truthlogic Posted March 26, 2011 Share Posted March 26, 2011 And the bloke who wrote the article (it's the same one in both links) thinks there is an unlimited supply of oil so he has to concot a theory for price rises. http://en.wikipedia.org/wiki/F._William_Engdahl Sorry, but price rises due to increases demand for a commodity that isn't going to get any more plentiful. Yeah sorry langol you are always right l@l Speculation has nothing to do with price increase of oil ! In your mind anyway ! Link to comment Share on other sites More sharing options...
studentbob Posted March 26, 2011 Share Posted March 26, 2011 Yeah sorry langol you are always right l@l Speculation has nothing to do with price increase of oil ! In your mind anyway ! To be fair, I think it's a combination of what you said, what he said about scarcity and what I said about controlled production. The problem for us underlings is that, while no one can do anything about it running out one day, it is possible to effect the other two reasons. The reason nobody does is because it is in the interests of those with the power to effect the price, to keep the price as high as possible. To be fair, again, a lot of people in their situation would probably do the same thing. Link to comment Share on other sites More sharing options...
Longcol Posted March 27, 2011 Share Posted March 27, 2011 Speculation has nothing to do with price increase of oil ! Nope - you said speculation was the main cause (last post) or real reason (first post) - backed up by references to some bloke who seems to think there are unlimited supplies of oil. Demand is increasing - the supply of oil isn't. Link to comment Share on other sites More sharing options...
Harleyman Posted March 27, 2011 Share Posted March 27, 2011 Tax the speculators to death when the price of a vital commodity is being driven upwards beyond reason. Why should greedy swine be allowed to disrupt economies and cause rising prices on everything to line their own pockets Link to comment Share on other sites More sharing options...
chem1st Posted March 27, 2011 Share Posted March 27, 2011 In 2001, China used 4.854 million barrels of oil a day. This year, China is predicted to use over 10 million barrels a day. What effect do you think that will have on price? It should half it? If they are getting BOGOF, I wan't half price too. Link to comment Share on other sites More sharing options...
Longcol Posted March 27, 2011 Share Posted March 27, 2011 It should half it? If they are getting BOGOF, I wan't half price too. Errr no - more demand for a product with the same amount being produced means that the cost goes up. China will be paying much more for it's oil now than in 2001. Link to comment Share on other sites More sharing options...
Nagel Posted March 27, 2011 Share Posted March 27, 2011 Why has the mainstream media on the vast part reminined quite about this reason* Please do us all a favour and get an on-line spell checker. They're free and there's no reason not to use one. I use one myself as my spelling isn't brilliant. Back to the topic... The oil price has been good* for a while now, good meaning $70/bbl or more. It's mostly due to supply and demand, but there will always be spikes due to speculation exploiting market uncertainty as is happening at the moment. * I use the word good because my livelihood depends on the price of oil. I drill oil wells for a living. Link to comment Share on other sites More sharing options...
truthlogic Posted March 27, 2011 Share Posted March 27, 2011 Nope - you said speculation was the main cause (last post) or real reason (first post) - backed up by references to some bloke who seems to think there are unlimited supplies of oil. Demand is increasing - the supply of oil isn't. Yes langol as 60% is a main cause ! Link to comment Share on other sites More sharing options...
truthlogic Posted March 27, 2011 Share Posted March 27, 2011 Please do us all a favour and get an on-line spell checker. They're free and there's no reason not to use one. I use one myself as my spelling isn't brilliant. Back to the topic... The oil price has been good* for a while now, good meaning $70/bbl or more. It's mostly due to supply and demand, but there will always be spikes due to speculation exploiting market uncertainty as is happening at the moment. * I use the word good because my livelihood depends on the price of oil. I drill oil wells for a living. It's I phone prediction which I use in between picking my nose !! Wow you must live in a time warppp if you think $70 for a barrel of oil was a recent or present like you suggest !! Link to comment Share on other sites More sharing options...
Nagel Posted March 27, 2011 Share Posted March 27, 2011 It's I phone prediction which I use in between picking my nose !! Wow you must live in a time warppp if you think $70 for a barrel of oil was a recent or present like you suggest !! Using predictive text explains a lot about the spelling in your posts. Sometimes they are incomprehensible, simply because of the spelling. Surely an iPhone has a spell checking app? I don't live in a timewarp and I'm always bang up to date on oil prices as my livelihood depends on it. Didn't you read my post?? And isn't your topic about the rise in oil price recently? The price of oil was $70/bbl six months ago, just look at the price chart you fool! http://www.bbc.co.uk/news/business/market_data/commodities/143910/twelve_month.stm Link to comment Share on other sites More sharing options...
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