Fast Draw: Oil Prices (CBS News)

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Josh Landis and Mitch Butler of the "Fast Draw" team take a close look at what determines the price of oil and the impact price fluctuations have on the overall U.S. economy. (CBSNews.com)

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Did you guys know ... ( 8 months ago by Mahawk1986)

Did you guys know that Synthetic oil could be made from coal at about 58$ a barrel and that can be turned into diesel and diesel cars can get the same amount miles per gal as Hybrids.

CNN? What does CNN ... ( 8 months ago by MeLikeGoFast)

CNN? What does CNN have to do with basic economics. Good comment douche.

Murkowski (R) ... ( 8 months ago by Nin1963)

Murkowski (R) Alaska said yesterday that opening Anwar will take years to develop but still tries to justify it, even though govt. USGS scientists agree that only six months supply is under that tundra.
Also, don't fall for the myth that dems are behind our inability to refine more oil. Big Oil's strategy has been to limit refining in order to control price at the wholesale level, and ramped up even further with the specter of 20% reduction in oil from alternatives. BigOil=GOP

Buy Bush oil when ... ( 8 months ago by babste123)

Buy Bush oil when we tap into the oil reserve
he will be out of office a rich oil tycoon .Close down the cole mine to keep the price of our oil high for the secret society ,wfat is the secret society ? GOOGLE SEARCH & digg

Who gives a flying ... ( 8 months ago by dave98503)

Who gives a flying rats butt.

Wait so Oil Prices ... ( 8 months ago by cryora)

Wait so Oil Prices rising is caused by inflation, not demand for oil/lack of supply for oil? Are there more resources that support this? It is by popular belief that oil prices are caused by shortage of oil. Having this proved and explained could clarify alot of things. Is there an organization that is putting forth effort to research into this?

I've got a new ... ( 8 months ago by santafegrl)

I've got a new video called, "Price of Gas in America".

The day will come ... ( 7 months ago by YogaNate79)

The day will come when the Saudis will plea to America to purchase more oil. Our president will inform them that combustible fuel is no longer needed. I'm guessing around.....year 2050?

I only bend over ... ( 7 months ago by 161803)

I only bend over for $20 bills when I see them; the quarters just aren't worth it.

The problem lies in ... ( 7 months ago by 161803)

The problem lies in the impossibility of distinguishing between a bubble and a permanent rise in the price level of oil. It's rational to buy today if oil will be worth more tomorrow. No one actually knows (for sure) what oil will cost tomorrow, so it's all gambling, or, at best, an educated guess. Remember that if you ever think you know something the market doesn't, you stand to make a lot of money; thus, the market tends to be efficient and set prices at reasonable levels at any given time.

Speculators of the ... ( 7 months ago by 161803)

Speculators of the sort you describe can only have a short-term affect on prices; there is only so much oil you can inventory at any given time.

"There's a few ... ( 7 months ago by Nin1963)

"There's a few hedge fund managers out there who are masters at knowing how to exploit the peak [oil] theories and hot buttons of supply and demand, and by making bold predictions of shocking price advancements to come, they only add more fuel to the bullish fire in a sort of self-fulfilling prophecy." [The Role of Market Speculation in Rising Oil and Gas Prices, U.S. Senate, June 27, 2006].
See "The Reason Behind Oil Prices"
Enron anyone?

I predict in the ... ( 7 months ago by Nin1963)

I predict in the very near future a gasp from the American Public and Media that yes, once again we have Enron the sequal.
Goldman Sachs was one of the founding partners of online commodities and futures marketplace Intercontinental Exchange [ICE]. And ICE has been a primary focus of recent congressional investigations
There is no regulation for this type of trading. Output is outpacing demand and refining was cut from 89% to 85% by the oil companies. Thie reality is a sham.

Array ( 7 months ago by PaladinConstantin)

@161803
it took quite some time for anyone to bring some light into this:)thank you!
It's interesting to see how capitalism works at it's core,although my ideology is somewhat Marxists.
I strongly believe that each should have the minimum necessary to ensure life and basic education before anyone else could acquire luxury.
And i see money as a tool to express one's worth. For me, buying and selling over priced adds no worth to the product.
Can't say i am not rational...
btw,what is 161803 for?

I agree. ( 7 months ago by MeLikeGoFast)

I agree.

$3.40 sounds good ... ( 7 months ago by nickaliw19)

$3.40 sounds good to me. It's now $4.09 here.

Wrong, the ... ( 7 months ago by rebmem88)

Wrong, the Americans have full control of the oil in the Middle east but they make you think it's them that's driving the price up. The Americans are sucking the Middle East dry before they tap into the Alasken oil field that have enough oil to supply the United States for the next 200 years. There's atleast 125 billion barrels of oil that can be produced in Alaska which can drive the price for gas down to $1.50/gal.

That's a lie ... ( 7 months ago by rebmem88)

That's a lie because the Euro and the pound were at 1.57 per Euro and 1.95 per British pound last year and the price of crude oil was around $80 per barrel.
The reason is pure and simple; greed and power.
Who ever wins this election "Obama" or "Mccain" will have to deal with a new war; War in Iran. Why? They are the third largest supplier of oil for the world and the US wants to control it like they have in Iraq.

Hmm.. US use of oil ... ( 7 months ago by jackjen1)

Hmm.. US use of oil is 7.5 billion barrels a year. Even if there were 125 billion barrels of oil in Alaska, and there isn't, 125 billion barrels would last 16 2/3 years. Of course, then there's the rest of the world.

Of course you would ... ( 7 months ago by rebmem88)

Of course you would think there isnt 125 Billion barrels because you believe the media everything they tell you. Aw well at least America will go to hell in a hand basket no matter who's elected president.

Bottom line: GLOBAL ... ( 7 months ago by sophiegromit)

Bottom line: GLOBAL CAPITALISM SUCKS! The USA was great from post WWII to about the late 90's. It's all been downhill since.

I never said the ... ( 6 months ago by jackjen1)

I never said the source was the media. Try looking for EIA or DOE or British Petroleum reports.

OPEC does not ... ( 6 months ago by uhoh38125)

OPEC does not control the decisions of the US......sign up to petition our congress to take immediaate action at this web site:
americansolutions
over 200,000 americans signed it just last night....take charge ....you do have a say!

IRAN opened up the ... ( 6 months ago by Pauling4711)

IRAN opened up the IOB 8 weeks ago and is selling oil for EUROS. Gas prices are going DOWN for countries buy oil with EUROS because the Euro is getting stronger as the once-mighty petrodollar takes a nose-dive.

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