Fast Draw: Oil Prices (CBS News)

[awsome5ful]

like a year ago gas wen down to $1.20 O_O

[tesskansas]

By this time next year, oil per barrel will be under $25.00.

[032125]

The dollar is plunging? No shit! How do you think the Fed keeps interest so low but by creating (and thus debasing) currency? But of course these jackasses blame investors who are forced into commodities by that same Fed action.

Think about it; if you are only getting a 2% return on cash, and oil was gaining 15-30%, you'd be insane not to buy oil (or gold, copper, etc.)

IT"S THE FED, STUPID.

[OilTradingAcademy]

Want to make some real money trading oil? We have a great record. Google Oil Trading Academy or check out our profile. Come check us out

[LoveandEqualityToAll]

Use solar or Wind power.

[Pauling4711]

IRAN opened up the IOB 8 weeks ago and is selling oil for EUROS. Gas prices are going DOWN for countries buy oil with EUROS because the Euro is getting stronger as the once-mighty petrodollar takes a nose-dive.

[brad3378]

Wow! $3.40 a gallon

I miss the good old days.

[sophiegromit]

Bottom line: GLOBAL CAPITALISM SUCKS! The USA was great from post WWII to about the late 90's. It's all been downhill since.

[PrUnEJuIcEtHeThIrD]

Of course... global capitalism means competition.

[sophiegromit]

Yes... competition NOW with much poorer countries than us, who will work our jobs for a fraction of what U.S. workers used to make. Globalism is KILLING the U.S. worker, without question. You will see that as the U.S. simply cannot support it's citizens job creation-wise, we will become more of a welfare state, in order that people can survive and put food on the table! Global Capitalism SUCKS, plain and simple.

[032125]

@sophiegromit Your statement is so riddled with false premises that I don't know where to begin refuting it.

If foreign companies have an absolute advantage in producing a product, why wouldn't you change production to something in which you have an absolute advantage?

Your presumption is that US workers are somehow locked into a career, which is patently false, but is also built on layers and layers of nearly impenetrable presumption. I haven't the characters to carve through the crap.

[rebmem88]

That's a lie because the Euro and the pound were at 1.57 per Euro and 1.95 per British pound last year and the price of crude oil was around $80 per barrel.

The reason is pure and simple; greed and power.

Who ever wins this election "Obama" or "Mccain" will have to deal with a new war; War in Iran. Why? They are the third largest supplier of oil for the world and the US wants to control it like they have in Iraq.

[nickaliw19]

$3.40 sounds good to me. It's now $4.09 here.

[161803]

The problem lies in the impossibility of distinguishing between a bubble and a permanent rise in the price level of oil. It's rational to buy today if oil will be worth more tomorrow. No one actually knows (for sure) what oil will cost tomorrow, so it's all gambling, or, at best, an educated guess. Remember that if you ever think you know something the market doesn't, you stand to make a lot of money; thus, the market tends to be efficient and set prices at reasonable levels at any given time.

[161803]

I only bend over for $20 bills when I see them; the quarters just aren't worth it.

[YogaNate79]

The day will come when the Saudis will plea to America to purchase more oil. Our president will inform them that combustible fuel is no longer needed. I'm guessing around.....year 2050?

[rebmem88]

Wrong, the Americans have full control of the oil in the Middle east but they make you think it's them that's driving the price up. The Americans are sucking the Middle East dry before they tap into the Alasken oil field that have enough oil to supply the United States for the next 200 years. There's atleast 125 billion barrels of oil that can be produced in Alaska which can drive the price for gas down to $1.50/gal.

[jackjen1]

Hmm.. US use of oil is 7.5 billion barrels a year. Even if there were 125 billion barrels of oil in Alaska, and there isn't, 125 billion barrels would last 16 2/3 years. Of course, then there's the rest of the world.

[rebmem88]

Of course you would think there isnt 125 Billion barrels because you believe the media everything they tell you. Aw well at least America will go to hell in a hand basket no matter who's elected president.

[jackjen1]

I never said the source was the media. Try looking for EIA or DOE or British Petroleum reports.

[santafegrl]

I've got a new video called, "Price of Gas in America".

[cryora]

Wait so Oil Prices rising is caused by inflation, not demand for oil/lack of supply for oil? Are there more resources that support this? It is by popular belief that oil prices are caused by shortage of oil. Having this proved and explained could clarify alot of things. Is there an organization that is putting forth effort to research into this?

