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WTI
WTI
Is this good or Bad Happy Thanksgiving to you Sir
not in the east coast it isn’t- still $3.30 a gallon of gas here- you’;d never know oil was down to 69$ a barrel-
Time for an import tax. Sorry, but free market purity DOES NOT triumph national security on this.
F**k OPEC up the rear this time. No more allowing the Saudis to screw with our domestic energy push.
And remember fellow Conservatives . . . LOTS of jobs in this country are at risk due to the Saudi shenanigans.
There go those greedy oil companies manipulating costs again........
Bye bye Bakken
Thats what Sauds want gone
Looking forward to (hopefully) some of the responses from savvy freepers that are in this line of work. What is the bottom line when American frackers and oil companies hang it up for a while until the price comes back up?
Me personally, I welcome the low prices but as i understand it (from a few previous threads), too low will put some serious hurt on quite bit of the country as the “market” equalizes (which takes more time than there are “jobs” out there for out of work oil workers).
Is there a chart out there that shows the price of oil in relation to gasoline prices, year to year/month to month?
I suspect this has something to do with reining in Putin. The House of Saud will just make less money. Russia will be hurting.
Ping
Looks like another leg down on oil.
There went the fracking boom. Costs in oil sands production are cheaper, and the Keystone XL should have been given the red carpet treatment instead of rotten eggs from NIMBY constituents in the shadows (anti-competition businesses).
Below is a link to a calculator estimating the price of a gallon of gas for a selected price on a barrel of crude oil. Note that it takes a barrel price of $30 to make a gallon of gas (without taxes) equal $1.
Saudi’s are I understand from numerous articles attempting to, and apparently succeeding in driving down the cost of crude (to $65.00, or less per barrel) for the specific purpose of causing the American oil producers in fracking out of business by making the costs too low to be worthy of the process.
IOW another assault by an alleged ally (no Islamist is an ally) on our economy, and of course fully supported by Obama, and Co. who will reward them soon I’m certain with military items, or other.
$2.00 a gallon for gas soon?
Oil is down because the strength of the dollar is way up!
Hardeharhar.
It was a mistake for the politicians to humor natural gas interests in shutting down so much coal production, too (coal-fired power plants going to natural gas). When the incomes of most people go down, and costs, up, real markets begin to fall. Proud fake markets (recirculating debts) prepare a currency for a fall.
By the way, Rush Limbaugh nailed this over a week ago, explaining that the Saudis are targeting USA shale oil production, flooding the already glutted oil market by maintaining their current (high) levels of production. I think all of this present gloom omits one key and ever present factor in the Middle East: Chaos and War. Like the weather in Florida, things will soon change.