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Posted: 12/15/2014 12:30:02 PM EDT
[#1]
Quote HistoryQuoted:
Which do you want? Production in the U.S. with tall of the money rippling through our economy, providing jobs and keeping our taxes low? Or foreign purchases, with our money leaving the country to fund the Saudi Royalty's lavish lifestyles ands terrorism? You need to think a little farther than your impulses. Consider Bastiat, on abundance and scarcity: Read Here. Consider also that the oil producing countries in the Middle East are dependent upon their customers. If they plow enough money into terrorism such that it makes us unhappy to be their customer, their money supply dries up. They want to maintain their lifestyle; without customers, they don't. If the rest of the world weans itself off of those oil producers and achieves energy independence, have these now impoverished oil producers possibly lost the incentive to play nice with anyone? If life is terrible, waging war might not seem like such a bad idea. |
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Posted: 12/15/2014 12:35:53 PM EDT
[#2]
Sure, send Texas into another 80's style recession like it did the last time the price of oil tanked
  
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Posted: 12/15/2014 12:36:25 PM EDT
[#3]
Quote HistoryQuoted:
Yeah, fuck the industry that probably provides more tax revenue to the country than any other.
Quote HistoryQuoted:
Quoted:
When I see oil company execs jumping out of windows (higher than the ground floor) it will be a beautiful day in America.  Yeah, fuck the industry that probably provides more tax revenue to the country than any other.
Price of oil has nothing to do with the price per gallon of taxes we pay at the pump, I know your talking about revenues just saying. BUT, why are those tax revenues so fucking important in the first place? Just funding a runaway freight train called the federal government. |
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Posted: 12/15/2014 12:36:36 PM EDT
[#4]
Quote HistoryQuoted:
I can't find a really consistent answer to that question. I've heard $40 is the absolute lowest before they have to close shop. Who the hell knows; I'm sure it's different for each company, but even if the Saudis do get the price down to, say, $30/barrel, that price will stay there for a while to make sure these small companies wither away and die off before they can curtail output to raise the price again. And when the price starts going up, guess what? It'll start being profitable again for U.S. shale oil to resume operations. Quote HistoryQuoted:
Quoted:
Might I ask what is the turning point for fracking? I hear its only worth it if oil is over 60 dollar a barrel. below that fracking isn't cost effective I can't find a really consistent answer to that question. I've heard $40 is the absolute lowest before they have to close shop. Who the hell knows; I'm sure it's different for each company, but even if the Saudis do get the price down to, say, $30/barrel, that price will stay there for a while to make sure these small companies wither away and die off before they can curtail output to raise the price again. And when the price starts going up, guess what? It'll start being profitable again for U.S. shale oil to resume operations. It's not really that simple. Most of the costs of fracking are in the establishment of the the fracking wells. Once established, extraction costs are minimal. Existing fracked wells will continue to operate. New ones will not, unless they can find cheaper ways to do it, which is always a possibility. A lot of the initial costs are associated with regulation. If the next president is not of the liberal persuasion (either dem or GOP), that could change. |
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Posted: 12/15/2014 12:39:54 PM EDT
[#5]
Capitalism, how does it work?
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Posted: 12/15/2014 12:46:06 PM EDT
[#6]
Forget the CPI and the Dow. Our economy runs more vigorously on cheap fuel and it is more stagnant with expensive fuel.
I say the lower the better. 
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Posted: 12/15/2014 12:56:47 PM EDT
[#7]
Okay, but it's a big world, with lots of competing interests. Russia, for example, needs $90+/bbl for stability. Smaller oil producers don't have the resilience of a Saudi Arabia. They know that as soon as the shooting starts, crude prices skyrocket. There will be strong pressure from North Africa through South East Asia to start something to raise the price of oil. Not saying it's right, but that's a possibility.
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Posted: 12/15/2014 12:57:23 PM EDT
[#8]
Dupe-O-Rama.
