And with every dollar a barrel it drops, we are sticking that knife deeper in OPEC’s chest. They tried to screw the world and it backfired.

No, with democrats back in control I am fully confident we will hand the knife back to OPEC so they can stab us with it.

Remember the oil crisis of the 70’s? We were all set to start all kinds of initiatives to become less dependent on foreign oil. Sound familiar? Then oil prices stabilized, things got better, so we let environmental and other groups talk us out of doing anything. We handed the knife back to OPEC. Doing so provided the money for decades of terrorism and kept the US at the mercy of those countries.

So with oil prices dropping, does anyone really think the Democrats will keep pushing energy independence enough to actually accomplish anything? I’m seriously pessimistic on that front. Prepare to face the same problem again…

And, in this case, it’s the crash of oil prices due to falling demand: U.S. crude oil futures rose more than $1 after Thursday’s settlement, extending the day’s earlier gain which was tied to a late stock rally on Wall……

rtsidedragon on November 13, 2008 at 10:48 PM

Sure hope you’re right.

Seeing as the party’s current idea of getting its act together is to snipe at Sarah Palin, my optimism is definitely diminished.

To quote Heath Ledger’s Joker:

“Here is my card. Call me when you want to take things a little more seriously.”

Don’t burn it down, be patient. Just give the people a taste of Jimmah Carter version 2.0, and, assuming we as conservatives get our collective acts together, things will be looking up in the very near future. I’m also getting a warm fuzzy from both world temps AND oil prices falling. What a Winter Wonderland!! heh

I wonder if the oil price drop off is not directly related to the Lending market drying up.

If the oil speculators had been gambling, using Borrowed money, to speculate in the oil futures market then the decrease in available Loan Capital has stopped that game.

Romeo13 on November 13, 2008 at 12:58 PM

I heard predictions of oil and gas prices at today’s levels weeks before the banking mess came to a head.

Drop Baby Drop

This country needs to see what it voted for.

I’m going to enjoy every minute.

Right2bright, unless the tax appraiser is willing to buy the house his valuation means nothing………..except that you pay less in property taxes.

SC.Charlie on November 13, 2008 at 6:32 PM

That is what I said, it takes money off the tax rolls, which hurts the local economy.

A little tweaking in those states assessed values, and you have a lower tax base…still another way of taking money out of the economy.

Seeing as you missed an important part, that would mean a 15-20% in a lower tax base in CA, which would be that much less in taxes, a disaster.
Now you may say that is CA, big deal, but how CA goes, so goes the country. They are nearly 20% of our GNP, if you don’t think their economic health is important to me in NC, you are very naive.
Now read my part about just $1 per month in less taxes on each home, and that alone is taking over $1 trillion out of our tax roles…the figures are staggering, and the impact is staggering, and with very little movement.

Irrelevant?

Just like they said in the 80’s? Well it took decades to catch nup to us but OPEC emerged as a force yet again. Unless we tap our own oil supplies OPEC is in the same scenario that it was before. Economic recovery means sky high prices will set in again. It is just a matter of time.

Heating oil is not following this trend. How about that.

And you may be right as well.

Oil spirals below $55 per barrel.

I blame Geo. Bush.

So, tell us 9% Nancy, when will you thank those evil oil speculators for the price going down?

Or does your nappie only wad when the price goes up?

Upside down …………. is your mortgage higher than the value of your house, some people are. Not a nice situation in which to be.

SC.Charlie on November 13, 2008 at 6:04 PM

It isn’t important if you are not needing to sell, the thing to do is get ahold of your tax appraiser and make sure your house is de-valued for tax purposes.
You can save hundreds at least.

but due to our nation’s handicapped refiners, diesel prices remain high. Since 100% of our shipping industry relies on diesel…

TMK on November 13, 2008 at 5:30 PM

I think, and I may be wrong, but one of just a few diesel refineries are dedicated to Venezuela. Too lazy to Google, but I am pretty sure that we allowed, for trade purposes, to dedicate one refinery to Venezuela…and that was our main diesel refinery.

Someone correct me if I am mistaken.

The value for anything is what a willing buyer and willing seller will agree.

SC.Charlie on November 13, 2008 at 5:35 PM

Not quite, it is also what the tax assessor appraises it at. Homes are now being appraised at a lower value without being sold for tax relief, but “tax relief” is hurting the city, counties, and states.
My tax base has nothing to do with how much I or a buyer thinks it is worth…the tax appraiser establishes that. We are talking about 130 million homes, just a $10 change in each one is $1 trillion dollars.
Staggering figures, incomprehensible that $1 per month on each home up or down in taxes account for $1 trillion dollars.

Thing is that the depreciation of home price is only realized when you sell a home. As long as people stay in their homes, they don’t lose a thing…

Romeo13 on November 13, 2008 at 5:13 PM

Noooooo, not quite…foreclosure at an all time high, worse effect then depreciation, now we are talking about maybe 30-40% under the market on a foreclosure.
Re-finance, can’t take as much out because of the devaluing, and in many areas, re-finance was a standard every few years. Was it wise? probably not, but it was “safe”.
So there are two areas where you don’t have to re-sell. Then each mortgage company has that asset on their books. That asset depreciates, so does their portfolio. So you don’t have to sell your home, for the home to impact a portfolio, since few own that home…the mortgage company does, and it take the hit.
No offense, but you are too naive.
The So. Calif. market alone is enough to upset the nations economy, add all the other areas and you have a disaster.
When you have a state like Calif. begging for relief, keep in mind that that state alone, if it was a country, would be probably be number 4 economically. When they go down, the country goes down. Add NY, and you have disaster, and their home prices are horrendous. A little tweaking in those states assessed values, and you have a lower tax base…still another way of taking money out of the economy.

You can argue all you want, but for the past twenty years, home sales and prices (all real estate) have driven our economy, right or wrong that is what has driven middle America and made them financially secure. Stocks were bought by middle America because of the re-financing and “flipping” of homes. Now that is out of the equation (and it should be), we have a huge, vast, multi trillion dollar a year “hole”, that right now we have no way to fill.
A hole in income, a hole in taxation…and no government adjustment, or payroll adjustment—-yet.
When the real estate market levels, when government gets spending under control…then we have a stable economy.
Real estate will be mid next year, government who knows…