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The mkiv Supra Owners Club

Evolution of Robbery.


jamesmark

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When are oil prices falling?!

Now Rob. They've been dropping slightly (ITRO $10/barrel) for the last few days.

 

EDIT: and then back up, then down a smidge.

http://www.wtrg.com/daily/cbfclose.gif

 

 

A lot of what's forcing the price up is speculation and nervousness. I don't think it'll get to $250/barrel. anytime soon, it's simply not economically feasilble, I think...

http://www.news.com.au/dailytelegraph/story/0,22049,23839124-5014099,00.html

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Still a rise on average on daily figures :p

It won't last. It's all besed on speculation; a bubble if you like.

Just this week some spokesman for a middle easten oil co (trying to find the article) said he didn't get what all the fuss was about and they could ultimately provide as much oil as is needed for at least the forseeable future. Dunno if there is any truth in that, but hopefully there is. :)

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http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/05/22/ccoil122.xml

 

The perfect storm that has swept oil prices to $132 a barrel may subside over the coming months as rising crude supply from unexpected corners of the world finally comes on stream, just as the global economic downturn begins to bite.

 

The forces behind the meteoric price rise this spring are slowly receding.

Nigeria has boosted output by 200,000 barrels a day (BPD) this month...

...Iraq has added 300,000 bpd to a total of 2.57m as security is beefed up in the northern Kirkuk region....

 

"There is a strong rebound in supply," said the group's president Conrad Gerber.

 

Saudi Arabia is adding 300,000 bpd to the market in response to a personal plea from President George Bush....

 

Like the rest of Opec, the Saudis blame "speculators" for running amok, pushing paper contracts into the stratosphere.

 

The world's finely balanced market for crude has been creeping into surplus for several weeks.

 

"We see many of the ingredients for a classic asset bubble," said Edward Morse, Lehman's oil expert.
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