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Posted: 12/15/2014 1:05:59 PM EDT
[#9]
Quote HistoryQuoted:
every thing I have to say to you is a <COC Violation>. my livelihood depends on high oil prices. so go <COC Violation> yourself. Quote HistoryQuoted:
Quoted:
Snip huge wall of text. every thing I have to say to you is a <COC Violation>. my livelihood depends on high oil prices. so go <COC Violation> yourself. Your high oil prices cost me my job a few years back so you wont get any sympathy from me. |
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Posted: 12/15/2014 1:07:51 PM EDT
[#10]
Quote HistoryQuoted: It's not really that simple. Most of the costs of fracking are in the establishment of the the fracking wells. Once established, extraction costs are minimal. Existing fracked wells will continue to operate. New ones will not, unless they can find cheaper ways to do it, which is always a possibility. A lot of the initial costs are associated with regulation. If the next president is not of the liberal persuasion (either dem or GOP), that could change. Quote HistoryQuoted: Quoted: Quoted: Might I ask what is the turning point for fracking? I hear its only worth it if oil is over 60 dollar a barrel. below that fracking isn't cost effective I can't find a really consistent answer to that question. I've heard $40 is the absolute lowest before they have to close shop. Who the hell knows; I'm sure it's different for each company, but even if the Saudis do get the price down to, say, $30/barrel, that price will stay there for a while to make sure these small companies wither away and die off before they can curtail output to raise the price again. And when the price starts going up, guess what? It'll start being profitable again for U.S. shale oil to resume operations. It's not really that simple. Most of the costs of fracking are in the establishment of the the fracking wells. Once established, extraction costs are minimal. Existing fracked wells will continue to operate. New ones will not, unless they can find cheaper ways to do it, which is always a possibility. A lot of the initial costs are associated with regulation. If the next president is not of the liberal persuasion (either dem or GOP), that could change. I don't disagree with what you're saying, but for Company X Energy who has drilling rights to some land, suppose they have to close up shop. They still know where proven oil/gas reserves are located. There is still value in this company for that knowledge alone, then throw in access rights to the land and even if a bigger company buys them, that knowledge and those rights are now part of the big company and if oil prices rise, well guess what? Big company just goes to set up a rig and start drilling. You stated that the cost is the initial setup of the well. But again, once the price of oil gets high enough, the company will get the equipment to the well anyway because they know they can turn a profit which covers the costs of setting it up. Quoted: Okay, but it's a big world, with lots of competing interests. Russia, for example, needs $90+/bbl for stability. Smaller oil producers don't have the resilience of a Saudi Arabia. They know that as soon as the shooting starts, crude prices skyrocket. There will be strong pressure from North Africa through South East Asia to start something to raise the price of oil. Not saying it's right, but that's a possibility. Good. Even if the shooting starts and Russia and allah snackbars come out of the woodwork, we still win. We can continue producing domestically, plus other OPEC nations win. Nigeria is a good example that they will deal with the snackbars on their own if it means they pump out oil and make a profit considering they too are a christian/muslim nation. Russia has no fear of them and will deal with them harshly if they try to destroy their infrastructure so a lot of the snackbar terrorism will likely stay confined to the current snackbar middle east. |
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Posted: 12/15/2014 1:22:55 PM EDT
[#11]
Why do I try arguing with GD? why?
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Posted: 12/15/2014 1:27:21 PM EDT
[#12]
Quote HistoryQuoted: Price of oil has nothing to do with the price per gallon of taxes we pay at the pump, I know your talking about revenues just saying. BUT, why are those tax revenues so fucking important in the first place? Just funding a runaway freight train called the federal government. Quote HistoryQuoted: Quoted: Quoted: When I see oil company execs jumping out of windows (higher than the ground floor) it will be a beautiful day in America. Yeah, fuck the industry that probably provides more tax revenue to the country than any other. Price of oil has nothing to do with the price per gallon of taxes we pay at the pump, I know your talking about revenues just saying. BUT, why are those tax revenues so fucking important in the first place? Just funding a runaway freight train called the federal government. Just pointing out a fact for all the oil industry haters on here. Several derp posters in this thread already. The oil industry provides a heckuva lot more to this country than gas. |
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Posted: 12/15/2014 1:32:12 PM EDT
[#13]
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I feel you, truly I mean that and I'm not saying it just for the hell of it. But one thing to keep in mind is that large domestic energy companies, like Exxon, typically see profit margins around 10-15%. Yes, their profit numbers are in the billions, but their percentage is just what I stated. It's the foreign oil companies who have truly been raping the U.S. consumer that you should direct your anger toward, namely Saudi Aramco. It costs them around $2/barrel to get oil out of the ground over there. When oil was selling for $100/barrel or more, well the profit percentage is pretty easy to see now. Quote HistoryQuoted:
