Oil heading for $90 - Mercedes-Benz Forum

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post #1 of 62 (permalink) Old 10-16-2007, 06:05 AM Thread Starter
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Oil heading for $90

Looks like we will see $90 before the end of the month. The more interesting question is when will we see $100?


BBC NEWS | Business | Oil holds record levels above $86
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post #2 of 62 (permalink) Old 10-16-2007, 06:25 AM
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We will see $100 When Turkey attacks the Kurds in northen Erack , so quite soon realy .
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post #3 of 62 (permalink) Old 10-16-2007, 01:45 PM
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Gas prices are headed down: I predict $2/ soon. And oil is at least $20 overpriced due to media hype about Iran and other terror threats. R E L A X . . . Oil and gas prices are headed down, way down, over the next 12 months!

Don't believe everything you think
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post #4 of 62 (permalink) Old 10-16-2007, 01:52 PM
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Gas prices are headed down: I predict $2/ soon. And oil is at least $20 overpriced due to media hype about Iran and other terror threats. R E L A X . . .
Oil is like tolls and property tax, once they get you to pay, they got you. Oh, it may drop a few pennies here and there and everyone will praise OPEC's kind generosity but don't look for any drastic reductions.

This stuff doesn't grow on trees:


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post #5 of 62 (permalink) Old 10-16-2007, 04:33 PM
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Oil is like tolls and property tax, once they get you to pay, they got you. Oh, it may drop a few pennies here and there and everyone will praise OPEC's kind generosity but don't look for any drastic reductions.

This stuff doesn't grow on trees:
Sorry TK: They couldn't be more different. Oil and gas, like gold, corn and pork bellies are freely-traded commodities and they fluctuate on the basis of basic supply & demand principles (and geo-political scare tactics play a small and fleeting role which will never affect your pocketbook for very long). Tolls and taxes are a VERY DIFFERENT breed. They ratchet up based on local and regional political considerations, regardless of free-market conditions. The sooner everyone comes to understand this difference the sooner the world will be a better place.

Unless, of course, one drives Volvol trucks...

Don't believe everything you think
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post #6 of 62 (permalink) Old 10-19-2007, 01:42 AM
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Crude oil inches back towards record, gold also up

Crude oil inches back towards record, gold also up

LONDON (MarketWatch) -- Crude oil for November delivery rose 3 cents to $89.50 in electronic trading on Friday, while gold for December delivery rose $5.40 to $774.10 an ounce. Earlier in the session, crude touched another all time high of $90.02 while gold reached $776.90, a level not seen for almost 28 years. The all-time high for a benchmark gold contract on Nymex stands at $875, set on Jan. 21, 1980

Crude oil inches back towards record, gold also up - MarketWatch
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post #7 of 62 (permalink) Old 10-19-2007, 02:17 AM
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Gold at $875, set on Jan. 21, 1980 was the aftermath of the Iranian Revolution.
Oil at $ 90 required only G.W.
My Son just returned from Bora Bora, where the Euro is used. At the non touristy village grocer, the bill for two six pack of Heineken, a bag of chips, and two bottles of Perrier mineral water came to $ 38 US.
What happened to the once mighty dollar?
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post #8 of 62 (permalink) Old 10-19-2007, 02:40 AM
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Quote:
Originally Posted by Jayhawk View Post
Gas prices are headed down: I predict $2/ soon. And oil is at least $20 overpriced due to media hype about Iran and other terror threats. R E L A X . . . Oil and gas prices are headed down, way down, over the next 12 months!
What are you smoking?

Are you on the pipe, or something, again?

The bottom line is at the retail gasoline pumps.

And it is going up again? Haven't you noticed? Or does your car run on free pixie dust?

Jim
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"I swear to god, it's like I live in a trailer of common sense, and stare out the window at a tornado of stupidity." >'='<
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post #9 of 62 (permalink) Old 10-19-2007, 02:42 AM
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I dont want to appear to slag off or insult you Americans BUT how much / what % of the current oil price quoted in $$$$ is due to the relatively weak dollar ?
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post #10 of 62 (permalink) Old 10-19-2007, 03:00 AM
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I dont want to appear to slag off or insult you Americans BUT how much / what % of the current oil price quoted in $$$$ is due to the relatively weak dollar ?
Good point, I remember the Euro starting out around 80 cents to the U.S. dollar.
The dollar traded on Friday to $1.4303 against the euro, after touching earlier a record low of $1.4311 per euro. Investors are betting on a further interest rate cut when the Federal Reserve meets on October 31.

A lower dollar cuts the purchasing power of the barrel, suggesting that producing countries, such as Saudi Arabia, would try to keep the oil price higher to compensate for it. The strength of the euro, the sterling pound and other currencies also mean that some countries, particularly in Europe, are partially insulated from the oil price rally.
Oil jumps over $90 a barrel - Yahoo! News
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