U.S. retail gasoline prices decline to $1.66 per gallon
Submitted by
CalculatedRisk on Sun, 12/21/2008 - 4:20pm (131 comments)
in
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But gas in Socal increased from 1.69 to 1.75 at the cheapest stations in the past two days.
Automatic stabilizer.
this too shall pass
I paid $2.18 for winterized diesel last week in NW Missouri - unreal.
If you think the financial system is manipulated -- then why not this?
$1.619 at the Oxnard Costco this morning. $1.549 earlier this week.
With the snow falling everywhere, will that reduce the demain for gas even futher?
Gas prices are the sign of world depression ...
The whole energy sector is falling precipitously matching the economic activity ...
the elephants at war fill up the tanks?
ネットショップ 構築
the funding comes from, WHERE?
Funding the What?
For Who?
Why?
best kleptocacy secrets.
Protectionist dominoes are beginning to tumble across the world
The riots have begun. Civil protest is breaking out in cities across Russia, China, and beyond.
Protectionist dominoes are beginning to tumble across the world - Telegraph
The whole fractional banking Ponzi scheme relies on the greater fool theory ...
People are now finding them selves with nothing not a even a glimmer of hope about the future.
A Russian winter is a grim prospect without heat.
We are aT $1.43 At costco. I cannot believe that all of those tin horn dictators counting on $150 oil are going to let this stand. They have to have that money or their population will cook them over a wood fire and eat them. The Iranians will shut down the competition somehow.
"Gas prices are the sign of world depression ...
The whole energy sector is falling precipitously matching the economic activity ...
mmckinl"
Tell me what your trading so I can grab the other side. Much thanks.
1.54 regular grade, Costco MN 'burbs.
Filled up and took a drive looking at the nearby neighborhood Christmas lights. Great way to celebrate the first of winter.
Daylight hours get longer from here on out. That's no minor victory when it's -10 to -15 overnight.
Tell me what your trading so I can grab the other side. Much thanks.
~~~~
Nothing ... I liquidated all but 10 % of my portfolio Friday after getting in early December.
Jan 1 begins another round of de-leveraging. The Madoff scandal all but sealed that deal ...
Anybody catch the Guhvnuh of Gullyfornya on 60 minutes tonight.
He looks exhausted. Scared and exhausted. In a teutonic sort of way. Maybe the whole Caroline Kennedy thing has him frustrated...,
ABC News: Inside the Nation's Largest Oil Refinery
Somewhat dated (August)
Sports guy: In the northern rockies we are to the point that -15 would be a heat wave. Only five months to go!
Facts:
oil price '03 0.10 ounce of gold.
Oil price now: 0.05 ounce of gold.
Global demand up 10% since '03. Never any shortages. Now enormous glut as oil storage becomes a bubble.
I have to give credit to someone here at CR for hipping me to the fact that this whole stock dive began in earnest at the beginning of last quarter ... explains so much about the stock and bond markets...
"Drill Baby Drill !"
Oil average in 2002 was in the Mid $20 range and didn't jump until the Iraq war. 1992 it was $11. As liquidity moves out of these commodity markets prices become a function of supply and demand rather then future's speculation. RE and oil seem to be heading back to the early 90's trend lines, says much about deleveraging.
Not related to gas, but quite newsworthy - Chinese exporters are getting concerned about defaults of their US customers
Exporters face payment risks
"China's exporters are facing soaring payment risks from the United States and Europe as a result of the global financial crisis, Sinosure's risk-analysis report revealed on Friday.
The United States, for the first time, was downgraded by one level. According to Sinosure's statistics, Chinese firms exporting textile, mechanical and electrical products to the US were the largest victims, with losses exceeding $10 million so far this year."
Anybody catch the Guhvnuh of Gullyfornya on 60 minutes tonight.
He looks exhausted. Scared and exhausted. In a teutonic sort of way.
