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(CNN)   Oil prices down on news that gold supplies are being hoarded by Michael Phelps   (money.cnn.com) divider line
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1118 clicks; posted to Business » on 15 Aug 2008 at 1:06 PM (14 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



23 Comments     (+0 »)
 
mrkowz
2008-08-15 1:12:59 PM  
That headline actually made me chortle.

+1
 
Rapmaster2000
2008-08-15 1:14:31 PM  
I so wish I had shorted this when it was $150. I had such a strong feeling that it would fall, but with all the talking heads yapping about $200 oil I stopped trusting my judgement.

But to be honest, my judgement isn't that good. Here's me in 2000 - "I'm not investing in Whole Foods. People aren't going to pay that much for groceries!"

You win some, you lose some.
 
mikem004
2008-08-15 1:21:05 PM  
Great headline :D
 
mr lawson
2008-08-15 1:24:37 PM  

Rapmaster2000: I so wish I had shorted this when it was $150


actually, it was very clear that it was gonna fall. If you look at a yearly chart, you will see a clear double top. very rare does that happen and price not fall.
 
Robo Beat
2008-08-15 1:26:04 PM  
Oil prices are only down because the US economy is slow at the present moment. Once it gets itself out of third gear, prices are going right back up again.
 
NewportBarGuy [TotalFark] [OhFark]
2008-08-15 1:27:26 PM  

mr lawson: very rare does that happen and price not fall.


Yet, that didn't stop CNBC from jerking off to the $200 predictions.

I hate that network with a passion.

/Bloomberg FTW.
 
The Icelander
2008-08-15 1:29:11 PM  
I heard the reason oil prices went up so high is because Michael Phelps was training in the Atlantic and the tankers got caught in his wake.
 
The Icelander
2008-08-15 1:30:22 PM  
Robo Beat: Oil prices are only down because the US economy is slow at the present moment. Once it gets itself out of third gear, prices are going right back up again.

Also, oil is priced using US dollars, and it's so low now that the price in dollars is going up. If it were priced in euros it wouldn't have gone up as much, at least in terms of price if not value.
 
Spanky_McFarksalot
2008-08-15 1:47:43 PM  
"Oil prices have plunged around 23% since peaking above $147 a barrel in mid-July"

so shouldn't gas prices have fallen 31% too?

Excuse me while I go hold my breath.
 
mr lawson
2008-08-15 1:48:44 PM  

NewportBarGuy: Bloomberg FTW.


yup!

what was probably the main indicator that oil was going to fall was eur/usd not being able to break 1.6000. Oil caught up to it and set the 2xtop up. From there it was almost a foregone conclusion it was gonna fall. I have not really looked too much at oil charts, but just a quick glance at the yearly, i'll say it should fall down to around $86-94 range within two weeks.
 
FishyFred
2008-08-15 1:49:23 PM  
Hmmm... should we add this to the list of Michael Phelps Phacts? (pops)
 
JohDHJ
2008-08-15 2:09:04 PM  
Does anyone else get a very weird half-screen when you go to Michael Phelps' wikipedia page?
 
PirateFreedom
2008-08-15 2:31:16 PM  
The roller coaster has only begun.
 
SangamonTaylor
2008-08-15 2:49:11 PM  

Spanky_McFarksalot: "Oil prices have plunged around 23% since peaking above $147 a barrel in mid-July"

so shouldn't gas prices have fallen 31% too?

Excuse me while I go hold my breath.


No, spanky. Now the refiners get their opportunity to take a fair cut. Over the last few years gasoline refiners have been selling gas at cut-rate prices compared to what they been paying for crude. Then again, it's all going to either Exxon E&P or Exxon Refining. :D

Gas is expensive. Thing is, crude oil is so useful that it's a shame we burn it so needlessly.
 
Spontaneous Defenstration
2008-08-15 3:13:34 PM  

mr lawson: double top


[image from i37.tinypic.com too old to be available]
 
MugzyBrown
2008-08-15 3:43:18 PM  

Spanky_McFarksalot: "Oil prices have plunged around 23% since peaking above $147 a barrel in mid-July"

so shouldn't gas prices have fallen 31% too?

Excuse me while I go hold my breath.



Not sure why people keep complaining about this.

Gas prices are already down a good 10% where I live.
 
whyarefartslumpy
2008-08-15 5:32:00 PM  

Spanky_McFarksalot: "Oil prices have plunged around 23% since peaking above $147 a barrel in mid-July"

so shouldn't gas prices have fallen 31% too?

Excuse me while I go hold my breath.


Diesel in San Diego was $5.55. Saw $4.35 this morning, so, yeah, it looks like it's follow the trend per centage wise. Actually surprising.
 
jake3988 [OhFark]
2008-08-15 10:53:34 PM  
Robo Beat 2008-08-15 01:26:04 PM Oil prices are only down because the US economy is slow at the present moment. Once it gets itself out of third gear, prices are going right back up again.
===============

Mostly no. Yes, once it picks up people will spend more sure... but if you'll follow the dollar, the price of oil is almost mimicking it.

Of course, the dollar still sucks. But England's economy is tanking and EU is having trouble... which means their currency is coming down to ours. Since the Euro is coming down, the price of oil is coming down.

How low it will go, no one knows. However, I did hear one guy saying if it wasn't for the crappy dollar oil would be $70. So, my guess would be that the absolute lowest it gets before the EU picks back up is $70. It should still average about $100 though.
 
RichieLaw
2008-08-15 11:21:04 PM  
Please explain why gas jumped 10-18 cents in the past two days around Chicago?

Someone...anyone..Bueller...
 
Robo Beat
2008-08-16 1:49:46 AM  

RichieLaw: Please explain why gas jumped 10-18 cents in the past two days around Chicago?

Someone...anyone..Bueller...


Because you touch yourself at night.
 
bolzy
2008-08-16 3:01:46 AM  

Robo Beat: Oil prices are only down because the US economy is slow at the present moment. Once it gets itself out of third gear, prices are going right back up again.


Its got little to do with economy and more with recouping losses in the real estate meltdown. When Morgan Stanley becomes the biggest owner of crude oil (without taking delivery of a drop) in the country you are seriously farked.
 
Gobobo
2008-08-17 9:53:37 AM  

The Icelander: I heard the reason oil prices went up so high is because Michael Phelps was training in the Atlantic and the tankers got caught in his wake.


Damn, again I made the mistake of logging on to Fark when I'm drinking a cup of tea. New keyboard please !

/Well done Mr Phelps, you're not of this world are you?
 
Painezor
2008-08-17 12:07:24 PM  
Am I the only one who's going to point out gold refers to the colour, not the metallic content of the medal?

/spoilsport.
 
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