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[OM] Re: OT American express

Subject: [OM] Re: OT American express
From: Chuck Norcutt <chucknorcutt@xxxxxxxxxxxxxxxx>
Date: Wed, 05 Nov 2008 12:33:00 -0500
Oil prices are down because the world economy is in a tailspin.  Demand 
dropped and there's excess inventory so gas is now "on sale".  I think 
oil demand has proved to be much more elastic than anyone thought.

There was an interesting article in the Wall Street Journal in the 
summer (and before the current economic woes suddenly surfaced) that 
predicted that the high price of oil was unsustainable (IIRC it was 
about $130/barrel at the time of the article).  The reason being that 
the highest cost of production anywhere in the world was about $80-85 
barrel and, of course, the Saudis pump at a fraction of that price. 
With that great a discrepancy between sale price and cost of production 
additional supplies or alternatives would start to rear up.  The writer 
was correct but mostly for the wrong reason.

Chuck Norcutt


John Hermanson wrote:
> Are prices down just because oil speculation has subsided or just due to 
> the elections?  I expect (but hope otherwise) prices to creep back up 
> again.
> ___________________________________
> John Hermanson  |   CPS, Inc.
> 21 South Ln., Huntington NY 11743
> 631-424-2121  |  www.zuiko.com
> Olympus OM Service since 1977
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> 
> Timpe, Jim wrote:
>> Where here?
>>
>> -----Original Message-----
>> From: olympus-owner@xxxxxxxxxx [mailto:olympus-owner@xxxxxxxxxx] On
>> Behalf Of Sue Pearce
>> Sent: Tuesday, November 04, 2008 12:28 PM
>> To: olympus@xxxxxxxxxx
>> Subject: [OM] Re: OT American express
>>
>>
>>
>> Sorry, Jim, 1.89 here
>>
>> Bill Pearce
>> ----- Original Message ----- 
>> From: "Timpe, Jim" <Jim.Timpe@xxxxxxxxx>
>> To: <olympus@xxxxxxxxxx>
>> Sent: Tuesday, November 04, 2008 2:15 PM
>> Subject: [OM] Re: OT American express
>>
>>
>>> Gas is back down to $2.379/gal  at the local Costco.  I can get close 
>>> in my wife's toy car.
>>>
>>> -----Original Message-----
>>> From: olympus-owner@xxxxxxxxxx [mailto:olympus-owner@xxxxxxxxxx] On 
>>> Behalf Of Andrew Fildes
>>> Sent: Tuesday, November 04, 2008 12:12 PM
>>> To: olympus@xxxxxxxxxx
>>> Subject: [OM] Re: OT American express
>>>
>>>
>>>
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