HEY! At least give a "Spoiler Alert." 60 Minutes is still two hours away out here in Cully-fornia.
.
We need a gasoline Czar !
.
They're skyin' the futures, boss (posted in the last thread, missed the Pig!)
Watch out for the CMBS backed by gas station portfolios. Small stations with 2 to 6 pumps get hit the hardest because it takes them longer to empty a storage tank (the smallest stations take up to a month).
The whole fractional banking Ponzi scheme relies on the greater fool theory ...
mmckinl | 12.21.08 - 7:51 pm | #
According to Einstein, human stupidity is infinite. So in theory, we can keep going with the scheme infinitely.. Smart, huh?
Sorry Feckless
SPOILER
I can barely understand a word the man says.
END SPOILER
According to Einstein, human stupidity is infinite.
~~~~
Until job loss and hunger set in ... then a different set of behaviors take precedent.
Global warming theory not working well anymore ey? Record cold here in my place in Asia.
2009 will be a great myth buster: Global warming, peak oil, wisdom of Bernanke, Leverage, wisdom of supply-siders and Keynesians.
Bring in the Anarchists!
Global warming theory not working well anymore ey? Record cold here in my place in Asia.
~~~~
That's the drought factor ... less moisture in the air lets it get colder ...
Hey, CR; Krugman references your analysis of the Bush Mortgage/Ideology NYT story in his blog. In a major way.
At this rate, I have to ask: when's the book coming out?
Blame It On Westfield -
http://www.montgomerydrafthouse.com
Dateline: Wheaton, MD (a suburb of DC)
With great sadness and disappointment, we are forced to close the Montgomery Cinema & Drafthouse. Our family has poured our heart & soul and resources into opening this location, with the hope of providing great entertainment to the Wheaton and Montgomery County community.
In our opinion, we were not prepared for the conduct by Westfield and, in our opinion, the anti-small business nature of Montgomery County's permit process. We simply could not overcome the excessive costs in money and time that was required to deal with these two overwhelming negative forces. Couple these challenges with a worsening economy and national capital crisis - and the result was a perfect economic storm which was too much to bear.
After being open for 2 1/2 months - Westfield refused to pay the remaining balance on the construction allowance. The bitter irony is that we were evicted by a company that in our opinion owed us more money than we owed them. Our only hope is that Westfield does the right thing and promptly pays the remaining construction allowance (that they failed to release to us) to the builder and contractors who deserve full payment.
Eric writes:
They're skyin' the futures, boss (posted in the last thread, missed the Pig!)
Eric | 12.21.08 - 8:01 pm | #
Obama hates your puts!
Japanese Exports Decline 27%
Japan Exports Plunge Record 27% as Recession Deepens (Update3) - Bloomberg.com
Can someone here explain what the hell is up with diesel prices? A few years back they were consistenly below unleaded, now they are around 50% higher. I've heard it's linked to the new(er) low-sulpher formulation, rise in demand in EU and a pre-emptive strike against newer high-efficiency diesels coming down the pike.
sculptorsam
Diesel is higher for low sulphur but also the high price of light sweet crude, the most efficient grade to make diesel.
inflationary right?
I still hold with Spring and Summer 09 for the begining of the change. No, it will not be national, and it will start with uncivility. People will increasinly begin acting out the fear, frustation, an anger in public.
The trigger will be one of the main engines of consumer culture. It is also what keeps our citizens in their little cocoons of inaction. That is TV. Free TV is for many going away.
First how many think they have HD tuners but do not. Second, imagine how many will not be able to pay their cable bills. No cable plus no HD tuner = no TV.
Think about it.
Eric, this happens 4 days a week. Hedgies in Asia who needs pump and dump.
If someone ran a statistic on this for the last 8 months, they would be in shock. Number of up days in the futures before lunch time Asia vs number of down days on S&P 500.
I'm sure SEC is on the ball.
