Oil and gasoline...

[K Frame]

Oil dropped below $44 a barrel today, and gasoline is now under $1 wholesale for the first time in years.

And sector analysts are saying it's looking like prices will continue to drop as the economic problems continue to rankle.

Best of all, Iran, which had been saying it could weather any drop in oil prices, is now busily cutting spending and reworking its national budget. :)

But I'll TRULY be happy when Venezuela goes bankrupt and that idiot can no longer pay for all of the socialist welfare bribes that he's been giving to keep himself in power. Coup, anyone?

[mtnbkr]

...and that idiot can no longer pay for all of the socialist welfare bribes that he's been giving to keep himself in power.

Obama hasn't gotten into office yet.  Oh. Wait. You were talking about someone else. :D

Chris

[Balog]

Obama hasn't gotten into office yet. 

Chris

Sure he has.

[Lee]

I don't need no stinkin office.

http://www.cnn.com/2008/POLITICS/12/04/poll.troops/index.html
"And in a sign that Obama is enjoying a honeymoon with Americans right now, 64 percent of those polled approve of how he handled the terrorist attack in India."

[Don't care]

http://www.cnn.com/2008/POLITICS/12/04/poll.troops/index.html
"And in a sign that Obama is enjoying a honeymoon with Americans right now, 64 percent of those polled approve of how he handled the terrorist attack in India."

I know a number of truly ignorant people that think that Sarah Palin was Obama's running mate in the general election and will be Vice President in January.

[Balog]

I know a number of truly ignorant people that think that Sarah Palin was Obama's running mate in the general election and will be Vice President in January.

?!?!?!

[lupinus]

fall baby fall 

[Thor]

I don't need no stinkin office.

http://www.cnn.com/2008/POLITICS/12/04/poll.troops/index.html
"And in a sign that Obama is enjoying a honeymoon with Americans right now, 64 percent of those polled approve of how he handled the terrorist attack in India."

How HE handled those attacks?!?!?!?!? There was nothing for him to "handle"...  :rolleyes:

[Bigjake]

Enjoy it while it lasts folks, hyper inflation is coming to a gas station near you!

[erictank]

I don't need no stinkin office.

http://www.cnn.com/2008/POLITICS/12/04/poll.troops/index.html
"And in a sign that Obama is enjoying a honeymoon with Americans right now, 64 percent of those polled approve of how he handled the terrorist attack in India."

That's... pretty frightning, actually.   :|

[Gewehr98]

I couldn't believe it, so I went to CNN myself.

There it is, right there in the article:

And in a sign that Obama is enjoying a honeymoon with Americans right now, 64 percent of those polled approve of how he handled the terrorist attack in India.

All I can say is, "WTF?"

[Standing Wolf]

But I'll TRULY be happy when Venezuela goes bankrupt and that idiot can no longer pay for all of the socialist welfare bribes that he's been giving to keep himself in power. Coup, anyone?

If he can't raise cash selling oil, he can extort it from those who have money.

[Hawkmoon]

How HE handled those attacks?!?!?!?!? There was nothing for him to "handle"...  :rolleyes:

Correct.

But he did nothing exceptionally "presidentially."

[Kaylee]

Best of all, Iran, which had been saying it could weather any drop in oil prices, is now busily cutting spending and reworking its national budget.

The sad thing is... they know when they need to "cut spending and rework the national budget" instead of writing up a bailout to their oil producers.

Hooey, this is gonna hurt.

[Balog]

The sad thing is... they know when they need to "cut spending and rework the national budget" instead of writing up a bailout to their oil producers.

Hooey, this is gonna hurt.

QFT.

[Bogie]

Bailout for oil producers? I'm sorry, but I've already rofl'd for the day...
 
People got used to driving less. Demand went down. Add in price cuts from "winter" gas (as opposed to all the environmentally-required summer custom blends), and gas took a dive pretty darn fast. Just wait until next summer.
 
Obama be givin' us free gas while all the rich people buy their $5/gallon stuff! That'll show 'em!
 

[PTK]

I don't see hyperinflation coming anywhere in the USA anytime soon - what I see is the dollar being reset, more or less back to early 1970s value. The price on ALL goods I've been buying recently (except for guns and related supplies) have been dropping quickly.

[RocketMan]

The price on ALL goods I've been buying recently (except for guns and related supplies) have been dropping quickly.

We should be so lucky around here.  Inflation is still in full force, except for gasoline prices.

[Balog]

We should be so lucky around here.  Inflation is still in full force, except for gasoline prices.

Yep. We'll see what Jimmah the Carter redux does to the economy. I'm not hopeful.

[Gowen]

It is just amazing how as soon as the election is over and a democrat is elected that oil drops.  I guess that soros and his ilk don't need to speculate on oil anymore.

[RocketMan]

It is just amazing how as soon as the election is over and a democrat is elected that oil drops.  I guess that soros and his ilk don't need to speculate on oil anymore.

Sorry, not this time.  Oil was dropping significantly in price before the election.
The intermarket peak price of $147 per barrel was reached in July this year.  It has been falling ever since.  Some forecasters are even predicting $25/barrel oil by this time next year, but I think that's a bit optomistic.

[Gowen]

Sorry, not this time.  Oil was dropping significantly in price before the election.

Yes, but high oil was not helping the dems this time.  It had done it's work the last year and a half by fueling a level of discontent among the American people.  obama had made a slip of wanting high oil to force the American people into driving less.

[RocketMan]

Yes, but high oil was not helping the dems this time.  It had done it's work the last year and a half by fueling a level of discontent among the American people.  obama had made a slip of wanting high oil to force the American people into driving less.

Sorry, ain't buying it.  Oil prices went up and down the last few years purely due to the effects of market forces, commodities speculation, and the rise and fall of the dollar.
Obama (or Soros, et al) had nothing to do with it.

[Gowen]

soros specializes in currencies and has been know to buy commodities. No, he had noting to do with..... :rolleyes:

[RocketMan]

scanr, Soros doesn't have the financial muscle to affect the oil and currency exchange markets the way they've been moving the last few years.  He's rich, but he's not that rich.
It would have taken him and many others like him, working in concert, to manipulate those markets significantly.  Word would have gotten out if that was being done.

Besides, if Soros (et al) was behind it all, why didn't he wait until after the election to relinquish his control, instead of letting prices fall starting last July?  That seems a rather dumb move politically, if he wanted to make Obama out to be some kind of hero savior.