Fast Draw: Oil Prices

Josh Landis and Mitch Butler of the "Fast Draw" team take a close look at what determines the price of oil and the impact price fluctuations have on the overall U.S. economy.

[sunniemi]

There is a growing number of us small businesses that use credit card terminals and end up with a lease of usage from such as LFG out of chicago. I lost my business due to a fire and LFG will not close the account. They are trying there best with threats and nasty phone calls daily insisting I owe four years of usage on equipment that was destroyed by fire. Consumers take for granted that businesses accept credit cards do not realize the problems small businesses have in dealing with the convience. I am so distraught over this matter and LFG calling saying Lawsuit is next in the State of New York and I will have to appear in front of a Judge. I searched online and found Ripoff Report where there are many small businesses with same problem. How can this be stopped. Thank you
Jane Grodi
email [e-mail]

[cowboy8s]

Okay. So you say that the price per barrel is rising because of the decline in the value of the American dollar?! Well, let me see. If the oil that we are purchasing is Foreign, and obviously controlled by their perspective governments, then wouldn''t it be possible that the increase of the cost of Foreign Oil is what is causeing the drop in the value of the American dollar? It seems to be convenient to be happening during a time of war in the Middle East. Lets not mention the hundreds of thousands of dollars put out due to the illegal immigration in this country. My personnal feelings would be to get our troups out of Iraq & Afganistan, bring them home to help fight the immigration problem, and rebuild the strength in this country. Don''t buy Foreign Oil. Problem solved!

[seabelly]

Guys - nothing for nothing, but didn''t anyone tell you not to smile when you''re telling someone bad news? You looked pleased as punch to tell us that oil prices are bad and that they''re going to get a lot worse. Great news. White smiles. Props to your dentists.

[geophysgal]

When looking for oil, from the very first point on which the oil will is dug to when you put the nozzle in your gas tank is a minimum of 4.5 years. And really, that is a best case scenario. It''s more like 5 to 5.5.
This indicates, to me, that the price of oil is more likely based on what these guys are talking about rather than supply or conflict.
JB

[hulky7]

You should still consider the tension in The Persian Gulf against Iran. Every time there is a major tropical storm in the Gulf of Mexico makes a jumpstart for the price the oil to go up. These two factors make an impact on the price of oil.

Glen