Can someone here explain what the hell is up with diesel prices
sculptorsam | 12.21.08 - 8:12 pm | #
The ratios of refined petroleum end products was pretty fixed for years, resulting in a relative overproduction of diesel. Some years back the industry figured out a way to squeeze more gasoline out at the expense of diesel, thereby eliminating that overproduction and with it any price advantage.
"Goodbye real economy."
Bring in the Anarchists!
Be careful what you wish for.
Two months ago in a grant planning meeting, I cautioned a bunch of law enforcement managers about the increasing potential for domestic civil unrest. They all looked at me like I was nuts.
Not so much, now.
"Goodbye real economy."
~~~~
It was gone years ago ... when we started trading each other imported goods from China ...
The run up and run down in gas correlated exactly to the cutting of the stimulus checks over the summer. The manipulators wanted their rightful cut of our stimulus checks, and they got what they wanted.
A first class seat on the titanic.
Thanks.
I guess I always assumed the truckers would pitch a big enough fit to keep the prices down but that hasn't been the case. I still have the reliability/longevity of my truck, even if the increased mileage has been evened out.
Free TV is for many going away.
On the contrary. Buy an inexpensive converter box, and there should be even more free channels available due to more efficient use of bandwidth.
mmckinl(Excellent) writes:
It was gone years ago ... when we started trading each other imported goods from China ...
All I'm saying is, somewhere, a very taunt line just went real slack. Rob Dawg's "leverage speculation" triumphalism is surely one portion.
The other portion, well -- like Polonius, I think we'll nose it shortly.
I know there is a lot of reasons why my TV theory seems lame. I still am going with it.
1.46, Missoula MT
"no TV"
BFD. I took that little darling and threw it out in the street years ago then hung garlic on it for good measure. No bread and circus for this one.
Feckless Ness(Unrated) writes:
I cautioned a bunch of law enforcement managers about the increasing potential for domestic civil unrest. They all looked at me like I was nuts.
Did you tell them they'd have to meet it with a vast staff and asset reduction?
That is TV. Free TV is for many going away
I just ninety days of free movies!
Once Obama & the Federales understand the debiliting narcotic effect of HDTV, it will form the foundation of the National Infrastructure spending.
If your investment time horizon is 18 months or more, and you don't start buying some oil in the low 30s, you are a fool.
It/s almost certainty that at some point in the next 3 years, oil will go above $50-60 on some type of supply disruption or global turmoil. Nothing is more price-sensitive to global chaos than oil, not even gold. If oil was a stock and somebody said you could buy it 30 and sell it at 55 in a couple of years, you'd go for it, wouldn't you?
If oil was a stock and somebody said you could buy it 30 and sell it at 55 in a couple of years, you'd go for it, wouldn't you?
Anonymous | 12.21.08 - 8:34 pm
Can I get 6 shares to go?
--
But Ben would not allow deflation. He would ask the CONgress to pass rent control laws that would make it a crime to lower rents and to charge rents lower than the average rents in the area for the past 12 months. Also, all rental agreements would have an automatic minimum 3% annual rate increase. The gas money goes outside while the rent money stays in the US. Those who raise rents more than 10% a year will be given American Patriot award.
We will impose a 20% tariff on all imports.
We have the necessary tools to fight deflation and depression. And Ben is the manufacturer and keeper of the toolbox.
Jas
there is some serious manipulation going on in the oil futures market. just last Fri oil got down into the $33 range on the spot with large contango. it was all i could do to hold onto my DXO position. glad i did. look at the price now: $43.41.
someone is trying to shake out the longs.
NYMEX.com
re cheap gas --
i was one of those a-holes who never made a stink about gas being whatever it was. i use less that 50 gallons a month so $1-2 extra dollars a gallon didn't really effect me. the lower price doesn't really effect me now.
i spend way less than i make no matter the price of gasoline.
gas demand has been up for at least 3 wks in a row. the refineries have been rallying. prices in my area are going up. we may be coming out of the bottom.
