Posted on 11/23/2014 12:48:39 PM PST by expat_panama
Much like overfishing, eh? We need to allow more innovation here in both extraction and refining. We need to start exporting refined product and importing unrefined. It all means jobs and growth.
http://www.aei.org/publication/lessons-from-the-shale-revolution/
AEI’s policy take. The trouble is that there are too many pigs at the legislative trough.
UPDATE 3-MIDEAST STOCKS-Oil’s plunge triggers panic selling in Gulf
Sun Nov 30, 2014 8:27am GMT
DUBAI Nov 30 (Reuters) - Gulf stock markets plunged on Sunday after OPEC’s decision to keep crude output unchanged sent oil prices tumbling at the end of last week.
Saudi Arabia’s index dropped 5.3 percent to an eleven-month low minutes after opening. Shares in petrochemicals giant Saudi Basic Industries (SABIC) were down 7.1 percent.
Dubai’s benchmark dropped 6.3 percent to a five-month low, with all traded stocks in decline.
Qatar’s index was down 4.4 percent, slumping to its lowest level since early July.
Oman’s bourse dropped 5.6 percent, Abu Dhabi slid 3.3 percent and Kuwait was down 3.0 percent.
Even After Selloff, Energy Stocks Find Few Buyers
Investors Hesitate to Chase Bargains Following Oil-Price Slide
By Dan Strumpf, Matt Wirz and Nicole Friedman
Nov. 30, 2014 2:36 p.m. ET
Energy stocks are on sale following a five-month plunge in crude oil, but so far few investors are heeding the temptation to bargain-hunt.
Portfolio managers and analysts covering the sector are bracing for a wave of dividend cuts, share-repurchase delays and capital-spending reductions that will likely ripple across an industry reeling from the 38% tumble in U.S. crude futures since June. Distressed-debt investors are circling a handful of deeply indebted U.S. shale-oil producers that are deemed unlikely to survive further oil-price declines without mergers or overhauls.
Driving the tumult, traders and analysts say, is a steepening decline in the price of crude oil. Entering 2014, few analysts predicted that crude futures would move much from a range of $80 to $110 that has prevailed since the financial crisis.
But now, following an unexpected decision by the Organization of the Petroleum Exporting Countries to maintain its existing output target, prices could soon plumb new depths, analysts say, testing the finances of many energy companies large and small. Nymex crude now sits at $66.15 a barrel, a five-year low.
“There’s lower prices ahead,” said Ed Morse, global head of commodities research at Citigroup Inc.
On Friday, energy companies in the S&P 500 tumbled 6.3% in the wake of the OPEC decision. Over the past three months, they have fallen 18.3%. The broader S&P 500 is up 3.2% in the same period.
Iran Wary of Oil ‘Shock Therapy’ as OPEC Vies for Market Share
UK’s key Gulf ally Oman faces catastrophe from Opec oil price war
http://www.businessinsider.com/bakken-and-permian-shale-basin-in-red-2014-11
2 Of America’s Important Shale Basins Are Now In The Red
http://www.finnewsnetwork.com.au/archives/finance_news_network98611.html
AUD under heavy pressure early on Monday
https://au.news.yahoo.com/thewest/business/national/a/25650753/australian-market-set-to-open-lower/
Australian market set to open lower
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