Devalue the $ by another trillion (with a T) and this is what you get.

"There are 10^11 stars in the galaxy. That used to be a huge number. But it's only a hundred billion. It's less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers."
-Richard Feynman, (1918-1988)

The oil trade will fall apart tomorrow, at least on NYMEX crude--it looks like there was a big short squeeze that had to be covered just before expiration. That's the only way you can explain the disparaity between the CME and the NYMEX trades.
Oil isn't going to sit at this level for long; as soon as the rest of the gulf comes onstream, it'll hit prices hard.

But equities markets are more doubtful this week than last, that this Treasury program will work as advertised. Even if it drags out another five or six days, that's enough to wipe out a few hundred billion more in equity, considering Friday is the last trading day of the quarter.

Interesting times.

Oil prices spiked more than $25 a barrel Monday the biggest one-day price jump ever ...

I don't think it is WTF...it is more like

Oh shit!

Here we go... hold on!

Looks like we are in for one heck of a roller coaster ride.

In other trading, gold prices shot up more than $44.30 to settle at $909 an ounce, and other safe-haven commodities also rallied, underscoring investors' uncertainly about the direction of the economy and their fear of more turmoil ahead.

got gold?

I wish I did.

My DEPENDS are fundamentally strong. My bladder, not so much.

John stillusedtobeaPOW McSame.

In other News-America's Middle Class is busy looking for a Massive condom-to prepare for the screwing we are about to receive.....

Drill! Drill and more drilling! Put Pelosi on the bit!

Russia is already marking the Arctic and gobbling up all the other countries for Oil.

Oil is the real diamond in the ruff.

This Treasury Program is so suspect. And probably no more trustworthy than their last "idea" that less than half that amount was needed.

What we need is fundamental change and there isn't the slightest chance of that before next January.

Gold will go up.

Oil won't go down.

Commodities is the only place to have your money.

"Oil is the real diamond in the ruff(sic)."

Posted by Unclesam

Oil is in very limited supply.
You must master nukes or die.

But please finish the robotics work before you ugly bags of mostly water go extinct.

Sitdown

Gold will go up.

Oil won't go down.

Commodities is the only place to have your money.

I was listening today to some finance guy on tv who said the same thing. Gold soon to break $1000 an ounce. Oil will probably go up whether the stock market goes up or down. So commodities are a safe place to keep your money.

I heard there was a big run on money market funds last week as people were pulling them out of financial institutions. I didn't know it before but money markets aren't insured by the FDIC so anyone with a money market account was looking to take a bath if the bank they held them in went under.

I knew it was comming....

Wheres the $700 Billion comming from???

The feds gonna fire up the old printing press????

Or we going to borrow the shit from China???

I Love LISP.

Back to code ...

Money market funds are now "backstopped" for
"ONE YEAR". Shorts and hedge funds live in
commodities now more than ever. If you do
not know what your doing in trading you will
get burned. Look at the price of oil Tuesday!

Oil is real.

Gold is real.

Dollars are paper.

Increasingly meaningless pieces of paper.

Be Well.

"Oil is real.

Gold is real.

Dollars are paper.

Increasingly meaningless pieces of paper.

Be Well."

Posted by dethspud

Knowledge is the only wealth in this universe.
Have you seen the new one dollar coin? It's recyclable.

Knowledge is the only wealth in this universe.

Information is not knowledge
Knowledge is not wisdom.
Wisdom is not truth.
Truth is not beauty.
Beauty is not love.
Love is not music.
Music is THE BEST

Zappa
Joe's Garage
Packard Goose

Califchris- And also Transocean (RIG) for drilling and exploration. They're the mkt leader in that space.

'Music is THE BEST'

If you're 7.

Califchris- And also Transocean (RIG) for drilling and exploration. They're the mkt leader in that space.

That's me! *grin*

I've been buying the hell out of it with my 15% discount I get from the Employee Stock Purchas Plan. For four years I've been doing the max 20% of my salary towards it. I've more than quadrupled my money, and that's at today's price. It was at $160/sh a few months ago.

You are correct that TransOcean is the market leader for deep water drilling. And most analysts believe that deepwater is where the future is in oil drilling.

That's because the damn Democrats didn't pass a drilling bill for energy.

Can't wait for Nov 4th to throw the bums out.

Knowledge is the only wealth in this universe.

~Zat

Strewth.

Have you seen the new one dollar coin? It's recyclable.

Do we have a thread for Monday night foooootball?

Or do we post on the Nooner??

Murphy-
Just out of curiosity, you do know that any oil drilled in the US is controlled by corporations who sell it on the word market? ie, it's just as likely to go to Japan or Russia as into your tank?

