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2008-11-11 Home Front Economy

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Posted by GolfBravoUSMC 2008-11-11 13:57|| || Front Page|| [11127 views ] Top

#1 and the hundreds of thousands of princes of the Magic Kingdom are quaking in their harems.

Posted by anymouse">anymouse 2008-11-11 14:26|| 2008-11-11 14:26|| Front Page Top

#2 To say nothing of the officers in those companies who are making investments in US exploration and new energy technologies.

Posted by KBK 2008-11-11 15:08|| 2008-11-11 15:08|| Front Page Top

#3 I'm wondering where the bottom is. That the price is still falling says the recession will get significantly worse.

Posted by phil_b 2008-11-11 17:08|| 2008-11-11 17:08|| Front Page Top

#4 cut back, Iran! And keep talking eonomic recovery and fully funding the 12th Imam efforts in Leb and Syria!

/Choke you bastards

Posted by Frank G">Frank G 2008-11-11 18:04|| 2008-11-11 18:04|| Front Page Top

#5 I guess the line is too long for the speculators to get their cut of the bailout in order to drive it back up again.

Posted by Procopius2k 2008-11-11 19:52|| 2008-11-11 19:52|| Front Page Top

#6 "I'm wondering where the bottom is. That the price is still falling says the recession will get significantly worse."

How do you figure? That the price is falling on "fears of declining demand" is something the news made up. The major reason the price is falling in dollars is because the dollar is rising to record levels against other currencies. When the dollar rises, the price of oil in dollars falls.

The price of oil is climbing for people in Europe, not falling.

Markets don't so much change prices on what might happen as they change prices according to what IS happening. For example, the large financial houses had bought huge amounts of oil. Lehman Brothers bought an entire oil tank farm. All that oil is being sold off at fire sale prices, dumped onto the market.

Gold traded at around $875 an ounce on 10/1, it is trading now at about $735 an ounce for the same reason ... a much stronger dollar.

Don't believe the crap you hear on the news. The nincompoop reading that stuff knows less about markets than your dog does.

Posted by crosspatch 2008-11-11 21:52|| 2008-11-11 21:52|| Front Page Top

#7 IIRC, Iran needs 90/bbl to break even, Saudis 47/bbl to break even, Chavez needs 80/bbl to break even. Saudis and a few others are prepared with enough reserves to weather the dip. The rest are cash flow morons.

Posted by Alaska Paul 2008-11-11 21:58|| 2008-11-11 21:58|| Front Page Top

#8 Uh, no. Saudi Arabia can make money on $10 oil. Their production cost of oil was about $2 a barrel in August.

Last year oil minister Ali Al-Naimi told reporters that the average barrel of Saudi oil costs just $2 to produce. It sells for $130.

Since the world seems to lack refining capacity, Saudi has been building huge refineries and will be shipping more finished product in the form of fuels, lubricants, and plastics in the future. That will increase their margin even more.

Where do you people get your numbers from?

Posted by crosspatch 2008-11-11 22:24|| 2008-11-11 22:24|| Front Page Top

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