Price of oil drops 24% in 2 months

[SlowwHand]

Just hire Mexicans. The'll work cheap and they're used to being in the water.

[Dinner]

Worldnetdaily is complete and utterly worthless garbage. It doesn't even pretend to be objective about anything and instead blatantly states that their job is to make Republicans look good.

Thanks but I will take my news from some where which actually at least pretends to be objective.

[SlowwHand]

It's a fact that the biggest deposit in the Gulf was recently discovered. I'm not going to run all over the net looking for sources. That just popped up. Figured it was better than nothing; but no, Hell no.

[Flubber]

Originally posted by SlowwHand
It's a fact that the biggest deposit in the Gulf was recently discovered. I'm not going to run all over the net looking for sources. That just popped up. Figured it was better than nothing; but no, Hell no.

The discovery is real. The idea that somehow it validates that petroleum is not formed from fossils is hogwash.

There is nothing in this deeper find that is inconsistent with fossils as a source and I'm sure oil company geologists would be shocked at the idea that you don't need a "source" and that petroleum is just spontaneously generated deep in the earth

[SlowwHand]

I said the biggest oil field in the Gulf was recently discovered. Has nothing to do with the origins.

[Flubber]

Originally posted by SlowwHand
I said the biggest oil field in the Gulf was recently discovered. Has nothing to do with the origins.

Agreed. I wasn't disagreeing with you but I was disagreeing with most of the article

I'm sure the folks at Chevron that found the oil are believersin Petroleum as fossil fuel as well.

If these abiotic guys are so convincing, I guess they should have a line of investors waiting and they can have their wellsite anywhere they want-- After all--its just a matter of drilling deep enough right ??

[chequita guevara]

Since most of the price hike was driven largely by speculation, there's no reason for prices not to fall. All it means is that consumers were screwed for no reason. Congress should force the ****ers to give us our money back.

[Kuciwalker]

Since most of the price hike was driven largely by speculation, there's no reason for prices not to fall. All it means is that consumers were screwed for no reason. Congress should force the ****ers to give us our money back.

It's perfectly reasonable for the price to rise based on the threat of a decrease in supply.

[chequita guevara]

The price hike had less to do with a percieved threat to supply and more to do with what they thought they could squeeze outta people. Remember, these are the same group of people who gave us the California electricity crisis that was later uncovered to have been completely manufactured.

http://salon.com/tech/htww/2006/09/24/enron_and_amaranth/index.html

[Kuciwalker]

There you have it, people: the conspiracy theory loonies STILL believe it.

[chequita guevara]

So the tape of electricity traders talking about how they'd shut off power or the suit by the state of California means nothing to you? I guess there are no actual conspiracies. Those laws should just be retired from the books.

I know wiki isn't considered a valid source, but one hopes that the FERC might be.

http://en.wikipedia.org/wiki/California_electricity_crisis

The Federal Energy Regulatory Commission concluded in 2003:[3]

"...supply-demand imbalance, flawed market design and inconsistent rules made possible significant market manipulation as delineated in final investigation report. Without underlying market dysfunction, attempts to manipulate the market would not be successful."

"...many trading strategies employed by Enron and other companies violated the anti-gaming provisions..."

"Electricity prices in California’s spot markets were affected by economic withholding and inflated price bidding, in violation of tariff anti-gaming provisions."

[Kuciwalker]

Why the **** are you bringing up Enron in a thread about 2006 gas prices?

[chequita guevara]

Because you dismissed energy price manipulation as a conspiracy theory. What, do you have the memory of a goldfish?

I'm guessing you didn't bother to follow the link, which is about a Senate report titled "The Role of Market Speculation in Rising Oil and Gas Prices: A Need To Put the Cop Back On The Beat."

http://www.senate.gov/~levin/newsroom/supporting/2006/PSI.gasandoilspec.062606.pdf

[Kuciwalker]

I dismissed accounting the recent high energy prices as a conspiracy theory.

[chequita guevara]

Then consider yourself PWNed BiYatcH!