Why Even Cheaper Oil Is Grim News

Why Even Cheaper Oil Is Grim News

There are 46 comments on the www.businessweek.com story from Sep 16, 2008, titled Why Even Cheaper Oil Is Grim News. In it, www.businessweek.com reports that:

The sharp drop in crude prices is further fallout from the Wall Street crisis and evidence of economic weakness.

Join the discussion below, or Read more at www.businessweek.com.

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“Tell the Truth”

Since: Nov 07

Orlando, Florida

#1 Sep 16, 2008
So, as for oil, the consumer loses either way. If you use it, you're screwed. If you don't use it, you're screwed.

What a stupid market.

Since: Jan 08

Somerset, NJ

#2 Sep 16, 2008
Donna Atlanta GA wrote:
So, as for oil, the consumer loses either way. If you use it, you're screwed. If you don't use it, you're screwed.
What a stupid market.
Don't pay attention to the doom and gloom democrats. Interestingly, when the Bush economy was booming and gas was $2.00 a gallon democrats didn't say a word. These people will think of all kinds of creative ways to dup the American people.
Say the Truth

Philadelphia, PA

#3 Sep 16, 2008
The Democrats LOVE IT when there is economic pain. It gives them power.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#4 Sep 16, 2008
What a baseless article!

The speculators, who caused the plagues of high oil prices and run away inflation have abandoned their gambling.

Ol prices falling are in indicator that things can return to normal.

Now, if only we had a president and Congress who would pass a law to forbid this economy killing speculation!

Wait, we almost have such a Congress. They need only a few more states to replace their Republican Senators with Democrats to override vetoes and work for us instead of the gouging speculators.

One of the silly 'Bushies,' above says; "when the Bush economy was booming and gas was $2.00 a gallon," as if any of that was real or true.

In fact, Bush quickly drove the price of gasoline from about $1.59 up to your $2.00, and ultimately to approaching $6.00. Your '$2.00' gas is an illusion of the good old days; as is your bizarre assertion that the economy ever "boomed" under Bush.

Even with cooked figures, good jobs were lost for poor jobs, and American jobs flowed overseas, financed by 'trickle down' American wealth exported to India, Russia, China, and other wealth producing hot developing lands.

The phony stability in our economy was financed by interest held falsely low, and bankrupting borrowing from American generations to come. It is easy to declare yourself 'booming rich' if you sell your children into wage slavery. After all, you got yours.

How can you say "booming" when you will leave a NATIONAL DEBT approaching $$$TEN TRILLION DOLLARS ? You dumb shit.
YOOPER

Canton, MI

#5 Sep 16, 2008
Mr_Bill wrote:
What a baseless article!
The speculators, who caused the plagues of high oil prices and run away inflation have abandoned their gambling.
Ol prices falling are in indicator that things can return to normal.
Now, if only we had a president and Congress who would pass a law to forbid this economy killing speculation!
Wait, we almost have such a Congress. They need only a few more states to replace their Republican Senators with Democrats to override vetoes and work for us instead of the gouging speculators.
One of the silly 'Bushies,' above says; "when the Bush economy was booming and gas was $2.00 a gallon," as if any of that was real or true.
In fact, Bush quickly drove the price of gasoline from about $1.59 up to your $2.00, and ultimately to approaching $6.00. Your '$2.00' gas is an illusion of the good old days; as is your bizarre assertion that the economy ever "boomed" under Bush.
Even with cooked figures, good jobs were lost for poor jobs, and American jobs flowed overseas, financed by 'trickle down' American wealth exported to India, Russia, China, and other wealth producing hot developing lands.
The phony stability in our economy was financed by interest held falsely low, and bankrupting borrowing from American generations to come. It is easy to declare yourself 'booming rich' if you sell your children into wage slavery. After all, you got yours.
How can you say "booming" when you will leave a NATIONAL DEBT approaching $$$TEN TRILLION DOLLARS ? You dumb shit.
and the stock market regained 150 of that today and it will rebound like it always does. Libs and there doom and gloom....what happened to Pelosi's "we have a secret plan to drop oil prices"? I think she was misquoted and said "We have a secret plan to double the price of oil so we can blame Bush". People say Clinton's economy was booming, yet in his last year, the economic growth was a negative 1/2% while right now it's over a plus 3%. Care to elaborate.
frank miller

