“Good. The world needs $70+ oil.”
Any why is that?
Seems you are vested in a particular commodity rather than the good of humanity.
If the world had oil selling at $1, would that not mean a better standard of living for the billions on the earth, not to mention the diminished power of those in the ME which mean to kill us?
$65 to 70 Dollar oil puts all out shale plays back in business and it would still crushes Russia and Venezuela.
http://www.businessinsider.com/break-even-oil-prices-for-all-the-major-producers-in-the-world-2015-7
“Libya needs the highest price, above $180/barrel, to break even. Qatar can get by with oil below $80/barrel. Russia and Saudi Arabia’s break-even prices are both around $105/barrel, and Iran’s is nearly $130.”
The good of humanity?
Have you seen Venezuela lately? How about Norway and other nations that depend on oil revenues to provide humanitarian services?
Have you taken note of the thousands upon thousands of people now out of work since the precipitous drop in oil? Not to mention the fallout in local economies in oil (including fracking)producing states.
I’m sure you know banks pay almost no interest for savings accounts or CD’s. How can people, not the least of which retirees, get a low risk return on savings? They must switch to dividend paying stocks, of which oil and gas are one of the top choices for a low risk return.
Insurance companies and pension funds depend on interest and dividends to make good on promises to those who entrusted them with their hard earned money. Interest, including low risk corporate and government bonds pay very little. So they turn to dividends.
I realize that lower prices at the pump is good for individual consumers and lowers the cost of delivery trucks among other benefits.
But humanity, since you brought it up, is better served, at this juncture, by higher prices (not too high, obviously).