Oil Slick Stuff

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Took my Rebate money and threw it at Dalton GA...Got some new carpet coming...8 months ago, I replaced a room with more square footage than the current room I'm having redone..the cost however for the EXACT same carpet/pad and company for the smaller room is more..

first room...52 square yards @$980.00

current room ...43 square yards @$1469.00


All because of oil:mad:
 
There is no MERCY Buster, what isn't made from oil?
More news:

BREAKING
NEWS
Crude surged to a record $127.43 a barrel in morning trade as geopolitical turmoil spooks market. More soon.
http://money.cnn.com/?cnn=yes

Oil prices: Wall Street's game

Big fund money is flowing into oil markets sending prices to levels never seen before. Is it profiteering or an essential way to ensure supply?

By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: May 16, 2008: 7:02 AM EDT

More people are pointing the finger at a new breed of investor for sending the price of a barrel of oil to nearly $130.

Issue #1 on CNN — This week, 12pm ET

NEW YORK (CNNMoney.com) -- There's no question about it, a new breed of speculator is pouring money into the oil market and helping drive prices to record levels. What's less certain is if this new money is essential to a healthy market.
Many blame record prices on Wall Street investors new to the oil market, saying they're bidding up gas prices to artificially high levels - and soaking drivers.
As oil nears $130 a barrel, some say $10 to $70 of that price is due to Wall Street speculation.
A slippery debate
But that's not the whole story. Nearly everyone agrees that speculators have always been essential to a functioning market and that oil prices could be much higher without them.
What's harder to understand - and widely debated among buyers and sellers of oil futures - is the effect new speculators flowing into commodities from big-money funds like university endowments, pensions, and indexes are having on oil markets.
Some say they're good. In addition to limiting demand,they make it easier to sell oil contracts and create a larger market where prices are less susceptible to big swings following individual trades - known as liquidity in financial speak. This camp says $130 oil is justified since demand is rising faster than supply.
Others say big-fund money is making it harder for traditional oil speculators to do their job. This camp says big funds distort traditional models used to predict prices and think $130 oil is a bubble ready to pop.
Traditionally, a futures speculator bets on the direction of commodity prices and then guarantees that commodity at that price to a client. This removes some of the risk - and greases the wheels of commerce.
What is a speculator?[more]
http://money.cnn.com/2008/05/16/news/economy/oil_speculator/index.htm
 
Stocks struggle as oil spikes

Investors welcome surprise rise in new home construction report, but play it cautious as commodity prices jump.

May 16, 2008: 9:40 AM EDT

NEW YORK (CNNMoney.com) -- Stocks were mixed early Friday, as any relief about a surprise jump in new home construction was countered by worries about inflation as oil and gas prices hit new records.
The Dow Jones industrial average (INDU), the broader Standard & Poor's 500 (SPX) index and the Nasdaq composite (COMP) all hovered near unchanged in the early going.
Stocks rose Thursday, with technology leading the way, thanks to a rash of corporate deal-making activity. The advance continued early Friday.
In the news:
Housing starts rise. April new home construction rose to a seasonally adjusted annual rate of 1,032,000, the government said, topping economists' forecasts and rising from March levels. The jump was largely due to apartment construction. Building permits rose to a seasonally adjusted annual rate of 978,000, also topping forecasts and rising from March levels.
Commodity prices: U.S. light crude oil for June delivery rallied $3.29 to $127.41 a barrel on the NYMEX after hitting an all-time electronic trading high of $127.82arlier. The national average price for a gallon of regular unleaded gas rose to a record $3.787 from $3.776 the previous day, according to AAA. It was the ninth record in a row.
Icahn v. Yahoo continues. The Internet leader responded late Thursday to activist shareholder Carl Icahn's plan to unseat the board and push through a deal with Microsoft. (Full story).
http://money.cnn.com/2008/05/16/markets/market_newyork/index.htm?postversion=2008051609
 
Housing starts rise. April new home construction rose to a seasonally adjusted annual rate of 1,032,000, the government said, topping economists' forecasts and rising from March levels. The jump was largely due to apartment construction. Building permits rose to a seasonally adjusted annual rate of 978,000, also topping forecasts and rising from March levels.
Click to expand...
That's it sheeple, read just the HEADLINES, not between the lines....

People losing homes and moving into apartments, so more apartments needed. There are NOT more new single-family homes being built. More bogus data.

I'll bet a majority of these new permits were in the TX, LA, MS, AL area too...people finally getting Katrina insurance settlements and rebuilding, and developers replacing apartment complexes. I wouldn't count that as NEW housing starts. Just seeing it for what it is, folks.


