OIL at 3 Year Low!!

[Captain Slow]

 

Oil just hit $47.73 a 3 year low!

 

If only the Rand can gain back its losses we will all be smiling!!!

 

Captain Slow2008-12-02 09:34:03

[Dirtbreath]

Really looking forward to the big savings at the pump next time I fill up. Cant wait!

[Willehond]

The low oil price is a sign of impending doom. Very low economic activity world wide, which means a recession is looming.  Won't do the Rand any good then.

[Captain Slow]

 

 

The low oil price is a sign of impending doom. Very low economic activity world wide' date=' which means a recession is looming.  Won't do the Rand any good then.[/quote']

 

That is spot-on Wilddog!! The news of Woolworths UK & a Scottish Bank folding (besides the motor-industry in deep shyte), not to mention Job cuts in th US, UK & at home is started to reveal the depth of this Economic meltdown!!

Captain Slow2008-12-02 10:25:37

[AndreZA]

Well, oil was $45 something late yesterday. America's reserve bank wants to drop interest rate to 0%. Imagine that happening this side. Car market is in trouble but do they drop their prices, no. They will rather close down then sell things cheaper. You do not need to make a profit in these times, just break even and to pay the bills and you will be okay.

 

[Azonic]

I'm also worried about the low oil price. Frankly I'd rather have it around $70-80 than where it is now. It just shows that money is holding very little value.

[AndreZA]

I'm also worried about the low oil price. Frankly I'd rather have it around $70-80 than where it is now. It just shows that money is holding very little value.

 

everything is losing value. Platinum and iron ore mines are cutting back because demand is lower and now everybody moans. When demand is high and rpices soar everybody still moans.

 

 

[idrive]

as I said elsewhere  ................. Petrol's come down so the price of bikes and milk will follow suite!!

[nathrix]

I wish all the oil runs out to be honest! Then we can use our bicycles for everything 

 

[Man with no name]

Our dealers tell me yesterday that the market is pricing in a 0.5-1% drop in interest rates in December, with most agreeing on 1%. This, with the oil price, is good news, but willehond is right, we're in the biggest global recession since 1930

 

I wont hold my breath for oil though - OPEC wants it back at $75 and will restrict supply to do that.

 

[pastapouch]

as I said elsewhere  ................. Petrol's come down so the price of bikes and milk will follow suite!!

 

no it wont'... Grocery stores like Pick & Pay, Shoprite, Spar won't bring their prices down now that they can score millions!

[Slave]

Other night they said on the news that petrol prices were coming down a record R1 some change. Right! Forgot to mention that it went up faster than the space shuttle Endeavour and higher too.

Seems to me that the price decline is a tad slow by comparison, as in slow with a capital "F".

 

Also noticed that the price of coke seems to go up just as fast a petrol but have never seen it some down. They just have the odd special to get rid of excess stocks every now and then, but the prices stay up there. Same as everything else.

[Harryn]

Our dealers tell me yesterday that the market is pricing in a 0.5-1% drop in interest rates in December' date=' with most agreeing on 1%. This, with the oil price, is good news, but willehond is right, we're in the biggest global recession since 1930

I wont hold my breath for oil though - OPEC wants it back at $75 and will restrict supply to do that.
[/quote']

 

OPEC will have difficulty in getting all its member countries to restrict supply in these times. At $47 they have gotta be cash strapped - they cannot afford to restrict supply.

[Harryn]

I wish all the oil runs out to be honest! Then we can use our bicycles for everything 

 

This gets my vote for the most stupid post of the year. And its not as if there is a lack of competition for this particular accolade.

 

Nathrix, I would say that your area of expertise is more suited to the posting of smut than it is to economic commentary. Perhaps you should stick to what you do best?

Harryn2008-12-03 00:47:06

[Speed Devil]

Maybe we have an economist or a brain surgeon amongst us here on the the HUB that can explain why the oil orice can come down to the sme level as three years ago, but that they can't drop the price of petrol/diesel to the same levels at that time.

 

I do agree however that the present oil price is not good news at all for us, and personally hope it does go up a bit soon, as oil, gold and platinum are vrey good indicators of the state of the market.

[pastapouch]

Maybe we have an economist or a brain surgeon amongst us here on the the HUB that can explain why the oil orice can come down to the sme level as three years ago' date=' but that they can't drop the price of petrol/diesel to the same levels at that time.

 

I do agree however that the present oil price is not good news at all for us, and personally hope it does go up a bit soon, as oil, gold and platinum are vrey good indicators of the state of the market.

[/quote']

 

would this be the same economists telling us the last couple of years that the economy was going strong... and in the meantime its going strong downward, ending up like a freakin dart in the ground