| Author |
Previous Topic | Next Topic |
|
canesf12
152 Posts |
 Posted - 07/15/2008 : 9:03:39 PM
|
I heard the government released 70 Million barrels of oil from our emergency surplus. This is designed to get the speculators out of the market.
Sounds like a very good thing..... |
|
rtrefflich
3386 Posts |
Posted - 07/15/2008 : 11:55:24 PM
|
This is the worst idea that anyone can ever think of. If we were to release the oil it may drop gas by a few cents, but gas would go up again as the govt. would have to replace the oil, thus causing more demand for the limited supply. The only way to get the speculators out of the market is to stop allowing them to buy on margin. I can buy oil on a 95% margin, but other stocks on a 50% margin.
Also having a few more days like today, only close $10 down, instead of$6, open up another $10 down and don't go up. When they begin losing money they will walk away like crazy, thus bringing gas prices back into equilibrium with the market. |
|
|
Agent_Mike
371 Posts |
Posted - 07/16/2008 : 12:08:49 AM
|
| Interesting. |
|
|
vburek
522 Posts |
Posted - 07/16/2008 : 05:07:47 AM
|
| i think you heard incorrect information. the gov't stopped filling the strategic reserve which was getting 70,000 barrels a day. If the govt released 70mil. barrels of oil that would be huge news. |
|
|
sacramento
778 Posts |
Posted - 07/16/2008 : 09:58:40 AM
|
quote:
Originally posted by canesf12
I heard the government released 70 Million barrels of oil from our emergency surplus. This is designed to get the speculators out of the market.
Sounds like a very good thing.....
Here's a good article written yesterday regarding drilling for oil and the naysayers who say allowing drilling won't drop prices for at least 10 years. Read it. It's short. Very few words.
http://kudlow.nationalreview.com/post/?q=NjMyNDljNTQ5MThjNWE3YTAzYWYzMmZmNDVmMjA0ZWY= |
|
|
Xanthan Gum
907 Posts |
Posted - 07/16/2008 : 10:01:57 AM
|
quote:
Originally posted by canesf12
I heard the government released 70 Million barrels of oil from our emergency surplus. This is designed to get the speculators out of the market.
Sounds like a very good thing.....
We currently consume 21 million barrels per day. At that pace, 70 million barrels will last 80 hours. Please explain how this is a very good thing or have any real effect at all. |
|
|
sacramento
778 Posts |
Posted - 07/16/2008 : 10:03:30 AM
|
For some reason the link is missing the text... anyways. I cut and pasted it below.
quote:
Tuesday, July 15, 2008
Bush Says Drill, Drill, Drill — and Oil Drops $9! [Larry Kudlow]
In a dramatic move yesterday President Bush removed the executive-branch moratorium on offshore drilling. Today, at a news conference, Bush repeated his new position, and slammed the Democratic Congress for not removing the congressional moratorium on the Outer Continental Shelf and elsewhere. Crude-oil futures for August delivery plunged $9.26, or 6.3 percent, almost immediately as Bush was speaking, bringing the barrel price down to $136.
Now isn’t this interesting?
Democrats keep saying that it will take 10 years or longer to produce oil from the offshore areas. And they say that oil prices won’t decline for at least that long. And they, along with Obama and McCain, bash so-called oil speculators. And today we had a real-world example as to why they are wrong. All of them. Reid, Pelosi, Obama, McCain — all of them.
Traders took a look at a feisty and aggressive George Bush and started selling the market well before a single new drop of oil has been lifted. What does this tell us? Well, if Congress moves to seal the deal, oil prices will probably keep on falling. That’s the way traders work. They discount the future. Psychology and expectations can turn on a dime.
The congressional ban on offshore drilling expires September 30, so that becomes a key date. A new report from Wall Street research house Sanford C. Bernstein says that California actually could start producing new oil within one year if the moratorium were lifted. The California oil is under shallow water and already has been explored. Drilling platforms have been in place since before the moratorium. They’re talking about 10 billion barrels worth off the coast of California.
There’s also a “gang of 10” in the Senate, five Republicans and five Democrats, that is trying to work a compromise deal on lifting the moratorium. So it’s possible a lot of action on this front could occur much sooner than people seem to think.
So I repeat: Drill, drill, drill. Deregulate, decontrol, and unleash the American energy industry. Those hated traders will then keep selling oil as the laws of supply and demand and free markets keep working.
Bravo for Bush. Bravo for the traders.
|
|
|
sacramento
778 Posts |
Posted - 07/16/2008 : 10:14:33 AM
|
quote:
Originally posted by Xanthan Gum
quote:
Originally posted by canesf12
I heard the government released 70 Million barrels of oil from our emergency surplus. This is designed to get the speculators out of the market.
Sounds like a very good thing.....
We currently consume 21 million barrels per day. At that pace, 70 million barrels will last 80 hours. Please explain how this is a very good thing or have any real effect at all.
I agree. That would do nothing but put us in an even worse position. The reserves were set up in case our oil supply was ever cut off again so we can maintain our military and economy in a time of war.
Besides, they didn't release any oil from the reserves. They did stop pumping 70 million barrels a day into the reserves. The dems ARE pushing the President to release the reserves. A diversion because the American people want us to drill, and we should.
In the last two days oil has droped 8%; think how much it can drop if congress actually lets us start to drill.
|
|
|
vburek
522 Posts |
Posted - 07/16/2008 : 2:09:14 PM
|
| The last thing we should do is release oil from strategic reserves. I even think it was a bad idea to stop filling it. If Congress would just start talking about drilling, the price of oil will come down. Instead they just keep saying no more. And Joey, we were adding 70,000 barrels a day not 70 mil. that would be a lot. |
|
|
sacramento
778 Posts |
Posted - 07/16/2008 : 2:45:11 PM
|
quote:
Originally posted by vburek
The last thing we should do is release oil from strategic reserves. I even think it was a bad idea to stop filling it. If Congress would just start talking about drilling, the price of oil will come down. Instead they just keep saying no more. And Joey, we were adding 70,000 barrels a day not 70 mil. that would be a lot.
70,000...sorry. |
|
|
| |
Previous Topic | Next Topic |
|
|
|
Search for: 