Hereford, AZ

#6 Sep 16, 2008
The New York Stock Exchange
is nothing more than a huge
Casino.It is cold and dispas-
sionate. Brokers get their
commissions whether the market
rises or falls. It is for that
reason it thrives on uncertain-
ty. We on the other hand who
work for a paycheck week after
week,month after month,year
after year want CERTAINTY!
The only money this casino
has to play with are workers'
savings over and above their
cost of living invested in
various locations be it shares,
bonds, money markets thru
direct paper purchases, or
mutual funds via 401K's, other
undefined pension plans.
As in Vegas the house always
wins.Richard Grasso did not
get his $120 million retire-
ment severance package in
2004 for being kind to us.
What is happening as more
and more real maufacturing
wealth is exported overseas
less and less CERTAINTY on the
part of Americans is manifes-
ted into more uncertainty
on Wall Street. Margin accounts
to buy short or long shares
which are based on certainty
there are real funds to cover
the bets attain lower and
lower colateral because of
the rising uncertainty {unem-
ployement,underemployement,
8 hr.shift service jobs re-
placing 3 shifts/day craft-
sman skilled jobs and the
attendant 1:10 ratio of stake-
holders{1 manufacturing job/
career generates 10 jobs}
decreasing the ratio of savings
to cost of living expenses.
Wall Street tries to lift
this loss of certainty and a
gradual reluctance of inves-
tors to gamble for short term
gains by various means. Often
targeting emotionally driven
WANTS such as the dot.com
frenzy of the late '80's;
the Enron/Adelphia/ Health
Net/ accounting scandals of
the 90's; the sub-prime mort-
gage REIT's of this decade;
and the concurrent inflated
oil/gas costs which falsely
value energy mutual funds.
The pigeons of valuing intan-
gible wants, rather than tan-
gible needs{ solid real wealth
jobs/careers/certain incomes}
are finally coming home to
roost. Its neither a Republican
nor a Democrat problem but
an institutional corporate
culture of not balancing
a fair allocation of durable
goods made here in the U.S.
while leaving some to be made
in developing countries which
need to share our consumer
potential wealth buying power.

F.M.





FYI

Johnson City, TN

#7 Sep 16, 2008
A short time ago, there was a news article about the price of gas. When you get 1 gallon of gas and you pay $3.999 for it you actually pay $4.00.
According to the gas companies that 1/10 cent gives them a extra $10 to $15 MILLION each year. I wonder if there is any way for us to collect that back?
David

Glasgow, KY

#8 Sep 16, 2008
FYI wrote:
A short time ago, there was a news article about the price of gas. When you get 1 gallon of gas and you pay $3.999 for it you actually pay $4.00.
According to the gas companies that 1/10 cent gives them a extra $10 to $15 MILLION each year. I wonder if there is any way for us to collect that back?
Yeah, and I've got some ocean front property in Arizona to sell you.
good to me

Princeton, KS

#9 Sep 16, 2008
The gas prices the economy the high unemployment the drop in our dollar can all be traced to the illegal war in Iraq, in the past countries have started or caused wars to stimulte theeconomy, it usally works, but Iraq backfired on the bush adminatration, please excuse my spelling.
good to me

Princeton, KS

#10 Sep 16, 2008
You can't spend 10 to 15 billion dollars a month blowing up sand and killing camels and expect our economy to withstand this for as long as it has. And it doesn't help that Bush SR., Clinton and bush Jr. have not kept an eye on the business/finacial sector of our country, and it is our fault for electing these three and letting them run our country into the ground.
noshellswill

Jacksonville, FL

#11 Sep 16, 2008
MAC1 wrote:
<quoted text>
Don't pay attention to the doom and gloom democrats. Interestingly, when the Bush economy was booming and gas was $2.00 a gallon democrats didn't say a word. These people will think of all kinds of creative ways to dup the American people.
Sorry pal, open your beady neocon eyes. The Georgie-Porgie economy never boomed ... it was all a FatKatz ponzi. Crash. That's now. All the faked-value vanished cause ... it never really existed.