[dave98503]

Who gives a flying rats butt.

[babste123]

Buy Bush oil when we tap into the oil reserve

he will be out of office a rich oil tycoon .Close down the cole mine to keep the price of our oil high for the secret society ,wfat is the secret society ? GOOGLE SEARCH & digg

[Mahawk1986]

Did you guys know that Synthetic oil could be made from coal at about 58$ a barrel and that can be turned into diesel and diesel cars can get the same amount miles per gal as Hybrids.

[Futorous]

asdddd

[DePrompt]

Shit, it's at $4 already!! It's close to $8 in Europe. Won't it be nice when the government controls the Oil, rather than the Oil controlling the government.

P.S.- Stock up on shells. Anarchy is right around the corner.

[dj6ual]

Cool Video

[ghttlax]

lies.... over here we have 3.70, not 3.40

[U2Bwatcher]

3.60 this summer? Psh! It's already 4 something over here and it's only May.

[XxcemkingxX1]

cdxrts8ztouguhzuzftzfzutfztfzt­gfizftz8fiztfzitfztfztfztfztfz­tifzitfutfzitfztfiztfiztfzitft­rsdredysesutzfuzgpiuhüoinhihgz­uftzid568ed4ws34qae4twqa364ews­865tgu0opiüohiuzdtaew5e4dctguv­fgutvoziu9ißojmpo´k,kopkmihjnu­8g7t6fr6dxeywawerqaew325467890­0okmjnhzgtfrew24rrt5zhujnh b bgv fcdxeswasedrftghjhngbv fdecfvg gvfudtcrvv gfcdtef

[uraniumslug]

simple econ buy whatever everybody else does... first dot coms...crash then U.S. Real estate...crash now commoditys... next? If you know you could be rich.

[RamaAmanda]

i feel confident that energy investments will within a year be selling shares at sky high prices!

[categoryD]

In Australia we have to pay the same for fuel as what the price is in singapore. I don't know why or how it works but the main thing is the little guy, ie the consumer, is getting fucked more and more out of their money. Fear incuded by this "mythical" global credit crunch and food crisis is a load of shit. someone is skimming the cream from the top and i am damn sure i can point the finger at the guy who is taking home the premiums from all this

[MeLikeGoFast]

Mythical credit crunch? You have no idea what your talking about. Your sad.

[categoryD]

there is a war going on in the world, while the tv stations and papers focus on that ...whats it called.... middle east? the real war is between america and the rest of the world. whats it over? how can good ol mighty truthful and righteous US of A go to war at other peoples expense to make a profit? easy, jack up the price of oil. Its a conspiracy and those who know about it are in on it, the rest of us have to sit back and suffer without a chance to fix the problem.

[MeLikeGoFast]

Another comment which proves your ignorance about basic economics. take some econ courses before your shoot your mouth off like a tool.

[lebo8u]

keep believing in CNN and all your prayers will be answered

[MeLikeGoFast]

CNN? What does CNN have to do with basic economics. Good comment douche.

[bralen24]

OMG!!!!!!! The dollar is becoming the new Peso!! aaaaaaaaahhhhhhhh!!.

[patiencepays]

Is this the way the media talks to you when your country slips to 25th in the world in its populations grasp of math and science?

This may do for a presidential briefing but come on America you can do better than that.

[TAMARLANE]

While I am at it. I may as well mention the environmentalists are the ones who demand bio fuel, renewable energy resources such as grains normally used for food. This is driving up the cost of food and causing shortages in food grains. Speculation in commodities is also helping drive up the cost of these grains. Including and especially corn.

These geniuses, whoever they are, are responsible for the devaluation of the dollar as well. Who are these geniuses? Sierra club types. Greenies. GW freaks

[TAMARLANE]

America has plenty of untapped oil. In the Gulf of Mexico. Offshore California. Anwar. Maybe the oil shale in Colorado. It is environmentalists that have prevented the development of these oil fields. Same people who worked so hard against Nuclear Power back in the 70s and 80s. Same people who now like Nuclear. Too late to start development now I think. We just have to ride this one out. Oh yeah, same people who worked against new refineries. Thanks a lot environmentalists.

e

[junkie4vids]

If we had a day where all office workers would not commute and, instead, work from home, we'd save a massive amount of fuel. How about declaring a day as "Telecommuter Day" or "Work From Home" day? It can be easy to promote and the fuel savings will be huge - no idling in traffic.

