$100 Oil Competition

Vortex · Post by **Vortex** » 16 Oct 2007, 13:17

http://afp.google.com/article/ALeqM5iAV ... NWfcGzm6Sg

Close to $88 now ...

emordnilap · Post by **emordnilap** » 16 Oct 2007, 13:21

silas wrote:No idea...dam stuff is cheaper than fizzy pop! it should cost $400+ per barrel minimum and the profits should be used to subsidise sustainable energy transition and mitigate global climate change...THATS THE END FULL STOP

Agree entirely. And WAY cheaper than water. Bottled water always seems to be the dearest thing in the machine or on the shelf. I often say, "Save money! Drink petrol!"

Andy Hunt · Post by **Andy Hunt** » 16 Oct 2007, 13:25

emordnilap wrote:I often say, "Save money! Drink petrol!"

I prefer bio-ethanol.

Vortex · Post by **Vortex** » 16 Oct 2007, 13:26

Currently drinking 500 ml of 7up at 90p.

That's $290 a barrel ... for sugared water!

snow hope · Post by **snow hope** » 01 Nov 2007, 00:48

Well, I made my prediction back in June - by the 29th October, I think we had got to $93, and by the 31st it is at $95......

We may or may not hit $100 in the next week or two. But what has been happening over the last couple of months is exactly what I envisaged happening this autumn and it has played out much as I expected unfortunately.

Folks we are in the early stages of TSHTF.

I really feel we don't have much longer to make the most of our preparations - which is (lets face it) to give us an advantage over others who are less aware of what is going on. Do it now or you may regret not doing it - and that applies to me as much as anybody else.....

Whilst I have done a few things, I feel very under-prepared especially compared to some others on here. But I am certainly thankful that I discovered this site a couple of years back (or is it 3?) and I count most of you on here as very decent people and certainly virtual friends.

Things are going to start getting difficult soon, lets hope they don't turn as nasty as some of us fear. I am hopeful, but not too expectant.

Whoever said, "hope for the best, prepare for the worst", described my mind and I am sure many others.

oilslick · Post by **oilslick** » 01 Nov 2007, 05:50

Don't worry snow, I don't think this is quite it. I think I might start a $70 oil competition as I reckon it will slump back some time soon when either something good happens or the state of the US economy declines rapidly.

The bigger problem for us might be when sterling tanks.

Anyway, my vote is for 1/11/7...or is it too late to enter?

Smithy · Post by **Smithy** » 01 Nov 2007, 07:23

$100? I'll give it another week. Oil is not really so high. It could go alot higher yet:
http://ap.google.com/article/ALeqM5jND4 ... gD8SKE12G0

Gold Tops $800 for 1st Time Since 1980

Like gold, oil has approached the inflation-adjusted highs of early 1980. Depending on the calculation, a $38 barrel of crude then would fetch $96 to $101 or more today.

The Energy Information Administration reported U.S. stockpiles of crude plunged by 3.9 million barrels in the week ended Oct. 26, compared with analysts' consensus forecast for a gain of 100,000 barrels. Expectations had ranged between a build of 2 million barrels and a draw of 2.6 million barrels.

Gasoline inventories rose by 1.3 million barrels, while distillate inventories increased by 800,000 barrels. Analysts had expected moderate decreases of both.

Gasoline futures for November rose 8.29 cents to $2.34 a gallon. November heating oil futures added 8.32 cents to $2.5078 a gallon.

MacG · Post by **MacG** » 01 Nov 2007, 07:55

I'm never very good at these things. Constant bad luck in lotteries also. If I bought a graveyard I'm sure people would stop dying.

Totally_Baffled · Post by **Totally_Baffled** » 01 Nov 2007, 09:08

MacG wrote:I'm never very good at these things. Constant bad luck in lotteries also. If I bought a graveyard I'm sure people would stop dying.

Ditto.

I think I put 2010 down for $100 oil! oooops!!

