Posted on 10/14/2014 10:54:23 PM PDT by Enterprise
In an open letter to Saudi ministers posted via Twitter, Prince Alwaleed bin Talal al-Saud expressed his “astonishment” at comments made by Ali al-Naimi, the oil minister, who reportedly played down the impact of oil prices falling below $100 a barrel. Prices have since fallen below $88 a barrel, or a quarter since June.
Prince Alwaleed, noting the kingdom’s 2014 budget was 90 per cent dependent on oil revenues, said belittling the impact of lower prices was a “catastrophe that cannot go unmentioned”.
(Excerpt) Read more at ft.com ...
Lower energy costs helps everyone, even the producers eventually. The Sauds may not be able to fund terrorism as much as they would like.
Pray America wakes
What an astonishingly irresponsible thing to say. Who do you expect will take their place, Thomas Jefferson and James Madison or Abu Bakr al-Baghdadi?
There are a lot more American companies who depend on energy than supply energy.
Obviously, then, you have no excess money with which to subsidize radical Islam worldwide. This is a goodness.
Well, yes, they stole it. They took over the oil fields. But they still have a cost in getting it out of the ground. That was my point or part of it.
Bigger issue for us is if WTI drops below $80/bbl it will dramatically slow new shale development as it just isn’t cost effective. WTI at $81/bbl this morning.
Good - F the Saudis.
Drill here, Drill now.
US oil production is at a 30+ year high. We are drilling here and now.
Agree on the 1st point :-)
Brent crude is below $84 right now
That oil isn’t going anywhere. We can stop production and use everyone else’s oil until it comes back.
Win-win.
But the market doesn’t care. Besides, what do you think will happen when ISIS takes over the Levant, as it plans to while it works on other parts of the Middle East? They will continue to undercut other countries but will certainly charge more once they have more control.
Probably they will wreak havoc in a worse way before that happens, however.
The market doesn't care about anything - because it's a market, not a person.
Besides, what do you think will happen when ISIS takes over the Levant, as it plans to while it works on other parts of the Middle East? They will continue to undercut other countries but will certainly charge more once they have more control.
LOL. So much for markets. There are no oil producers anywhere in the world who are charging one penny less than they can get out of buyers. That's true for ISIS as much as it's true for Venezuela as much as it's true for Chevron. If ISIS insists on $200 a barrel for any oil under their control, when the market price of Arabian crude is less than half that, customers will laugh and buy their oil elsewhere. ISIS has about as much power to set the global price of oil as Mickey Mouse does.
crude pricing is cyclic, and will always have ups and downs.
Right now, this is a down, and going south
“The gas station closest to me dropped 10 cents yesterday. :)”
drove thru Pearland, Texas and Exson was $2.47
People here don’t like using “everyone else’s oil” :-)
Wow, we’re still 3.39 around Pgh.
It probably will in the short term, but I'd rather have rising wages be the stimulus.
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