# big fall in oil company stocks



## joe sod (18 Jan 2008)

I see oil companies have fallen alot yesterday, i think it was sparked by a bp economist saying that the world is nowhere near peak oil and that demand will fall off because of global warming concerns. So why are all the environmentalists so pessimistic about peak oil but a bp economist so positive. Also he caused the price of oil stocks to fall. It seems to me that this is being orchestrated because big oil companies do not want oil prices rising too fast and also because they don't want a serious recession. They want oil prices to rise in a slow steady fashion, if they rise too fast they try and orchestrate a fall. It is also interesting that a bp economist made this comment and not a geologist, an economist can say what he likes as he is not speaking in his area of expertise so won't lose any status if his prediction turns out to be false


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## Markjbloggs (18 Jan 2008)

I think the recent drop in the price of oil (and oil company stocks) is more due to the fears of a recession in the US and the resultant drop in demand for oil.  

Having said that, I strongly believe there is a lot more to the current oil price than the supply and demand situation would suggest - I remember reading somewhere that the "activities" of oil futures traders adds 25% to the price of a barrel of oil.


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## ClubMan (18 Jan 2008)

Did anybody else hear the story about the first US$100 per barrel trade being a set-up between two traders who just wanted to make a story and get their 15 minutes of fame?


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## Markjbloggs (18 Jan 2008)

Yes, I did.  The guy who did it lost $600 on the trade!!  Makes you wonder.....


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## z106 (18 Jan 2008)

ClubMan said:


> Did anybody else hear the story about the first US$100 per barrel trade being a set-up between two traders who just wanted to make a story and get their 15 minutes of fame?


 
Well ya - I don't think that's being touted as a rumour.
I believe that is the general opinion on what actually did happen.

On that first day it hit 100 there was literally just that one trade.

He was dead right too - it's a nice tale for the lads in teh pub.
He was never gonna lose much on the deal.

Plus it finally put an end to all that talk of 'will-it won't it' hit 100.

However - the next day there were a few genuine ones above 100 before it dropped.


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## Markjbloggs (18 Jan 2008)

Found the story - 

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/01/04/bcnoil104.xml


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## ClubMan (18 Jan 2008)

qwertyuiop said:


> Well ya - I don't think that's being touted as a rumour.


I didn't say that it was...


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## z106 (18 Jan 2008)

ClubMan said:


> I didn't say that it was...


 
Fair enough - you didn't use the word 'rumour'.

However - given the words you used to express yourself ( 'did anyone hear the story', followed up with a question mark), it gave off the impression that this was something you probably perceived as a rumour.

I then confirmed the rumour - which now promotes it to the status of 'Fact'.


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## MichaelDes (18 Jan 2008)

joe sod said:


> So why are all the environmentalists so pessimistic about peak oil but a bp economist so positive. Also he caused the price of oil stocks to fall. It seems to me that this is being orchestrated because big oil companies do not want oil prices rising too fast


 
OPEC, governments and the carlton club have single-handedly benefitted, very heavily, through their stranglehold of this sector and its related technologies for decades. For example a related sector, car and transport. These technologies haven't changed much in the last 90 years. Is it coincidence, or is it greatly related to oil manipulations? Does we swallow all their propaganda, without question? 

IMO it is near impossible to predict with any certainty the future spot prices of oil, as a result of continual manipulation of supply and public information. It reminds me of the tobacco companies, circa 1950’s. My opinion on prices had been $80 in 2008/09 and $150+ forward of 2010. But now who knows?


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