This Week In Petroleum Gasoline Section
i love the people that will drive extra far to save .10 a gallon. look at me ma! i saved a buck on a fill-up!
Living in L.A. I kind of liked the higher gas prices as they were reducing traffic.
I cautioned a bunch of law enforcement managers about the increasing potential for domestic civil unrest. They all looked at me like I was nuts.
Did you tell them they'd have to meet it with a vast staff and asset reduction?
I'm the budget geek so, yes, I'm always cognizant of the bottom line. Truth is, virtually every law enforcement agency in the U.S. could cut its budget by 20% and vastly improve its operations. It's called, "civilianization."
I'm not referring to outsourcing, private contractors, or contract law enforcement. Replace all non-police-power jobs with civilian professionals. Give civilians the same authority as their sworn counterparts, including management and discipline of their sworn subordinates.
Again - I'm talking about jobs not involving police powers: property rooms, jails, communication centers, personnel, training, budget, info technology, facility management, even investigative due dilligence. Virtually everything is now done by sworn officers who cost a ton more, who lack the proper knowledge/skills/abilities, and who rotate on to new assignments as soon as they get the hang of a job. That needs to change.
Cheap gas increases restaurant business.
sneering nihilist writes:
i love the people that will drive extra far to save .10 a gallon. look at me ma! i saved a buck on a fill-up!
You should encourage that behavior. It enforces price discipline across all stations, benefiting the rest of us.
someone is trying to shake out the longs.
~~~~
Just about every market is being manipulated now ...
Whipsaw ...
Oil drops but who it does not help...
read @ denningers forum
By Toru Fujioka
Dec. 22 (Bloomberg) -- Japans exports plunged the most on record in November as global demand for cars and electronics collapsed, signaling more factory shutdowns and job cuts are likely as the recession deepens.
Exports fell 26.7 percent from a year earlier, the Finance Ministry said today in Tokyo. Economists surveyed by Bloomberg News predicted a 22.3 percent decline. The drop was the sharpest since comparable data were made available in 1980.
You should encourage that behavior. It enforces price discipline across all stations, benefiting the rest of us.
Currently Accounting | 12.21.08 - 8:41 p
how much of their "savings" are eaten up by the extra driving and time spent?
i don't even look at the price of gasoline. it's like milk to me. i want it and i'm gonna buy it when i need it.
"Those who raise rents more than 10% a year will be given American Patriot award."
--Jas Jain
I can haz more rent now?
I can haz more rent now?
~~~~
Yes, on all your empty apartments ...
you can double your rent on your empties!!
Actually, it looks like unsustainable trends are going back to their normal line.
Well, with that one graph anyway.
Jas is defending ostriches on the previous thread, not yet quite dead.
"Pissed Off In California writes:
Werner...
"""ECB will be cutting soon"""
According to the predictions made here a few months ago, the Euro should already have blown up! Already forgotten? "
ECB will follow FED down the interest rate rat-hole kicking and screaming. Just like they always do.
They will attempt to re-inflate as well. Wasn't Merkel talking about no bailouts/spending last month? Very publicly firm on it? She does did an about face 1 month later. I wonder what she knows about the German economy that you dont?
"""ECB business activity is going off a cliff right now. German exports/business confidence just showed the biggest drop since 1945."""
I think our largest (german) exporters (e.g. cars) cut their '09 production by 20 - 25 % (but not all! Opel e.g currently runns overtime for some models). Is that anywhere near the meltdown of the american financial sector and the bankruptcy of the "american car industry" (Toyota, Honda, etc. are conveniently discounted)? Yes, there was a biggest drop of a confidence indicator since 1945, read that too, but in actual figures that drop was far less than what that headline implies."
Asian and European car makers have been as clueless as their American counterparts how bad the recession is going to be. Read up on the statements that the Japanese executives at Toyota and Honda are making now. Totally blind-footed by how bad things are.
