Oil Drops Below $90 Oh Oh

[Bruzilla]

Thanks to our friends the Greeks and their pending departure from the Euro, and the potential collapse of that monetary system, the value of the dollar is up and investors in oil are bailing, so today oil is trading at about $88 and some change. I wonder how low it'll go.

 

[Stumper]

That's the plus side, the down side is that all of our 401Ks have dropped 20% because of those greedy idiots..

 

[Bruzilla]

I think the downside is going to be worse than that if the Euro collapses, but we'll see. I guess for now we can just enjoy the lower gas prices.

 

[cr8crshr]

The price of the barrel might be dropping, but the price per gallon at the pump hasn't here in CA....

 

[Bubber]

Thanks to our friends the Greeks and their pending departure from the Euro, and the potential collapse of that monetary system, the value of the dollar is up and investors in oil are bailing, so today oil is trading at about $88 and some change. I wonder how low it'll go.

:headbang: Bullet point number 1 in convincing wifey that now is the time for that stroker motor build!

 

[Meep-Meep]

This Euro thing is interesting. Perhaps a good way to sum up the problem is: You take a bunch of European countries and tie them all together with one common currency, but not all the countries have an equal share in producing. Germany, for example, has a pretty strong industry. But what does Greece do? I of course spend no time in analyzing any of this, but from a casual observation this is the best I can come up with. Now on to something I have control over......

 

[Meep-Meep]

:headbang: Bullet point number 1 in convincing wifey that now is the time for that stroker motor build!

Now that is logic I can stand behind!

 

[Meep-Meep]

The price of the barrel might be dropping, but the price per gallon at the pump hasn't here in CA....

Because they got us over the barrel

 

[tpodwdog]

if gas prices DO drop drastically,,,,which i doubt they will....im digging a hole in my back yard ,,,,,burying a big tank,,,,and filling it up to the top! WHOA BUNDY!

 

[Cranky]

I'm a couple of bucks down on one of my oil stocks....and so long as I am, I'll keep selling weekly covered calls on it so long as there's a decent offering on it....

 

[Bruzilla]

The price of the barrel might be dropping, but the price per gallon at the pump hasn't here in CA....

The oil being sold today at $88 a barrel hasn't even been pumped out of the ground yet. It'll be a couple of weeks if not months before we see the crude price reflected at the pump.

 

[b-star69]

call me a conspiracy theorist,but the prez dosn't need gas as an issue.He has enough on his plate.After the election it goes back up like last time.:jerk:

 

[Stumper]

Gas prices here have dropped by $.50/gal from their peak early in the year. We are the highest in the SE to begin with so it made a nice difference.

Europe has been heading towards this mess for the last 30-40 years. Some countries more so than others. This is what happens when you let government and unions take over every thing in exchange for the "good life" promises.... Retirement at 58, 4 weeks of vacation to start any job - up to 12 weeks after some time, countless paid holidays, 30 hour work weeks, socialized medicine, etc. etc. etc. You would think the situation with Europe alone would result in more people in this country waking up to see that the current Exhaulted Ruler and his communist party chronies is trying to take us down the same path....

 

[Bruzilla]

This Euro thing is interesting. Perhaps a good way to sum up the problem is: You take a bunch of European countries and tie them all together with one common currency, but not all the countries have an equal share in producing. Germany, for example, has a pretty strong industry. But what does Greece do? I of course spend no time in analyzing any of this, but from a casual observation this is the best I can come up with. Now on to something I have control over......

What I find interesting about this situation is the lesson on beggars being choosers. Greece has been going broke due to uncontrolled social spending. Need a bigger pension? The state will pay for it. Need more vacation time? No problem the state will pay for it. Want to work less for more pay? No problem the state will pay for it. If California was it's own country, it would be Greece. But they spent themselves into the poor house, and their only way out was to beg for money from the European community. The community knew Greece going down would be bad for them, so they agreed to cover Greece's debt but only if Greece got its financial act together and implemented austerity measures to decrease their social spending. The Greeks loved all the money coming in, but didn't like the austerity measures and elected themselves a new government that promised to reject the measures.

So now we have all these Europeans working damn hard to make a living, seeing their tax dollars being sent to Greece and Spain, and France soon, to help them out, while the people of these countries are refuting any sense of austerity and want to continue that policies that got them in trouble in the first place. Greece thought they could blackmail these countries by threatening to withdraw from the Euro, but these countries called their bluff and just started implementing plans to deal with the fallout of losing Greece. Now Greece is looking at the potential for 34% unemployment, a loss of over 50% of their wealth, and rampant inflation. Will the Greeks wake up and get their house in order?

All this reminds me of US taxpayers seeing their hard-earned dollars being taken to support the irresponsible lifestyles of so many in our country. Sure would be nice if we handled the situation as well as the Europeans have.

 

[Bubber]

What I find interesting about this situation is the lesson on beggars being choosers. Greece has been going broke due to uncontrolled social spending. Need a bigger pension? The state will pay for it. Need more vacation time? No problem the state will pay for it. Want to work less for more pay? No problem the state will pay for it. If California was it's own country, it would be Greece. But they spent themselves into the poor house, and their only way out was to beg for money from the European community. The community knew Greece going down would be bad for them, so they agreed to cover Greece's debt but only if Greece got its financial act together and implemented austerity measures to decrease their social spending. The Greeks loved all the money coming in, but didn't like the austerity measures and elected themselves a new government that promised to reject the measures.

So now we have all these Europeans working damn hard to make a living, seeing their tax dollars being sent to Greece and Spain, and France soon, to help them out, while the people of these countries are refuting any sense of austerity and want to continue that policies that got them in trouble in the first place. Greece thought they could blackmail these countries by threatening to withdraw from the Euro, but these countries called their bluff and just started implementing plans to deal with the fallout of losing Greece. Now Greece is looking at the potential for 34% unemployment, a loss of over 50% of their wealth, and rampant inflation. Will the Greeks wake up and get their house in order?

All this reminds me of US taxpayers seeing their hard-earned dollars being taken to support the irresponsible lifestyles of so many in our country. Sure would be nice if we handled the situation as well as the Europeans have.

Well put brother.

 

[Cranky]

I agree with most of what you said except for the last sentence. The Europeans haven't handled the situation as well as you think but I'm also talking about the whole picture. Their gooberment is too much involved in everyday life for me to like it.....

 

[Budnicks]

This is fast becoming a political post/thread...

 

[Cranky]

This is fast becoming a political post/thread...

A little bit.....but mostly in a general way....

 

[Bruzilla]

Gas prices here have dropped by $.50/gal from their peak early in the year. We are the highest in the SE to begin with so it made a nice difference.

I'm thinking a total collapse of Euro markets would get our gas back to about $1.30 or so a gallon, but one has to wonder what price we would have to pay to get those prices. A Europe in total disarray wouldn't be good for us.

 

[Kern Dog]

I'd be willing to pay $4.00 per gallon through early November if it results in a BHO layoff.
Many times, despite the pres having LITTLE to do with gas prices, the man in charge often takes blame for prices at the pump.
In THIS case, I'm okay with that.:hello2: