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Thread: $60 a barrel for oil to arrive in the US soon?

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    $60 a barrel for oil to arrive in the US soon?

    "What is now happening is the end game: an orchestrated wave of noise that is drawing in speculative money. This is enabling the producers who are actually in the know to hedge by selling production forward during what they confidently expect will be a temporary and pre-planned managed fall in the oil price.

    But the US has been quite happy to let the EU as useful idiots take the economic hit. The high oil prices caused by all this noise and nonsense are actually a net benefit to Iran which rattles its sabre loudly as elections approach.

    The effect of a managed decline in oil prices to, and probably over-correcting well through, $60 a barrel which is coming fairly soon will be extremely beneficial to the US in two ways."

    Chris Cook: The Oil End Game naked capitalism
    My blog, where I talk latest news on economics and some other issues.

    http://hereticaldruthers.wordpress.com/

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    Re: $60 a barrel for oil to arrive in the US soon?

    Quote Originally Posted by JP Hochbaum View Post
    "What is now happening is the end game: an orchestrated wave of noise that is drawing in speculative money. This is enabling the producers who are actually in the know to hedge by selling production forward during what they confidently expect will be a temporary – and pre-planned – managed fall in the oil price.

    But the US has been quite happy to let the EU – as useful idiots – take the economic hit. The high oil prices caused by all this noise and nonsense are actually a net benefit to Iran – which rattles its sabre loudly as elections approach.

    The effect of a managed decline in oil prices to, and probably over-correcting well through, $60 a barrel – which is coming fairly soon – will be extremely beneficial to the US in two ways."

    Chris Cook: The Oil End Game naked capitalism
    WHO is Chris Cook again?

    And why doesn't he know what lift costs are in the US and Canada?

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    Re: $60 a barrel for oil to arrive in the US soon?

    Quote Originally Posted by sharon View Post
    WHO is Chris Cook again?

    And why doesn't he know what lift costs are in the US and Canada?
    You could ask him directly in that blog. Also it says who he is in the blog.
    My blog, where I talk latest news on economics and some other issues.

    http://hereticaldruthers.wordpress.com/

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    Re: $60 a barrel for oil to arrive in the US soon?

    $60? I don't think so. We will see. I say $80.

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    Re: $60 a barrel for oil to arrive in the US soon?

    Who are the culprits? Wall Street speculators. Speculators are responsible for $40 per barrel.

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    Re: $60 a barrel for oil to arrive in the US soon?

    The info is somewhat dense for an average guy like me, and the comments section are similarly peppered with pro and con positions of people with economics educations far in excess of mine. Anybody smart that could dumb it down for a guy like me?
    The morality of abortion is not a religious belief, any more than the morality of slavery, apartheid, rape, larceny, murder or arson is a religious belief. These are norms of the natural law of mankind and can be legislated even in a completely religionless society.

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    Re: $60 a barrel for oil to arrive in the US soon?

    Quote Originally Posted by ChuckBerry View Post
    The info is somewhat dense for an average guy like me, and the comments section are similarly peppered with pro and con positions of people with economics educations far in excess of mine. Anybody smart that could dumb it down for a guy like me?
    I will attempt to do so , I too am just slightly above laymen, but I converse with Chris Cook and trust his judgement.

    In a nutshell the Iran sanctions have forced Iran to sell its oil to countries willing to buy from them (China and Russia), and they must do so at a discount because of their low bargaining position.

    The Saudi Arabians have responded to Iran's lost oil supply by producing more for countries in Europe and other places, increasing our supply. But in the meantime Europe is being hit with higher oil prices (from speculation), and thus they are using less oil (less demand drives down prices). So they now have less demand and even more supply.

    Couple that with the oncoming speculation crash, we could see a drop in oil like we have with the housing market.
    My blog, where I talk latest news on economics and some other issues.

    http://hereticaldruthers.wordpress.com/

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    Re: $60 a barrel for oil to arrive in the US soon?

    Good site, it makes some valid points and this wouldn't be the first huge yo yo in oil prices. I would however prefer oil drops AFTER obama is defeated due in part to high gas prices.

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    Re: $60 a barrel for oil to arrive in the US soon?

    Quote Originally Posted by sawyerloggingon View Post
    Good site, it makes some valid points and this wouldn't be the first huge yo yo in oil prices. I would however prefer oil drops AFTER obama is defeated due in part to high gas prices.
    So you don't mind if people suffer for your political desires. Gotcha.

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    Re: $60 a barrel for oil to arrive in the US soon?

    Quote Originally Posted by megaprogman View Post
    So you don't mind if people suffer for your political desires. Gotcha.
    A little pain now beats alot of pain later, Obama will drag us over a cliff and if we need to pay some high gas prices to get him to jump off the cliff alone, so be it.

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