Drill here Drill now. Break the Russians and the cartel.

Keep the 700 billion in this country.

Jobs wages and prospeity are ours for the taking.
Get rid of the Socialists Democrats in Congress.

B Frank eats hotdogs. he also has to wear depends. LOL

Now is a great time for the little man. Buy when the markets down.
The big investors have lost their money now is the time for the little man to get some of it and not by mooching from the Goverment.
The moochers want to dig deeper in your pockets with “O” Dumbo The One.

Right now the price looks to drop down to extraction cost due to the global economy grinding to a slowdown.

dedalus on October 24, 2008 at 4:52 PM

Sorry. I misread your comment, above. My mistake. I don’t know if we’ll get down to extraction (not until Iran is taken care of) but I agree with the rest.

Don’t kid yourselves that this is about supply and demand, or greed and corruption. It’s about revenge and an election.

The price will be driven by global demand,

Not when there’s an illegal cartel setting the supply.

especially by growth in India and China.

Meh. The stories of China and India sucking up all the oil (driving up the price) are untrue. The price initially moved on the start of the Iraq War and then made another rapid move up on issues other than demand (since the price trajectory was independent of any demand changes).

Right now the price looks to drop down to extraction cost due to the global economy grinding to a slowdown.

dedalus on October 24, 2008 at 4:52 PM

Due to economic slowdown, but extraction/transportation costs have little to do with oil that comes out of the gulf. And the price would be supported by extraction cost (reserves disappearing at too low an oil price) as happened back in the old oil-loan debacle of the 80′s.

At least, that’s been my perspective on it.

Oil was below $50/barrel for the great bulk of history and has no reason being that high. The $50 mark was not hit until the Iraq war started. Before that, oil at $35/barrel was more than enough to enrich the oil countries.

progressoverpeace on October 24, 2008 at 3:15 PM

The price of oil won’t have much to do with what it takes to enrich the oil countries. Some of them already have obscene wealth. The price will be driven by global demand, especially by growth in India and China. Right now the price looks to drop down to extraction cost due to the global economy grinding to a slowdown.

The only hope we have is for WE THE PEOPLE to rise up, take over, and present the world with a take no prisoners attitude.

“Want some of this….come and get it”

Goodeye_Closed on October 24, 2008 at 2:31 PM

Won’t happen with an Obama Presidency. Perhaps not even with McCain.

God I miss Romney. If only…..

I was buying as fast as I could this morning and — portfolio is up over 1.5% today. Now tomorrow is another thing.
huckleberryfriend on October 24, 2008 at 3:52 PM

Tomorrow is Saturday.

Anyone notice the funny business at the close today?

MB4 on October 24, 2008 at 3:37 PM

Awesome.

* by Rob Peebles
* October 03, 2008

Sung to the tune of Margaritaville, with apologies to Jimmy Buffett (With extra verses because so many are needed)

Greenspan wasted away

Staring at cheese cake
Gotta a new speech to make
All of those bankers covered in sweat.
Shuffling my note cards
Responding to blowhards
Tellin’ them, “Really, I have no regrets.”

Wishin’ today for a bail out bill.
No more banks hurtling toward default.
Some people claim it was me that’s to blame
Now I know,
It’s Bernanke’s fault.

The only hope we have is for WE THE PEOPLE to rise up, take over, and present the world with a take no prisoners attitude.

“Want some of this….come and get it”

Goodeye_Closed on October 24, 2008 at 2:31 PM

Yep. And the only solution will be to retake the gulf fields from the arabs/persians. People can call it “internationalization” (as opposed to the earlier “nationalization”) if they want to feel good, but the fields will have to be retaken, eventually. We should have started this on 9/12, but … that’s how it goes. The oil fields represent the meeting point of many of today’s destructive forces, providing the arabs/persians with not only the financial and political muscle that endangers us all, but also with the security of the fields, themselves. Saddam Hussein showed the world in 1991 how much the arabs really care about the oil – they’d destroy it all themselves just to hurt us. The persians showed the same during the Iran/Iraq war. For many different reasons, control of the gulf oil fields must be taken back from the arabs/persians.

Below $50 the OPEC members are going to start hurting because you’ll have some supply destruction since it costs a certain amout to pump it out and transport it to the customer. One real political story will be Chavez who funds all of his social giveaways from oil revenue. He may have some real problems if oil goes much lower and the world economies stay in recession for a year or two.

dedalus on October 24, 2008 at 2:40 PM

Oil was below $50/barrel for the great bulk of history and has no reason being that high. The $50 mark was not hit until the Iraq war started. Before that, oil at $35/barrel was more than enough to enrich the oil countries.

