Sachinism Posted June 6, 2008 Posted June 6, 2008 $137/barrell will this ever stop? i need to start up my own oil company or do some business with some arabs and hope they pay me in oil
The Outsider Posted June 6, 2008 Posted June 6, 2008 Goldmann Sachs estimate of $145/barrel by the end of the 3rd quarter is starting to look conservative.
kumble_rocks Posted June 6, 2008 Posted June 6, 2008 OPEC is a illegal cartel ...Its raison d'etre, after all, is to radically restrain production in order to jack up oil prices. Rather than combating the cartel, most Washington politicos and Oil companies work hand in glove with them and "poor me" consumers are at their mercy... OPEC apologists contend that the cartel assists in stabilizing oil prices. No Sane person is gonna buy that sh****. The only consolation for me is the fact that all the Oil Companies have SAP implementation !:-D
Lurker Posted June 6, 2008 Posted June 6, 2008 OPEC is a illegal cartel ...Its raison d'etre' date= after all, is to radically restrain production in order to jack up oil prices. Rather than combating the cartel, most Washington politicos and Oil companies work hand in glove with them and "poor me" consumers are at their mercy... OPEC apologists contend that the cartel assists in stabilizing oil prices. No Sane person is gonna buy that sh****. The only consolation for me is the fact that all the Oil Companies have SAP implementation !:-D Thats how every business works today KR. People want to make money first, plain and simple. A lasting image of Capitalism that I shall always keep with me in mind is how in the aftermath of Katrina when people from Loisiana and neighbouring states fled to Texas and Arizona every single hotel, apartment complex tried to mooch money off them. In Houston for example apartment complex were easily making twice the regular amount of money.Sure in the end Bush and his Administration received the flak but the fact remains that average American business were no different. Dont see a reason why American oil companies, or Middle Eastern for that matter, will bring down the price of oil anytime soon. Dont see any reasons to complain either...apart from the fact that my penchant for travelling is taking a big ar$e hit.
The Outsider Posted June 6, 2008 Posted June 6, 2008 Despite all this, not a single presidential candidate or party is talking about public transportation and ways to increase it's utility. They are all playing reactive economics - some suggesting tax break on gas, others the same thing by some other name. That won't reduce the consumption and so will not help to ease the problem. Airline tickets have become very expensive as well. East coast to west coast used to be in the $250 range if you booked in advance, now there is nothing available for less than $350. And if you talk of a pay raise, the HR folks give you a look as if "you are lucky to have a job, don't stretch it too far".
Bumper Posted June 6, 2008 Posted June 6, 2008 I can bet that this rise in oil prices, has got nothing to do with increased consumption. Less than 15 months ago, Oil traded at $55 a barrel & I was losing money betting on an Oil turnaround. All analysts were betting on oil reaching $50 & then slip down to $40. How can consumption increase so much in 15 months, to justify a tripling in barrel price ? Sure, dollar has fallen, but to think that oil will reach $150/barrel by the July 4th weekend, as predicted by Morgan Stanley, is insane. Am sure, the Iraq war lobbyists are laughing their way to the bank. As I see, oil prices have reached the "unstable" territory. From here on, either the stock market must fall or Oil must fall. I reckon, the stock market will make way for oil.
kumble_rocks Posted June 6, 2008 Posted June 6, 2008 Despite all this' date= not a single presidential candidate or party is talking about public transportation and ways to increase it's utility. They are all playing reactive economics - some suggesting tax break on gas, others the same thing by some other name. That won't reduce the consumption and so will not help to ease the problem. Airline tickets have become very expensive as well. East coast to west coast used to be in the $250 range if you booked in advance, now there is nothing available for less than $350. And if you talk of a pay raise, the HR folks give you a look as if "you are lucky to have a job, don't stretch it too far". That's not feasible , just imagine the security hassles ! It's no longer possible for Clinton , Obama or MaCain to use public transportation. They are Rock Stars !
kumble_rocks Posted June 6, 2008 Posted June 6, 2008 Thats how every business works today KR. People want to make money first, plain and simple. A lasting image of Capitalism that I shall always keep with me in mind is how in the aftermath of Katrina when people from Loisiana and neighbouring states fled to Texas and Arizona every single hotel, apartment complex tried to mooch money off them. In Houston for example apartment complex were easily making twice the regular amount of money.Sure in the end Bush and his Administration received the flak but the fact remains that average American business were no different. Dont see a reason why American oil companies, or Middle Eastern for that matter, will bring down the price of oil anytime soon. Dont see any reasons to complain either...apart from the fact that my penchant for travelling is taking a big ar hit. Very true. Heck , folks in consulting line better watch out . Clients no longer want to shell out the extra dollars for Consultant's travel.
The Outsider Posted June 6, 2008 Posted June 6, 2008 I can bet that this rise in oil prices, has got nothing to do with increased consumption. Less than 15 months ago, Oil traded at $55 a barrel & I was losing money betting on an Oil turnaround. All analysts were betting on oil reaching $50 & then slip down to $40. How can consumption increase so much in 15 months, to justify a tripling in barrel price ? Sure, dollar has fallen, but to think that oil will reach $150/barrel by the July 4th weekend, as predicted by Morgan Stanley, is insane. Am sure, the Iraq war lobbyists are laughing their way to the bank. As I see, oil prices have reached the "unstable" territory. From here on, either the stock market must fall or Oil must fall. I reckon, the stock market will make way for oil. Bumper, a lot of it is market correction. Oil was severely underpriced for the past several years given that the consumption was increasing everyday and everyone knew that there is only a finite amount of it in the world. This had to catch up at some point. Add in a weakening dollar, a shaky economy, and the situation was ideal for the oil lobbyists to jack up the prices. And the oil thirsty bloodhounds don't see to be in a hurry to curb it down. :D
Sachinism Posted June 6, 2008 Author Posted June 6, 2008 http://money.cnn.com/2008/06/06/news/economy/tully_oil_bust.fortune/index.htm?postversion=2008060610
Lurker Posted June 6, 2008 Posted June 6, 2008 Very true. Heck ' date=' folks in consulting line better watch out . Clients no longer want to shell out the extra dollars for Consultant's travel.[/quote'] Indeed. And frankly not many clients pay for the consultant's travel these days anyway. The recent cr@polla in Air Transportation(less planes, high cost, packed airports, security) has coincided by tremendous advances in Networking. Teleconferencing and video conferencing seem soooo old these days what with even bigger advances now. Unless it is absolutely neccessary the clients do not want Consultants on their site, a feature noted by Indian IT giants who have all been facing the issue of moving more and more developers to India than to keep them abroad. There are few areas that is largely unaffacted, SAP for one.
fineleg Posted June 7, 2008 Posted June 7, 2008 The only consolation for me is the fact that all the Oil Companies have SAP implementation !:-D :-D, and hope they all use SAP BW and hire u as their consultant. :D
The Outsider Posted June 7, 2008 Posted June 7, 2008 The only consolation for me is the fact that all the Oil Companies have SAP implementation !:-D KR is playing his part in this daylight robbery.:winky:
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