As for oil....my opinion yesterday was that the drop was due to profit taking and/or program trading, and that the price would bounce back, higher. I'm sorry I was right, I was hoping for continued downturn on that.
 
I really don't know about all that stuff, crooks in the bushes, under the house, all about!
It's Really getting slippery out there folks, if someone would clean up this oil slick a little the market would really appreciate it!!
Are we ready for another UP DAY? :cool:
 
big selloff coming....wait for it.;)

Norm, I hope you don't mind if I cross-post this. If so, just delete. TIA.:)

love-to-bike said:
While that news is good, new single family home starts actually fell again, it was a rise in multi-unit housing that accounted for this rise. Multi-family housing = apartments (mostly), probably because fewer people can buy homes they are renting. Of course by the time most of these units are built, things will probably change and there will be a glut of multi-family housing. Seems to me (not an informed opinion) that folks are banking on further single family housing problems. Either that or they are [insert word here like 'dumb' or 'smart'] enough to think the the immediate past will dictate the future. I know the expression of closing the barn doors after the horses got out - that would be a futile effort to minimize loses after something bad happens. What's the expression when someone tries to profit after something bad?
Click to expand...

Speculators! or Carpet-baggers (southern term);)
 
Carpet-baggers !!!:nuts:
Oil prices: Wall Street's game

Big fund money is flowing into oil markets sending prices to levels never seen before. Is it profiteering or an essential way to ensure supply?

By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: May 16, 2008: 9:32 AM EDT

More people are pointing the finger at a new breed of investor for sending the price of a barrel of oil to nearly $130.

NEW YORK (CNNMoney.com) -- There's no question about it, a new breed of speculator is pouring money into the oil market and helping drive prices to record levels. What's less certain is if this new money is essential to a healthy market.
Many blame record prices on Wall Street investors new to the oil market, saying they're bidding up gas prices to artificially high levels - and soaking drivers.
As oil nears $130 a barrel, some say $10 to $70 of that price is due to Wall Street speculation.
A slippery debate [more]
http://money.cnn.com/2008/05/16/news/economy/oil_speculator/index.htm?cnn=yes
 
Saudi King says HTFU* Amerika!!!


http://news.yahoo.com/s/ap/20080516/ap_on_re_mi_ea/bush_mideast


During Bush's second personal appeal this year to King Abdullah, Saudi officials stuck to their position that they are already meeting demand, the president's national security adviser told reporters.

"What they're saying to us is ... Saudi Arabia does not have customers that are making requests for oil that they are not able to satisfy," Stephen Hadley said on a day when oil prices topped $127 a barrel, a record high.
Click to expand...









*Harden the f**k up
 
Asylum said:
the markets don't exist to lower the price to your door. if you think there's a killing to be made in oil futures then buck up and invest in them. that's how the system works.

;)
Click to expand...
I wasn't especially making a point about the markets, but since you brought it up, that's not how the system works. The "system" is supposed to be based on supply and demand. Speculating to inflate prices and rape the public is not capitalism, and if there's collusion involved, it's criminal. You missed my point. There is no oil shortage (as your link shows) http://news.yahoo.com/s/ap/20080516/...a/bush_mideast, hence no reason for $127 oil. There is no gasoline shortage, hence no reason for $3.70 gasoline - and it's not because of the price of oil. The gasoline being pumped today was purchased 6 months ago at THOSE prices and refined from oil at even earlier prices, not TODAY'S prices. We are being raped.

OPEC and the Saudis are right...there is plenty of oil on the market. Refineries are NOT refining gasoline at capacity either, they're making more diesel. Right now demand for gasoline is down due to sticker shock and the inventory is more than adequate. Once enough consumers switch to more efficient transportation and carpools and get used to the price, demand will rise and inventories will drop. Then watch the price skyrocket to $5 a gal or higher, because refiners have retooled to make more diesel than gasoline. I'm not making this up...google it.

Differences of opinion are one of the things that keep this MB interesting. Keep it coming.;)
 
luv2read said:
I wasn't especially making a point about the markets, but since you brought it up, that's not how the system works. The "system" is supposed to be based on supply and demand. Speculating to inflate prices and rape the public is not capitalism, and if there's collusion involved, it's criminal. You missed my point. There is no oil shortage, hence no reason for $127 oil. There is no gasoline shortage, hence no reason for $3.70 gasoline - and it's not because of the price of oil. The gasoline being pumped today was purchased 6 months ago at THOSE prices and refined from oil at even earlier prices, not TODAY'S prices. We are being raped.

