[Ninong]

Crude Oil now trading at $143.67/bbl.

The price of gasoline is up 54% in the past year.

The price of crude oil is up 38% in the past quarter (April, May & June); 48% since January 1, 2008.

OPEC president is predicting $150/bbl oil this summer and $170/bbl oil by end of this year.

Here.

[Ninong]

Crude Oil now trading at $144.32/bbl.


Here.

P.S. -- If you follow Dow Theory, we are now officially in a Bear Market. Today's DJIA close is more than 20% below the October 2007 high.

[Ninong]

Crude Oil now trading at $145.85/bbl.


Here.

[Ninong]

Crude Oil now trading at $147.27/bbl.


Here.

[Ninong]

Crude Oil now trading at $128.50/bbl.

The price of a barrel of oil plunged this past week for two principal reasons: demand is falling and the Bush administration has indicated a willingness to talk with Iran.

How far could it drop? That's hard to say. The major players are still predicting oil will finish the year around $150/bbl. I think that it could fall down around $105/bbl if an agreement is worked out with Iran. The difference between $105/bbl and $150/bbl is the difference between $3.25/gal gasoline and $4.50/gal gasoline.

Iran has to agree to stop trying to enrich uranium to weapons grade and agree to full inspections. I don't know if that will happen but I think it's actually possible.

[Reefland]

Why is it that when oil increases gas price increase almost immediately however when oil drops it seems that gas prices take 2 weeks to drop?
Posted via Mobile Device

[Ninong]

I think they learned that trick from the banks. Have you noticed that when the fed is raising interest rates, the banks automatically raise all of their loan rates the very same day but when the fed is lowering interest rates, the banks take weeks to lower their loan rates.