Comments on: Oil prices rally on tight supplies, Iran fears

By: GaryCol

GaryCol — Sat, 12 Jul 2008 06:02:37 +0000

There is no shortage of supply. OPEC has stated that repeatedly. There is also no such thing as Peak Oil on a global level. So why the high prices? Well if you look at any chart that tracks price rises there was a sharp increase in 1974 and the global consumers were silly enough to pay it. Sure they bitched and moaned but still paid. That gave the green light for even higher prices. Speculators got into the act in a much bigger way. It is argued that these players give equity to the markets. But how can they when they never take delivery of one drop of oil let alone pay for what they have purchased. All sales (as I understand it)are made on a 10% deposit and the balance is paid on delivery. The speculators have sold there stake beffore that happens.
With the Creit crunch in August 2007, money was moved from the Stock Markets into commondities in a big way. Crude Oil and gold was the prefered commodity initially but it soon spread to all foods as well.
With the media quoting commentators predicting $200 or high oil the public has become immuned to the high prices until they go to fillup their cars. It is not ony the cost of all fuels that is effected with high oil prices but a vast range of other produces from plastic through cloth to fertilizer.
Does OPEC like the high prices? I dont think so in the long term as it will increase alternative supplies thus cutting their share of the world market.
We will only see lowr prices again when there is not money to be made through speculation or the introduction of alternative energy sources.

By: GARKO FACTOR

GARKO FACTOR — Sat, 12 Jul 2008 05:47:21 +0000

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By: nikoli

nikoli — Fri, 11 Jul 2008 10:21:24 +0000

we will never see low oil prices again….
opec has had a lick of the ice cream…. taste of real money…
opec wants the whole ice cream…. they tasted and enjoyed….

if you want low oil prices… then get rid of opec….

they won’t bring oil down… that will be profit lost….
you don’t do something to loose profit…

imagine niagra falls…. now imagine how much money pours into opec countrys…

the more oil they pump out, won’t bring prices down….
but will make more money for the country that pumps more oil…