OIL at 3 Year Low!!

[Iwan Kemp]

?The oil companies, which were booming a few months ago, are now under pressure with oil prices tumbling to four-year lows, with crude oil hitting $43.96 a barrel, the lowest level since the start of 2005. A barrel was selling at $147 in July. And there may be worse to come. Merrull Lynch has published a new report suggesting that oil prices could fall to $25 a barrel next year if the global recession continues. Japan's top oil refiner, Nippon Oil has announced that it is merging with smaller rival Nippon Mining Holding in an attempt to survive the weak demand. Gulf Oil chief executive Joe Petrowski said that he believes oil will go to $20 a barrel.?

[Iwan Kemp]

Sasol produces oil at USD20 - USD25, but still sell at market price as agreed by gov. How stupid.

[AndreZA]

I like it.

 

 

[Kiwi]

I'm sorry, I don't have much love for the oil companies. Look at the mess they make in the name of a profit! Speaking of which don't forget Shell recently turned over $27 Billion profit or $3 million a minute

http://www.americablog.com/2008/01/shell-posts-record-profit-3-million-per.html

http://www.highbeam.com/doc/1G1-178430809.html

 

If they get to production, this will be my next car:

 

http://www.optimalenergy.co.za/about/

 

Made right here in SA (hopefully!)

Kiwi2008-12-07 08:21:19

[Iwan Kemp]

I would also get one if they make a city car type model. Not sure the Scenic-type family MPV with 400km range is the best first model, but I'll sure as hell support them.

[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' date=' 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?

[/quote']

Uuhm Harryn...I do not think you have the slightest idee what my expertise are, so do not jump to any conclusions Mr. know it all.

I think you'll be quick to change your opinion when oil DO run out in the future, unless we are able to milk another planet for the black gold or in the distant future we are an advanced enough civilization to replace it with something cleaner and/or more economical. I'm NO financial GURU, as I'm sure you are, but haven't noticed any major decrease in the price of consumer goods in the past when the price of oil dropped, but have seen a drastic increase when the price of oil increased. You do not need to be a rocket scientist to figure that one out you opinionated SAINT!

And STOP looking at 'smut' and making smutty comments, I don't think you are qualified to distinguish between 'smut' and beautiful woman.

You get my vote as 'Saint of the Year'.

....keep your accolades for yourself, Harryn!

 

 lol - nice reply nathrix!

[GoLefty!!]

SASOL's cost base has increased significantly because they now produce very little fuel from coal.

Their production is now Gas based.

 

Secondly, if SASOL were the only producer of fuel we woulod still jhave a high fuel price because there would be no competition. We would taxed through our arses..

[Oiltrash]

Please oh please oil price...go back up!!!!!

 

When the price is high the oil companies increase their exploration budgets and we do better.....