices continued to fall, although they're still about $1 per gallon higher than a year ago.
Pump prices are expected to continue to drift lower this month, perhaps to a national average of $3.50 a gallon. Wednesday's big drop in oil, however, will not immediately be reflected at the pump since retail gas prices tend to trail oil by about two weeks.
Doppel
Lifer
- Feb 5, 2011
- 13,306
- 3
- 0
- Oct 30, 2004
- 11,442
- 32
- 91
AznAnarchy99
Lifer
- Dec 6, 2004
- 14,695
- 117
- 106
Engineer
Elite Member
- Oct 9, 1999
- 39,230
- 701
- 126
Like I said, it was the analysts on CNBC. From the looks of the stock market, it agrees with them (of course, that's their job to persuade stocks to go the way that they want them to go).
Oil climbing on the very same reason they said it was going down yesterday
6-16-2011
http://news.yahoo.com/s/ap/20110616...jY29yZGlvbl9idXNpbmVzcwRzbGsDb2lsY2xpbWJzYWJv
Oil climbs above $95 amid Greece debt fears
Oil prices inched above $95 a barrel Thursday, recovering slightly as investors bought back into the market after big losses sparked by Europe's deepening debt crisis and a stronger U.S. dollar.
"Given the growing crisis in Greece, risk aversion is likely to remain high," said analysts at Commerzbank in Frankfurt. "The Greek crisis appears to have been the trigger of (Wednesday's) price slide, but the actual reason is the exaggerated level of prices before."
6-16-2011
http://news.yahoo.com/s/ap/20110616...jY29yZGlvbl9idXNpbmVzcwRzbGsDb2lsY2xpbWJzYWJv
Oil climbs above $95 amid Greece debt fears
Oil prices inched above $95 a barrel Thursday, recovering slightly as investors bought back into the market after big losses sparked by Europe's deepening debt crisis and a stronger U.S. dollar.
"Given the growing crisis in Greece, risk aversion is likely to remain high," said analysts at Commerzbank in Frankfurt. "The Greek crisis appears to have been the trigger of (Wednesday's) price slide, but the actual reason is the exaggerated level of prices before."
O
The early morning market analysis is so ridiculous, its always wrong. Oil down below $95 at the moment, just barely.
TRENDING THREADS
-
Discussion Zen 5 Speculation (EPYC Turin and Strix Point/Granite Ridge - Ryzen 9000)- Started by DisEnchantment
- Replies: 25K
-
Discussion Intel Meteor, Arrow, Lunar & Panther Lakes + WCL Discussion Threads
- Started by Tigerick
- Replies: 22K
-
News NVIDIA and Intel to Develop AI Infrastructure and Personal Computing Products- Started by poke01
- Replies: 384
-
Discussion Intel current and future Lakes & Rapids thread- Started by TheF34RChannel
- Replies: 23K
Facebook
Twitter