Differences of opinion are one of the things that keep this MB interesting. Keep it coming.;)
Click to expand...

It was exactly this type of speculation that drove the dotcom & real estate booms... and oil will burst just as they did.

in the meantime scale back, shed debt, and invest in it because realistically, that's about all any of us are going to be able to do for a while.
 
luv2read said:
I wasn't especially making a point about the markets, but since you brought it up, that's not how the system works. The "system" is supposed to be based on supply and demand. Speculating to inflate prices and rape the public is not capitalism, and if there's collusion involved, it's criminal. You missed my point. There is no oil shortage (as your link shows) http://news.yahoo.com/s/ap/20080516/...a/bush_mideast, hence no reason for $127 oil. There is no gasoline shortage, hence no reason for $3.70 gasoline - and it's not because of the price of oil. The gasoline being pumped today was purchased 6 months ago at THOSE prices and refined from oil at even earlier prices, not TODAY'S prices. We are being raped.

OPEC and the Saudis are right...there is plenty of oil on the market. Refineries are NOT refining gasoline at capacity either, they're making more diesel. Right now demand for gasoline is down due to sticker shock and the inventory is more than adequate. Once enough consumers switch to more efficient transportation and carpools and get used to the price, demand will rise and inventories will drop. Then watch the price skyrocket to $5 a gal or higher, because refiners have retooled to make more diesel than gasoline. I'm not making this up...google it.

Differences of opinion are one of the things that keep this MB interesting. Keep it coming.;)
Click to expand...


Luv2read,

You are EXACTLY right, the pump prices are resulting in record profits for the big oil companys and what boils my blood is they are not reinvesting for the future.
 
$5.00/gal..??..I don't believe that will ever happen..too many things depend on it to stay lower, i.e., Schools, police, emergency Medical, public transportation, mom and pop..bread winners with average income, trucking industry, Aviation/airlines..you name it..Somebody or somebodies will eventually say, enough is enough for God sakes!!!!!!!!.....I honestly believe that the bubble will burst very soon and we could see gas at the pumps back below $3.00/gal...

Mark my post and see...;)
 
i dont remember anyone crying for the oil companies back when oil was less than $20/bl.. it wasnt that long ago...


they are making vast amounts of coin now largely based on their existing infrastructure. no crime in that.
 
I'm sure the Saudi's are sick of watching their dollar holdings lose value, why would they want to increase production if it only accelerates losing money? They want us to put away the pom poms and cheering that we support a strong dollar without getting out on the field.
 
Asylum said:
i dont remember anyone crying for the oil companies back when oil was less than $20/bl.. it wasnt that long ago...

they are making vast amounts of coin now largely based on their existing infrastructure. no crime in that.
Click to expand...
You don't? Their lobbyists did, and Congress listened. They got royalty relief at taxpayer expense when the price was low, and are still getting it. The conditions of that ACT were that the forgiven royalties were to be invested in new exploration and development. That hasn't happened - they pocketed it. Details posted elsewhere on this board, and on PBS. Google it.

Existing infrastructure. Over the past 8 years they have systematically been shutting down refineries completely instead of repairing, upgrading and modernizing them. I'm sure you've seen the explosions and other accidents in the media. No new refineries have been built. There is ONE in Louisiana that IS expanding...more diesel capacity and a token increase in gasoline capacity IGNORING the requirements.
 
luv2read said:
You don't? Their lobbyists did, and Congress listened. They got royalty relief at taxpayer expense when the price was low, and are still getting it. The conditions of that ACT were that the forgiven royalties were to be invested in new exploration and development. That hasn't happened - they pocketed it. Details posted elsewhere on this board, and on PBS. Google it.

Existing infrastructure. Over the past 8 years they have systematically been shutting down refineries completely instead of repairing, upgrading and modernizing them. I'm sure you've seen the explosions and other accidents in the media. No new refineries have been built. There is ONE in Louisiana that IS expanding...more diesel capacity and a token increase in gasoline capacity IGNORING the requirements.
Click to expand...

i dont know where you live but here in Louisiana they are pumping this state like a $2 whore..

:p

production is thru the roof for oil and natural gas.. hell, even home owners in my subdivision are leasing out their mineral rights for $10k/acre..

all based on a new discovery of the Haynesville Shale Discovery 2 months ago.

http://www.oilvoice.com/n/Chesapeak...na_and_Announces_CapEx_Increase/92f01da5.aspx
 
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