Just wondering, Murphy.

I can't figure out if canadians are freaking geniuses or complete idiots for naming the 1 and 2 dollar coins loonies and toonies.

That's because the damn Democrats didn't pass a drilling bill for energy.

So we can get ten cents off of gas in ten years? Oh goody.

DRILL DRILL DRILL(In the heads of the far right for all that hot gas and bovine manure)

"I can't figure out if canadians are freaking geniuses or complete idiots"

I've met three "world leaders" in my brief few days of consciousness.

They are, in order, Pierre Trudeau, Prince Charles, and George Bush.

Trudeau showed up with twins in bikinis and we went SCUBA diving; Been downhill since Tektite.

That's why the Shuttle arm says "CANADA."

RIGHTISRIGHT,

It's fun to watch those evil financial speculators get their ass burned trying to cover their shorts in the oil market. With any luck the teacher's Union pension fund was involved.

Betel--more supply or the potential of drilling fro more supply brings the price donw--the DemocRats don't care about us.

And they could make the drillers sell to the America first--duh..

Great game BTW!

And they could make the drillers sell to the America first--duh..

#30 | Posted by MURPHY at 2008-09-22 09:44 PM | Reply | Flag:

How could they do that?

Seriously. We rely primarily on imports, and it's a global market. What will happen when we say we won't put our oil on the global market?

Duh.

And they could make the drillers sell to the America first--duh..

#30 | Posted by MURPHY at 2008-09-22 09:44 PM | Reply | Flag:

I have to burst your bubble, because I'd like to see it too, but "they" can't. The unfortunate truth is that we don't have enough oil to follow through with that plan unless we move rapidly toward alternative energy sources. We simply don't have the proven reserves in order to be self-sufficient, and if we declare that "our" oil was "ours", our economy would collapse in a matter of hours.
Bummer, but indisputably true.

Go ahead, ask a right wing nut with any training in finance/economics/commodities, and get back to me.

I meant "I hate to burst your bubble". Freudian slip, I'm sure.

Trudeau showed up with twins in bikinis and we went SCUBA diving.

~Zat

PET had style that's a fact.

Used to luff quoting TS Eliot to reporters.

Ya don't see a lot of that these days.

Spud was also impressed when he mockingly did a piroette behind the Queen on one of her visits, unbeknownst to her but on camera fer posterity.

S'funny stuff.

Spud's long time favoritest joke vis a vis Canuckian money involves the nickel which has a picture of the Queen on one side and a beaver on the other.

Put a Canadian nickel (Queen side up) on a bar and then ask:

"How do you make the Queen smile?"

When folks ask how, you simply turn the coin over and then briefly rub it explaining:

"You just flip her over and rub her beaver!"

^_^

That one never gets old fer Spud.

Laws, Deth is Immature Spud at times!

Silly tater.

Be Well.

We should drop about 100 oil derricks right off the beach in San Diego

Bicycle stocks will go up. Also invest heavily in rickshaws.

Get your pistol license while you can. Because you will have to defend your stuff. I'm not kidding.

This country is run by criminals who write laws to please themselves.

While stupid righties blame environmentalists for high oil prices, there is a clear record that Oil Companies and Energy Companies have conspired to charge you as much as they possibly can using the simple principal that big fish eat little fish. Big Oil has not built additional refinery capacity and refused to develop oil fields they have leased. Exxon's policies are in direct conflict with Governor Palin's plans to open the oil and gas spigots. They want her out of Alaska and sold her to McCain. If they win, she's out, if they lose she's a lame duck Governor.

In what little time they have left, Shrub and his criminal cronies are going to fuck us for every cent they possibly can, Disaster Capitalism in full swing. Paulson is ramming a bill through Congress that will line his cronies pockets, cripple the country, ruin social security and any possibility of health care reform.

What is left of Lehman Bros was sold to Barclays for $1.75 billion. Before the company declared bankruptcy it removed $8 billion from their European accounts which has now borrowed more money to satisfy their last payroll. Then they put $2.5 billion in a "special account" for distribution as bonuses to all the people that ran the company into the ground. Barclays is OK with that.

The only thing you can do about it is WRITE YOUR CONGRESSMAN AND DEMAND THAT THEY STOP THIS BAILOUT AND ITS MYRIAD SECRET PROVISIONS WHICH EXONERATE ALL THE CRIMINALS. OTHERWISE IT WILL EVENTUALLY COST EVERY MAN WOMEN AND CHILD IN THIS COUNTRY ANOTHER $20,000 ON TOP OF THE $30,000 THEY HAVE RECENTLY RIPPED OFF. OVER THE YEARS, THEY HAVE SADDLED EVERY MAN WOMAN AND CHILD WITH $300,000 IN DEBT. WHAT DOES IT ALL MEAN AND WHERE WILL IT ALL END?

well if you were patriotic you would send more money to the government like joe biden does and no matter where the oil is sent just think of the billions of dollars in new tax revenue from any new drilled oil.