Sure a few $$$.hoe slickers made $$$... but even most of them have now lost it. Welcome to 1929.
Jennifer

Baldwin City, KS

#12 Sep 16, 2008
Mr_Bill wrote:
What a baseless article!
The speculators, who caused the plagues of high oil prices and run away inflation have abandoned their gambling.
Ol prices falling are in indicator that things can return to normal.
Now, if only we had a president and Congress who would pass a law to forbid this economy killing speculation!
Wait, we almost have such a Congress. They need only a few more states to replace their Republican Senators with Democrats to override vetoes and work for us instead of the gouging speculators.
One of the silly 'Bushies,' above says; "when the Bush economy was booming and gas was $2.00 a gallon," as if any of that was real or true.
In fact, Bush quickly drove the price of gasoline from about $1.59 up to your $2.00, and ultimately to approaching $6.00. Your '$2.00' gas is an illusion of the good old days; as is your bizarre assertion that the economy ever "boomed" under Bush.
Even with cooked figures, good jobs were lost for poor jobs, and American jobs flowed overseas, financed by 'trickle down' American wealth exported to India, Russia, China, and other wealth producing hot developing lands.
The phony stability in our economy was financed by interest held falsely low, and bankrupting borrowing from American generations to come. It is easy to declare yourself 'booming rich' if you sell your children into wage slavery. After all, you got yours.
How can you say "booming" when you will leave a NATIONAL DEBT approaching $$$TEN TRILLION DOLLARS ? You dumb shit.
I'll agree with you. Oil falls it gets cheaper AND people are using less. Win Win situation. Cheaper for consumers and being conservative with your oil use helps the environment.
Danniboy

Melbourne, Australia

#13 Sep 16, 2008
MAC1 wrote:
<quoted text>
Don't pay attention to the doom and gloom democrats. Interestingly, when the Bush economy was booming and gas was $2.00 a gallon democrats didn't say a word. These people will think of all kinds of creative ways to dup the American people.
When was that? Do you mean in the 2-3 years after the Clinton Government, before the effects came home of, say, the Bush Government increasing public borrowing 3000% over the previous Government while simultaneously cutting corporate and upper-bracket taxes, starting two wars and further deregulating an already unscrupulous financial industry?

So is it correct to say the Bush economy was doing well or the hangover from the Clinton economy was doing well?

Did you know the Clinton Government was actually the first US Government in over 40 years to stop the national debt increasing in real terms? That’s pretty amazing – only Government in 4 decades to put the country in a position where it could start reducing debt rather than servicing interest while borrowing more debt.

Of course, Bush totally squashed that inside of 2 years – 3000% increase in borrowing in only 2 years. That’s just mindblowing hey? For every $100 the US needed to borrow to keep going under Clinton, it needed to borrow $3000 under Bush. The US now borrows more than FOUR TIMES each year what the entire developing world receives in aid loans -$550 billion, or 4% GDP, every single year. And has had to borrow an additional $300billion in foreign money this year alone to provide the ‘pump priming’ and bailout packages that have prevented absolute collapse but not actually achieved any headway. Boggling, absolutely mindboggling. We’re looking at a $900 BILLION increase in debt for 2008 alone (not including interest).

