bimbert84
MI
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Joined: 08/19/2003
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eltejano1 wrote:Scapegoating groups - greenies, speculators, oil executives, foreign potentates - isn't going to solve the problem. The solution lies within ourselves - park the rv and hang-up the toys.... The Weekenders wrote:...we only have one chance to live this life, why do we have to give up what we use as our relaxation after working 80 hours a week!!!!!! I don't think eltejano1 said we had to give up anything, but until we do, we certainly shouldn't expect prices to drop.
-- Rob
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TF36DSMatt
SoCal
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Joined: 05/15/2007
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Are commodities now following the same course as the housing market?
![[image]](http://www.irvinehousingblog.com/wp-content/uploads/2008/03/psychological-stages-of-a-bubble.jpg)
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PrivatePilot
Greater Toronto Area
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Skid Row Joe wrote:$5.00 a gallon on the way to $10.00 and $15.00 dollars a gallon,
At $10/Gallon nobody is going to buy it for anything less then a sheer need for work purposes - recreational purposes will be out the window, simple.
Supply and demand dictates at that point that supply will far outstrip demand. Anyone want to guess what will happen at that point?
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swebber
Bluemont
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3.92 a gallon for regular in VA !!Up seventeen cents this week !!![[emoticon]](http://www.coastresorts.com/sharedcontent/cfb/images/mad.gif "mad")
Steve Webber
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TF36DSMatt
SoCal
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Business Week Article
U.S. oil company executives told the Senate Judiciary Committee that oil prices whould be between $35 and $90 a barrel if they were based on production costs and supply and demand
"Performance-chasing financial inflows to commodities cause prices to rise, thus delivering good performance, and attracting even more inflows," Lehman Brothers (LEH) analyst Edward Morse wrote in a May 16 report, Is It a Bubble?
"We used to ignore inventory reports, but now they're a matter of life and death," Beutel says. "Now anything can move prices. I'm convinced that if my lawnmower leaked a few drops of oil it would generate buying."
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eltejano1
Woodville, Texas
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The near-term news could not be worse - up another two dollars overnight and trading at $135 at the moment. Supplies on everything are down and some analysts ae saying we might see the previling year-end forecast of $141 reached within days!!
It' all over folks! We're dead meat.
If Matt's sources are right, and it's an artificial shortage to drive-up prices, what can we do about it in the context of our free enterprise system?
About all I can think of is to make sure that competition is alive and healthy and if there is price collusion, prosecute the offenders under existing law. But, somehow, I just don't think govt has the muscle - or the will- to tackle those economic behemoths in that way. Has the great free enterprise system that brought us all the prosperity suddenly turned on us?
Should we nationalize the whole industry, seize their resources and make it a state-owned monopoly - as in Mexico where diesel is $2.00/gal? An aroused populace could, and likely would , do just that if things get bad enough.
Maybe those survivalist whackos that live out in the woods with their dogs and guns have the right idea after all! :-)
Jack
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PrivatePilot
Greater Toronto Area
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You may find us Canadians would consider that a deal.
Regular 87 Octane is about $1.27/Litre/average now = $4.81/Gallon
Diesel is about $1.40/liter/average now = $5.30/Gallon.
On the east coast of Canada diesel hit $1.60/Liter last week, which is just a bit above $6.00/Gallon.
If your think your hurting, look north. The only thing going for us is that our economy isn't quite as tanked as yours is. So far it hasn't slowed down many people, so I'm still wondering where the breaking point is in reality.
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wing_zealot
East of the Mississippi
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Joined: 12/31/2007
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So Traxtermax, now that you've taken about 8 paragraphs to blame everyone else. What part of this do you take ownership of?
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eltejano1
Woodville, Texas
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Private Pilot wrote:So far it hasn't slowed down many people, so I'm still wondering where the breaking point is in reality.
That's what I keep waiting for! Something's got to pop. My neighbor works in Beaumont, TX - 60 miles south of here - drives a full size chevvy pickup and makes $16/hour. He's spending close to $200/week on gas just to go to work - and he's taking it all in stride. He just shrugs his shoulders and says, "what am I supposed to do about it, quit my job?"
At what price are they going to awaken Yamamoto's "sleeping giant"?
Jack
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TF36DSMatt
SoCal
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Does this chart look sustainable?
![[image]](http://quotes.ino.com/chart/history.gif?s=NYMEX_CL.N08.E&t=l&w=15&a=50&v=dmax)
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