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| runner140 | Demand destruction.... | ||
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Master Guru
 
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The price of crude is $122.76 down $2.73 per barrel.
Thats a technical breakdown if it closes there. |
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Posted on: 2008/7/25 14:11
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96, white and a ton of miles. Somewhat stock. |
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| red_johnny | Re: Demand destruction.... | ||
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On Sabbatical
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How low can it go....how low can it go....how low can it go....ect, ect, ect...
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Posted on: 2008/7/25 14:23
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| runner140 | Re: Demand destruction.... | ||
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Master Guru
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Quote:
A close below $124. and there isn't much support until the $110.'s |
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Posted on: 2008/7/25 14:36
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96, white and a ton of miles. Somewhat stock. |
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| bogus | Re: Demand destruction.... | ||
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Grand Imperial Pooh-Bah
 
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I had wondered how much of the run up was caused by speculators... now I think we know.
I suspect we are in the midst of a long term free fall, and it won't stop until it gets back into the $50 range. |
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Posted on: 2008/7/25 14:38
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The single biggest problem with communication is the illusion that it has taken place. - George Bernard Shaw Education is the best tool to overcome irrational fear. - me |
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| runner140 | Re: Demand destruction.... | ||
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Master Guru
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Quote:
There is plenty of oil available but at what costs? We drilled holes in Texas at 1000 ft. for $10000. per day but now deep water rigs and deep onshore drilling (over 20000 ft.) cost an average of $500000. per day per rig. Transocean builds those rigs for over $1 billion dollars per rig for deep water drilling. To make a long story short, we (the world) have picked all of the low hanging fruit and now the costs are up ten fold. We can't drill for much under $100.00 per barrel. |
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Posted on: 2008/7/25 15:03
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96, white and a ton of miles. Somewhat stock. |
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| DaleD | Re: Demand destruction.... | ||
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Senior Guru
 
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Quote:
I completely agree. As an aside, saw an interesting Modern Marvels on The History Channel last night. It was about electricity and Nikola Tesla. Tesla is way under appreciated, a true genius. Anyway, way back in the early 1900's Tesla realized oil was limited and was working on solar and wind power. Too bad Edison was such an a-hole or Tesla could have made some amazing progress. |
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Posted on: 2008/7/25 15:16
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Whenever someone says "I'm not book smart, but I'm street smart", all I hear is "I'm not real smart, but I'm imaginary smart". |
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| bogus | Re: Demand destruction.... | ||
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Grand Imperial Pooh-Bah
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I watched that last nite, too. Utterly facinating man.
We need another genius like him now. |
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Posted on: 2008/7/25 17:37
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The single biggest problem with communication is the illusion that it has taken place. - George Bernard Shaw Education is the best tool to overcome irrational fear. - me |
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| runner140 | Re: Demand destruction.... | ||
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Master Guru
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We might have one. T Boone Pickens? |
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Posted on: 2008/7/25 17:55
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96, white and a ton of miles. Somewhat stock. |
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