Maybe it will take 3 years to rise another $4!

lol (not)

Joules · Post by **Joules** » 01 Nov 2007, 09:48

Totally_Baffled wrote:
I think I put 2010 down for $100 oil! oooops!!

Maybe it will take 3 years to rise another $4! lol (not)

That might yet depend on the big banks:

http://www.marketoracle.co.uk/Article2592.html

The Financial Sector is still coming to terms with the US Subprime Mortgages induced credit crunch, could again be in the line of fire of a new credit crunch caused by crude oil surging to $100, triggering a similar collapse of hedge funds and put the banking sector under renewed pressure as the crude oil credit crunch contagion spreads. The reasoning behind this possibility is the enormous derivatives book that runs to over $300 trillions. With key players such as the Bank of International Settlements, (BIS) and JP Morgan and many smaller players such as banks and hedge funds. A collapse amongst a major hedge fund due to failure to meet the obligations against contracts on crude oil not crossing above $100 initiated some time ago could result in a cascade of financial failures as forced selling of assets occurred to meet contract obligations. It is highly likely that the worlds central banks are very much aware of this possibility and therefore may attempt at forcing crude oil lower via market operations, it is highly likely that these transactions will not be visible to the market and may have the effect of inducing a sharp inexplicable drop in crude oil prices. It is highly likely that such operations would be conducted prior to crude oil crossing above $100. In an attempt at trying to estimate the current value of off the book contracts based on crude oil could amount to more than $4 trillions, which suggests that central banks have already been active in the crude oil market.

MacG · Post by **MacG** » 01 Nov 2007, 09:56

Joules wrote:In an attempt at trying to estimate the current value of off the book contracts based on crude oil could amount to more than $4 trillions, which suggests that central banks have already been active in the crude oil market.

Well, so much for the free market then. Guess this "free market" thing only exist in dinner speeches.

MisterE · Post by **MisterE** » 01 Nov 2007, 09:58

I first thought it would be Jan 2008 date errrr 19th, but now I think it will be Jan 31 2007 along with a recession. I've said it for 3 years now that bad times are either going to be this Jan or next. The way thngs are going I'm going for this Jan, even though common sense tells me it will be fought off for one year then housing will go pop.

bobthebaker · Post by **bobthebaker** » 01 Nov 2007, 10:25

Next week, I've got to pop back to Coryton this weekend....

21st_century_caveman · Post by **21st_century_caveman** » 01 Nov 2007, 12:54

MacG wrote: Well, so much for the free market then. Guess this "free market" thing only exist in dinner speeches.

I thought that was common knowledge to most thinking people, the whole US economy was built on government subsidies, mainly through the attack... oops i mean defence budget.
You're right, it only exists in speeches and the media.

Erik · Post by **Erik** » 01 Nov 2007, 18:21

snow hope wrote:Folks we are in the early stages of TSHTF.

I really feel we don't have much longer to make the most of our preparations - which is (lets face it) to give us an advantage over others who are less aware of what is going on. Do it now or you may regret not doing it - and that applies to me as much as anybody else.....

Whilst I have done a few things, I feel very under-prepared especially compared to some others on here. But I am certainly thankful that I discovered this site a couple of years back (or is it 3?) and I count most of you on here as very decent people and certainly virtual friends.

Things are going to start getting difficult soon, lets hope they don't turn as nasty as some of us fear. I am hopeful, but not too expectant.

Whoever said, "hope for the best, prepare for the worst", described my mind and I am sure many others.

Nice post snowhope. You know, one of the worst things that will hit us eventually is losing such easy access to the internet (if not the internet in its entirety), and one of the worst things about that would be not being able to visit Powerswitch! I imagine in a few years time (5, 10, 20, whatever) when society has fundamentally changed, in many ways for the worse (and in some ways it might even have improved), we'll all occasionally wonder what happened to "so-and-so" at powerswitch?.