Price of oil

[heyjude]

Do you see what is happening to the oil prices The oil is dropping dramatically and I guess a lot of people lost money there. What do you think will be the lowest price and why the low price of oil doesn't reflect on the price of groceries and air travel? $59 per barrel this is cheap!!! What just happened here?

[Canadian]

Do you see what is happening to the oil prices The oil is dropping dramatically and I guess a lot of people lost money there. What do you think will be the lowest price and why the low price of oil doesn't reflect on the price of groceries and air travel? $59 per barrel this is cheap!!! What just happened here?

What is happening is that all over-leveraged idiots are dumping anything of value just to meet margin calls. The top world oil fields are decreasing in alarming speed, and oil is bound to power higher very soon. The USD on the other hand will resume its downtrend into oblivion.

[Steven]

I think the price of oil will go further down in the short to medium term, but unfortunatelly with Canadian dollar depreciating against the USD, we don't get the full benefit as the oil is traded in USD as most commodities.

[bullish]

On my way to work this morning I saw 78c gas per liter in a local gas station in Toronto. This is still higher than it used to be 5 years ago, however I think that gas can come down to 50c per liter very soon.

[Steven]

Well, I saw 76c per liter this morning in Toronto, and let's hope the price doesn't go up from here.

[trent]

Well, I saw 76c per liter this morning in Toronto, and let's hope the price doesn't go up from here.

I also hope that the price of gas will stay low, but I don't get my hopes too high. Sooner than later all the newly printed money from bailing out failed banks and variety of other morons will show up as decline in purchasing power of the dollar and the prices of everything of value will go up.