Crude oil tops $98 a barrel

BenBurch

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BenBurch
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HONG KONG (MarketWatch) -- Crude oil briefly topped $98 a barrel in Asian business hours Wednesday, amid weather-related disruptions in the North Sea and after the U.S. dollar hit a new record low against the euro in New York trading Tuesday.

Source.

You know, this could be really, really bad. Like 1930s bad. Like we buy everything from abroad and soon will be able to afford nearly none of it. That sort of bad. :eek:
 
BenBurch said:
HONG KONG (MarketWatch) -- Crude oil briefly topped $98 a barrel in Asian business hours Wednesday, amid weather-related disruptions in the North Sea and after the U.S. dollar hit a new record low against the euro in New York trading Tuesday.

Source.

You know, this could be really, really bad. Like 1930s bad. Like we buy everything from abroad and soon will be able to afford nearly none of it. That sort of bad. :eek:
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Meh, you almost start to sound like Ron Paul. The Dollar is
just fine. If it's declining in yesterdays rate, there are still
75 Days left until Dollar-doomsday...

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

:popcorn2
 
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BenBurch said:
You know, this could be really, really bad. Like 1930s bad. Like we buy everything from abroad and soon will be able to afford nearly none of it. That sort of bad. :eek:
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Was there any other outcome? Surely we didn't think the Asians were going to work for 25 cents an hour while investing in USD forever. They want to buy houses and cars too with the fruits of their labor. I don't see this as all bad and entirely Bush's fault. It should help US industry and put pressure on what what is inevitable, alternative energy.
 
And gold at $842 an ounce!!!!

My net worth has increased substantially over the last week alone. You see, I bought a few pounds of gold as a hedge investment back in 1999 in the $250-$300 range when the conspiracy whackos were warning everybody that the world was about to end.

Well, they were wrong about the world coming to an end, but I'm sure glad I listened to them about gold. Sometimes you can be right for all the wrong reasons.
 
BenBurch said:
You know, this could be really, really bad. Like 1930s bad. Like we buy everything from abroad and soon will be able to afford nearly none of it. That sort of bad. :eek:
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This could all change in a heartbeat when the grossly overvalued Chinese stock market makes its inevitable corerection and demand dries up in China.

You read it here first!
 
ZenFountain said:
Was there any other outcome? Surely we didn't think the Asians were going to work for 25 cents an hour while investing in USD forever. They want to buy houses and cars too with the fruits of their labor. I don't see this as all bad and entirely Bush's fault. It should help US industry and put pressure on what what is inevitable, alternative energy.
Click to expand...
Not alternative, nuclear.
 
BenBurch said:
You know, this could be really, really bad. Like 1930s bad. Like we buy everything from abroad and soon will be able to afford nearly none of it. That sort of bad. :eek:
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What're you on about? This is excellent news! More money for us, and stuff from abroad gets cheaper and cheaper :p
 
WildCat said:
Not alternative, nuclear.
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I am for nuclear power if it's done right and they stop stockpiling high level radioactive waste on site. Opposition to nuclear power is actually one of my main grievances with the left. They all love to talk about wind and solar, which is fine and part of the solution, but you still need power sources that are not intermittent and in massive quantities if we are going to electrify transportation. The cost of a nuclear power plant is so incredible though that there is no way to do it without intervention from good old Uncle Sam...hope you realize that. And there will still be plenty of need for traditional fuels in combustion and turbine engines.

;)
 
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ZenFountain said:
The cost of a nuclear power plant is so incredible though that there is no way to do it without intervention from good old Uncle Sam...hope you realize that.
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The process of bringing a new nuke plant online has been streamlined, recently the TVA filed the paperwork for the first new nuke plant since the 70's, we'll see how that goes.

Much of the costs are regulatory, not physical.
 
WildCat said:
Much of the costs are regulatory, not physical.
Click to expand...

Evidence? The only two nations with deep investment in nuclear power do it through heavy government management and long term state policies. The inherent risk to the public with nuclear power makes heavy regulation a necessary part of the process. I'll take nuclear power but I don't want it done on the cheap and without a long term plan for safe storage of waste that is piling up around the nation. Learn from the Japanese program, not Metropolitan Edison.
 