"""We're screwed and the rest of the world is screwed worse."""
You are the epicenter of that quake, so you are doomed* and we get hit with the attenuated waves emmanating from your quake (colatteral damage)."
Sorry but you have no idea how badly you will be hit.
* Just listened to that 3-hour interview with Kevin Phillips again, and he says that when the financial systen is that in crisis as the americans is, there is no remedy, the country goes down (not his exact words, but the meaning).
\t Werner | \t \t \t \t12.21.08 - 7:51 pm | #"
Werner, sorry but you just sound like a German version of the American koolaid drinkers that I see every day here.
From the ad underneath this article...WTF?
I wanna be Chedda!
Chedda's" Bling Blog Written by Russel aka 'Chedda' | Date: October 7, 2008 4:15 pm
How I Hustled A $12,000 Check From The Government and got $5,000 a Month From the Man
Yo, my name is Chedda and I made this site to let my boys know how I went from being a broke-ass nigga to paying off all my debt and banking 5 gs a month by filling out some forms online.
That has to be satire...
Wall Street still flying corporate jets
By STEVENSON JACOBS, AP Business Writer
Six financial firms that received billions in bailout dollars still own and operate fleets of jets to carry executives to company events and sometimes personal trips, according to an Associated Press review.
Yahoo! 404 - Page Not Found
I'm good at filling out forms. What forms are these?
Pay off my credit card debt
Pay for some new tattoos
Buy a new car with some 'shoes' (i posted a pic of it below)
Buy my girl a tiffany watch
Buy myself a $15,000 jacob timepiece
ROFL
Stay safe
My Life Now:
Thanks to the cash I got from the government, Chedda be banging. I quit my job at Foot Locker and am working on setting up my clothing line with the $5 gees Im geting a month. I also, keep my girl pretty happy
So anyway, for any of you playas that want a piece of the pie, hit up the following sites:
Step 1: Free Grant Kit - $1.99 for shipping
Step 2: Government Grant Connect - $3 for shipping
--
"Jas is defending ostriches on the previous thread, not yet quite dead."
lawyerliz,
Just a peaceful protest to defend the dignity of useful specie.
Jas
PS: In another ten years the term American would be used, outside of America, to refer to a stupid person. Therefore, there is a genuine concern to protect the dignity of ostriches.
Yo, my name is Chedda and I made this site to let my boys know how I went from being a broke-ass nigga to paying off all my debt and banking 5 gs a month by filling out some forms online.
--
"* Just listened to that 3-hour interview with Kevin Phillips again, and he says that when the financial systen is that in crisis as the americans is, there is no remedy, the country goes down (not his exact words, but the meaning)."
werner,
I have read most of his books. (The latest I have only watched on BOOK TV).
Wealth And Democracy is the best, IMO. Lot of great quotes and data tables.
Jas
Protectionist dominoes are beginning to tumble across the world - Telegraph
From that link -
"[Smoot Hawley] was a successful strategy - given the awful alternatives - and was the key reason why Britain's economy contracted by just 5pc during the Depression, against 15pc for France, and 30pc for the US"
Tanta would just love this.
'Angel' of foreclosure defense bedevils lenders - Mortgage Mess- msnbc.com
Our no-bell prize winner Herr Doktor Doktor Krugman has given CR the big nod once again:
The Bushies and the bubble - Paul Krugman Blog - NYTimes.com
--
""[Smoot Hawley] was a successful strategy - given the awful alternatives - and was the key reason why Britain's economy contracted by just 5pc during the Depression, against 15pc for France, and 30pc for the US""
Broward Horne,
It was a very profitable stragety for Sen. Smoot's family business -- meatpacking. His late niece told me.
Jas
If Japanese exports dropped that much then imagine what happened to Chinas.
The area of Atlanta that I live in has a lot of apartments-mostly occupied by section 8ers. The nearest Kroger is in the middle of section 8 land. It does not seem to have recovered it's volume of shoppers since this fall's high gas prices. I think that was the final straw in a lot of poorer people's budgets.