Sure Sem keep being partisan that has worked so well for us as a country.

Or you could just admit that both parties are screwing the American public and start trying to discuss how to fix it.

Unless you are by chance a multi-milionare. Then cary on you are doing a great job distracting us from the bailout.

What will happen when we say we won't put our oil on the global market?

Duh.

#32 | Posted by BetelG

Shhhh. Don't confuse Murphy with facts.

What will happen is if Exxon Mobil does not put it's oil on the open market to sell to China, someone else will. The world price for oil will stay the same.

Don't get me wrong, "Drill here, sell it here" is a great slogan. It will never happen, but it is a great slogan.

Tools like Murphy cannot understand that Exxon will not sell oil to the US for less than the world market price.

The Democrats decide to allow drilling where there is NO oil and oil prices go up. No surprise there.

"We need an energy bill that encourages consumption." - George W Bush 23 Sept 2002.

Commodities is the only place to have your money.

#8 | Posted by sitdown

Can't eat commodities.

Can't drink gold.

Canned food and bottled water are the only places to have your money.

"WRITE YOUR CONGRESSMAN AND DEMAND THAT THEY STOP THIS BAILOUT"

Unless your congresscritter happens to be Ron Paul, you'd be wasting paper. Better to save it to wipe your bum when the system goes tango uniform.

Toilet paper will be trading much higher than platinum.

Apr 10 2008, Jon Markman

The USGS said in its press release that its new Bakken estimate is larger than all of its other oil assessments of the lower 48 states and is the largest "continuous" oil accumulation it has ever assessed. It said a "continuous" oil accumulation means that the oil resource is dispersed throughout a geologic formation rather than existing as discrete, localized occurrences. The next largest continuous oil accumulation in the U.S. is in the Austin Chalk of Texas and Louisiana, with an estimate of 1 billion barrels of technically recoverable oil.

The U.S. Geological Survey only assessed the Bakken Shale in U.S. boundaries, so the full extent of the find, which stretches north into the Canadian provinces of Saskatchewan and Manitoba, will ultimately be larger. Already the estimate for "technically recoverable" oil or that which is exploitable using current technology -- is 25 times higher than the last time the USGS surveyed the area, in 1995.

According to a government report published today that has stunned the energy biz, a thin layer of rock known as the Bakken Shale, located a couple of miles under the Badlands, holds up 4.3 billion barrels of recoverable oil, making it the single largest oil reservoir that federal scientists have ever assessed.

Putting this in perspective, total Saudi Reserves are estimated to be 30-150 billion barrels, depending on who is telling the story.

Around 105 million barrels of oil had been produced from the Bakken through the end of 2007, so the idea that energy producers may get 40 times that amount has brought a lot of attention to the area's top drillers and leaseholders. Investors pushed stocks like EOG Resources and Continental Resources to all-time highs in the past two weeks in anticipation of the report's publication.

BUT DON'T MENTION THIS BONANZA. JUST TALK ABOUT OFFSHORE DRILLING AND HOW UNPATRIOTIC DEMOCRATS ARE FOR NOT PERMITTING DRILLING INSIDE THE FIFTY MILE LIMIT. IT'S THE MOST IMPORTANT TALKING POINT RIGHT NOW.

Zot,

You're probably right. But there really is nothing else that can be done. IF everyone screamed loudly enough, Congress would notice, even if the White House won't.

The whitewashed way these crimes are presented even on PBS boggles the mind. How can American's be so fucking stupid.

My take: the bailout should not occur, the system should be allowed to crash.

Yes, there will be millions of casualties, not just in the US, but worldwide, and possibly myself included.

Point is, it will crash eventually: no amount of buyouts will solve the problem, only delay the inevitable.

It all comes down to the greedy preying on the stupid. The greedy are few, but very talented. The stupid are many and always choose the path of least resistance.

Just as a forest fire burns through the old growth, destroying what was, new life is seeded and is fed by the death of the old.