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Puppycow said:
Well, this should be interesting. What is this "Dollar-doomsday" and what will happen on that day? 75 days hence would be around Jan. 20th or so?
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The Dollar dropped one point yesterday - namely from 76.4 down
to 75.5. That's about one point. If this will continue in the same
speed, the Dollar will be at 0 points in 75 days (I doubt that this
will happen in this rate) :

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

Right now the Dollar is on a record low at: 75.1 points

http://quotes.ino.com/chart/?s=NYBOT_DX&v=s

ETA: And this is what happened in the last 6 months:

http://quotes.ino.com/chart/?s=NYBOT_DX&v=d6
 
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Puppycow said:
Well, this should be interesting. What is this "Dollar-doomsday" and what will happen on that day? 75 days hence would be around Jan. 20th or so?
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When the dollar was high, were all other economies in "doomsday"? I still haven't heard an explanation of why this is bad, unless you have a business that relies on exports to the US.
 
Oliver said:
The Dollar dropped one point yesterday - namely from 76.4 down
to 75.5. That's about one point. If this will continue in the same
speed, the Dollar will be at 0 points in 75 days (I doubt that this
will happen in this rate) :

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

Right now the Dollar is on a record low at: 75.1

http://quotes.ino.com/chart/?s=NYBOT_DX&v=s
Click to expand...
And then all those Germans whose jobs rely on BMW and Daimler-Benz sales to the USA will be jumping for joy, yes? :rolleyes:
 
I don't know about you guys but I have already traded all my dollars in for Chuck E. Cheese coins. So I'm set for the doomsday and just might share some pizza and ski-ball with those that were not wise enough to reinvest in hard assets.

mww6bl.jpg
 
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BenBurch said:
HONG KONG (MarketWatch) -- Crude oil briefly topped $98 a barrel in Asian business hours Wednesday, amid weather-related disruptions in the North Sea and after the U.S. dollar hit a new record low against the euro in New York trading Tuesday.

Source.

You know, this could be really, really bad. Like 1930s bad. Like we buy everything from abroad and soon will be able to afford nearly none of it. That sort of bad. :eek:
Click to expand...

1930s bad? I doubt that. We are probably in for a recession, but that's just part of the business cycle.
 
Puppycow said:
1930s bad? I doubt that. We are probably in for a recession, but that's just part of the business cycle.
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Could be far different in China. I don't know how well China is prepared for a massive stock market crash. There are systems in place in the US to mediate the effects but China is new to this game and may not be so well prepared.
 
Oliver said:
The Dollar dropped one point yesterday - namely from 76.4 down
to 75.5. That's about one point. If this will continue in the same
speed, the Dollar will be at 0 points in 75 days (I doubt that this
will happen in this rate) :

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

Right now the Dollar is on a record low at: 75.1 points

http://quotes.ino.com/chart/?s=NYBOT_DX&v=s

ETA: And this is what happened in the last 6 months:

http://quotes.ino.com/chart/?s=NYBOT_DX&v=d6
Click to expand...

A weak dollar is good news for US based manufacturers and US workers. It's bad news for consumers and tourists. It will reduce the trade deficeit. It's a mixed bag, not all bad news.

And of course, the dollar may be weaker for a while, but it is not going to drop off a cliff.
 
WildCat said:
When the dollar was high, were all other economies in "doomsday"? I still haven't heard an explanation of why this is bad, unless you have a business that relies on exports to the US.
Click to expand...


That's wrong. Import is also a major factor for the US. A falling
Dollar means that US importers have to pay higher prices for
the goods they buy. That's pretty bad for the economy as well...
Especially concerning Gas-Prices ...

WildCat said:
And then all those Germans whose jobs rely on BMW and Daimler-Benz sales to the USA will be jumping for joy, yes? :rolleyes:
Click to expand...


Of course this influences the German markets as well - but I have
no Idea in what scale - and to what extent the whole German Economy
is affected by this ...
 
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