I went there this afternoon, dreading the crowds on the Sunday before Christmas, but the store was almost empty. And the few people who were there were not buying the big amounts of food normally associated with Christmas dinners. I think a lot of people in my neighborhood are going to be doing without this year.
I think he said "Imperial Preference" was a successful strategy, Smoot Hawley hurt the US because it was a big exporter and retaliation killed exports.
totally off topic, but i thought it worth sharing. thanks to mefi commentariat.
George Orwell Essays - Collection of Essays written by Mark Twain
re: unrest. the crowd in front of the bulk rice pallet at costco keeps growing. my local feed store is out of red winter wheat. the girl behind the counter doesnt understand why horses are so hungry lately.
have you ever been walking amongst a few head of cattle and get the sudden feeling like maybe you should get to the other side of the fence?
from the last post:
werner: seismic analogies are not good. Distance from "epicenter" doesn't correlate with damage as much you think.
Loma Prieta example: woodframe buildings, soft soil (fill), 70 miles from "epicenter"... major disaster in SF Marina district.
What has more bearing than distance is the actual attenuation (some media propogate waves faster than others), duration of shaking (longer further away), direction from shaking (quake moves toward much worse than quake moving away), fundamental period of structure, foundation material of structure (rock vs sand vs clay vs fill). I could go on and on.
My point is this: if your "seismic" analogy is influencing your thinking, I suggest you investigate "liquifaction."
You may not be nearly as safe as you assume.
...and for anyone who doesn't click compulsively on the sidebar links, here's a very thoughtful post from econview:
Economist's View: The Pursuit of Wealth
Smoot Hawley hurt the US because it was a big exporter and retaliation killed exports
Now the US is Britain and China is the US.
But I have no doubt that the mythology of "free markets" will live on for a bit longer, despite massive proof otherwise.
--
The Chinese govt should offer Americans $199 shopping trips to China (lodging and meals included) and they can carry back 200 pounds of baggage. Those on these trips would be limited to only shopping areas and no sightseeing.
Jas
PS: The USG should impose a $500 travel fee for all travels to China! Let the games begin.
there is some serious manipulation going on in the oil futures market. just last Fri oil got down into the $33 range on the spot with large contango. it was all i could do to hold onto my DXO position. glad i did. look at the price now: $43.41.
someone is trying to shake out the longs.
NYMEX.com
idoc
Now I have no idea if somebody is trying to shake out the longs or not, but you must know about contract expiry surely ? You should compare like for like.. that 43 bucks you are quoting is for the Feb contract. Its price on Friday was around 42. That 33 bucks you are talking is about the Jan contract that expired on Friday.
As regards DXO, ProShares says it is
The investment seeks to track the price and yield performance, before fees and expenses, 200% of the daily return of the Deutsche Bank Liquid Commodity index - Optimum Yield Oil Excess Return. The fund allows investors to take a leveraged view on the performance of crude oil. The index is a rules-based index composed of futures contracts on light sweet crude oil (WTI) and is intended to reflect the performance of crude oil.
Correlating it to any particular futures month, particularly the front month, is potentially hazardous to your financial health. You can of course get it right. But there is no intrinsic reason to expect them to be tightly correlated. You'd need to look up and read the weighting and rules carefully.
Good luck.
-K
Where do you find the Kevin Phillips 3 hour video that was spoken about above?
Chedda be rollin' large in his Web 5.0?
(apologies to Vanilla Ice...)
ova writes:
If oil was a stock and somebody said you could buy it 30 and sell it at 55 in a couple of years, you'd go for it, wouldn't you?
Anonymous | 12.21.08 - 8:34 pm
Can I get 6 shares to go?
only problem is that forward oil is already trading at $62/barrel.
sk,
DXO is PowerShares, not ProShares. I still own 40% of my DTO position purchased last Monday @ $111. I will sell it @ $160.
