oil price drop!---Coincedence,or Cause and Effect?

[Tripleshot]

I don't think it is coincedence at all. Clinton,to the shaggrin of Bush and his supporters,opens the spicket on the SPR,and the wholesale price of opec oil drops almost $8.00 a barrel.

The Clinton/Gore administration bent over backwards to let opec provide a solution to the worldwide recession steering high prices of oil. He now has assured those living in the bitter cold Northeast that a supply of heating oil will be available to meet thier needs. That to me is leadership.

The net effect to the action is the calming effect it had on wall street as well. With his actions,the businesses can make the plans they need to for the near future.

Now lets see how long it takes to impact the gas pumps here in the southwest desert where I live. There is talk of the price of oil getting back down to $20.00 a barrel and the last time that happened ,I think I was paying $1.10 a gal. for gas.

Keep it up Clinton/Gore. I like the results!

Oil Prices Tumble!

 

[bigvince]

look, the clinton\gore administration has been investgated more than any other administration in the history of the presidency so you have to take anything that comes out of there with a few grains of salt. the real reason behind this move is to delplete the national stores of oil so that when the UN invades the united states the military won't have any gas to power thire tanks and planes. this is only one of the evil thing s the current administration is donig to unravle the US as we know it today.

 

[Tripleshot]

bigvince,

I'll just sit back and watch how many members come back and attack your post that not even you could possibly believe.

Sure glad I won't have to take you seriously.You apparently are just on a quest to make senior member.

 

[ltk007]

It was only 30 million barrels out of 500 million or so. We'll have enough oil for a few months if the UN invades

I don't think that Clinton really had to release those barrels, he's just doing that to help Gore in the election. That way the democrats can get credit for preventing the "oil disaster of winter 2000-2001" and everyone will want to vote Gore. Personally I don't think it would have mattered if Clinton had released the stores or not.

 

[Zucchini]

"UN invades the united states the military won't have any gas to power thire tanks and planes"

ok.. you just discredited yourself there.

 

[Viper Frag]

"UN invades the united states the military won't have any gas to power thire tanks and planes" :Q :Q :Q :Q
UN invades what? Plan to invade what? Guys tell me that aint so.

 

[Viper Frag]

Hey TripleShot do you have a link to back that info. up? I don't want to start jumping up and down until I'm sure the cost of oil has gone down.

 

[Tripleshot]

Viper-Frag

The link is in the post. Oil Prices Tumble!

 

[Viper Frag]

Sorry I didn't see it.

 

[Napalm381]

30M barrels making that much of a difference in the price of oil? C'mon, get real. The output of OPEC is currently about 26M barrels per day (The Economist, Sep 9). Do you honestly believe that a day and a bits worth of oil released by the US is gonna make a difference in the long run? This is only one day. You can't judge long term effects on the price of something based on one day's move, you know better than that. Let's see where they are in a week and a month and then see if it really made a difference.

 

[bigvince]

this is not a ploy to gain senior member staus this is how i feel about the state of our goverment! you can't deny that there is some shady $hit going on in the white house and it's not like these are random events they are all coordinated in an effort to overthrow the US goverment and impliment an impiralistic dictatorship with bill clinton and the chinese at the helm.

 

[DaBoneHead]

I think I just saw a stat where the US uses about 20 million barrels (maybe gallons) of oil a day. If so, 30 million barrels really won't help much. It is a placebo. We take it, and then the government says "See, now don't you feel better!". I may be pathetic, but I'm not gonna do a flip over this bone the Gov threw us. The real answer is to use less.

 

[ElFenix]

the release was about 2 days worth of oil. certainly not enough to change the world price of oil. according to the article the US uses 20 million barrels a day, so its a day and a half of oil. spread out over 30 days. the article says absolutely nothing about the current price of OPEC oil, only US and North Sea Crude, the North Sea stuff has fallen $4.64 a barrel from a week ago, while US oil fell $6.07. please, read the article.

 

[AndrewR]

Of course it's a coincidence. Here's the relevant quote from the article you cite:

<< OPEC has increased output three times this year, reversing supply curbs that drove prices up from a 22-year low of less than $10 a barrel in 1998. >>


As I recall, the last output increase was 800,000 barrels per day to take effect Oct. 1. Also, OPEC ministers have stated that another increase of 500,000 barrels per day is likely after tomorrow's meeting.

Given the last large increase and the possibility of another large increase, it's quite evident that the oil markets reacted by decreasing speculation on oil prices. 30 mn barrels is a drop in the bucket compared to OPEC prices and only affects the US market, not the world. Saudi Arabia alone produces 8.5 mn barrels per day.

It's good to know that Clinton will sacrifice a strategic reserve for an election year gain for his buddy. I wouldn't be surprised to find out that the administration knew of the upcoming fall of prices before making their decision to release the reserve so people with little understanding of world economics would assume that the little gesture actually had an impact.

 

[ElFenix]

the 800,000 barrel &quot;increase&quot; won't do a damn thing, since OPEC was already 700,000 barrels over quota.

 

[Tripleshot]

DaboneHead.
You must be a bonehead or you are smokin that funny weed again1

<<I'm not gonna do a flip over this bone the Gov threw us>>

The Gov didn't do a thing except use this as point to attack Gore.