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As long as I have been alive (53 years) ALL the oil companies have been raping the fuck out of the American public on oil and gas prices. Yearly they report BILLIONS in profits. That doesn't happen by selling oil at a couple cents per barrel profit but by huge gouging of buyers. Their perpetual attitude has been for us to say "yes sir, give me another!" When sticking their fat oil cock in our asses. I welcome some of the shithole countries economies going to shit. US companies may slow production but not by much and only temporarily. They are too fucking greedy to cut back on production as they want those billions in profit still. Only group upset by this in the US is the democrats as it causes less depression and better economy, killing their desire for more socialism. Obama is seething at low oil prices, almost as much as he is pissed at republicans for taking back the senate. I feel you, truly I mean that and I'm not saying it just for the hell of it. But one thing to keep in mind is that large domestic energy companies, like Exxon, typically see profit margins around 10-15%. Yes, their profit numbers are in the billions, but their percentage is just what I stated. It's the foreign oil companies who have truly been raping the U.S. consumer that you should direct your anger toward, namely Saudi Aramco. It costs them around $2/barrel to get oil out of the ground over there. When oil was selling for $100/barrel or more, well the profit percentage is pretty easy to see now. They'll still be making their margins. Hopefully, if costs for raw materials get lower, and labor costs (in the form of living expenses) get lower, the overall price will follow suit. Butt fuck them, though, for their 15% margins. It's a general standard that margins in the construction industry average around 5%, once all the bills are paid. We'd have to charge around 45% to 50% to be able to net 15%, and we'd be living in high cotton if we could. I won't shed many tears if the oil industry has to cut back a little. |
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Posted: 12/15/2014 1:44:02 PM EDT
[#14]
Quote HistoryQuoted: The cheap oil is because of increased Saudi production, whom don't like our new found energy independence. So I guess you'd rather save a few cents on gas and food than being free of dependence on Saudi oil? for me. Quite a few of them actually with commutes that have ranged from 17 to 40 miles one way, 4.7 miles just to the nearest small grocery store, a daily driver that gets maybe 25 at the moment, and a truck that gets 14. I have a second spare car that gets a little more than the other, but it has some issues, and isn't in my possession at the moment and I need to start looking at any possible way to report it stolen if the dickhead doesn't return it. Also, my house uses heating oil, and that's getting filled up today. |
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Posted: 12/15/2014 1:44:54 PM EDT
[#15]
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Why do I try arguing with GD? why? No idea. I'm not sure why some people would feel entitled to insist that one single thing, which can be perceived an endless number of ways by people in different parts of a heterogeneous society, be universally either despised or celebrated and a hearty COC violation to those who disagree. |
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Posted: 12/15/2014 2:18:30 PM EDT
[#16]
Quote HistoryQuoted: Why do I try arguing with GD? why? My job depends on the price of oil as well, but I'm not the guy saying "fuck what everyone else wants". You have to put things in perspective. Oil prices above $100/barrel are a historical anomaly. Oil has typically floated in that $40-$60 range (inflation adjusted), and there's still lots of jobs to go around. That being said, I think the days of $40-$60 oil are over for one reason - the dramatically increased costs of drilling. 20 years ago you could have oil at $30/barrel and make money on it. Today? Not so much. The break-even costs have gone way up, and therefore the cost of a barrel needs to be higher in order to make the same amount of profit - there is no doubt about that; but to insist that oil needs to be $120/barrel for people to make money and not hurt domestic production is ridiculous. I would be happy with oil in the $70-$80 region. It would be enough profit motive for companies to still be out there drilling, but not so much that it hurts the overall domestic economy. Give it 6 months, and when the price of oil comes back up to $70-$80/barrel, things will even out. Right now the people in the industry being hurt the most are those whose projects were only economically feasible with $100/oil. We will get there again eventually; but the bottom line is that the economy has sucked donkey balls for the last 6-7 years and people who are only "end users" of petroleum need a break. I'm not particularly thrilled that lower oil costs will make some people think of Obama as an economic prodigy - that's why I want higher oil prices.  |
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Posted: 12/15/2014 2:30:27 PM EDT
[#17]
Hard for me to feel sorry for all these oil company fat cats who were reporting record profits every quarter while the average guy was out there paying almost $4 a gallon for gas trying to make ends meet.
