Bush Says Drill, Drill, Drill - and Oil Drops $9! - Page 3

Raharu Haruha · #21 (**permalink**) 07-18-2008, 08:24 PM

Quote:

Originally Posted by Quixote's Revenge

2% less in one day?

How do you come up with that?

The OP was pointing out that the drop started AS HE WAS TALKING.

There may have been less trading for a day, but that is not CONSUMPTION.
Besides, it is impossible to collect and consolidate that kind of data so soon...

Your post does not even apply

No. You misunderstood. The consumption is down for the quarter or what ever time interval they measure it in. I'm not really sure because I saw it on the news. I watch CNBC, and stop making wild assumptions.

Raharu Haruha · #22 (**permalink**) 07-18-2008, 08:26 PM

Quote:

Originally Posted by C-D-P

[qutoe]You buy gas for $1, you go down the street and sell it for $1.50. But you know the next time you go and buy gas you'll have to pay $2.00. In order to make the money to buy that next gallon of gas, even though you bought this gallon at $1 you'll need to charge $2.50 for it to make the same profit and be able to buy the next gallon of gas. The converse of the scenario is you buy that gallon at $2.00 but the next time you buy it's going to cost $1.75, you'll continue to sell what you got at $2.50 until it runs out, and then your next gallon you can sell for $2.25, but not until your current gallon runs out. Trouble is that the time line is much longer and what comes out of the pump predates what's being sold on the market.

That probably didn't clear anything up but I tried.[/qutoe]

That would make sense if the price raised on July 15th, but it did not rise. It dropped. So in order to make money off that gas purchased at $1, it would need to be sold at $1.50 like it was on the 14th.

Uhh, this is a pretty clear answer right here.

Quote:

Originally Posted by Raharu Haruha

Well, for one, it takes a week or two before the oil bough it turned into gas ans shipped to the gas station.

Also, the supply of gasoline is different than the supply of oil. One of the biggest problems with gasoline prices is that we consume more than we refine. So we import 5% of our gas. If that were to be taken care of, gas would cost 50 cents less per gallon.

withoutjudgement · #23 (**permalink**) 07-18-2008, 11:54 PM

bush says take a bath in petrolium, brush your teeth with it,

if we continue to use (abuse) it at this rate it will be gone very soon, why wait till its gone before you do something about it

Zaro · #24 (**permalink**) 07-19-2008, 12:01 AM

Not so fast Toby. Once the 9 buck drop in crude trading futures translates to a drop in prices at the pump you can go and craw about it. I filled up today and it was 2 cents more than the last time I got gas.

jukenjab · #25 (**permalink**) 07-19-2008, 12:07 AM

July 16 (Bloomberg) -- Crude oil fell for a second day, extending its biggest one-day slide in more than 18 years, as slowing U.S. economic growth reduces demand.

Believe in the power of supply and demand!

Increasing the supply will reduce the price, but so will a reduction in the demand for oil. Unfortunately for us, when the price falls we will begin to use more oil and prices will be high again. The only way we can keep oil low permanently is to reduce our demand... through (yikes!!!!) conservation.

siddhartha · #26 (**permalink**) 07-19-2008, 06:06 AM

Your friends kid is a crack addict.
One parent wants to get him into rehab so he can kick.
The other just wants to have a ready supply of cheap crack.

Which one do you think is taking the right approach?

Raharu Haruha · #27 (**permalink**) 07-19-2008, 02:45 PM

Quote:

Originally Posted by withoutjudgement

bush says take a bath in petrolium, brush your teeth with it,

if we continue to use (abuse) it at this rate it will be gone very soon, why wait till its gone before you do something about it

That's so true! Omg! I totally agree with you... but I'm not going to pay more for something that's worse. I'll wait until either they come up with something cheaper, or the price of oil goes up.

(don't be an idiot and argue with me, they already have cheaper things.)

White Fox · #28 (**permalink**) 07-19-2008, 02:50 PM

Quote:

Originally Posted by Toby

http://www.cnbc.com/id/25691496
Bush Says Drill, Drill, Drill — And Oil Drops $9!

http://www.wacotrib.com/blogs/conten..._a_barrel.html
Oil prices drop by $9 a barrel

A Few Days Ago...

http://jewishworldreview.com/cols/williams071008.php3

It appears that my prediction on 06-25-2008, 02:34 PM was correct.

This is also probably still in progress, and we should expect further reductions if talk like this continues.

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