[thisisitornot]

Why is the asshole in the red tie smiling all through this?

[brokensoul71]

The fuel prices are rising much faster than wages.We need to to something soon to drop oil prices or increase wages or prepare for another depression.

[leeraconteur]

Simple. Don't drive. Don't travel. Don't by anything that arrived by plane, boat or truck.

[Zentaialien]

Lets boycott gas then

[Lost411]

That's rather informative.

[jbgloss]

For something POSITIVE for a change come on over to MorningCoach it will change your life!

[Adolfey]

that´s why i don´t drive.

[anomis93]

TODAY I SAW $4.45 FOR A GALLON!

[BootyButterPi]

nice!

[janebusby]

The ONLY way to reduce oil prices permanently is to stop using it!! ... None of you like hearing or acting on that truth, but it remains nevertheless the TRUTH!

[rocketman10owen]

Oil is at an inflation adjusted high

that takes into account the falling dollar

so ignoring the affects of the falling dollar

oil would be still at an all time high

[Zile77]

Actually it's the government causing these price fluxes in commodities. Think about it. The gov subsidizes farmers for corn to make ethanol, raising the cost of food. The gov raises taxes on gas while putting more regs on oil companies to use ethanol and different formulations for phony global warming, driving the cost to refine oil up. Since dems took over congress in '06, prices have shot skyrocketed. Dems are the true oil barons, not repubs. Al Gore owns 20k shrs of OXY stock and corn!

[Lapaixchezvous]

a he or a she?

/watch?v=WHnl-oLbz3k

[bcapecci]

it is extreamly ignorant to blam this problem on a specific party,it is neithers fault it started but boths fault it hasn't been fixed!!! democrats won't let us drill for oil in our own country because they worried about saving fucking useless bears and republicans significantly contibuted with the war on terror which signicantly hurt this problem. will the econmy get better? eventully but dont be suprised if the gas prices contiune to rise. TIME TO MOVE TO SAUBI ARABIA (20cents for life)!!!

[TylerNull]

Who needs oil companies when we have rabid Leftists to prophesize our demise. If there's no oil, then Dem's wouldn't squeal like stuck pigs whenever oil biz try to explore or drill for it. Seriously, give reality a chance.

Kill all? The extermination of the human species is the holy sacrament of Liberalism, as proselytized by tenured professors arross America. The european Leftists at The Economist even hailed such an idea as the "Greatest Idea of the Millenium", in their millenium issue.

[murphy980]

Bush and Cheney have destroyed this country.

[endo1ver]

Bush has stopped us from drilling for oil in Alaska, off Florida. He has stopped us from building Nuclear power plants. He is just out to get us all.

Wait a minute, I think it is the Democratic tree huggers who are doing all those things. Not Bush, Al Gore and his lot. Gosh you may be wrong when you make that statement.

[murphy980]

no i don't think so

[endo1ver]

In that case vote for Obama or Hillary and hold your breath until oil prices go down without more drilling and Nuc plants.

Good Luck!

[TylerNull]

The endless labyrinth of federal laws criminalizing oil exploration & drilling on land and off our shores expose your lie.

But keep up your high volume of posts, I'm sure it will make up for your lack of logic.

[murphy980]

Please not ann coulter,i can't stand that woman.

[santafegrl]

Price of Gas in America

[TylerNull]

"Peak Oil"

Democrats criminalize the act of oil exploration; criminalize the act of drilling for oil where it's been found; criminalize the act of building newer, more efficient oil refineries; and then ... drumroll please ...

point to the damage their policies inflict to proclaim that earth has run out of oil!

Liberism is a very bad joke against humanity.

[TylerNull]

Liberal platform: Ignore reality whilst endlessly reciting Leftist propaganda, peppered with well worn mantras, in the hope that the volume of posts will magically bend reality, or at least innoculate a few more Useful Idiots from it.

[TylerNull]

Step one: Do you understand the term "RACE HUSTLING"?

Ninny

[murphy980]

i don't understand "race hustling",explain 2 me please

[TylerNull]

Democrats (Big Government) first outlaw the act of exploring for oil. Then they point to the damage their policies inflict as "evidence" of the need for more of their damaging policies.

