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Old 10-24-2008, 09:17 AM
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Oil consumption and prices

There has been quite a bit of discussion in the past about the real reason for the high price of gas and who really is to blame. It has been argued that it is just a matter of the politicians in cahoots with big oil but the blame has also been laid squarely on the consumer and our wasteful driving habits caused by the huge SUVs, etc used for daily errands. Well due to the economic crisis oil consumption has fallen in most countries including the US and guess what? Oil prices are plummeting! Below $65 a barrel and it did not take much of a drop in consumption to bring this about.


Last edited by oldred; 10-24-2008 at 01:01 PM.
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Old 10-24-2008, 11:38 AM
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Wait until OPEC gets ahold of it!

Last edited by coinbandit; 10-24-2008 at 11:44 AM.
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Old 10-24-2008, 11:42 AM
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Rumor is that OPEC will meet and cut production.
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Old 10-24-2008, 12:39 PM
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Yeah, Opec'rs cut production in their meeting toady. They blame high prices on Americans, China, world wide consumption but when it comes down to it if prices fall they cut production, if consumer demand goes up they up prices. If a sheik farts crossways they hike the oil prices. Now who's fault is it? I'm sure it's ours some how. It always is.
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Old 10-24-2008, 02:51 PM
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This is because the oil prices were driven up by speculators and those trying to hedge the oil prices.

It was a good time to short sell oil shares or buy into the bear oil ETF (a mutual fund type thing that short sells the oil for you) I got the info on it in september and never had time to get an account setup to buy into it. I didn't worry too much cuz I figured with winter coming the prices would stay up until the end of november to december.

I'm kicking myself for not making the time to invest. Feels like I had a lottery ticket that I was just too busy/lazy to cash. Oh well I missed out on that one. Next time I have a good feeling maybe I'll act on it. Then again maybe I will lose.


BiG WHiskey
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Old 10-24-2008, 03:28 PM
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