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Posted: 12/15/2014 2:35:45 PM EDT
[#18]
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Hard for me to feel sorry for all these oil company fat cats who were reporting record profits every quarter while the average guy was out there paying almost $4 a gallon for gas trying to make ends meet. You aren't supposed to feel sorry for them now anymore than you should have felt animosity towards them when gas was four bucks. The market drove the high prices then just like the market is driving the low prices now. It had nothing to do with "Fat Cats" looking to screw people trying to make ends meet. |
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Posted: 12/15/2014 2:57:57 PM EDT
[#19]
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Sure, send Texas into another 80's style recession like it did the last time the price of oil tanked and ND, and AB |
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Posted: 12/15/2014 3:01:09 PM EDT
[#20]
Lower fuel prices mean lower delivery and production costs. How is that bad again? It's only bad for oil speculators and producers in the short term, but good for the economy on the whole. In the long term lower costs should result in higher total utilization and demand and hence more revenue for the producers.
Economics, how does it work? |
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Posted: 12/15/2014 3:07:48 PM EDT
[#21]
I feel bad for the folks working in the oil industry that will lose their jobs but I am glad fuel prices are down. It saves me money which has been pretty damned hard to come by lately. It won't cost me $1k in fuel oil to heat my home for the winter like it has for the past several years and that is a good thing for my discretionary funds, as in I may actually have some for a change.
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Posted: 12/15/2014 3:08:05 PM EDT
[#22]
Quote HistoryQuoted: I'm not particularly thrilled that lower oil costs will make some people think of Obama as an economic prodigy - that's why I want higher oil prices. Probably Saudis plan for upping the dems vote for next election. |
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Posted: 12/15/2014 3:13:07 PM EDT
[#23]
Quote HistoryQuoted: every thing I have to say to you is a <COC Violation>. my livelihood depends on high oil prices. so go <COC Violation> yourself. Quote HistoryQuoted: Quoted: Snip huge wall of text. every thing I have to say to you is a <COC Violation>. my livelihood depends on high oil prices. so go <COC Violation> yourself. |
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Posted: 12/15/2014 3:18:05 PM EDT
[#24]
Quote HistoryQuoted:
every thing I have to say to you is a <COC Violation>. my livelihood depends on high oil prices. so go <COC Violation> yourself. Quote HistoryQuoted:
Quoted:
Snip huge wall of text. every thing I have to say to you is a <COC Violation>. my livelihood depends on high oil prices. so go <COC Violation> yourself. Pro tip - ball newspaper up and stuff it in your jacket and pants at night for extra warmth |
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Posted: 12/15/2014 3:30:27 PM EDT
[#25]
Quote HistoryQuoted:
every thing I have to say to you is a <COC Violation>. my livelihood depends on high oil prices. so go <COC Violation> yourself. Quote HistoryQuoted:
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Snip huge wall of text. every thing I have to say to you is a <COC Violation>. my livelihood depends on high oil prices. so go <COC Violation> yourself. Waaaaaah. Expensive oil has knocked around a ton of other people. Welcome to the shit slope of the cycle. We've lost profit for years paying for expensive fuel. Prices unable to be increased, but expenses increasing. It's your turn now. |
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Posted: 12/15/2014 3:32:31 PM EDT
[#26]
Quote HistoryQuoted:
Why do I try arguing with GD? why? It's a sad day when you manage to be outwitted by GD.
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Posted: 12/15/2014 3:33:43 PM EDT
[#27]
Quote HistoryQuoted:
My job depends on the price of oil as well, but I'm not the guy saying "fuck what everyone else wants". You have to put things in perspective. Oil prices above $100/barrel are a historical anomaly. Oil has typically floated in that $40-$60 range (inflation adjusted), and there's still lots of jobs to go around. That being said, I think the days of $40-$60 oil are over for one reason - the dramatically increased costs of drilling. 20 years ago you could have oil at $30/barrel and make money on it. Today? Not so much. The break-even costs have gone way up, and therefore the cost of a barrel needs to be higher in order to make the same amount of profit - there is no doubt about that; but to insist that oil needs to be $120/barrel for people to make money and not hurt domestic production is ridiculous. I would be happy with oil in the $70-$80 region. It would be enough profit motive for companies to still be out there drilling, but not so much that it hurts the overall domestic economy. Give it 6 months, and when the price of oil comes back up to $70-$80/barrel, things will even out. Right now the people in the industry being hurt the most are those whose projects were only economically feasible with $100/oil. We will get there again eventually; but the bottom line is that the economy has sucked donkey balls for the last 6-7 years and people who are only "end users" of petroleum need a break. I'm not particularly thrilled that lower oil costs will make some people think of Obama as an economic prodigy - that's why I want higher oil prices.
