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Pensacola Discussion Forum » General Discussion » Hey Z maybe your luck is changing...

Hey Z maybe your luck is changing...

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TEOTWAWKI

TEOTWAWKI

http://money.cnn.com/2016/01/22/news/economy/oil-prices-soar/index.html

It's been an absolutely insane few days for crude oil, the most closely-watched commodity on the planet.

Oil prices spiked 9% -- the biggest daily jump since August -- to close at $32.19 a barrel on Friday. It represents a dramatic rebound from Wednesday.

Hospital Bob

Hospital Bob

TEOTWAWKI wrote:http://money.cnn.com/2016/01/22/news/economy/oil-prices-soar/index.html

It's been an absolutely insane few days for crude oil, the most closely-watched commodity on the planet.

Oil prices spiked 9% -- the biggest daily jump since August -- to close at $32.19 a barrel on Friday. It represents a dramatic rebound from Wednesday.


The last sentence in that article...

"Have we put the low in? I doubt it," said Newsom. He thinks it's possible oil could even dive below $10 a barrel, a level it hasn't seen since November 2001.


I don't remember oil going below $10 a barrel back then,  do ya'll?
If that's true,  what did the price of gasoline go to at the time?

ZVUGKTUBM

ZVUGKTUBM

TEOTWAWKI wrote:http://money.cnn.com/2016/01/22/news/economy/oil-prices-soar/index.html

It's been an absolutely insane few days for crude oil, the most closely-watched commodity on the planet.

Oil prices spiked 9% -- the biggest daily jump since August -- to close at $32.19 a barrel on Friday. It represents a dramatic rebound from Wednesday.

No, my oil stocks are in the shitter. However, I am holding-out, banking on the fact that oil will rise again. One good war or international crisis should send it back up again. Or, the members of the Bilderberg Group may decide the world needs to pay more for its oil, and jack it up in price--kind of like they have with our food.

There is blood in the streets for those who thought they would become rich from the U.S. shale boom. Me, I played a little roulette with it, but I did not buy the casino. In fact, now is a good time to pick some oil up--small independent energy companies selling for $8-$10 per share 3 years ago can now be had for less than a nickel per share. So long as they don't file for bankruptcy, as many have, the share prices should rise back up again at some point.

The new "oil" is lithium, being used in batteries for EVs and other things. I have 500 shares of a lithium mining company in Nevada, also.

http://www.best-electric-barbecue-grills.com

knothead

knothead

Bob, I recall back in the day when gasoline was .23 cents a gal., I was a kid and my dad would pull up to the station and request $5.00 regular, of course, they checked the oil, tire pressure and washed the windshield.

Hospital Bob

Hospital Bob

knothead wrote:Bob, I recall back in the day when gasoline was .23 cents a gal., I was a kid and my dad would pull up to the station and request $5.00 regular, of course, they checked the oil, tire pressure and washed the windshield.


I remember those days too,  knothead.
And now you also have me wondering what the price of a barrel of oil was when gasoline in was 23 cents/gal.

But fast forward to 2001/2002. 
If the price of oil today is around $30.  And according to this the average price of gasoline is $1.61 in Alabama...
http://www.gasbuddy.com/USA

...  then it would seem to me if the price of oil was $10 in 01/02,  then the price of gasoline in Alabama should have been about 55 cents/gal.  And I don't remember it being that low then.

ZVUGKTUBM

ZVUGKTUBM

knothead wrote:Bob, I recall back in the day when gasoline was .23 cents a gal., I was a kid and my dad would pull up to the station and request $5.00 regular, of course, they checked the oil, tire pressure and washed the windshield.

Back in 1973 (before the 1st oil crisis), I remember driving away in disgust from a convenience store that wanted $0.30 per gallon. I refused to pay that price when I could get it for $0.25 per gallon just up the road.  Razz

http://www.best-electric-barbecue-grills.com

ZVUGKTUBM

ZVUGKTUBM

Enjoy the low prices while they last. The current oil glut will eventually get worked through, and the price will inevitably go up again.

I am still convinced that the world will run out of oil during this century. While I refuse to get caught-up in the sensationalism spawned by the climate change movement, I do believe the world needs to move beyond fossil fuels, and that is one good thing being promoted by that movement.

Technology is moving forward faster than we can keep up with it. Our energy source of the future will involve electricity/the electromagnetic spectrum. That in turn will lead to advanced power modules. Think first impulse-engines, then the jump to warp speed and interstellar travel. We will not get much beyond low-Earth orbit using rockets powered by kerosene mixed with LOX.

http://www.best-electric-barbecue-grills.com

knothead

knothead

ZVUGKTUBM wrote:
knothead wrote:Bob, I recall back in the day when gasoline was .23 cents a gal., I was a kid and my dad would pull up to the station and request $5.00 regular, of course, they checked the oil, tire pressure and washed the windshield.

Back in 1973 (before the 1st oil crisis), I remember driving away in disgust from a convenience store that wanted $0.30 per gallon. I refused to pay that price when I could get it for $0.25 per gallon just up the road.  Razz

As I am sure you know oil prices rebounded today somewhat which is good news for you and the market in general . . . . .. oil companies have been sticking it to the consumers for years and while I have empathy for you Zman with your investments those oil titans are getting their due at least for a while.

Guest


Guest

I've started picking up a few energy stocks... I'll buy more the further it dives.

knothead

knothead

PkrBum wrote:I've started picking up a few energy stocks... I'll buy more the further it dives.

Very smart . . . . . . fortunes are made in a down market pkr, good luck!

Hospital Bob

Hospital Bob

price of oil since WW2

Hey Z maybe your luck is changing... Gas10

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