Comments on: Oil Prices Plunge Despite OPEC Cuts

1.5M Barrel-A-Day Cut Is Effort To Stem "Dramatic Collapse" Of Oil Prices

[dbaecht]

"Someone explain this to me: Here in Minnesota, there has been a drop in consumer use of electricity, people are just using less, so what does Xcel Energy, the producers of the electricity, do? They apply to the Public Utilities Commission for a rate increase! How''''s that? You people are using less of the product we supply, so our income is down, so now you have to pay MORE for what you''''re using LESS of? Is it just me, or is someone getting s-c-r-e-w-e-d here?
Peace

Posted by berniepeders"

It''s called DEREGULATION

[pjh822]

I weep for you, OPEC...NOT!!!

[gheemaster38]

Since the price of oil is down why are we still paying almost 3 bucks per gallon? Why is it that the price per barrel can increase by 25 cents every 5 minutes when the weather gets bad but when the prices drop we get like, 6 cent price drops every 2 or 3 days? I say it should have a dramatic drop of 1 more buck... RIGHT NOW!!

[hypnotoad72]

Someone explain this to me: Here in Minnesota, there has been a drop in consumer use of electricity, people are just using less, so what does Xcel Energy, the producers of the electricity, do? They apply to the Public Utilities Commission for a rate increase! How''''s that? You people are using less of the product we supply, so our income is down, so now you have to pay MORE for what you''''re using LESS of? Is it just me, or is someone getting s-c-r-e-w-e-d here?
Peace

Posted by berniepeders at 09:52 AM : Oct 25, 2008
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Quite. You''d think getting their big stadium with enough lights to keep them bathing in money would be enough...

Still, we can pretend any rate increases will go to build more windmills. That sort of Don Quixote thinking would certainly keep Don Quixote content...

[berniepeders]

Someone explain this to me: Here in Minnesota, there has been a drop in consumer use of electricity, people are just using less, so what does Xcel Energy, the producers of the electricity, do? They apply to the Public Utilities Commission for a rate increase! How''''s that? You people are using less of the product we supply, so our income is down, so now you have to pay MORE for what you''''re using LESS of? Is it just me, or is someone getting s-c-r-e-w-e-d here?

Wait, I forgot the best part! This is after they reported that their profits were only $222 million dollars last quarter! They were expecting more, but profits were down because consumers were using less.
How do you print the sound of someone screaming?
Peace

[berniepeders]

Someone explain this to me: Here in Minnesota, there has been a drop in consumer use of electricity, people are just using less, so what does Xcel Energy, the producers of the electricity, do? They apply to the Public Utilities Commission for a rate increase! How''s that? You people are using less of the product we supply, so our income is down, so now you have to pay MORE for what you''re using LESS of? Is it just me, or is someone getting s-c-r-e-w-e-d here?
Peace

[thepitbull13]

"The price of oil is adjusting to its fair market value. The reason is that the speculators have dropped out (they got burned big time) and are waiting for the bottom before getting back in."
__________________________
Speculators are still there and they also make money when the price falls. And it really would not matter if oil was traded in Euros or dollars because all global currencies are dropping. The first sign that prices started to drop happened when the US ban on oil exploration expired in early Oct. signalling to the speculators that supply could be boosted. Then separately global stock markets started to plummet, currency values fell. The economic mess will straighten out, but we as Americans should insist that congress investigate exact reasons banks failed (I have my own ideas-govt forced subprime lending practices) before we throw money at the problem. Until we find out why they crashed, we should not had out cash to these institutions only to continue the same behavior that got us into this mess.

[berniepeders]

At a $1.50 a gallon for gas, the oil industry had record profits.... All of this because of the greed of the oil companies! Posted by hunterdon6

Very well stated. I couldn''t agree more, and I''ve been trying to tell my friends the same thing for a long time. Too bad more people, especially those in a position to change things, didn''t see this coming. Well, they probably did, but they were getting rich too, so they did nothing to stop it.
Peace

[omnibus66]

The price of oil is adjusting to its fair market value. The reason is that the speculators have dropped out (they got burned big time) and are waiting for the bottom before getting back in.

Wall Street speculators are the ONLY reason we have been paying obscene prices for energy, with the complete blessings of our government.

[hunterdon6]

At a $1.50 a gallon for gas, the oil industry had record profits. Then they kept raising the price and keep getting record profits over record profits. And it continued to where it was $4.50 a gallon in some areas. This took a whole lot of money from the average persons paycheck. They could no longer afford new furniture, so furniture companies went under. They couldn''t afford to eat out as often, so record number of resaurants are going under. They can''t afford new cars, so car companies are laying off workers by the thousands. Then the people couldn''t afford to make their house payments, and we have a record number of people losing their houses. All of this because of the greed of the oil companies!