Oil drops to $43 a barrel

It is getting worse quickly.

 

I'm now taking bets that the US and Canada will experience what Iceland is going through

 

I saw oil on the ticker at $38 yesterday...don't know how it closed. My point...regular gas went over $2.00/gal this week and seems to continue a steady climb. It was $1.49 just over 3 weeks ago when oil was $43/barrel.
I've lost some faith in the supply/demand theories

 

If that happens the whole world is toast economically.

 

What happened to your $20 by the end of February prediction? You've still got 2-1/2 weeks left. Wouldn't want to end up like the analyst who predicted $200/bbl. :redface:

The only way it stays below $50 is with ongoing recession/depression and no major conflict. Since it is the interest of Russia, Iran, and other oil producers to boost prices with some unrest I wouldn't place any bets on it staying below $50.

With prices where they are, the economic conditions in the oil producing states are precarious at best. Political upheaval is the most probable result...and this can result in conflict.

At any rate, following the economic downturn I expect a run up in prices that will make the last one look mild. The drivers are stronger than when I predicted the same effect during the previous recession, and back then people scoffed at my expectations of $50/bbl. Now we feel fortunate to have oil that is below $50.

 

I may have overshot the $20/barrel, but there is still time as you say. I don't see any run up in the near future(3-6 months) or nid future(1-2 years) demand is falling steadily and the producers will get greedy and try to get more than their share.

 

An openly gay Prime Minister?

Tom

 

Holy cow! We're getting a Prime Minister? We must be moving toward European style socialism.

 

And a gay one to boot!

WOW, who knew what Obama really meant when he said " Yes we can!"

Icarus

 

It already is

 

I had to look that up, thought you were pulling my leg (As usual). Didn't know that Johanna Sigurdardottir was now PM.

As long as she is competent and can pull Iceland out of the abyss, more power to her. I'm wishing her luck, she will NEED it

 

Given the sexual escapades of most politicians, I really don't think it matters, or is cause for concern, that Iceland has a gay PM.

Yes, I'm thinking of former NY governor Eliot Spitzer. At the podium, his wife bravely standing beside the tool, I wondered why she didn't clobber him with a cast iron frying pan, on national live tv

 

She? I thought the PM was a HE. No wonder I am confused.

Tom

 

Yeah, I had to look that up too. Guess I'll take their word for it

 

It still might approach $20/bbl as it continues decreasing. According to an AP report, oil is at $34.90 which is down $1.61 since yesterday. Accordingly, retail gas prices reached a new high for 2009 on Thursday as they appear headed back to $2 a gallon as refiners cut back on production.

 

just went to $2.079 here...

 

We could always do a scientific study, but given her, ah, well, persuasion, it could be met with some resistance.

Tom

 

dropped back down to $1.78 here from $1.80

 

um .... hmmm ....



I guess I will very wisely not add anything

 

malorn,

That $20/bbl by the end of February bet is looking somewhat less prescient than last year's analyst bet of $200 bbl. Oil closed at $44 and change today and we only have one more trading day left.