Quote HistoryQuoted:
Quoted:
Why do I try arguing with GD? why? My job depends on the price of oil as well, but I'm not the guy saying "fuck what everyone else wants". You have to put things in perspective. Oil prices above $100/barrel are a historical anomaly. Oil has typically floated in that $40-$60 range (inflation adjusted), and there's still lots of jobs to go around. That being said, I think the days of $40-$60 oil are over for one reason - the dramatically increased costs of drilling. 20 years ago you could have oil at $30/barrel and make money on it. Today? Not so much. The break-even costs have gone way up, and therefore the cost of a barrel needs to be higher in order to make the same amount of profit - there is no doubt about that; but to insist that oil needs to be $120/barrel for people to make money and not hurt domestic production is ridiculous. I would be happy with oil in the $70-$80 region. It would be enough profit motive for companies to still be out there drilling, but not so much that it hurts the overall domestic economy. Give it 6 months, and when the price of oil comes back up to $70-$80/barrel, things will even out. Right now the people in the industry being hurt the most are those whose projects were only economically feasible with $100/oil. We will get there again eventually; but the bottom line is that the economy has sucked donkey balls for the last 6-7 years and people who are only "end users" of petroleum need a break. I'm not particularly thrilled that lower oil costs will make some people think of Obama as an economic prodigy - that's why I want higher oil prices.
pretty much that. as oil becomes more and more difficult to drill for (IE shale) and produce the price will natural rise. this $50 oil is OPEC manipulating the market, this won't last forever. and oil will be $100 a barrel again, soon. |
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Posted: 12/15/2014 3:37:16 PM EDT
[#28]
Quote HistoryQuoted:
It's a sad day when you manage to be outwitted by GD. Quote HistoryQuoted:
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Why do I try arguing with GD? why? It's a sad day when you manage to be outwitted by GD. not so much as outwitted, more like brought down to their level and beat with experience. |
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Posted: 12/15/2014 3:39:03 PM EDT
[#29]
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not so much as outwitted, more like brought down to their level and beat with experience. Quote HistoryQuoted:
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Why do I try arguing with GD? why? It's a sad day when you manage to be outwitted by GD. not so much as outwitted, more like brought down to their level and beat with experience. If you don't want your dick covered in mashed potatoes, don't stick your dick in a bowl of them. |
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Posted: 12/15/2014 4:20:42 PM EDT
[#30]
Quote HistoryQuoted: and oil will be $100 a barrel again, soon. I really don't think so. Even if Saudi Arabia manages to kill off some U.S. shale companies within the next year and their plan succeeds by then curtailing output to drive up the price, it won't work. Completely discounting our own domestic production you again have the wildcard Russia in the mix because they are more than happy to undercut Saudi prices whenever possible in order to keep their own economy afloat. |
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Posted: 12/16/2014 1:07:41 AM EDT
[#31]
So is anyone here poised to invest in some oil? I've got some stocks and mutual funds and a pathetically small amount of shiny metal, but I don't even know what the thing to buy would be regarding oil.
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Posted: 12/16/2014 1:09:12 AM EDT
[#32]
I want Russians to eat each other so yes
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Posted: 12/16/2014 1:22:21 AM EDT
[#33]
Do It !
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Posted: 12/16/2014 1:23:54 AM EDT
[#34]
I firmly believe this is being done to stop the fracking industry. My oil stocks are taking a beating but I don't care. Oil prices will eventually return.
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Posted: 12/16/2014 1:28:49 AM EDT
[#35]
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It WILL hurt domestic energy production. And that has a lot of ramifications here in the US. I happy median would be to harm OPEC and other international players yet still be high enough to keep domestic rigs pumping and their crews employed. Venezuela is on the verge of becoming a failed state as it is now. Maybe the people of that country will be smart enough to trade La Revolution in for free markets and capitalism but I'm not holding my breath. |
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Posted: 12/16/2014 1:30:02 AM EDT
[#36]
NPR was talking about this topic today. One idea being suggested is now is the time to attach a carbon tax to gasoline since the price per gallon has fallen so much.