Shameless.

Brazil just found another just a few months ago -- one of the largest reserves ever found.

Russia is finding so much oil in the Arctic, they're trying to annex it.

[TylerNull]

Expose one bit of Leftist mythology, and the devout shamelessly proffer another. Here's the Democrat spawned MORTGAGE MESS ( a 3 step fraud):

Step 1 -- "Redlining" -- Fake outrage over lenders NOT lending money to those who can't repay.

Step 2 -- "Predatory Lending" -- Fake outrage over lenders lending money to those who can't repay.

Step 3 -- "Community Reinvestment Act" -- Establish FEDERAL LAW empowering race hustling activists to dictate lending practices to banks. Let fester.

[TylerNull]

I just exposed the illogical premise at the core of your gibberish.

You respond by rewording and reciting your Leftist propaganda.

Demorats proudly boast of their laws and law suits (like Anwar) preventing oil companies from growing their businesses , big, little, and medium sized.

[sistochris]

Yikes!!! Why do I feel so insecure about money? Gas and food and medicine, not to mention going to the doctor. I have totally downsized and still am not making it. I know I should just be grateful that I have the basics, since so many don't. Well, I guess I'll escape into youtube vidos so I don't have to worry about money.

[roguerock22]

Actually, the increase in temp. may be caused by increased solar activity, which in turn may be caused by a tenth planet, that has been located and is still being tracked from a specially made I.R. telescope in Texas by NASA (if they told the truth for some rare occasion). They hav apparently covered it up, and now keep quiet about the planet. See my playlist: Advancing Humankind, vid. An Easy Guide to understanding Planet X and 2012. I say MAY be cause I havn't resrched it yet.

[TylerNull]

Boogie man, tenth planet, ...

OR,

we can just assume the Leftist's evil-magical gas (CO2) theory is valid, and look at the NASA satellite data to see the inefficient socialists pumping out 99% of the stuff

(VIDEO: Socialism = Pollution).

Even Leftist lies are based on a lie.

[roguerock22]

Tyler, that's funny. Boogie man. I've never researched him (or her)LOL, but I hav heard of some actual data on Nibiru. If you WANT to research a little watch the vid. that I recommended in the last post. It really is quite interesting, and remember, don't take ANYTHING too seriously. Life is only as real as you think it is. If u want to believe it is made of leftist rightwingers soda pop surrounded by nothing and no one, then it is. What hv u resrched that is interesting to u so far?

[codediporpal]

This is incorrect. Speculators *CANNOT* effect the price of commodities unless they hoard supply, like what is happening with rice. Some countries like the US are filling up strategic reserves (hoarding), which has a modest effect on prices, but otherwise where is the hoarding? Misinformation from CBS. Shame on you.

[TylerNull]

Finally, just in case their illogical twaddle fails to decieve, the fanatical Left throw in a preemtive attack against any and all who dissent with Leftist mythology.

You are welcome to keep worshipping your thermometer gods, but scientists (the real ones) call it "weather", and can predict it only locally, only within 100 hours, not globally, 100,000 hours from now.

Please update both your evil-oil-company propaganda and your hoax.

[TylerNull]

If oil companies are so intent on NOT growing their business, then why are Democrats so active in writing laws to prevent oil companies from growing their business?

Pick a set of lies that don't contradict one another.

[TylerNull]

Oil companies were caught trying to earn money? Something must be done!

Anwar is just one spot on this vast continent. Oil companies aren't even allowed to explore off our own coast, even in international waters.

Several years? Democrats have been hobbling our nation over Anwar for DECADES.

[AmericansForChange]

This is...moronic. Anyone else feel like the mainstream media takes the American people for idiots?

[4lafs]

lol that was one nervous pig.

[JiveDadson]

Oh for Pete's sake. The fall in the dollar is due to government spending and reckless monetary policy by the Fed. The dollar was falling when all the pundits said the economy was great shakes. It's the money, stupid. Too many dollars and dollar credit.

Speculators do not take physical delivery of oil, so they never reduce supply. Demand from Asia and emerging economies is at all-time highs and growing, and supplies are not rising. Supply and demand. Learn those two words.

[barillitas]

fokgktjh

[sergey444]

lol we might get to $3.60 a gallon this summer... OMG like thats a lot?