The only hope we have is for WE THE PEOPLE to rise up, take over, and present the world with a take no prisoners attitude.

Goodeye_Closed on October 24, 2008 at 2:31 PM

We can take some solace from OPEC not being much of a cartel. It doesn’t seem very reliable to have Venezuala, Russia, Iran etc. as teammates. They are likely to cheat each other where they can.

OPEC increased oil production a little when the price was at $130 and it continued to go up. Now it is cratering toward $60 and went lower after their announcement.

Below $50 the OPEC members are going to start hurting because you’ll have some supply destruction since it costs a certain amout to pump it out and transport it to the customer. One real political story will be Chavez who funds all of his social giveaways from oil revenue. He may have some real problems if oil goes much lower and the world economies stay in recession for a year or two.

So what should we do…or can we do? Progress, I so much agree with you and am angry just like you. We put up with WAY too much crap from the creeps of the world.

The problem….America, with our “perfect storm” of financial downturn and two major wars going on (plus supplying arms to 1/2 of the world), we are virtually defensless right now! Please understand that I have been an unflappable optimist when it comes to the US and our abilities for a long time, but NOW I am facing reality.

The truth hurts….and boy do I know it.

When countries like Iran and Venezula can put us in their shadow and Russia can jump from upstart to EVEN with the US, we have problems.

The only hope we have is for WE THE PEOPLE to rise up, take over, and present the world with a take no prisoners attitude.

“Want some of this….come and get it”

Tacitus_SGL on October 24, 2008 at 1:24 PM

The stock prices are forward looking and take into account reported earnings. News Corp is down about 60% this year, much of that since Aug 5 which is the date of the Bloomberg article.

Maybe Murdoch buys Yahoo. That would be interesting. MSFT had offered about $30/share a few months ago. I see it is at $11/share now.

Fourth-quarter sales at the newspaper group rose 54 percent to $1.84 billion after the $5.2 billion acquisition of Dow Jones, which closed in December. Profit advanced 29 percent.

I think News Corp is down about 60% this year, a little more than the NY Times. This is while News Corp’s price has been helped by its very successful MySpace acquisition-perhaps they spin it back out at some point if there is ever an IPO or private equity market again.

dedalus on October 24, 2008 at 1:07 PM

I will repeat myself:

http://www.bloomberg.com/apps/news?pid=20601087&sid=agLzc.Orwfc4&refer=home

News Corp is doing very well. Q4 profits up 27% from a year ago. Stock price isn’t an indicator of performance, only perceived value, which is affected by any number of things. News Corp: profitable, NYT: unprofitable. News Corp: going well, NYT: not going well.

It was OPEC that pulled that lit this financial fire, to begin with, and their talk that they want oil to settle around $70-90/barrel (which is so much higher than oil has been and are price levels that suck the life out of the world’s economy) is absolutely ridiculous and should be accepted by no one!

It is time to take the gulf oil fields BACK from the arabs/persians (who stole them in the nationalization waves of the 60′s) who are using them for nothing other than hurting us and our economy. War is war and people should recognize when we are being attacked. The gulf countries are perfectly happy to drive the whole world slide into depression as part of their war on progress. This must be answered, and answered correctly.

To the contrary, Rupert Murdoch seems to be doing well, but your point is well-taken. There are ups and downs for every industry.

Tacitus_SGL on October 24, 2008 at 1:02 PM

I think News Corp is down about 60% this year, a little more than the NY Times. This is while News Corp’s price has been helped by its very successful MySpace acquisition-perhaps they spin it back out at some point if there is ever an IPO or private equity market again.

Printing newspaper is a bad industry to be in, though finance, insurance, airlines, and automotive aren’t good ones either.

dedalus on October 24, 2008 at 12:57 PM

To the contrary, Rupert Murdoch seems to be doing well, but your point is well-taken. There are ups and downs for every industry.

Yes, that same Fed bank that failed in its oversight duties for years…

That same Fed Bank which has helped CREATE this crises.

Propaganda does not pay.

Tacitus_SGL on October 24, 2008 at 12:43 PM

Printing newspaper is a bad industry to be in, though finance, insurance, airlines, and automotive aren’t good ones either.

I just want all my tax money and social security money back. I don’t like what they did with it.

eaglesdontflock on October 24, 2008 at 12:04 PM

Now I see your problem. You still think of it as YOUR tax money and social security contribution. I guarantee you that nobody in DC including the two career politicians running for the presidency ever thinks of it as anybody’s money but the government’s and that you should be grateful for whatever they decide to let you have.