Analyst sees oil dropping to $50 on global economic slowdown

Wandering Daoist · 10-07-2008, 09:53 PM

Analyst sees oil dropping to $50 on global economic slowdown
http://www.bloggingstocks.com/2008/1...omic-slowdown/

SOURCE: BloggingStocks.com

Oil prices are headed back to $50, according to analyst at an investment firm based in Russia.

Wasn't this predicted by Lindsay Williams? He said oil will be in the
50s.....

Wandering Daoist · 10-07-2008, 09:58 PM

From Novosti

http://en.rian.ru/russia/20081007/117512978.html

MOSCOW, October 7 (RIA Novosti) - World oil prices could plunge to $50 per barrel amid the ongoing global financial crisis but are likely to stabilize at $80-90 per barrel, a senior Russian government official said on Tuesday.

"The options of oil prices falling to $50 per barrel are being discussed. However, we [the Economic Development Ministry] consider real prices to be $80-90 per barrel," Andrei Klepach, deputy economic development minister said.

Wandering Daoist · 10-08-2008, 05:46 AM

Gas expected to dip below $3 a gallon
Tuesday, October 7, 2008 10:31 PM
By DAN GEARINO/THE COLUMBUS DISPATCH

Gasoline prices are dropping across Ohio and analysts say the downward trend will continue past $3 per gallon, a level that drivers haven't seen since February.

"We're going to get below $3, maybe $2.80 or $2.90," said Jim Ritterbusch, president of energy consultants Ritterbusch and Associates.

The average price today in Columbus was $3.21 a gallon for regular unleaded, according to Gaspricewatch.com, though some stations are already selling gas near the $3 mark.

stefaan · 10-08-2008, 08:58 AM

Somewhere I heard/read the price shouldn't drop below $80. The average cost to produce is like $80 nowadays***. In that case the revenue is zero or below zero. Seems not right, but I remember it like that. If the oil-compagnies don't get any revenue, it's alright with me. But there would be consequences of course.

Could the following site give some insight ?
Oil Price History and Analysis

*** I 'm looking to confirm this, but so far didn't find anything

Richard T · 10-08-2008, 09:22 AM

Hi Stefaan.

http://www.opec.org/home/basket.aspx

Yearly average Oil barrel prices were below 80$ before 2008 (see link above).
Somehow, I doubt that production cost followed the curve of the market.
But of course, it would suit the oil companies well to suggest the cost of production is higher than it actually is. Simply makes them look better (or not as bad).

Extraction from tar sands, like they do in Alberta, Canada, is quite expensive though.

Alberta is an important oil provider to the US.

MMe M · 10-08-2008, 09:24 AM

Lindsay Williams did say oil would drop back down to 50.00 a barrel after hitting record heights. Just search his name under video.

Another thing, the gas prices are much higher than they were the last time the barrel was at this price. If it is at all possible, the dollar has fallen even lower than last year. Seriously, check out his information.

stefaan · 10-08-2008, 11:33 AM

Quote:

Originally Posted by Richard T

Hi Stefaan.
... Simply makes them look better (or not as bad).
... Extraction from tar sands, like they do in Alberta, Canada, is quite expensive though.

Is the "basket" price the price to produce the oil?

Peak Oil tells us production costs will raise higher and higher.
But then you have indeed, dominee Lindsay Williams who claims there's an oil field above Alaska twice as big as the greatest fields in the middle-east. In his view peak oil is a hoax.
Who can we believe these days?

Richard T · 10-08-2008, 08:07 PM

Basket price is not production cost. But what the market pays for oil could not go below cost. If that happened, producers would reduce their production and price would go straight up.

If there is something I am sure of is that the oil cartels are not in it to lose money.

Myplanet2 · 10-08-2008, 11:55 PM

Quote:

Originally Posted by Wandering Daoist

Analyst sees oil dropping to $50 on global economic slowdown
http://www.bloggingstocks.com/2008/1...omic-slowdown/

SOURCE: BloggingStocks.com

Oil prices are headed back to $50, according to analyst at an investment firm based in Russia.