Its already $3.59 here in Oregon and over $4+ in California.

California will have $5+ gas by the end of summer.

[JiveDadson]

$3.84 in The People's Republic of California.

[gvandiver]

You are getting Fucked Bitch Don't believe a word these ASSHOLES tell you. George Bush has Fucked us all He has destroyed this country beyond repair FUCK YOU GEORGE BUSH

[sergey444]

its not just George Bush, blame the ignorant Congress and the even more ignorant Federal Reserve.

They're making money out of thin air, and now its easier than ever... money doens't even need to get printed, they can just push a button and *POOF* money appears on the computer screen. This devalues our currency. The bank bailouts, the stupid stimulus package will do nothing more than damage the US economy even more, and we will be going into freefall

[roguerock22]

YES! correct. They will hv their hayday, but we will continue to educate the people and they will decide what action to take when they decide they will not take any more abuse. When we see and understand what is happening, we will over power the selfish weak hearted fearminded greedy , lonely, manic depressant souls who currently don't hv enough peace and hope to feel and give LOVE. They are in constant turmoil, anguish and self-inflicted oppression. They are obese, unhealthy, insomiacs...

[roguerock22]

I do however hv hope that SOME of them will see the incredible HOPE and PASSION and undieing eternal LOVE that so many of us "PEASANTS" hv and will snap out of it and fell ALIVE again. Or maybe for the FIRST time since they can remember! It will be so wonderful! Pie in the sky, sure, but that's always been or strength. As Gandalf said "Only a fool's hope." This refers to the Illogical reasoning for HOPE. HOPE is really what drives us all. Whenever we run critically low, we damage others.LOVEALL

[roguerock22]

The dems and repubs all work together. Its part of an old theme called divide and conquer. "Repub" Ron Paul and "Dem" Mike Gravel were the only 2 that would hv helpt us, tho in diff. ways, either would hv been real, and NOT worked with the evil Illuminati and the buyouts and wallet padding and Federal Reserve Jekyll Island, currency inflation, nation crashing, people killin, world dictatin New World Order/Novus Seclorus Ordo Annuit Coeptis (The New World Order is in Place)as it says on $1 bill.

[Boomer1949]

What these guys failed to put in their little drawing was that the dollar started it's slide after the invasion of Iraq. Countries like Iraq were switching their oil reserve currency to Euro away from the dollar, this in turn devalued the dollar on the world market. In an effort to save the dollar and stop the dumping of the dollar, Bush invaded. Well, that didn't work out too well did it?

[EliseForJoy]

They talk about it being the speculators. Well, what about the fact that Greenspan set up an economy with the "supply side" philosophy" that helped the "trickle down" theory catch hold for 2 decades. The jobs were outsourced, Americans have had to buy things on credit rather than their lousy $ 9 an hour jobs. And then when the sub prime mortgage mess hits, coupled with our hundred billions of bailout, the dollar's weak. BECUZ WE LET THESE JERKS GO AHEAD WITH THESE NEW STUPID ECONOMIC THEORIES!

[f3hdemon]

Golly Gee Wiz! I can't wait to see the cartoon these morons draw to show the depression America will be in a year from now, when the dollar crashes, when unemployment rises to 12-18 percent, I can't wait to see what these pricks draw then!!!

[josh6132003]

I say we hang these speculators and kill them all.

[TylerNull]

I'm certain the price has nothing whatsoever to do with the federal government outlawing new oil supply; nothing whatsoever to do with the fact that exploring for oil is outlawed in America; drilling for new oil is outlawed in America; increasing distribution capacity is outlawed in America; building new refineries is outlawed in America.

Leftists serve the pap, and Useful Idiots swallow it all.

[codediporpal]

CBS is spreading disinformation. Speculators cannot affect the price of a commodity unless they hoard it (like is happening w/ rice, & gold somewhat). Speculating with futures contracts has no effect on the price of oil.

[MeLikeGoFast]

While it cannot set the price it can exagerate the effects from issues which arise that are related to oil. That is due to the herd mentality that speculators have. For example supply concerns should rise the price but the speculators make the rise bigger by all speculating in one direction at once.

[161803]

Speculators of the sort you describe can only have a short-term affect on prices; there is only so much oil you can inventory at any given time.

[MeLikeGoFast]

I agree.