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safeinOhio Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 03:40 AM
Original message
Oil dropping like a rock in after hrs trading.
Down to $95. Eat that hedge funds and big banks.

Another bubble pops.

Don't fill up until tuesday, gas may be about $3.50 or less.

that is all




http://money.cnn.com/data/premarket/index.html
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safeinOhio Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 03:47 AM
Response to Original message
1. Obama cuts the price of oil
with no new drilling.

He is a freaking genius, or Republicans have no luck, but bad luck.
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Tripod Donating Member (534 posts) Send PM | Profile | Ignore Fri May-06-11 03:47 AM
Response to Original message
2. Nice
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safeinOhio Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 04:00 AM
Response to Original message
3. Price is jumping around every few seconds
right now.

http://money.cnn.com/data/premarket/index.html

Well worth watching. Never seen anything like this. grab the :popcorn: and :applause:

What will happen when markets really open?
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safeinOhio Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 04:05 AM
Response to Reply #3
4. Dollar is going up on most other
currencies. Krugman is right on again.
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aquart Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 04:39 AM
Response to Reply #4
7. What'd he say? What'd he say?
And why the fuck isn't he in the cabinet?????
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aquart Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 04:38 AM
Response to Reply #3
6. Fun or frightening?
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aquart Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 05:14 AM
Response to Reply #3
9. It's up to 98 something from 97 something.
Does it usually bounce up and down?
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aquart Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 04:37 AM
Response to Original message
5. So will the greedy bastards lose a few bucks?
I sincerely hope?
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no_hypocrisy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 05:07 AM
Response to Reply #5
8. And no federal bailout to cover the losses.
Sweet!

:bounce:
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Exilednight Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 05:23 AM
Response to Original message
10. The price of gas is not going to drop any time soon. Get use to over $4.00/ gallon for
a long time to come. If oil prices stay below $100/barrel, it might fall sometime after labor day.
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Atman Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 05:42 AM
Response to Reply #10
11. Bingo. Gas ALWAYS rises leading up to Labor Day.
They always say it's because of the switch to summer gas formulas...coincidentally, just when many Americans are going on holiday. Coincidentally.
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customerserviceguy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 06:18 AM
Response to Reply #10
12. Agreed
The gasoline that is coming to your pump was bought weeks ago, and with summer driving season approaching, it's not going to go down, but the price raises that we've seen over the past several months might be slowed somewhat.

This is just the speculators dumping their positions on the surprise of the death of bin Laden, it's just a blip. The basic underlying causes of the oil price rise are still firmly in place, and before long, the speculators will wander back into the oil market, they always do.
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Hutzpa Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 09:49 AM
Response to Reply #12
18. So it is safe to say
then that when the price of oil increased, gas prices did not wait for new supply but the increment was seen
immediately without waiting on new supply, how does that logic work out?
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customerserviceguy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 06:04 PM
Response to Reply #18
19. As I observed it
Oil prices rose before gasoline prices did. Both have been rising so fast for so long, that it's difficult to not see them in absolute lockstep with each other.

I do expect gasoline prices to pause for only a bit in a few weeks, after the Memorial Day holiday. I also expect oil prices to rise again in a week or two, as I said, the underlying causes are still there. The rest of the world seems to have recovered, and will keep up the demand for petroleum products. We will continue printing, and thus devaluing, money, and that will drive the price in dollars up.
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Exilednight Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-07-11 10:22 AM
Response to Reply #18
23. What you're asking is actually a market question. Oil companies look at
the price of oil on a given day and look for spikes and dips.

If the oil companies see a spike, they panic and raise prices immediately to cover potential future costs. When the price of oil dips, they react slower and take a more cautious approach.

But let's be really honest, if supply and demand were true market factors, a gallon of gas would cost around $10.00. Oil companies over estimate supply to keep up with demand. It's a rigged game that can only be carried on for so long. Ask an oil company and they will tell you that we have another 10 to 20 years before hitting peak oil. Ask most people who study the oil industry and they will tell you that we passed peak sometime around 2004-2006.
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sinkingfeeling Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 09:36 AM
Response to Original message
13. Tuesday of what month? When did you see the price of gas decline at the same rate as it rose?
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Awsi Dooger Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 06:28 PM
Response to Reply #13
20. Correct, it will decline only a little bit
If this trend is sustained, then prices will eventually dip. But right now you're looking at only a few cents.

I'd prefer to get gas next Tuesday than today. The short term trend is down but the stations are always quick to rise, slow to drop.


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The Backlash Cometh Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 09:43 AM
Response to Original message
14. Yay! Obama is fixing the economy!
Hey, we might as well play it up.
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seabeyond Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 09:48 AM
Response to Reply #14
17. damn... he is on a roll. lol. nt
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seabeyond Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 09:47 AM
Response to Original message
15. i have 35 friggin miles to go before out. lol. my car tells me how many miles. not gonna happen,
BUT thanks for the heads up, i wont fill it up, just enough to get around.
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seabeyond Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 09:48 AM
Response to Reply #15
16. after reading other peoples posts... or not. nt
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spanone Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 06:29 PM
Response to Original message
21. went up another dime here in tennessee today
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SoCalDem Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 06:30 PM
Response to Original message
22. a hint of "trouble" & gas immediately skyrockets, BUT
on the "market", it can drop like a stone & it takes MONTHS to drop at the pump, and then it goes down a penny here, a penny there
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