Wasn't this predicted by Lindsay Williams? He said oil will be in the
50s.....

You're right! I'd forgotten he said that. I may go back and watch his video again.

Wandering Daoist · 10-09-2008, 02:14 AM

He not only predicted $2.80 gal gasoline, but he also predicted PALIN, since PALIN is the "SURPRISE" he said would guarentee MCCAIN's election.

Not only did Palin FIT his prediction she is from ALASKA.

I just filled up for $3.09 today....

Arcane Son · 10-09-2008, 02:54 AM

Quote:

Originally Posted by MMe M

Lindsay Williams did say oil would drop back down to 50.00 a barrel after hitting record heights. Just search his name under video.

Another thing, the gas prices are much higher than they were the last time the barrel was at this price. If it is at all possible, the dollar has fallen even lower than last year. Seriously, check out his information.

I remember LW saying that now that you mention it. You piqued my curiosity so I did a quick search to refresh my memory. I found this on another site. Should be interesting to see which of his claims actually unfold.

-- -------------------------------

In this shocking interview, Lindsey Williams makes some incredible claims after a conversation with a high level oil executive. Before you laugh at what you are about to read - Lindsey Williams accurately predicted Gasoline going to $3 / gallon back when it was worth 60 cents.

* Crude Oil is going back to $50 a barrel.

* McCain is selected to be the next President of the United States, and everything in their power will be done to prevent Barack, OR HILLARY from having any chance of gaining the presidency.

* Two giant oil fields will be 'released as new found discoveries' - namely a 90 Billion Barrel Deposit in Russia, and a second one in Indonesia.

* A fresh cold war will be started with Russia regaining superpower status.

* Iran, and several middle east nations will be deliberately and financially ruined.

* The world will be flooded with cheap oil.

* Iran will not be attacked, but starved out financially - do note that financial institutions around the world have been forced to stop trading and exchanging with Iranian banks. This isolation of currency inhibits their ability to buy and sell their oil in a practical and efficient manner.

* Lindsey Williams has been the author of several DVDs, and books, which are no longer availble on the market, this is under death threat to himself and his family.

* Prudhoe Bay Alaska, and Gull Island Alaska have enough oil to break dependency on foreign imports, this is not counting the massive oil reserves under Montana.

MMe M · 10-09-2008, 06:10 AM

Well everything he has said so far has been spot on. Its hard to dismiss a man that has so accurate a record. Im not crazy about the religion but to be fair the man is well meaning and a preacher besides. How he came about his info was as a missionary in prudhoe bay alaska.

Glad you looked, I watched his video in January.

10-07-2008, 09:53 PM	#1
Wandering Daoist Avalon Senior Member Join Date: Sep 2008 Location: USA Posts: 20	Analyst sees oil dropping to $50 on global economic slowdown Analyst sees oil dropping to $50 on global economic slowdown http://www.bloggingstocks.com/2008/1...omic-slowdown/ SOURCE: BloggingStocks.com Oil prices are headed back to $50, according to analyst at an investment firm based in Russia. Wasn't this predicted by Lindsay Williams? He said oil will be in the 50s.....

10-07-2008, 09:58 PM	#2
Wandering Daoist Avalon Senior Member Join Date: Sep 2008 Location: USA Posts: 20	Re: Analyst sees oil dropping to $50 on global economic slowdown From Novosti http://en.rian.ru/russia/20081007/117512978.html MOSCOW, October 7 (RIA Novosti) - World oil prices could plunge to $50 per barrel amid the ongoing global financial crisis but are likely to stabilize at $80-90 per barrel, a senior Russian government official said on Tuesday. "The options of oil prices falling to $50 per barrel are being discussed. However, we [the Economic Development Ministry] consider real prices to be $80-90 per barrel," Andrei Klepach, deputy economic development minister said.

