The Conservative Cave

Current Events => Economics => Topic started by: Uhhuh35 on July 08, 2008, 07:00:44 PM

Title: Oil Drops More Than $9 in 48 Hours
Post by: Uhhuh35 on July 08, 2008, 07:00:44 PM
From Yahoo! via Drudge:
http://biz.yahoo.com/ap/080708/oil_prices.html?.v=15
"Oil tumbled more than $5 a barrel Tuesday in its second big drop this week, hurling crude back to levels not seen since June 26 as traders wary about the health of the global economy cashed in gains from oil's recent rally. Light, sweet crude for August delivery fell $5.33 to settle at $136.04, after earlier slumping as low as $135.14. The decline followed a $3.92 slide on Monday, bringing oil's two-day drop to more than $9".

Meanwhile in a totally unrelated story:
http://www.msnbc.msn.com/id/25482959
"WASHINGTON - High gasoline prices have dramatically changed Americans' views on energy and the environment, with more people now viewing oil drilling and new power plants as a greater priority than energy conservation, according to a new survey".

Gee, you think Americans willingness to drill for oil is affecting the world speculative markets?

Nawwww!  :whatever:

Title: Re: Oil Drops More Than $9 in 48 Hours
Post by: Chris_ on July 08, 2008, 07:12:11 PM
If hussein wins in November, expect oil to go to $300 a barrel.
Title: Re: Oil Drops More Than $9 in 48 Hours
Post by: Jim on July 08, 2008, 10:33:49 PM
The market knows that waking THAT sleeping dog means something.
Title: Re: Oil Drops More Than $9 in 48 Hours
Post by: djones520 on July 09, 2008, 01:01:21 PM
Why do they call it "sweet"?

I've never tasted crude oil before...  but I somehow doubt it's actually "sweet".
Title: Re: Oil Drops More Than $9 in 48 Hours
Post by: Chris_ on July 09, 2008, 01:08:30 PM
Quote from: djones520 on July 09, 2008, 01:01:21 PM
Why do they call it "sweet"?

I've never tasted crude oil before...  but I somehow doubt it's actually "sweet".

It is called "sweet" because it requires minimum refinement to convert into some form of usable fuel....."Saudi sweet crude" is so pure that it can be used as bunker oil to fuel ships right out of the ground.......

Compared to Venezuelan "Tar" crude, which is actually the consistency of the tar that you see in asphalt manufacture, and requires a lot of refinement into usable products......there are many different types of crude oil....

doc