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Old 03-19-2008, 11:08 AM  
Donger Donger is offline
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US Oil Consumption Down 3.2%

http://news.yahoo.com/s/ap/20080319/...TKz3TfLjWs0NUE

NEW YORK - Oil prices pulled back sharply Wednesday after the government reported data that suggested that the high price of oil and gasoline are depressing demand for petroleum products.

Light, sweet crude for April delivery fell $4.41 to $105.01 a barrel on the New York Mercantile Exchange, extending a decline that began before the report was released. The market was backtracking from a big advance on Tuesday.

In its weekly inventory report, the Energy Department's Energy Information Administration said overall consumption of oil and refined products fell by 3.2 percent over the last four weeks compared to the same period last year. Demand for gasoline fell by 1 percent over the same period.
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Old 03-19-2008, 11:12 AM   #2
xbarretx xbarretx is offline
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so Donger, is "this" the quarter when fundamentals catch up to the oil bubble to make it burst?
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Old 03-19-2008, 11:15 AM   #3
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Quote:
Originally Posted by xbarretx View Post
so Donger, is "this" the quarter when fundamentals catch up to the oil bubble to make it burst?
I'm really on the fence, but my gut says, "Yes."
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Old 03-19-2008, 11:21 AM   #4
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Quote:
Originally Posted by Donger View Post
I'm really on the fence, but my gut says, "Yes."


what ... or better yet where do you think market fundamentals would set a correct or more accurate price point?

do i feel oil should be 20? no....

do i feel oil should be anywhere near 100? no......

so where does that leave it for the time being given global slowdown and decreased demand? along with increased reserves?
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Old 03-19-2008, 11:25 AM   #5
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Quote:
Originally Posted by xbarretx View Post


what ... or better yet where do you think market fundamentals would set a correct or more accurate price point?

do i feel oil should be 20? no....

do i feel oil should be anywhere near 100? no......

so where does that leave it for the time being given global slowdown and decreased demand? along with increased reserves?
I would say $60-$70.
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Old 03-19-2008, 11:27 AM   #6
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Old 03-19-2008, 11:33 AM   #7
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Quote:
Originally Posted by Brock View Post
Wake up, it's never going back.
brock always there for the comic relief you get Rep brock b/c you must have oil stock.

let it stay high....in fact let it get higher. lets it ruin the global economy with inflation and let the capitalists put their monies is alternatives and renewable for once.

the good news is with oil this high...OPEC only gets a % of the price due to ex rate loss and inflation. so the higher it gets the less they make.
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Last edited by xbarretx; 03-19-2008 at 11:44 AM..
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Old 03-19-2008, 07:52 PM   #8
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Originally Posted by Donger View Post
I would say $60-$70.
I would prefer anywhere from $35-45.
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Old 03-19-2008, 07:56 PM   #9
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I would prefer anywhere from $35-45.
Then your consumption should be down considerably more than 3.2%.
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Old 03-19-2008, 09:40 PM   #10
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Originally Posted by Donger View Post
http://news.yahoo.com/s/ap/20080319/...TKz3TfLjWs0NUE

NEW YORK - Oil prices pulled back sharply Wednesday after the government reported data that suggested that the high price of oil and gasoline are depressing demand for petroleum products.

Light, sweet crude for April delivery fell $4.41 to $105.01 a barrel on the New York Mercantile Exchange, extending a decline that began before the report was released. The market was backtracking from a big advance on Tuesday.

In its weekly inventory report, the Energy Department's Energy Information Administration said overall consumption of oil and refined products fell by 3.2 percent over the last four weeks compared to the same period last year. Demand for gasoline fell by 1 percent over the same period.
In a related story, OPEC cuts production and spikes the average cost of gasoline at 3.95$
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Old 03-19-2008, 09:44 PM   #11
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Originally Posted by J-Town Fan 1988 View Post
In a related story, OPEC cuts production and spikes the average cost of gasoline at 3.95$
shhh dont give OPEC any ideas....
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Old 03-19-2008, 10:12 PM   #12
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Then your consumption should be down considerably more than 3.2%.
My consumption is down more than 50%
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Old 03-19-2008, 11:35 PM   #13
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My consumption is down more than 50%
Well done, then.
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Old 03-20-2008, 09:41 AM   #14
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Crude is now below $100.
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Old 03-20-2008, 09:41 AM   #15
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My consumption is down more than 50%
That's great. Congratulations!
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