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Scary Stuff.... Oil currently at $106.95
Comments
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No, it's been higher, $147/barrel was the peak price in late 2008. However, have some people have pointed out, the pound has lost about 20% of its value versus the dollar since then.0
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Last time around there were a lot of speculators ramping prices. This time there is a genuine threat to supplies AND speculators ramping prices.
So on a scale of one to totally screwed......0 -
Rochdale_Pioneers wrote: »Last time around there were a lot of speculators ramping prices. This time there is a genuine threat to supplies AND speculators ramping prices.
So on a scale of one to totally screwed......
OMG a post where you don't blame Thatcher or the Tories or Nick Clegg.
Incredible.0 -
Nymex Crude Future 99.21
Dated Brent Spot 113.78
WTI Cushing Spot 96.500 -
setmefree2 wrote: »Dated Brent Spot 113.78
Dated Brent Spot 114.78.
That's a dollar in half an hour....0 -
Oil is still cheap, but for global economies to work oil as to literally be as cheap as chips. To put into perspective just what kind of society we've created think of this.
A single barrel of oil as the equivalent energy of at least 12000 man hours of labour. We use 85 million a day, 1 cubic mile per year. We've now pumped out of the ground half of what was there, the easy stuff.
What's left will be much harder and crucially much more expensive to get. Peak discovery was in 1970, we currently use 3 barrels for every 1 that is discovered.Have owned outright since Sept 2009, however I'm of the firm belief that high prices are a cancer on society, they have sucked money out of the economy, handing it to banks who've squandered it.0 -
Nymex Crude Future 101.79
Dated Brent Spot 116.10
and another dollar...
We'll be at $120 by lunch time at this rate...0 -
setmefree2 wrote: »Nymex Crude Future 101.79
Dated Brent Spot 116.10
and another dollar...
We'll be at $120 by lunch time at this rate...
Chill, inflation then deflation, oil price cannot be sustained for long at levels above $120-130 for long - demand destruction here we come.0 -
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setmefree2 wrote: »and you think this is a good thing?
No, it's just a fact, one being reflected in equity markets as we speak.0
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