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Gas prices

Posted by H6163741 10 years, 6 months ago to Economics

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Has anyone else noticed that gas prices have gone up about 40 cents a gallon in the past month?

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Posted by Mamaemma 10 years, 6 months ago

I read somewhere (please don't ask me where) that the Saudis drove prices way down in the 80s in order to put American oil producers out of business, and it worked. The article speculated that that is what has happened again, as the frackers need a certain price for their oil in order to be profitable.

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  Posted by jbrenner 10 years, 6 months ago
  
  You might have read it from me. Oil went down from $50 to $8 per barrel to shut out US production. This is a repeat to keep US frackers and Canadian (mostly Albertan) oil out of the market.
  
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    Posted by Mamaemma 10 years, 6 months ago
    
    Maybe I did!
    
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  Posted by richrobinson 10 years, 6 months ago
  
  I have a customer who is in the oil business and I asked him that question. He said the drop in prices is designed to hurt Russia and it is part of the conomic sanctions resulting from their actions in the Ukraine. I think it's a two for one for Obama. I'm guessing he would be fine with the fracking companies suffering as well.
  
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    Posted by jbrenner 10 years, 6 months ago
    
    The effect on Russia is secondary to the effect on US and Canadian oil/fracking interests. This is an all out attack on the Ellis Wyatts of the world. We used to have such an Ellis Wyatt here in the Gulch, but he left because of some of the attacks by trolls.
    
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      Posted by LetsShrug 10 years, 6 months ago
      
      Who?
      
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        Posted by jbrenner 10 years, 6 months ago
        
        I looked for 10 minutes, and I can't find his name. I remember that when I was trying to find people for various roles in Atlantis that this guy was a natural for Ellis Wyatt. He told me might leave. I PM'd him about that. Then he ... went Galt on us.
        
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        Posted by LetsShrug 10 years, 6 months ago
        
        ... but I want to know....
        
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        Posted by Mamaemma 10 years, 6 months ago
        
        Can I be Dagny? :)
        
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        Posted by LetsShrug 10 years, 6 months ago
        
        That doesn't mean you get a John galt, or a hank, or a Francisco. Lol
        
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        Posted by Mamaemma 10 years, 6 months ago
        
        Already have one. :)
        
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        Posted by jbrenner 10 years, 6 months ago
        
        Perhaps. Please explain your qualifications.
        
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        Posted by Mamaemma 10 years, 6 months ago
        
        Hmmm. I certainly don't run a railroad, but I do run a small business. I am a dentist, and a sole practitioner, and the government and insurance companies are aligned to put me out of business. I am fighting a losing battle, but refuse to give up, because what I do is what I am. Dagny and I are alike in that. I also refuse to compromise on my principles and values. Like Dagny, I decided early on (12) what my life's work would be.
        Most of all, even though I know the way I work is a thing of the past, I can not give up because I know it is the right way.
        
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        Posted by fivedollargold 10 years, 6 months ago
        
        Dentists are artists of a sort. They project beauty literally through their handiwork. 😃
        
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        Posted by Mamaemma 10 years, 6 months ago
        
        Yes, we are. I do a fair amount of cosmetic dentistry ( less since the economic meltdown), but you are right. I consider esthetics in each procedure I do. Thanks
        
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        Posted by jbrenner 10 years, 6 months ago
        
        You are certainly in the competition for the position.
        
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        Posted by Mamaemma 10 years, 6 months ago
        
        I think we have more than a few Dagnys here; at least I see her when I read the comments
        
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        Posted by jbrenner 10 years, 6 months ago
        
        There is more competition for the Dagny role than for most, perhaps any, roles in Atlantis. I have numerous times admitted that I have what I call the "Dagny savior complex". For many of us, it is the last vestige that must go before we come to Atlantis willingly.
        
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        Posted by jbrenner 10 years, 6 months ago
        
        He didn't go by Ellis Wyatt. I'll have to do some searching. It was not long after I joined, probably a year ago.
        
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        Posted by jbrenner 10 years, 6 months ago
        
        "Ellis Wyatt" was code-named Wanderer. It took me over an hour to find that info. He has been gone for 9 months.
        
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        Posted by khalling 10 years, 6 months ago
        
        Wanderer got frustrated with some in the gulch who weren 't quite up to speed in his opinion. I remember him well. Sorry just seeing this thread now. I could have saved you that time.
        
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        Posted by LetsShrug 10 years, 6 months ago
        
        Pm him!
        
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        Posted by jbrenner 10 years, 6 months ago
        
        Done.
        
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        Posted by LetsShrug 10 years, 6 months ago
        
        Thanks :)
        
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      Posted by Robbie53024 10 years, 6 months ago
      
      But O could be working behind the scenes with the Saudi's to keep the prices low to hit them both. Definitely a two-fer.
      
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Posted by Zenphamy 10 years, 6 months ago

In the winter months, refineries shift production to more heating oils. As well, some 13 refineries are in labor battles now that aren't resolved.

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Posted by Robbie53024 10 years, 6 months ago

Not quite 40 cents here, but about 20. What of it?

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  Posted by H6163741 10 years, 6 months ago
  
  I just think there may be a deeper economic factor.
  
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Posted by fivedollargold 10 years, 6 months ago

The recent dip in oil prices was unsustainable. China is building too many roads. $5Au bought more oil stocks at the bottom. Had he known it was the bottom at the time, he would have bought more. But that's the way it goes with investing. Always estimate the risk/reward. The decline in oil prices was about as close to a sure thing as you will find.

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  Posted by Mamaemma 10 years, 6 months ago
  
  Gold, why do you write in the third person? Just curious
  
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    Posted by fivedollargold 10 years, 6 months ago
    
    First person is arrogant. 😇
    
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      Posted by Mamaemma 10 years, 6 months ago
      
      :)
      
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    Posted by Robbie53024 10 years, 6 months ago
    
    It's his shtick. Makes his comments unique. Kind of like Allosaur uses the 3rd person and a dino persona. They're a bit more creative than most of us.
    
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      Posted by LetsShrug 10 years, 6 months ago
      
      Getting creative with my "persona" never occurred to me. (and the question was for $5Au, no you. And now I wonder why fivedollargold didn't just make his gulch name $5Au to begin with.. but maybe the $ isn't allowed.)
      
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        Posted by fivedollargold 10 years, 6 months ago
        
        It probably didn't occur to him at the time.
        
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        Posted by LetsShrug 10 years, 6 months ago
        
        Oh. Lol
        
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Posted by LetsShrug 10 years, 6 months ago

Yes

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Posted by Mamaemma 10 years, 6 months ago

And?

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  Posted by H6163741 10 years, 6 months ago
  
  That's what I'm wondering...
  
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Posted by jbrenner 10 years, 6 months ago

Back in the 1990s, I made a decent percentage of my net worth betting that gasoline prices would go up between February and May. That still is an outstanding bet. Now that I have a lot more money to protect, it is a little harder to take such a risk, but I am currently considering it.

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