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Author Topic: Opec calls emergency session to stem declining crude prices-  (Read 1600 times)

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FNGw/08SERK

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Opec calls emergency session to stem declining crude prices-
« on: October 16, 2008, 06:51:45 PM »
Oil Falls Near $70 a Barrel, 16-Month Low, Alarming OPEC

NYT article here

http://www.nytimes.com/2008/10/17/business/worldbusiness/17oil.html?_r=1&hp=&oref=slogin&pagewanted=print

More economic terrorism on the way  :sauer055:
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grc

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Re: Opec calls emergency session to stem declining crude prices-
« Reply #1 on: October 16, 2008, 07:24:02 PM »

The part I love is that while crude has fallen more than 52% from the July highs, gasoline has only fallen about 28% and diesel is still in the stratosphere.  Always amazing how long it takes gas to come down versus how quickly it follows crude on the way up.

Jerry
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sadunbar

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Re: Opec calls emergency session to stem declining crude prices-
« Reply #2 on: October 16, 2008, 07:27:36 PM »
Quote from: grc on October 16, 2008, 07:24:02 PM
The part I love is that while crude has fallen more than 52% from the July highs, gasoline has only fallen about 28% and diesel is still in the stratosphere.  Always amazing how long it takes gas to come down versus how quickly it follows crude on the way up.

Jerry

I think all of the tobacco executives and lobbyist that used to testify before congress that they had no idea that cigarettes caused cancer now have jobs in the oil industry explaining to congress (with practiced straight faces) why gas prices always rise fast and fall slowly...   ???
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FNGw/08SERK

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Re: Opec calls emergency session to stem declining crude prices-
« Reply #3 on: October 16, 2008, 07:33:20 PM »
Quote from: sadunbar on October 16, 2008, 07:27:36 PM
I think all of the tobacco executives and lobbyist that used to testify before congress that they had no idea that cigarettes caused cancer now have jobs in the oil industry explaining to congress (with practiced straight faces) why gas prices always rise fast and fall slowly...   ???
only thing is Scott I can't swallow Congress doesn't already have all the data. Oil execs sitting in front of Congress is akin to dog & pony show. JMO ahhhh the fix is in.

Got a friend just started making his own biodiesel in his garage. Maybe time for a F250  :-\
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BalDeagle

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Re: Opec calls emergency session to stem declining crude prices-
« Reply #4 on: October 16, 2008, 07:46:30 PM »
Keeps all the little guys out of the equation too - Exxon Mobil, Royal Dutch Shell and BP still cream all the profits and then storm in all over the smaller producers with takeover bids - nothing new there then.
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BalDeagle

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Re: Opec calls emergency session to stem declining crude prices-
« Reply #5 on: October 16, 2008, 07:49:46 PM »
Oh and by the way that means that my CVO Harley won't really benefit from the quango's that secretly inflate the pump prices. Just trying to keep the thread CVO based ya unnerstand !

 8)

Nige
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bsquared62

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Re: Opec calls emergency session to stem declining crude prices-
« Reply #6 on: October 16, 2008, 07:53:43 PM »
what a crappy story - we need to not need these nimrods...
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FNGw/08SERK

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Re: Opec calls emergency session to stem declining crude prices-
« Reply #7 on: October 16, 2008, 07:55:31 PM »
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FLYNDYNA

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Re: Opec calls emergency session to stem declining crude prices-
« Reply #8 on: October 17, 2008, 01:25:04 PM »
I got my bike to run on corn-likka...actually, I drink the likka and sit on it going "braaaaappppp....braaaaaaaapppp...."
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ultrafxr

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Re: Opec calls emergency session to stem declining crude prices-
« Reply #9 on: October 18, 2008, 12:01:42 PM »
Quote from: grc on October 16, 2008, 07:24:02 PM
The part I love is that while crude has fallen more than 52% from the July highs, gasoline has only fallen about 28% and diesel is still in the stratosphere.  Always amazing how long it takes gas to come down versus how quickly it follows crude on the way up.

Jerry
Jerry, I have to disagree with that statement somewhat.  Mind you I am NOT defending the oil companies but I distinctly recall earlier this year as crude was breaking through the stratosphere that my business partner and I were commenting on how prices at the pump had not gone up nearly as much.  There was a news article that gave the relationship between how much crude prices affected retail prices and each $ in crude had a very small affect at retail.  Also I don't understand why my modest amount of Chevron stock (which I've had for many, many years since it was Texaco) has been hammered so much lately.  Oil companies made good money when oil was well below $40 but now that it has fallen below $100 you'd think the world had ended for oil company profits.  Smells like a buying opportunity to me.
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REGGAB

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Re: Opec calls emergency session to stem declining crude prices-
« Reply #10 on: October 18, 2008, 09:32:03 PM »
Quote from: GH on October 16, 2008, 07:33:20 PM
only thing is Scott I can't swallow Congress doesn't already have all the data. Oil execs sitting in front of Congress is akin to dog & pony show. JMO ahhhh the fix is in.

Got a friend just started making his own biodiesel in his garage. Maybe time for a F250  :-\

Only if you like diesels built on gasoline engine architecture.  Get a REAL oil burner:  Dodge Cummins!   :2vrolijk_21:
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FNGw/08SERK

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Re: Opec calls emergency session to stem declining crude prices-
« Reply #11 on: October 18, 2008, 09:41:34 PM »
Quote from: HML on October 18, 2008, 09:32:03 PM
Only if you like diesels built on gasoline engine architecture.  Get a REAL oil burner:  Dodge Cummins!   :2vrolijk_21:
Isn't Mopar makin' a switch to a different diesel vendor next year or the year after?
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REGGAB

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Re: Opec calls emergency session to stem declining crude prices-
« Reply #12 on: October 18, 2008, 09:58:19 PM »
Quote from: GH on October 18, 2008, 09:41:34 PM
Isn't Mopar makin' a switch to a different diesel vendor next year or the year after?

I dunno.  I've heard tales of Benz.....perhaps.......but I don't see how that's possible.  Really gotta be careful beyond 2006 tho'.  They started putting EGR's on them in 2007.  Gee, wonder why they increased displacement to 6.7l?

I've also heard that Ford is going to switch to Cummins in 2010, but can't provide a reference.  Just "heard" it.  Anyone know for sure? 

Hasn't been on my research list since I'm perfectly happy with my 2005.
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