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  • MINCE38 MINCE38 Oct 13, 2008 1:36 PM Flag

    If you are new to PGH...

    good post deb. I have no opinion as to the direction of oil either. I will just say this, if we are in a deflationary period which is not impossible, except for food, then we will know. Give it another month. Then youll know. We all will. -)

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    • Okay I'll bite.

      I believe that in the short term, oil is going to $65/barrel. My reason for this is very simple...

      Lindsey Williams says it is going to $65/barrel and that is probably a better reason than all the "supply and demand", "Credit crunch", "Iran, Iraq, China, India" technical analysis mumbo jumbo in the world.

      The truth of the matter is that oil is a highly manipulated commodity and can be priced at whatever the market makers want it to be priced at. The price of digging a hole, transporting the crude to refinery and distribution hasn't changed in a hundred years (adjusted for inflation).

      What's that? Peak oil? Pffft!. Give me a break. Peak oil is based on the THEORY that oil is a fossil fuel. It isn't. Take a look at this chart of Russian oil production: http://www.wtrg.com/oil_graphs/USSR90.gif and then ask a Russian geologist where all this 'new' oil came from... the answer you'll get will have the words "deep wells" , "abiotic" and "endless supply" in it...

      While I'm on that rant... what kind of moron would believe in the fossil fuel theory? Let me get this straight... millions of years ago there were plants and dinosaurs all over the earth, and then right before they died, they all went to Saudi Arabia, and Athabasca, Alberta (of all places) to commit mass suicide - where instead of being consumed by scavengers and insects and biodegrading like any dead animal or plant, they would mysteriously transform themselves into a petrochemical substance...

      Go ahead, make my day... get ten dead lizards and put them in your backyard and get back to me when you have a quart of oil...

      That being said, I don't expect the above info to have any effect on the price of oil, because like I said... the price of oil is NOT driven by THE REAL supply and demand... but rather by the artificial supply and demand created by the market makers.

      So anyways, I say $65 in the near term... and quite a bit higher in the long term...

 
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