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Scary What's OPEC doing?!

The_Chameleon

Grandmaster
Oil prices have hit a 5 year low and yet there has been no cutback in production. What's going on here? Based on pattern recognition, I suspect there to be a sudden rebound in oil prices followed by a major market correction. If you trade on oil, look for signs of this rebound pattern and get ready to react quickly because if I'm right, it will not last.



- Cham
 

Hilander

Free Spirit
Staff member
V.I.P.
I have no idea what is going on. I've heard less demand is a factor. Gas here is $2.45 a gallon, some places in the area less than that but that is what our local stations are charging. I've heard in some places its about $2.00 a gallon.

It doesn't seem to be effecting diesel though. Its still high.
 

The_Chameleon

Grandmaster
Well if OPEC doesn't pull back on supply soon it's going to have a serious ripple effect in the markets... It's already starting to. I'm better these buggars are ratholing and are getting ready to throw on the brakes.



- Cham
 

Hilander

Free Spirit
Staff member
V.I.P.
That sounds great to me MIT. I hope it stays that way. Filling up your tank just so you can go to work shouldn't break you. I just hope people don't go back to driving the gas gusslers.
 

The_Chameleon

Grandmaster
My prediction within the next few to next several months is the oil prices will abruptly spike to over $95 bbl, then settle out around $80 in the months to follow. The problem is, if oil prices remain below $65 the strain on other markets is going to eventually reach critical mass leading to systemic economic chaos. Oil producers need to slam on the brakes very soon. This is a dangerous game they are playing.



- Cham
 

MenInTights

not a plastic bag
The next big thing in the States will be natural gas. Nat. gas is even more exciting than the oil boom because policy makers from all sides are behind it. The next new car you buy may run on LNG. It burns much cleaner than traditional gas, its cheaper and we have ample supplies of it.

We are on the edge of an incredible energy revolution. Not only are carbon based fuels getting cheaper, but solar is getting better. The power company I work for just announced that they will start buying solar from customers that put energy back into the grid. Only a few people are doing it because the technology isn't quite there yet. But the world is a very exciting place right now because power is becoming cheaper and cleaner.
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Oil prices are causing the market to drop. Not just in the US but in Europe also. All I can say is don't put all your money in oil. This may be bad for Wall Street but good for your average person trying to make ends meet.

Stock market drops 315 points as oil prices continue downward skid

i agree. Some hedge funds lose their shirts because they are margined up on oil, who cares? Things are easier for me just because of the dollars I save every week when I fill up. Its like I got a raise.
 
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Hilander

Free Spirit
Staff member
V.I.P.
The next big thing in the States will be natural gas. Nat. gas is even more exciting than the oil boom because policy makers from all sides are behind it. The next new car you buy may run on LNG. It burns much cleaner than traditional gas, its cheaper and we have ample supplies of it.

We are on the edge of an incredible energy revolution. Not only are carbon based fuels getting cheaper, but solar is getting better. The power company I work for just announced that they will start buying solar from customers that put energy back into the grid. Only a few people are doing it because the technology isn't quite there yet. But the world is a very exciting place right now because power is becoming cheaper and cleaner.
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i agree. Some hedge funds lose their shirts because they are margined up on oil, who cares? Things are easier for me just because of the dollars I save every week when I fill up. Its like I got a raise.
A lot of people feel like they got a raise since it doesn't take a significant amount of their check just to go to work. Not to mention it drove up the price of most other things we need. So no I don't feel sorry for them. Some people working in the oil business are getting laid off but the boost to the economy far outweighs that.

Wish I could go to solar, wind and water. We have a creek on our property that never goes dry you could generate at least some power that way and the hill behind my house should support a windmill at least part of the time. Then if I had some solar panels too I might be able to produce all my power. That would be so expensive though I will never be able to afford it. If enough people could do that OPEC would sell their oil for even less.

While I was out today I noticed gas is down to $2.35 a gallon.
 
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