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$380 a Barrel for Oil ????????????????? #7618109
07/02/22 09:16 PM
07/02/22 09:16 PM
Joined: Jul 2016
Posts: 3,785
NY
Canvasback2 Offline OP
trapper
Canvasback2  Offline OP
trapper

Joined: Jul 2016
Posts: 3,785
NY

Re: $380 a Barrel for Oil ????????????????? [Re: Canvasback2] #7618112
07/02/22 09:18 PM
07/02/22 09:18 PM
Joined: Jul 2016
Posts: 3,785
NY
Canvasback2 Offline OP
trapper
Canvasback2  Offline OP
trapper

Joined: Jul 2016
Posts: 3,785
NY
At $15.00 a Gallon, that will be $300.00 a week just to fill up the tank on the Truck !

Re: $380 a Barrel for Oil ????????????????? [Re: Canvasback2] #7618113
07/02/22 09:18 PM
07/02/22 09:18 PM
Joined: Jan 2014
Posts: 16,686
North East Kansas
Marty Offline
trapper
Marty  Offline
trapper

Joined: Jan 2014
Posts: 16,686
North East Kansas
you will own nothing and be happy



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Re: $380 a Barrel for Oil ????????????????? [Re: Canvasback2] #7618114
07/02/22 09:18 PM
07/02/22 09:18 PM
Joined: Jul 2016
Posts: 3,785
NY
Canvasback2 Offline OP
trapper
Canvasback2  Offline OP
trapper

Joined: Jul 2016
Posts: 3,785
NY
$75.00 a Week to Mow the LAWN !! shocked

Re: $380 a Barrel for Oil ????????????????? [Re: Canvasback2] #7618115
07/02/22 09:20 PM
07/02/22 09:20 PM
Joined: Jul 2016
Posts: 3,785
NY
Canvasback2 Offline OP
trapper
Canvasback2  Offline OP
trapper

Joined: Jul 2016
Posts: 3,785
NY
Raccoon prices will be through the ROOF !! LOL

Re: $380 a Barrel for Oil ????????????????? [Re: Canvasback2] #7618152
07/02/22 10:02 PM
07/02/22 10:02 PM
Joined: Feb 2009
Posts: 3,252
minnesota
M
mnsota Offline
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mnsota  Offline
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Joined: Feb 2009
Posts: 3,252
minnesota
Originally Posted by Canvasback2
Raccoon prices will be through the ROOF !! LOL


Ha Ha,..you remember those threads,..we're all rich!

Last edited by mnsota; 07/02/22 11:17 PM.
Re: $380 a Barrel for Oil ????????????????? [Re: Canvasback2] #7618160
07/02/22 10:20 PM
07/02/22 10:20 PM
Joined: Feb 2021
Posts: 879
Wisconsin
M
Mad Scientist Offline
trapper
Mad Scientist  Offline
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M

Joined: Feb 2021
Posts: 879
Wisconsin
Looks more like an ad for JP Morgan.

Re: $380 a Barrel for Oil ????????????????? [Re: Canvasback2] #7618167
07/02/22 10:32 PM
07/02/22 10:32 PM
Joined: Feb 2012
Posts: 1,749
Northeast Wisconsin
N
NE Wildlife Offline
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NE Wildlife  Offline
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Joined: Feb 2012
Posts: 1,749
Northeast Wisconsin
Yes, that is basically a add for J.P. Morgan. Bunch of crooks



Re: $380 a Barrel for Oil ????????????????? [Re: Canvasback2] #7618223
07/03/22 01:04 AM
07/03/22 01:04 AM
Joined: May 2011
Posts: 12,986
Oakland, MS
yotetrapper30 Offline
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yotetrapper30  Offline
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Oakland, MS
Be curious to hear what white or any of the other financial gurus have to say.

$300 a barrel crude would bring the US to it's knees, I'd think.


~~Proud Ultra MAGA~~
Re: $380 a Barrel for Oil ????????????????? [Re: Canvasback2] #7618228
07/03/22 01:30 AM
07/03/22 01:30 AM
Joined: Aug 2011
Posts: 37,236
james bay frontierOnt.
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Boco Offline
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Boco  Offline
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Posts: 37,236
james bay frontierOnt.
Or $200 for a loaf of bread.


