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Post by Ben Dinsmore on Mar 2, 2008 21:52:38 GMT -5
Got a question about oil, the oil industry, gas prices, or anything else related to petroleum, ask away!!! I've worked on an offshore oil rig for the last 9 years and would love discussing it here!
ben
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Post by swanberg22 on Mar 11, 2008 21:23:26 GMT -5
Ben, I was wondering what your thoughts are on oil futures hovering above $100/ barrell recently. Are these prices sustainable, do you think there's enough hype to move even higher ($120's), or do you feel there's a bubble ready to burst and they'll move lower ($80's)?
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Post by Ben Dinsmore on Mar 12, 2008 2:19:55 GMT -5
Short term the prices are not sustainable. If prices hit $120, people will curb their consumption and supply will eventually catch up with demand and prices get back into the $70-80's.
Long term we're screwed. With China and India's middle class economy growing, the weak dollar, the uncertainty of Middle East oil when President Obama withdraws all of our troops from Iraq, and America's umwillingness to drill for our own oil in Alaska and the East and West Coasts the price of oil can only go higher!
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Post by Ben Dinsmore on Apr 23, 2008 3:55:15 GMT -5
OK, so we're getting close to $120!  I guess we'll see if I'll be eating my words or not. My guess is once oil hits $120's it will slowly start to go back down below $100 by June. |
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Post by Ben Dinsmore on May 17, 2008 21:45:09 GMT -5
Hmm...still going up! There goes my theory, anyone else?
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Post by Ben Dinsmore on Jul 3, 2008 4:23:22 GMT -5
And there goes the price again! $144 and still going...
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Post by swanberg22 on Jul 8, 2008 21:20:13 GMT -5
And now down $10 over the past two days. I don't know if we'll see a similar bubble as the NASDAQ had, but it burst while its volatility index was at record highs. For the short term, I sure hope there is one. If only prices come down long enough for alternatives to become more mainstream before global demand explodes.
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Post by Ben Dinsmore on Aug 29, 2008 4:57:28 GMT -5
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Post by Ben Dinsmore on Sept 15, 2008 8:43:54 GMT -5
Hey, it took longer than I thought but oil is finally below $100 and still dropping!
$3.00/gal gas will be here before you know it!
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Post by Ben Dinsmore on Oct 10, 2008 4:55:42 GMT -5
Well, it took a catostrophic economic meltdown, but here we are sitting on $80 oil! At least home heating bills won't be so bad.
Gas should come down too eventually!
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Post by susank54 on Oct 14, 2008 14:23:16 GMT -5
Yeah, looks like you called that one!
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Post by mrakman on Oct 25, 2008 16:21:05 GMT -5
oil keeps dropping, how low will it go?
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Post by swanberg22 on Oct 26, 2008 20:35:23 GMT -5
It seems the downward pressure from weaker demand is just too much for it to go too much higher in the near term. Even with OPEC agreeing to cut production, it kept dropping.
I've heard some of the countries will ignore the agreed upon cut and keep producing just as much. It would be interesting to see what would happened if one of the countries went rougue, leaving OPEC and starting to play by their own rules...
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Post by Ben Dinsmore on Oct 28, 2008 7:01:42 GMT -5
OPEC has a history of not following its own quotas. It is a win win situation for OPEC members. They get to threaten the global marketplace for oil by cutting production, and then not follow it's own quotas once they reach an agreement.
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