Yeah, great f'in idea. And when oil is back to 90\barrel AND there's an additional carbon tax gas will be five dollars per gallon. |
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Posted: 12/16/2014 1:30:25 AM EDT
[#37]
OP why do you hate Alaska?
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Posted: 12/16/2014 1:32:24 AM EDT
[#38]
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wow a lot of fucking DU posters here... Welcome to every fucking day around here. "But... price gouging, fat cats, billions of dollars of profits, waaahhh...." 
But I don't see many GD self-made millionaire geniuses starting up their own oil companies to drill $100 million holes and turn around and sell the product at what they claim is a "fair" price 
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Posted: 12/16/2014 1:32:29 AM EDT
[#39]
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Possibly a decent investment opportunity in the future? Friend of mine bought $1-2k of GM stocks at $.25 a share when they crashed. Not exactly making bank on it right now.... I should have bought $1-2k of bit coin back in 2008
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It WILL hurt domestic energy production. And that has a lot of ramifications here in the US. And Canada...Canada has a huge shale and oil sand sector... Stocks for those companies are getting hammered right now. Possibly a decent investment opportunity in the future? Friend of mine bought $1-2k of GM stocks at $.25 a share when they crashed. Not exactly making bank on it right now.... I should have bought $1-2k of bit coin back in 2008
He bought a $0.25/share and its worth $31/share now. He should be sitting on his 124x gain. |
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Posted: 12/16/2014 1:38:46 AM EDT
[#40]
Economy was doing just fine back when fuel prices were reasonable.
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Posted: 12/16/2014 1:42:54 AM EDT
[#41]
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not so much as outwitted, more like brought down to their level and beat with experience. Quote HistoryQuoted:
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Why do I try arguing with GD? why? It's a sad day when you manage to be outwitted by GD. not so much as outwitted, more like brought down to their level and beat with experience. Shit, your right. You had such a passionate argument and all GD said was " You talk like a fag and your shits all retarded, fuck you." Oh wait that was you. |
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Posted: 12/16/2014 1:45:24 AM EDT
[#42]
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Cry me a river, I like cheaper gas a lot more then I like putting money in your pocket. Quote HistoryQuoted:
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Snip huge wall of text. every thing I have to say to you is a <COC Violation>. my livelihood depends on high oil prices. so go <COC Violation> yourself. Cry me a river, I like cheaper gas a lot more then I like putting money in your pocket. So you would rather have unemployed Americans than unemployed Arabs? You are a patriot sir.
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Posted: 12/16/2014 1:49:03 AM EDT
[#43]
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Dollars for me. Quite a few of them actually with commutes that have ranged from 17 to 40 miles one way, 4.7 miles just to the nearest small grocery store, a daily driver that gets maybe 25 at the moment, and a truck that gets 14. I have a second spare car that gets a little more than the other, but it has some issues, and isn't in my possession at the moment and I need to start looking at any possible way to report it stolen if the dickhead doesn't return it.
Also, my house uses heating oil, and that's getting filled up today. Quote HistoryQuoted:
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The cheap oil is because of increased Saudi production, whom don't like our new found energy independence. So I guess you'd rather save a few cents on gas and food than being free of dependence on Saudi oil? I have a second spare car that gets a little more than the other, but it has some issues, and isn't in my possession at the moment and I need to start looking at any possible way to report it stolen if the dickhead doesn't return it.
Also, my house uses heating oil, and that's getting filled up today. Whos fault is that? |
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Posted: 12/16/2014 1:50:58 AM EDT
[#44]
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So you would rather have unemployed Americans than unemployed Arabs? You are a patriot sir.
Ebbs and flows man ebbs and flows. While everyone is happy for the drop like a rock price in gas. We know this is pure market manipulation by the Saudis and it can't last in the long term. |
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Posted: 12/16/2014 1:51:22 AM EDT
[#45]
At what price per barrel do these lights turn off?