10-08-2008, 05:46 AM	#3
Wandering Daoist Avalon Senior Member Join Date: Sep 2008 Location: USA Posts: 20	Re: Analyst sees oil dropping to $50 on global economic slowdown Gas expected to dip below $3 a gallon Tuesday, October 7, 2008 10:31 PM By DAN GEARINO/THE COLUMBUS DISPATCH Gasoline prices are dropping across Ohio and analysts say the downward trend will continue past $3 per gallon, a level that drivers haven't seen since February. "We're going to get below $3, maybe $2.80 or $2.90," said Jim Ritterbusch, president of energy consultants Ritterbusch and Associates. The average price today in Columbus was $3.21 a gallon for regular unleaded, according to Gaspricewatch.com, though some stations are already selling gas near the $3 mark.

10-08-2008, 08:58 AM	#4
stefaan Avalon Senior Member Join Date: Sep 2008 Location: Heaven Posts: 186	Re: Analyst sees oil dropping to $50 on global economic slowdown Somewhere I heard/read the price shouldn't drop below $80. The average cost to produce is like $80 nowadays*. In that case the revenue is zero or below zero. Seems not right, but I remember it like that. If the oil-compagnies don't get any revenue, it's alright with me. But there would be consequences of course. Could the following site give some insight ? Oil Price History and Analysis * I 'm looking to confirm this, but so far didn't find anything

10-08-2008, 09:22 AM	#5
Richard T Avalon Senior Member Join Date: Sep 2008 Posts: 179	Re: Analyst sees oil dropping to $50 on global economic slowdown Hi Stefaan. http://www.opec.org/home/basket.aspx Yearly average Oil barrel prices were below 80$ before 2008 (see link above). Somehow, I doubt that production cost followed the curve of the market. But of course, it would suit the oil companies well to suggest the cost of production is higher than it actually is. Simply makes them look better (or not as bad). Extraction from tar sands, like they do in Alberta, Canada, is quite expensive though. Alberta is an important oil provider to the US.

10-08-2008, 09:24 AM	#6
MMe M Avalon Senior Member Join Date: Sep 2008 Posts: 211	Re: Analyst sees oil dropping to $50 on global economic slowdown Lindsay Williams did say oil would drop back down to 50.00 a barrel after hitting record heights. Just search his name under video. Another thing, the gas prices are much higher than they were the last time the barrel was at this price. If it is at all possible, the dollar has fallen even lower than last year. Seriously, check out his information. Last edited by MMe M; 10-08-2008 at 09:27 AM.

10-08-2008, 08:07 PM	#8
Richard T Avalon Senior Member Join Date: Sep 2008 Posts: 179	Re: Analyst sees oil dropping to $50 on global economic slowdown Basket price is not production cost. But what the market pays for oil could not go below cost. If that happened, producers would reduce their production and price would go straight up. If there is something I am sure of is that the oil cartels are not in it to lose money.

10-09-2008, 02:14 AM	#10
Wandering Daoist Avalon Senior Member Join Date: Sep 2008 Location: USA Posts: 20	Re: Analyst sees oil dropping to $50 on global economic slowdown He not only predicted $2.80 gal gasoline, but he also predicted PALIN, since PALIN is the "SURPRISE" he said would guarentee MCCAIN's election. Not only did Palin FIT his prediction she is from ALASKA. I just filled up for $3.09 today....

10-09-2008, 06:10 AM	#12
MMe M Avalon Senior Member Join Date: Sep 2008 Posts: 211	Re: Analyst sees oil dropping to $50 on global economic slowdown Well everything he has said so far has been spot on. Its hard to dismiss a man that has so accurate a record. Im not crazy about the religion but to be fair the man is well meaning and a preacher besides. How he came about his info was as a missionary in prudhoe bay alaska. Glad you looked, I watched his video in January.