How does a Government do that in so little time? I mean that as an honest question if anyone can answer it. How, in a mere six years, is it even physically possible, let alone politically possible, to take the world’s richest nation from the strongest economic position it has seen in over 4 decades to needing to borrow, in a single year, almost 8 times more money than the entire developing world combined just to avoid collapse?
Puna Gregg

Keaau, HI

#14 Sep 17, 2008
Simple, spend like a drunken sailor. Give the Military Industrial Complex the BIGGEST GIFT they have ever had. Give away EVERYTHING to the Corporate Fascist Pigs you can.

Let the oil industry run the show and FLEECE us to the tune of 100's of BILLIONS of dollars.

Let the Bankers and Speculators run up the price of OIL futures while just shrugging your STOOPID shoulders and saying "who knew"........this could happen.

When Bush was running for the first term we all knew he was an empty suit. BUT the Pundits said that like any good CEO he would surround himself with talent and listen to their advice.

Well in retrospect we now know that that was a total fuc*ing lie. He surrounded himself with cronies who were just as incompetent as Bush himself.

Just like the freaking dumbass infomercials...but wait there's more to this offer still.

1) The fleecing will top 10 Trillion when all the damage is totaled up.

2) The scumbags will all get a PRESIDENTIAL PARDON....and live happily after.

3) Cheany will live to be 1000 years old, just proving once and for all that only the good dye young, and true evil goes on forever.

4) Carl Rove will be known as the best citizen in this country, and will go on to receive the Congressional medal of honor.

Need I go on??????????

Since: Oct 07

Location hidden

#15 Sep 17, 2008
Even AIG's bailout is borrowed. It has 2 years to settle out its problems, which probably means selling assets, a depressor for the economy.

Since: Oct 07

Location hidden

#16 Sep 17, 2008
I think Americans pulled a fast one on OPEC. We got Saudi Arabia to open the oil taps, and then killed demand. What a deal. Price of oil tanks. Nice job.

Since: Oct 07

Location hidden

#17 Sep 17, 2008
The article says that the falling price of oil is an indication that harder times are ahead. But a low price for oil will boost the economy. It is a symptom, not a cause of the poor economy, and so it is a cause of a better economy to come. It will help businesses make profits, which means liquidity in the future. Unfortunately, some banks won't get there. Poor boys.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#18 Sep 17, 2008
YOOPER wrote:
<quoted text>
and the stock market regained 150 of that today and it will rebound like it always does. Libs and there doom and gloom....what happened to Pelosi's "we have a secret plan to drop oil prices"? I think she was misquoted and said "We have a secret plan to double the price of oil so we can blame Bush". People say Clinton's economy was booming, yet in his last year, the economic growth was a negative 1/2% while right now it's over a plus 3%. Care to elaborate.
Here:

Neo-conservative economics is a smoke and mirrors show. No substance.

It has ruined or economy, caused widespread US unemployment and under-employmwnt, cost investers trllions, and been unresponsive to national emergencies.

It has raided the US Treasury to the tune of a projected 10 TRILLION Dollar National Debt, which will be carried for generations.

There is NO GOOD in your thinking. NO GOOD.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#19 Sep 17, 2008
FYI wrote:
A short time ago, there was a news article about the price of gas. When you get 1 gallon of gas and you pay $3.999 for it you actually pay $4.00.
According to the gas companies that 1/10 cent gives them a extra $10 to $15 MILLION each year. I wonder if there is any way for us to collect that back?
Do moths fly out ofyour purse when you open it?

“Tell the Truth”

Since: Nov 07

Orlando, Florida

#20 Sep 17, 2008
MAC1 wrote:
<quoted text>
Don't pay attention to the doom and gloom democrats. Interestingly, when the Bush economy was booming and gas was $2.00 a gallon democrats didn't say a word. These people will think of all kinds of creative ways to dup the American people.
Gas was $2.00 a gallon????

Guess what? Gas was UNDER $2.00 a gallon when Clinton was in office. Now it's over double that amount. Doom and gloom??? Obviously you have enough money that you don't give a rat's butt about the price of anything. Good for you.

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