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Posted: 12/16/2014 1:58:43 AM EDT
[#46]
Quote HistoryQuoted: The cheap oil is because of increased Saudi production, whom don't like our new found energy independence. So I guess you'd rather save a few cents on gas and food than being free of dependence on Saudi oil? If the Saudis really had that much control then oil would have been $200 a gallon twenty years ago. Cheap oil prices hurt them too. And like others have said, the idea of them crashing the price just to put US companies out of business doesn't make much sense because if the prices go back up then US companies will start producing again as well. Fact is market prices on just about everything spike and crash now and then regardless of what anyone does. Also its a hell of a lot more than a few cents. I'm spending two hundred dollars less a month in gas now than I was a few month ago. That's money I'm now spending on gun stuff, entertainment, etc. The positive effect cheap gas has on our economy vastly outweighs the negative. |
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Posted: 12/16/2014 2:30:01 AM EDT
[#47]
Quote HistoryQuoted: Whos fault is that? Quote HistoryQuoted: Quoted: Quoted: The cheap oil is because of increased Saudi production, whom don't like our new found energy independence. So I guess you'd rather save a few cents on gas and food than being free of dependence on Saudi oil? I have a second spare car that gets a little more than the other, but it has some issues, and isn't in my possession at the moment and I need to start looking at any possible way to report it stolen if the dickhead doesn't return it. Also, my house uses heating oil, and that's getting filled up today. Whos fault is that? (Actually I don't even know how much difference it would make. It's a 96 chevy 350ci 2500 4wd. I've managed maybe 16 on the freeway. There aren't too many ways to improve it. There's also a reason it's not my DD) |
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Posted: 12/16/2014 3:24:02 AM EDT
[#48]
My energy sector stock is way down. If it's this way at the beginning of the year it may be a buying opportunity.
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Posted: 12/16/2014 3:30:04 AM EDT
[#49]
Quote HistoryQuoted:
I'm starting a new job next month in an oil b [my area. Not in the oil industry, but close enough that I'm not excited about a crash in prices. S This may sound harsh but tough shit ? I'm sick of all of my spendable income going to fuel. |
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Posted: 12/16/2014 3:47:51 AM EDT
[#50]
Quoted:
The crude oil market as a whole has a lot of major players in the international community, some of them we (the USA) hate, some we tolerate, some we like. But the bottom line is that regardless of where the oil comes from, we're still buying it and actively using it. The USA is still the largest consumer of crude oil in the world. When prices drop, sure, our own domestic production will likely also shut down. Smaller companies will probably get bought out by bigger ones, massive consolidation, but the energy industry tends to operate on boom and bust cycles so this would be no different. Practically every other aspect of our economy however will be on the winning side. Fuel prices all around (except probably diesel because FUCK THE EPA!) will drop like a rock. If you haven't ventured out from your basement in the last week or so, gasoline prices are closing in on $2/gallon in many parts of the country. Just today I saw prices at like $2.10. There's a very real possibility that we could see $1.50. And yet practically every article you see on news web sites or market reports talks about the oil crash as totally detrimental to the market. So, their position is that oil prices need to rise again in order to "stabilize" the market? Let's look at the facts here for a moment.....
So pardon me if I don't believe the daily bullshit from so-called "market expert" talking heads that claim these low oil prices will kill us, our economy, or cause some kind of irreparable damage. It'll kill people all right, not us though. All of OPEC and Russia can go suck a big fat out of Uncle Sam's ass for all I care. You are insane, it will crash the US - ISIS will do fine - we won't. Quoted:
<snip> Remember, there is currently a massive downturn in the oil industry due to the price of crude taking a dive. Where do you suppose all the money to buy mineral rights, equipment, and frac-ing costs, and leveraged energy hedge funds comes from? Why, that would be the top 5 banks. Who do you suppose created, bought, and sold derivatives based on the future price of oil (btw, just like what blew up Enron)? Why, that would be the top 5 banks. Who do you suppose has created, bought, and sold tens of TRILLIONS of dollars in interest rate gambles that may now go poof because China just tightened up their financial system (increase in interest rates), France just got downgraded (increase in interest rates coming), the EU is claiming they'll have to raise interest rates soon as does the Fed? Why, that would be the top 5 banks. Who do you think provided the actual text of the provisions to the House staffer? That would be Citigroup but they all backed it, including, apparently, Jamie Dimon himself (JP Morgan Chase) made calls to House and Senate members to lobby for these provisions. They KNOW that they've created these bogus instruments that took real capital out of the system (the capital that the Fed has been trying for the last 6 years to inject into the economy with no luck at all because the big banks ate it all), leveraged it by a factor of 87 (or at least 50), and created this poker game for themselves that they now see is going to sink them all unless they can find a way out. Well, guess what, they found it all right, and it's you. |
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