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2008-12-18 Home Front Economy

Oil tumbles below $40 for first time since 2004

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Posted by Fred 2008-12-18 00:00|| || Front Page|| [11130 views ] Top

#1 Call me when there are food riots in Soodia.

Posted by g(r)omgoru 2008-12-18 03:27|| 2008-12-18 03:27|| Front Page Top

#2 Let it be < $20/- !

Posted by Duh! 2008-12-18 07:49|| 2008-12-18 07:49|| Front Page Top

#3 Smoked Camel anyone?

Posted by Besoeker 2008-12-18 07:51|| 2008-12-18 07:51|| Front Page Top

#4 Banks still tight on lending money again to speculators?

Posted by P2k on holiday 2008-12-18 09:02|| 2008-12-18 09:02|| Front Page Top

#5 Its $38.30 at 10:15 and going down, down, down.
OPEC is going to have to eat the stuff to survive the winter.

I hope.

Posted by bigjim-ky 2008-12-18 10:18|| 2008-12-18 10:18|| Front Page Top

#6 Don't "fuel" yourself. Enjoy it while it lasts because it won't last long.

Posted by European Conservative 2008-12-18 14:50|| 2008-12-18 14:50|| Front Page Top

#7 European Conservative, I agree. We could face a disruption of supplies at any time in the near future. Or so it seems to Mr. Lotp and me. We just took delivery of enough heating oil to bring our tank up to full a couple months earlier than we strictly needed to because of that risk.

Posted by lotp 2008-12-18 15:21|| 2008-12-18 15:21|| Front Page Top

#8 We had a speculative overshooting that - coupled with recession woes - now made the price tumble.

But if I had gigantic tanks at my disposal and enough cash to fill them, I would buy up every barrel I could find.

If you want a safe investment, this is one, even if oil recedes further. The oil futures speak a different language.

Posted by European Conservative 2008-12-18 17:03|| 2008-12-18 17:03|| Front Page Top

#9 We should be filling the SPR, that's for sure.

Posted by Nimble Spemble 2008-12-18 17:24|| 2008-12-18 17:24|| Front Page Top

#10 No better time for it than now

Posted by European Conservative 2008-12-18 17:28|| 2008-12-18 17:28|| Front Page Top

#11 We should be filling the SPR, that's for sure

I believe it's pretty much full. Has been for a year or two.

Posted by lotp 2008-12-18 17:41|| 2008-12-18 17:41|| Front Page Top

#12 Then expand it.
I wish Europe was keeping a bigger one

Posted by European Conservative 2008-12-18 17:45|| 2008-12-18 17:45|| Front Page Top

#13 Not only an SPR but also a Commercial Petroleum Buffer that is filled when prices are low and sold when prices are high.

Posted by ed 2008-12-18 18:30|| 2008-12-18 18:30|| Front Page Top

#14 We dipped in it some for hurricanes or something this spring. Hope we didn't fill it with $140 stuff.

Posted by Nimble Spemble 2008-12-18 18:43|| 2008-12-18 18:43|| Front Page Top

#15 Ima cuttin' wood. Natural gas is getting higher and higher up here, so I supplement with wood.

Posted by Alaska Paul 2008-12-18 19:40|| 2008-12-18 19:40|| Front Page Top

#16 $4 sounds like a good price.

Posted by 3dc 2008-12-18 21:34|| 2008-12-18 21:34|| Front Page Top

#17 Yep. We paid big money to fill the SPR.

Posted by Mike N. 2008-12-18 22:48|| 2008-12-18 22:48|| Front Page Top

#18 Money well spent. Average price paid for oil in the Reserve - $28.42 per barrel

Posted by ed 2008-12-18 22:53|| 2008-12-18 22:53|| Front Page Top

#19 One reason I would like to see a Commercial Oil Reserve is to vastly dampen the out of control speculation like we saw the past year and a half. That cost the US economy at least an extra $500 billion and drove us into recession.

That we can make a profit doing it is just icing on the cake.

Posted by ed 2008-12-18 23:02|| 2008-12-18 23:02|| Front Page Top

23:57 AzCat
23:08 crosspatch
23:02 ed
22:58 JonathanOZ
22:53 ed
22:48 Mike N.
22:44 Barbara Skolaut
22:44 ed
22:31 ed
22:27 lotp
22:26 hammerhead
22:21 ed
22:12 lotp
22:14 Frank G
21:39 Caesar Omung5273
21:36 Halliburton - Mysterious Conspiracy Division
21:34 3dc
21:33 3dc
21:28 3dc
21:20 trailing wife
21:19 crosspatch
21:15 Broadhead6
21:05 P2k on holiday
20:52 Nimble Spemble