It is apparent that OPEC countries have little or no caring for what their high prices are doing to the world economy. In many of the poorer countries there is starvation and suffering because of the inflated cost of all kinds of fuel Right now even if much of the problem of the financial sector was eliminated, a significant number of nations would still be in serious financial jeopardy due to the high cost of petroleum products. Right now due to "The largest transfer of wealth in the history of the world" is taking place. This transfer is so huge that much of the worlds available money is tied up in the OPEC dealers. If they are trying to cause a massive world depression, they are near to it. There are very desperate nations out there right now. How long before conflict will start? Soon is my guess and this alone could escalate into a more wide "world" event.

OPEC had better look seriously at the desperation certain countries have and that many more are in danger of. It will be to damned late to say "OOOPS" when this starts. Just how long can this world economy wrecker continue before someone is forced into violence?

Oil now at $105. Didn't take long for that to fall apart, did it?

"It is apparent that OPEC countries have little or no caring for what their high prices are doing to the world economy."

Why should they? They're getting what they want. We are buying what they sell. They are building for their futures (take a gander some time at the architectural marvels Dubai is constructing). We are selling ours off to the lowest bidders.

It has been said that as of late, while the US continues to build its military at a breakneck pace, China is building infrastructure. China is the number one, solvent, creditor nation on the planet; the US is dead last on the list of debtors nations. We owe the most. We are Number One! Woo-hoooooo and Rah-Rah! U S A! U S A! U S A! U S A! What does this tell y'a?

"In many of the poorer countries there is starvation and suffering because of the inflated cost of all kinds of fuel."

Yeah? So? There is starving and suffering right here in these Untied States. (I noted the misspelling of "United", went to correct, but left it as it seems apt.) Have starving and suffering been banished from the US?

"OPEC had better look seriously at the desperation certain countries have and that many more are in danger of."

The OPEC countries have been taking a serious lookabout and are planning accordingly for the future through the purchases of massive quantities of armaments. Lockheed-Martin is making a killing with the Saudis. The Brits are selling off their more-or-less obsolete Tornado fighter bombers. Iran is getting all sorts of war goodies from Bear and Dragon. Good business to be had throughout the ME.

Does the US really give a rat's about Africa, except for those countries that have significant, accessible energy and mineral resources to exploit? Yeah, sure, throw a few million buckaroos out there for AIDS or malaria suppression and call it good. But where does the US expend a rather significant portion of its foreign aid dollars? On that shitty little country in the Middle East, doesn't need it, but wants more and more and more like greedy little chicks in the nest squeaking and squawking, beaks open and snapping.

Face it, boys and girls, the dicking is getting deeper and ruder and more raw and won't be stopping for some time to come.

GZLies or his little butt-buddy lover tinyJohnson will be along shortly to call ZOT an antisemite and kill this thread with kilobites of cut-and-paste plagarized bullshit.

RiR,

Debate on Friday. Its is essential that oil drop. No surprise here.

and your point is?????? that middlemen work to balance supply and demand????????????
that free markets work in a virtual monopoly???????? that its good thing that Shrub never released any of the Strategic Oil Reserve???????? that oil and food company profits are based on balancing the needs of human beings against realistic costs of production??????????????

what is your fucking point???????????

Oil dropped below 95 dollars a barrel and the price around here didnt get below 3.80. I bet it spikes up though because of the $25 a barrel increase on the market. I bet we see the runup in price fairly quick. Seems I should have seen a lowering of prices when the barrel price fell. Why does it take so long for pump prices to fall but so quickly for pump prices to rise. Seems like a racket to me...

BOAZ,

If it's such a great "racket", why don't you open your own gas station? Maybe you used to live in Cuba, but in a capitalistic country, people can charge whatever they want for their products and maximize their profits. IT IS NOT ILLEGAL! Here's another hint: Are you actually shopping for the cheapest gas?

"Seems like a racket to me..."

Actually it is a phenomenon recognized by economists. Called price-stick or something like that. The essence being that once a high price is reached, it tends to stick. And it falls a lot slower, and with less convinction, than it rises. A feature of the human aspect of capitalism.

FYI,

Thanks, that is what I was looking for..enlightenment. I appreciate that. Fwthom, I live on a military base, so most likely, the gas I buy is the cheapest. I never said it was illegal, I was just pointing out how slow it is to go down, but how quick it is to go up....

FWT,

wrong again,

gas stations are squeeking by while owners rake it in and refineries enjoy an inventory windfall on the upside.

The real rule is big fish eat little fish, unless effective regulation balances their conflicting interests.

Meanwhile, demand for gasoline and food just keeps dropping as people lose their jobs and lives in places like Haiti.

Stations and refineries always raise their prices immediately when their cost rise ( a windfall), but never lower them until they've depleted their existing inventories.

too bad this latest spike wont help iraq take
pressure off the US taxpayers and pay their way