Forget that fear of gravity-get a little savagery in your life.
Re: $380 a Barrel for Oil ????????????????? [Re: Canvasback2] #7618310
07/03/22 08:03 AM
07/03/22 08:03 AM
Joined: May 2010
Posts: 9,050
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
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S

Joined: May 2010
Posts: 9,050
mn north of blakely
Originally Posted by yotetrapper30
Be curious to hear what white or any of the other financial gurus have to say.

$300 a barrel crude would bring the US to it's knees, I'd think.


Yup. I'm also waiting for jbyrd to post lol.

In the present times I can't see oil going that high, demand would be destroyed long before it got there. Now if they inflate the money supply another 40 or 59 percent like in the so called response to covid, I'd have to recalculate.

I think I could make a reasonable argument for 200 dollar oil in present terms


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: $380 a Barrel for Oil ????????????????? [Re: Steven 49er] #7618374
07/03/22 10:03 AM
07/03/22 10:03 AM
Joined: Jan 2018
Posts: 3,153
MN
D
Donnersurvivor Offline
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Donnersurvivor  Offline
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Joined: Jan 2018
Posts: 3,153
MN
Originally Posted by Steven 49er
Originally Posted by yotetrapper30
Be curious to hear what white or any of the other financial gurus have to say.

$300 a barrel crude would bring the US to it's knees, I'd think.


Yup. I'm also waiting for jbyrd to post lol.


I think I could make a reasonable argument for 200 dollar oil in present terms



200 would be brutal, do you foresee oil climbing? My brother and I were just talking about this, he thinks it's going way up this fall, I have no idea.

Re: $380 a Barrel for Oil ????????????????? [Re: Canvasback2] #7618417
07/03/22 11:07 AM
07/03/22 11:07 AM
Joined: Dec 2008
Posts: 209
MICHIGAN
WANNABE-TRAPPER Offline
trapper
WANNABE-TRAPPER  Offline
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Joined: Dec 2008
Posts: 209
MICHIGAN
Demand destruction won’t let prices stay that high. There is already demand destruction. I have had two employees quit to take jobs way way closer to home.


Think beyond right or left don't be guilty of group think.
Re: $380 a Barrel for Oil ????????????????? [Re: Canvasback2] #7618419
07/03/22 11:16 AM
07/03/22 11:16 AM
Joined: May 2016
Posts: 2,875
Southern Illinois
F
Foxpaw Offline
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Foxpaw  Offline
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F

Joined: May 2016
Posts: 2,875
Southern Illinois
There has to be a turning around point someplace. The Interest right now is Dec of '22 and the next would be June of '23. Ideally the hedgers would like to leave someone else holding the bag so that when it blows off it will be liquid enough for them to get turned around. So there will be hype to get the public money in for the turn around. Get the hype in, then have a hurricane or pipeline shutdown or another trigger and its up and away and here comes the speculator which have a poor winning record but provide plenty of volume for the turn around.

As I've said before. Stay out of the swamps, because there is quicksand in there !

Re: $380 a Barrel for Oil ????????????????? [Re: Canvasback2] #7618467
07/03/22 12:57 PM
07/03/22 12:57 PM
Joined: Mar 2007
Posts: 33,547
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
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"General (Mr.Sunshine) Washington"
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Posts: 33,547
McGrath, AK
Is $380/bbl possible ? Sure it is but I would guess that the probability of such an event is way down in single digits.

We are already seeing demand destruction in oil markets and slowdowns in the housing industry. Layoffs of workers are beginning to happen.

If oil went that high I believe it would put an end to almost all economic activity world-wide.

If oil starts moving faster, so will the Fed. If the Fed has to choose between $380 oil and recession, it will choose recession in a heartbeat.

I believe we are already in a recession. First quarter real GDP was -1.6% and second quarter was -2.1%. That meets the classic definition of a recession....2 consecutive quarters of negative growth.

OPEC has very little ability to increase oil production but Venezuela, Iran, and the US still have spare capacity.

I also believe that speculators will exit the market way before we reach that price level. The risk far outweighs the potential reward. It would be far too likely for government to step in and essentially nationalize the oil industry for "national security" reasons. No investor or speculator wants to be holding the bag at that point.

I am confused about how some see this as an ad for JP Morgan ????


