oil 20 bucks... i think so..

[David19 10+ year member]

Oil on its Way to $20

CNBC

November 28, 2008

Crude oil prices will rally in the near-term, but then investors will see another sharp selloff that will take crude back down to seven-year lows, according to one technical analyst.

Looking at the chart for light, sweet crude, prices will rise to $76 to $80 in the next two months, Dick Otto from Matrix Asset Management said Friday. But then another slide is expected.

"What we seen when we look at the move down from $130 to $50 is an impulsive wave," Otto said.

After the near-term rise, the next wave will also be "impulsive," with prices touching the 2001 bottoms of about $20.

Once prices reach those levels, "we have completed the correction down and then we will find, in the next four to five years after that, an up market," he said.

Looking at the Dow Jones Industrial Average, volatility will go down through the end of the year, but the trend will be down again starting in 2009, Otto added.

Click to read more...

 

[bigbangtheory 5,000+ posts]

So basically it will eventually go way...............way back up sometime next year?

I hope people don't impulse buy big SUV's and the like thinking the ish won't go back up. Is nice now, but will **** later on. Like I need to save for gas prices...............//content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif

 

[David19 10+ year member]

No, it will go up to 2.75-3 bucks a gallon again then will be back down to the lows... you will prob see it at 1.20 for alittle while

 

[jmanpc 5,000+ posts]

rofl.

I remember at the beginning of the summer, they were saying gas would be $7 a gallon by now.

I think it will reach equilibrium somewhere in thr $2-$3 range.

 

[bigbangtheory 5,000+ posts]

Ahh, I missed the 2 month thing. Great............ I would rather pay high gas prices next year....not right now, lol!

 

[vgeek 10+ year member]

You're seriously going to listen to the same people who said oil was 100% going to hit $200 a barrel? It can move two directions, up or down. Make your guess, sooner or later you will be right, but none of these experts can predict consistently and accurately or else they wouldn't be on television telling their opinion, they'd be too busy counting their stacks of money.

 

[05fronty 5,000+ posts]

so did anyone buy a dodge so you wouldn't have to pay more than 2.99 a gallon?

 

[Stephen_c 10+ year member]

so did anyone buy a dodge so you wouldn't have to pay more than 2.99 a gallon?

LOL i was thinking about that the other day because wasent it you could get the gas guarantee or a big rebate? lol pwnt

 

[05fronty 5,000+ posts]

LOL i was thinking about that the other day because wasent it you could get the gas guarantee or a big rebate? lol pwnt

yeah you know chrysler's laughing about the people who took the gas promise right now. not costing them a thing

 

[JamesKarr 10+ year member]

Hope prices stay low. Hurray for 16 MPG //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

 

[ngsm13 5,000+ posts]

Meh...

nG

 

[Justinw303 10+ year member]

Oil and gas prices are near impossible to predict.

Over the summer, I felt the same way about gas for less than $2/gallon that older black people used to think about there being a black president in their lifetime...

Now both have happened. Happy days!! lol

 

[cobra65427289 10+ year member]

20 bucks filled up my tank yesterday. I havent been able to do that for over 6 years. w00t!

 

[Louisiana_CRX 5,000+ posts]

as long as I get my 40+ mpg I'm happy //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif better than most motorcycles...//content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

 

[ThatChevyGuy 5,000+ posts]

as long as it dont jump past 2.00 in the summer ill be happy.