GOOD BYE $95 Oil...

[ShamsWoof10]

I know ya'll thought it was going to hit $95 any day now... F*ckin' BetCris took it down after it hit $90 again.... I am still hoping they put it back up with even better odds...

I have to have money put aside incase I need instant access to it but shorting is FOOOOOO SHOOOOOO the play for anyone with balls...

[Seattle Slew]

It's amazing that gas prices haven't moved much since oil went from $70 to $90 in the past 3 months.

Still around @2.85 a gallon in the Northeast.

[indianachris]

It's amazing that gas prices haven't moved much since oil went from $70 to $90 in the past 3 months.

Still around @2.85 a gallon in the Northeast.

In Southern Indiana gas prices move frequently. It went from $2.6x last week to $2.98 today.

[john pavlic]

If you read the papers you would see that supply is up because people are buying less gas hence the price stays the same or close to the same! People are driving less

[ShamsWoof10]

If you read the papers you would see that supply is up because people are buying less gas hence the price stays the same or close to the same! People are driving less

Do you honestly believe this???

[john pavlic]

i don't need to read the papers to know that if the price is 85, and gas hasn't gone up that demand is down!! That is basic economics. When oil was 30 dollars a barrel 15 years ago gas was 1.15 a gal, now that it is as high as it is people are being forced to cut back, esp if they work far from home!

[forex]

well I am in this industry and I can tell you supply and demand have absolutely nothing to do with prices, as the general public seems to think it does.

[ShamsWoof10]

i don't need to read the papers to know that if the price is 85, and gas hasn't gone up that demand is down!! That is basic economics. When oil was 30 dollars a barrel 15 years ago gas was 1.15 a gal, now that it is as high as it is people are being forced to cut back, esp if they work far from home!

CUT BACK ??? From 15 years ago.. pleeease... 15 years ago everyone wasn't driving big as* SUV's and a family has more cars then 15 or 20 years ago... The people I see in everyday life don't drive less now then they did 15 years ago...they actually drive more...

well I am in this industry and I can tell you supply and demand have absolutely nothing to do with prices, as the general public seems to think it does.

Agree 1K percent!!!!

[john pavlic]

Gee conspiracy abound, just because the people you know drive the same, people are driving less then they did before, if they weren't gas would be over 4 dollars a gallon by now. There is a breaking point you know. people are going through budget problems, and this is one of the things they are giving up.

[DrunkenLullaby]

HELLO $94 OIL!

http://biz.yahoo.com/rb/071031/markets_oil.html?.v=5

(Beware the "L" word Shamsy!)

[ShamsWoof10]

It's still not going to hit $95.. The specs. are long and commercials are short... This won't last and I still do not think it will hit $95... I check Bookmaker and they still have not put it back up...

[DrunkenLullaby]

Better hope the Fed doesn't cut 1/2 pt my friend!

[ShamsWoof10]

I think they pause.. It they cut it a quarter point there will be little reaction as the market has priced it in... a half is a bit differant ...and a pause....? hmmmm

[Dark Horse]

Title will look just as solid in the rearview mirror.

[ShamsWoof10]

yeah I know ...I know.. it hit $95 in after hours but I imagine it has to close there... We'll see what happens tomorrow..

[jolub]

Prices are high because of all the fools that must own the big gas guzzlers. The owners of small cars are subsidizing the price of gas by using less. If everyone had the big SUVs the price of gas would be $5.00 a gallon or more.

[Dark Horse]

It's the Middle East instability (Turkey, Iran) plus the nose diving dollar (no thanks to the Fed) that drives the oil price up. As mentioned in another thread on the topic, countries with the euro as currency don't feel this nearly as bad as the US. (then again, they always paid high gasoline prices)

[DrunkenLullaby]

Shams, I gotta hand it to you buddy. You may have clinched the award for "worst lock ever". It's normally tough to lose a "lock" with 2 months to spare! $100 here we come!

http://biz.yahoo.com/ap/071031/oil_prices.html

(I hope we just learned our lesson about using the "L" word, my friend.)

[jjgold]

Econmists are predicting oil to eventually hit like $150 a barrel

[ShamsWoof10]

Shams, I gotta hand it to you buddy. You may have clinched the award for "worst lock ever". It's normally tough to lose a "lock" with 2 months to spare! $100 here we come!

http://biz.yahoo.com/ap/071031/oil_prices.html

(I hope we just learned our lesson about using the "L" word, my friend.)

Title will look just as solid in the rearview mirror.

AHHHHEM... What was that guys???

I think I will spit out that crow now...

[DrunkenLullaby]

Ummmmm...why would you?

The "lock" bet was that it would not hit $95, right? It went through $96 (and now, obviously, back the other way). Good luck if you think CRIS will grade you a winner my friend!