If you think it has no effect,what the hell do you call an $8.00/barrel drop in price? Smoke and mirrors? Read the paper,watch the news,study the market do something,but stay away from the weed.

AndrewR

Study the issue my friend.You are dealing now with retoric.He hasn't hurt the SPR one damn bit. Are you expecting a war in the next few months? Sheesh! This whats relevent!Oil prices tumble after U.S. move
:disgust:


I need to rethink my support for NORML.

 

[Napalm381]

AndrewR, check you millions and billions, I think you have a few typos

 

[ElFenix]

tripleshot- do the math, there is not $8 drop in price. theres a $6 drop in US oil, a $4 drop in north sea oil.

and the gov didn't attack gore, the leg did. the gov is the executive.

 

[Windogg]

Coincedenc

Bigvince: The UN can barely get its head above its ass to move 5000 peacekeeper to a troubled spot. After they land from their nice cushy 747s (with inflight movie), they watch as &quot;militia&quot; with more plentiful weapons loot their hangers. Clinton in a conspiricy? Gimme a break. I'm not a fan of Bill but I know for sure he is not part of some new world order plan. Crawl back into you bunker and polish your AK-47 while the little green men anal probe you some more.

Windogg

 

[Eeks]

<< look, the clinton\gore administration has been investgated more than any other administration in the history of the presidency >>

- Big Vince

That is more a function of the modern times, and the pervasiveness of the media, then it is of any worthwhile factual note.

 

[Napalm381]

Tripleshot, the more I look at the article the more confused I get with your original statement.


<< U.S. light crude on the New York Mercantile Exchange in early afternoon trading was 93 cents lower at $31.73 a barrel. In London, benchmark North Brent crude was 91 cents lower to $30.34 a barrel. Brent crude now is 13 percent below the decade-high of $34.98 a barrel set just a week ago while U.S. futures have tumbled 17 percent from a post-Gulf War peak of $37.80. >>


Where's that 8 dollar drop you're talking about???

Also from The Economist:


<< At the cartel?s meeting in March, ministers quietly agreed to a grand new plan to keep oil within a target band of $22-28 a barrel. If the price of a basket of seven OPEC crudes stays below $22 for 20 trading days, the cartel is supposed to cut production by 500,000 barrels a day. If it stays above $28 for 20 trading days, it will automatically raise production by the same amount. This price band has become the main topic of discussion in advance of the upcoming gathering of ministers. Prince Abdullah even talks of a return to a stable market within months. >>

 

[Tripleshot]

ElFenix

You lost me there neighbor.
<<the gov didn't attack gore, the leg did. the gov is the executive. >>

The math wasn't to hard. Last week the price of crude was as high as $38.00/barrel. Since the action of President Clinton to insure home heating oil for the northeast(No attempt to influence the market,just insure the northeast has heating oil this winter)the price has been as low as $30.00. Brent sea crude closed a few minutes ago at $31.00 and change.

Another thing.When you read about opec increasing output by 800,000 barrels a day,that has to be spread across the globe. It isn't anything that helps here as much as the action Clinton took. Europe is hit hard too,or have you noticed?


Now, excuse me. I need to finish my bomb shelter and stock up on ammo and food for that UN attack the bush camp thinks is coming. I want to be safe to see the Chinese take over downtown St. George, Utah. That should be a memorable moment.


The math,I'm not to good at math,but surely you get the idea. $8.00 or $7.50, I'm still paying $1.70/gal and my boat hasn't seen the lake all summer. I am pissed at this oil B.S.

 

[bigvince]

winddogg

your not thinking along the right lines. clinton is in no way mentaly qualified to conceive of a conspiracy on any level, rather think of him as a puppet, a puppet of the chinese, a figuerhead used by the chinese to influence american culture from the very top of the goverment. there mission is to weaken our goverment by stealing stratigic military information and developing weapons of mass destruction in conjunction with iraq and sevral other middel eastern conserns. face it fellas the US is not the most popular country in the world and right now we have pissed off enough countries with our intrusive forign policies that thire all ganging up against us. you may not belive me now but 5 billion chinese can't be wrong...especialy when thire invading our boarders.

 

[ElFenix]

okay, explanations: technically the government is the executive branch, the bureaucracy. what happened was the majority party of the legislature attacked the policy.

in regard to the oil prices. i see what you're doing. problem is, you're quoting the post gulf war high for US crude, which was near $38 ($37.80), then subtracting the current price of Brent North Sea crude, which is near $31. okay. problem is, you can't really do that, cuz Brent Crude and US Crude are different things. The price of US crude is down $6.07 from its high, according to the article, while the price of Brent Crude is down $4. you're crossing over the prices. that would be like comparing the price of saying a GHz chip costs $1000 this week, meaning the p3, then coming back the next week and saying the price of a GHz chip is now $500, meaning the athlon, and saying the total price drop is $500, when the athlon was cheaper to begin with. also, some of the drop in oil prices came before the announcement that the SPR would be utilized.

st. george is a nice place. the virgin river gorge is absolutely incredible. although the shoney's in front of the ramada wasn't too great.

 

[NakaNaka]

ok never trust anything big vince says again

Im not joking though.