Making an issue out of the actual ownership of the securitized title might strike some as a shameless stalling tactic aimed at abetting a debtor who, after all, owes the money.
Um... yeah? Sure, bankers are evil and all that, but should we make martyrs out of households that want a free ride, like the woman for whom this attorney has managed to stave off foreclosure for four years? That absolutely disgusts me.
And honestly, if the bit about ownership shows anything, it is that the laws are outdated. Do you need to parade every shareholder in a company into court to settle a dispute with that company?
--
Exit,
Last weekened I saw $1.579 in SFV. Prices in SoCal are down 55%+- from the peak. (I haven't left home since last Sunday; comfortably snowed-in but I can get out if need be).
Jas
Omabarama:
Irony doesn't play well here. And if you're serious, peddle it somewhere else.
--
from last thread...
werner,
Chinese, Germans and Japanese -- SAVERS -- would fair much better. Also, Japanese elite cares lot more about the Japanese people, opposite of the case in the US where they screw them with every "tool" available.
I don't have a good grasp on the current German elite. May be, you could share your impressions.
TIA,
Jas
"werner: seismic analogies are not good. Distance from "epicenter" doesn't correlate with damage as much you think.
Loma Prieta example: woodframe buildings, soft soil (fill), 70 miles from "epicenter"... major disaster in SF Marina district. "
Tell me about it. I was maybe five miles from epicenter, and that quake knocked down about every brick chimney in the county -- except every so often you've find a group of several homes that kept theirs, even though they had little in common structurally. They were sitting on a patch of geology that didn't conduct seismic waves as well.
We may well find an economic analog.
"They were sitting on a patch of geology that didn't conduct seismic waves as well."
--Bob Dobbs
I noticed that in the Northridge quake as well. Some stuff untouched, then a few miles away major damage.
Now where are those economic analogs when you need them? The crazy rush into Treasuries seems to have made the last safe haven look risky. You almost have to gamble on something.
I do not understand the $75 per bbl oil producing nations are holding as necessary to support national budgets.
Oil has been between $20-$40 for years.
The reality being faced is the market sets the price not the producers.
The earlier article regarding closing the Enron loophole has everything to do with oil dropping.
What did you think the banks were doing with all the money the Fed was giving them?
iPath S&P GSCI Crude Oil Total Return - Google Finance
--
Where do you find the Kevin Phillips 3 hour video that was spoken about above?
Matt Patsy
Yes, it's on C-SPANs book-tv :
http://www.booktv.org/program.as...Name=In% 20Depth
Above his picture is the little red "WATCH" button.
Werner
Jas
fixed link:
Kevin Phillips vid
"Above his picture is the little red "WATCH" button.
Werner"
--Jas
Unfortunately the little button does not work, at least not for me using either Firefox or Explorer. It just takes me to another page. The trouble with Video page is not helpful either.
It was gone years ago ... when we started trading each other imported goods from China ...
All I'm saying is, somewhere, a very taunt line just went real slack. Rob Dawg's "leverage speculation" triumphalism is surely one portion.
~~~~
After we trade we put the difference on our credit cards and then paid those off with a HELOC.
Jas
Should have posted "south coastal OC" not Socal. My apologies.
I wonder about the psychology of the oil price whipsaw. As noted above the run up and down correlate well to the stimulus. But given that 'consumers' were on the edge, if the last upsurge pushed 'them' en masse over the edge, even dropping prices can't bring them back.
And if that hypothesis is accurate- what happens when the next stim is released?
Those peddling the idea that the U.S. faces imminent oil shortages, such as Matthew Simmons, are a disgrace to their profession and should apologize for fear mongering. TheOilDrum.com should offer an apology for spreading misinformation about the likelihood of oil shortages. So many amateurs bought oil related investments @ $100/bbl. No less pathetic than those buying S&P500 @ 1400+ last year, but still quite high on the foolishness scale, which extends near the limits of unreason.