[ShamsWoof10]

Ummmmm...why would you?

The "lock" bet was that it would not hit $95, right? It went through $96 (and now, obviously, back the other way). Good luck if you think CRIS will grade you a winner my friend!

Well we need to know the rules about how they will grade it... I THINK, because I have played these type of bets before, that it must CLOSE at or above $95 which it did NOT my friend... It closed at $94+ change and reopened over $95 coming back down to where it is now of course... I am not sure about this but I would say the OVER is NOT cashed just yet as you may think...

[ShamsWoof10]

If you read the papers you would see that supply is up because people are buying less gas hence the price stays the same or close to the same! People are driving less

Oh and by the way... the next time you pick up the paper or watch the news and they throw you a bone like demand I would like you to ask yourself this..

We were comparing demand now as opposed to 20 years ago but you missed the most obvious factor... How many more people are there on the planet today as opposed to 20 years ago...? A LOT MORE!!!! For the overall demand to be down the average person today would have to do more then just cut back... Ask people that own gas stations and they will tell you people drive just as much as they ever did but no one ever thinks about the fact that they are more people now then ever...

In case you are not getting what I am saying I'll give an example of it... If there were 100 million people driving in the US 10 years ago and there are 150 million people now driving in the US then just to get back to EVEN again the current population of 150 million drivers would have to cut back 30% just to get back to EVEN from 20 years ago...

Capech'e..?

[DrunkenLullaby]

Speaking of inflation....

As a goldholder, I could just give Big Ben Bernanke a big hug!

http://news.yahoo.com/s/ap/20071101/ap_on_bi_ge/fed_markets

WASHINGTON - The Federal Reserve pumped $41 billion into the U.S. financial system Thursday, the largest cash infusion since September 2001, to help companies get through a credit crunch.

The action comes one day after Fed Chairman Ben Bernanke and all but one of his central bank colleagues voted to slice a key interest rate for the second time in six weeks to protect the economy from the ill effects of collapse in the housing market, aggravated by the credit troubles.

The cash injection also came as Wall Street took a nosedive Thursday. The Dow Jones industrials were down more than 260 points in afternoon trading.

The Fed on Wednesday ordered its key rate, called the federal funds rate, to be lowered by one-quarter percentage point to 4.50 percent. That followed up on a bolder, half-percentage point cut in September. Those two rate reductions might be sufficient to help the economy make its way safely through trouble spots, Fed policymakers indicated.

The funds rate affects many other interest rates charged to millions of individuals and businesses and is the Fed's most potent tool for influencing economic activity.

The Federal Reserve Bank of New York, which carries out the central bank's open market operations, moved Thursday to inject $41 billion in temporary reserves into the U.S financial system. It came as part of ongoing efforts designed to ensure that the markets — which have suffered through a period of turbulence over the last few months — function smoothly. The cash infusion came in three separate operations.

A New York Fed spokesman said it was the largest single day of operations since $50.35 billion was pumped into the system on Sept. 19, 2001, following the terror strikes on New York and Washington. He declined further comment.

Fed policymakers at their meeting on Wednesday noted that the "strains from financial markets have eased somewhat on balance." Still many Fed officials in the last week have described the state of financial markets as fragile. Bernanke and other Fed officials have said it will take time for the markets to fully recover from the credit crisis.

Since August, the Fed has been pumping cash into the financial system to help ease strains from the credit crunch. It also has cut its lending rate to banks — a third such cut came on Wednesday. The Fed also has ordered two reductions to its most important interest rate, the funds rate, to help the situation.

[DrunkenLullaby]

Good action today.

"Sweat the close, not the payout".

[ShamsWoof10]

Good action today.

"Sweat the close, not the payout".

HAHAHAHA... F*CKER!!! I was just about to post something to you apologizing for being WRONG!!!

[DrunkenLullaby]

You know I wouldn't even be busting your balls if you hadn't used the "LLLLLLL" word, right?

[ShamsWoof10]

Hey I am salty to be wrong but it's all in good fun... Anyone who takes it as more or b*tches about it needs to go through something real in life...

That being said... I use the word "LOCK" on gold FOOOOOR SURRRRE ..at least the next 15 years.. Not sure after that but "LOCK" isn't even a good enough word.. more like MASTER LOCK!!!

[Dark Horse]

I don't know the rules. You didn't mention anything about closing price before, but I hope you can pull off a winner. Long game, though. All the way to the end of the NFL regular season.

[DrunkenLullaby]

That being said... I use the word "LOCK" on gold FOOOOOR SURRRRE ..at least the next 15 years.. Not sure after that but "LOCK" isn't even a good enough word.. more like MASTER LOCK!!!

Hope you're right. Today most definitely did not suck.