Mean As Nails
Re: $380 a Barrel for Oil ????????????????? [Re: white17] #7618581
07/03/22 04:13 PM
07/03/22 04:13 PM
Joined: May 2016
Posts: 2,875
Southern Illinois
F
Foxpaw Offline
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Foxpaw  Offline
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Joined: May 2016
Posts: 2,875
Southern Illinois
Originally Posted by white17
I am confused about how some see this as an ad for JP Morgan ????


I guess maybe when people associate the 4 horsemen of oil and Federal Reserve people just naturally come to conclusion of guilt by association or at least as not trust worthy. Just a guess.

Maybe the Titanic was sunk by the shooter over on the grassy knoll to start the Fed Reserve, lol.

Re: $380 a Barrel for Oil ????????????????? [Re: Canvasback2] #7618635
07/03/22 05:44 PM
07/03/22 05:44 PM
Joined: Apr 2010
Posts: 3,494
Ohio
S
stinkypete Offline
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Joined: Apr 2010
Posts: 3,494
Ohio
Thank you White17. Very good explanation. IMO. We are all ready in a recession. Where we go from here is anyone’s guess. Price of oil etc... Things can change in a minute. Stay tuned.

Re: $380 a Barrel for Oil ????????????????? [Re: Donnersurvivor] #7618749
07/03/22 09:22 PM
07/03/22 09:22 PM
Joined: May 2010
Posts: 9,050
mn north of blakely
S
Steven 49er Offline
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Steven 49er  Offline
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Joined: May 2010
Posts: 9,050
mn north of blakely
Originally Posted by Donnersurvivor


200 would be brutal, do you foresee oil climbing? My brother and I were just talking about this, he thinks it's going way up this fall, I have no idea.


I don't expect oil to climb other than typical market fluctuations.

In 2020 when oil went negative and presidents were signing stimulus plans I felt oil was going to $100 easy and unlike the oracle of Kentucky I put my money where mouth is so to speak. Part of the reason I felt oil was going to climb was that I was expecting the USD to lose value, although it did in the beginning and has come back strong for whatever reason(I know why). It's hard to say where oil would be if the dollar had went south and was trading under 90 on the dxy.

I am of the belief the FED will raise rates one more time and then pivot. If the FED pivots before it kills inflation, that is where I see the potential for 200-dollar oil.

I agree Ken, we are in the beginning phase of a full blown recession, my son asked me in April if I thought there would be one, my answer was too late, we are in it.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: $380 a Barrel for Oil ????????????????? [Re: Canvasback2] #7618792
07/03/22 10:19 PM
07/03/22 10:19 PM
Joined: Jul 2017
Posts: 2,193
Ohio
W
Willy Firewood Offline
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Joined: Jul 2017
Posts: 2,193
Ohio
Did someone say oil?

Yep, I am still alive. I toughed thru the heart problems and escaped from the hospital. They planned no additional tests or procedures so not much point being there.
The cardiologist scheduled an appointment for August - no real time issue here. So I am looking for a new cardiologist.
Thanks for your prayers!

Back to oil.
Nobody wants to see $380 oil.
Nobody wanted to see oil top $200 during the Obammy administration. But it did.

About a year ago, some investors were buying in on oil contracts at $200 for 12/22. They may cash in?

Before $380, everything else will be on the rocks. There will be economic and societal breakdown.

There is still plenty of capacity in the oil shale region of Ohio. About 3 miles from my home a rig is drilling. The new site pad will support 8 wells. A second pad can be added for another 8 wells.

I also believe that speculators will exit the market way before we reach that price level. The risk far outweighs the potential reward. It would be far too likely for government to step in and essentially nationalize the oil industry for "national security" reasons. No investor or speculator wants to be holding the bag at that point.

As White says above at some point, the Feds would nationalize the petroleum industry. Wouldn’t that be a hoot! The devil would be in the oil patch for sure then!

Re: $380 a Barrel for Oil ????????????????? [Re: Canvasback2] #7618840
07/04/22 12:19 AM
07/04/22 12:19 AM
Joined: Jan 2014
Posts: 16,686
North East Kansas
Marty Offline
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Marty  Offline
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Joined: Jan 2014
Posts: 16,686
North East Kansas
The U.S. Oil & Gas Association took a hit at President Biden after he tweeted on Saturday that "companies running gas stations" should simply "bring down the price you are charging at the pump," telling him that he should "please make sure the WH intern who posted this tweet registers for Econ 101 for the fall semester."

laugh



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