Broward Horne writes:
Smoot Hawley hurt the US because it was a big exporter and retaliation killed exports
Now the US is Britain and China is the US.
But I have no doubt that the mythology of "free markets" will live on for a bit longer, despite massive proof otherwise.
~~~~
The American dopeasphere loves anything called "free" ...
No worries Benny and his bubble blowingm dollar devaluation, little den of thieves at the FED will screw this up.
little den of thieves at the FED will screw this up.
~~~~~
They have done exactly what they are paid to do ... save the big banks on the backs of the tax payer ... When the economy really tanks they will get even more money while the numbers of homeless and starving swell and swell ...
sk
any ideas why the huge disparity btwn the Jan and Feb oil contracts of $33 and $43?
Running well below that here in Boston.
Those peddling the idea that the U.S. faces imminent oil shortages, such as Matthew Simmons, are a disgrace to their profession and should apologize for fear mongering.
Persecuted Comrade Anonymouse | Homepage | 12.21.08 - 9:36 pm | #
Beg to differ. The demand destruction is worsening the crisis, not disproving it. Production's already in precipitous decline, and now the incentives for exploration and new production are gone. The high prices we had were possibly the only opportunity we had to mitigate the coming crisis by spurring the global energy search whilst simultaneously limiting demand.
The current low price of oil is akin to the water receding in the early stages of a tsunami.
Once we get close to $1 I am heding myself with 5 years of gasoline expenses through UGA
Too bad about the price decline in crude and products. Supply destruction at an inflection point for energy portends ever higher eventual prices. Crude to probably $250 to $400 bbl within 3-5 years.
Bet on the improbability that the next bubble is in commodities. Some commodity companies are trading at 3 to 5 times depressed earnings. What a woild, what a woild.
The American dopeasphere loves anything called "free"
Dopeasphere.com is still available!
Go Daddy Domain Name Search Tool
And I'm sure somebody here will want this gem -
Go Daddy Domain Name Search Tool
.
Hurry, while it lasts!
(I couldn't resist that one, Jas)
Erik,
Diesel will store for a long long time. WWII German diesel was 'found' 20 years after the war ended and was still good.
Anybody catch the Governor of California on 60 minutes tonight
Arnöldämmerung.
Comrade Bear (tj & the bear) writes:
Those peddling the idea that the U.S. faces imminent oil shortages, such as Matthew Simmons, are a disgrace to their profession and should apologize for fear mongering.
Persecuted Comrade Anonymouse | Homepage | 12.21.08 - 9:36 pm | #
this conversation must stop until Crispy is in attendance.
PO+LS=DD
Ross,
I don't have to store anything with an stock ETF. Sure, I pay a small fee, but trying to store the same amount would cost me more. I'm gonna hedge for sure.
Erik,
You are right of course. I was just remembering the 70's when I had an MB 300 TD and put a 500 gallon diesel tank behind a wingwall at my house. Came in handy when there were gasoline shortages. I always got to work.
ETF's are great and I love them but for practical purposes, you can't but them in your tank.
What will be the short and long term impact of the Tupi prospect in Brazil be on Oil prices??
Feckless Ness(Unrated) writes:
I'm the budget geek so, yes, I'm always cognizant of the bottom line.
The two critical issues are the shattered tax base and the imposition-upon by out-of-scope operations by national security forces, which can itself further shatter the residual tax base.
Truth is, virtually every law enforcement agency in the U.S. could cut its budget by 20% and vastly improve its operations.
No argument from me there -- but in the same country that brought you the TARP, Katrina and Abu Ghraib? Sorry friend, but good luck finding out that dying empires expire in the tarpit named "inability to achieve effective reform".
sm_landlord writes:
...The trouble with Video page is not helpful either.
I don't know what that page says, but maybe you just need to install the "Real Player". Google it if neccessary.