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Thread: Oil price slips after spiking to $82

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    Oil price slips after spiking to $82

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    Oct 22 08:27 AM US/Eastern

    World oil prices slid on Thursday on profit-taking after soaring overnight to 82 dollars per barrel, striking a one-year peak on the back of sliding US energy reserves and the weak greenback, traders said.
    New York's main contract, light sweet crude for December delivery, fell 1.28 dollars to 80.09 dollars a barrel. The contract had touched 82.00 dollars exactly on Wednesday -- a level last seen on October 14, 2008.
    Elsewhere on Thursday, Brent North Sea crude for December delivery dipped 1.21 to 78.48 dollars, after reaching a high of 80.26 the previous day.
    Both contracts had risen in value on Wednesday, lifted by a drop in US energy stocks, which was seen as a sign of improved demand in the world's biggest energy user.
    Data released Wednesday by the Department of Energy showed US gasoline reserves sank by 2.3 million barrels in the week to October 16. That was more than the 800,000 barrel drop expected by most analysts.
    Oil has been rising steadily in recent days, fuelled by a weak US currency, which makes dollar-priced crude cheaper for holders of stronger foreign units.
    Seems I haven't seen much about this in the news. Usually it's headlines for days, with crisis talk by politicians.
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    Re: Oil price slips after spiking to $82

    Quote Originally Posted by American View Post
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    Seems I haven't seen much about this in the news. Usually it's headlines for days, with crisis talk by politicians.
    CNBC talks about it.

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    Re: Oil price slips after spiking to $82

    But do they care?
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Oil price slips after spiking to $82

    The news stations talk about the bad things that are happening, not the good things.

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    Re: Oil price slips after spiking to $82

    We need Oil Prices to go up to the prices of last summer. It brings in great royalties for Louisiana and puts people to work. Domestic Drilling is the key.

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    Re: Oil price slips after spiking to $82

    This is a traditional time of year when oil prices begin to rise due to speculation of a cold winter and increases in consumption for Holiday travel. However this year the demand for gas is down because because people are driving only when they have to and the demand for heating oil although is there I believe people are putting off the inevitable as long a possible. Couple that with attempts to profit when demand is low and you get falling gas prices and rising oil costs. Oil prices are manipulated something awful as are all commodities and the spike could not hold up without some outside force like a war in Iran to causing it to remain high or go much higher.
    The possibility of a major attack on Iran is moving closer and will take place before summer temperatures come back to the Middle East. People who live in the desert know better than to statr a war in the heat.
    Just my thoughts.

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    Re: Oil price slips after spiking to $82

    Quote Originally Posted by David Duke is Right View Post
    We need Oil Prices to go up to the prices of last summer. It brings in great royalties for Louisiana and puts people to work. Domestic Drilling is the key.
    Last summers $140 oil was speculation driven, without any real foundation. An increased price of energy causes various industries to raise their prices due to an increase in cost.

    High oil prices are particularly scary for the transportation industry.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Oil price slips after spiking to $82

    Quote Originally Posted by Councilman View Post
    This is a traditional time of year when oil prices begin to rise due to speculation of a cold winter and increases in consumption for Holiday travel. However this year the demand for gas is down because because people are driving only when they have to and the demand for heating oil although is there I believe people are putting off the inevitable as long a possible. Couple that with attempts to profit when demand is low and you get falling gas prices and rising oil costs. Oil prices are manipulated something awful as are all commodities and the spike could not hold up without some outside force like a war in Iran to causing it to remain high or go much higher.
    The possibility of a major attack on Iran is moving closer and will take place before summer temperatures come back to the Middle East. People who live in the desert know better than to statr a war in the heat.
    Just my thoughts.
    In view of our lib friends' huge green need to separate us from foreign oil, I think Chavez should discontinue free oil for the blue Northeast.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Oil price slips after spiking to $82

    Quote Originally Posted by American View Post
    But do they care?
    Well I'm not sure but since I do have some interests I certianly do appreciate there reporting on it.

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    Re: Oil price slips after spiking to $82

    Quite a bit of the rise is due to the dollar tanking.
    PeteEU

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