{"id":29253,"date":"2008-05-09T01:01:01","date_gmt":"2011-05-19T03:50:37","guid":{"rendered":""},"modified":"2011-05-19T03:50:37","modified_gmt":"2011-05-19T03:50:37","slug":"experts_rush_expect_oil_to_drop2","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2008\/05\/09\/experts_rush_expect_oil_to_drop2\/","title":{"rendered":"Experts, Rush Expect Oil to Drop"},"content":{"rendered":"
\n

RUSH: Well, we were talking a lot about the oil price yesterday, as you know. And here\u2019s a little bit of a See, I Told You So, right off of the Associated Press wire: ‘Even as oil prices ascended to new highs of more than $124 a barrel this week, many oil and gas industry executives say they expect the price to fall significantly by year\u2019s end, a new survey shows. Fifty-five percent of 372 petroleum industry executives surveyed by KPMG LLP said they think the price of a barrel of crude will drop below $100 by the end of the year. Twenty-one percent of respondents predicted a barrel of oil will end the year between $101 and $110, while 15 percent forecast the year-end price to be between $111 and $120 a barrel.\u2019 It has to come down, folks, at some point is going to come down; trust me on this. It has to, particularly if it goes a whole lot higher, it\u2019s going to have to come down. We talked about this in great detail yesterday. The market just will not support this. When I was talking about this yesterday, I got a bunch of e-mail notes because I asked the question, ‘Have you thought about at what price a gallon of gasoline will make you either swear off of it or choose another mode of transportation?\u2019 And I got e-mails from people, ‘You idiot! You don\u2019t understand. It\u2019s not like we can swear off gasoline. If movie ticket prices got to 50 bucks, yeah, screw it, I\u2019m not going. But gasoline, I have to use it no matter what the price. I\u2019ve gotta make adjustments elsewhere.\u2019 <\/p>\n

That\u2019s the point. When you start making adjustments elsewhere, when you stop going to the movies, when you stop taking your summer vacation, when you don\u2019t have money to go to Sea World or Disney — and, by the way, have you seen the record crowds at the Disney theme parks both in Orlando, and out in Los Angeles? Record crowds out there, in this battered recession-era economy, which of course is not what this. But, nevertheless, it all works together. So if the gasoline price would hit ten bucks a gallon, and using that is an arbitrary number, yeah, you\u2019d still have to use gasoline to get to work and so forth but you\u2019re not going to do all these other fluffy things, and that will have impact on all these fluffy businesses that you\u2019re not patronizing along with a whole lot of other people. This will bring market pressure. We\u2019re not going to sit here and let the tourist industry go broke and bankrupt and shut down. It\u2019s not going to happen. Time Is Tight, Booker T. &amp; the MGs, 1968. But the price is going to come down. It simply has to. By the way, the price hit $126 today of a barrel of oil because of Hugo Chavez. <\/p>\n

The speculation market, the commodities market is all in a tizzy because Hugo Chavez says that he\u2019s going to back the rebels in Colombia trying to overthrow our friendly government there, and this is causing the United States to say, ‘Fine, you do that and we\u2019ll put sanctions on you, Hugo,\u2019 and Hugo is saying, ‘Fine, you put sanctions on me and I\u2019ll stop selling oil to you.\u2019 And so the commodities market, ‘Oh, no, that\u2019s going to interrupt supply to the US.\u2019 It will not interrupt the supply to the US. What will happen is Hugo will sell his oil to whoever wants it. There will be buyers even if he freezes us out, and whoever buys the stuff will in turn sell it back to us. There will not be a shortage of oil if Hugo Chavez decides to freeze us out. It will go up because there will be a middleman price to pay, but we\u2019ll not do without oil. The profit motive alone will cause these middlemen that Hugo sells to, to turn around and sell it to us, we\u2019re going to need it and we\u2019ll have to pay through the nose for it, but there will be oil. In the meantime, ‘OPEC may consult on whether the group needs to boost oil output before a scheduled meeting in September should crude oil prices keep rising, an OPEC source said on Friday. ‘If the price keeps going up, OPEC may consult on an increase in production before it meets in September,\u2019 the source said.\u2019 <\/p>\n

The expert here said that OPEC would have to raise the production by more than 500,000 barrels a day to have any impact on the price. Wrong. I mean, in a static supply and demand market, true, but you let the speculators get hold of the news that OPEC might increase production by half a million barrels and they\u2019re going to go nuts the other way. It\u2019s going to be happy days are here again, more oil on the market. The stuff is just academic, really, it\u2019s not that complicated, other than the role the speculators have in the market. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Well, we were talking a lot about the oil price yesterday, as you know. And here\u2019s a little bit of a See, I Told You So, right off of the Associated Press wire: ‘Even as oil prices ascended to new highs of more than $124 a barrel this week, many oil and gas industry […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"\nExperts, Rush Expect Oil to Drop - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rushlimbaugh.com\/daily\/2008\/05\/09\/experts_rush_expect_oil_to_drop2\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Experts, Rush Expect Oil to Drop - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Well, we were talking a lot about the oil price yesterday, as you know. 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