Oil down to $61 and falling!
Discussion
Fittster said:
Until it reaches the point where the oil revenue can't maintain the poltical balance in the middle east, pro-western rulers fall to be replaced with a more hardline government.
Hmm, so what you're saying is, I need to go fill my car up tonight and help increase demand again?9 or 10 years ago I lived in Aberdeen working in the oil and gas industry. Aberdeen was suffering as the price of oil made so many projects uneconomic.
In the last 10 years oil usage has risen, but then so has the production of oil with alternative supplies coming on stream, and more to come.
The price of oil then... $12 heading towards $10.
The increase in the price of oil that we've seen recently has had nothing to do with supply and demand but everything to do with greedy investors playing in an unregulated commodity... becuase they can. As usual, the rich have manipulated the price then jumped off the ride with pockets full of money.
This reduction of price is down to normal market conditions being re-asserted, I would expect the price to continue falling for some time. Of course, where the floor is , who knows, but I guess it's still some way to go ,and if the market conditions are correct, I wouldn't be surprised to see it down at the levels of 10 years ago at some point.
Jees, then we were screaming for OPEC to cut production to force the price up!!!
And those that say it is a limited resource therefore must continue upwards in price as it runs out.... yes possibly, but as more nuclear power is introduced, there will be less demand and use of oil and gas.
Remember, we didn't move out of the stone age becuase we ran out of stones!
In the last 10 years oil usage has risen, but then so has the production of oil with alternative supplies coming on stream, and more to come.
The price of oil then... $12 heading towards $10.
The increase in the price of oil that we've seen recently has had nothing to do with supply and demand but everything to do with greedy investors playing in an unregulated commodity... becuase they can. As usual, the rich have manipulated the price then jumped off the ride with pockets full of money.
This reduction of price is down to normal market conditions being re-asserted, I would expect the price to continue falling for some time. Of course, where the floor is , who knows, but I guess it's still some way to go ,and if the market conditions are correct, I wouldn't be surprised to see it down at the levels of 10 years ago at some point.
Jees, then we were screaming for OPEC to cut production to force the price up!!!
And those that say it is a limited resource therefore must continue upwards in price as it runs out.... yes possibly, but as more nuclear power is introduced, there will be less demand and use of oil and gas.
Remember, we didn't move out of the stone age becuase we ran out of stones!
Edited by Piersman2 on Friday 24th October 13:54
MrVelox said:
Last night it closed around $69... I just looked, it's at $61 when just a few minutes ago it was at $63... and this is coming off of OPEC's agreement to cut production by 1.5 Million barrels per day.
Excellent then
Don't you think Darling will use the fall in price as a reason to be able to up the fuel duty?Excellent then
ks I think.esselte said:
The Milfman said:
esselte said:
To be honest chaps,if that is the first time you've heard/seen that quote then you need to get out more...
This from a self proclaimed 'IT veteran for 30 years' 
what does my job have to do with that?
The Milfman said:
esselte said:
The Milfman said:
esselte said:
To be honest chaps,if that is the first time you've heard/seen that quote then you need to get out more...
This from a self proclaimed 'IT veteran for 30 years' what does my job have to do with that?The Milfman said:
esselte said:
The Milfman said:
esselte said:
To be honest chaps,if that is the first time you've heard/seen that quote then you need to get out more...
This from a self proclaimed 'IT veteran for 30 years' what does my job have to do with that?Another IT related geek joke ...
yawn
zzzZZZzzz
esselte said:
The Milfman said:
esselte said:
The Milfman said:
esselte said:
To be honest chaps,if that is the first time you've heard/seen that quote then you need to get out more...
This from a self proclaimed 'IT veteran for 30 years' what does my job have to do with that?Gassing Station | The Pie & Piston Archive | Top of Page | What's New | My Stuff