If CVX dips below $95.64 I am in big for a long haul. Long term energy is not going to get cheaper.
I’m looking hard at BP. Almost pulled the trigger Friday.
NYMEX crude drops in early Asia as market awaits China PMIs
http://www.thetowntalk.com/story/news/local/2014/11/30/oil-prices-plunge-panic-acadiana/19714671/
Oil prices plunge, but no panic in Acadiana
http://www.bloomberg.com/news/2014-11-30/aussie-slips-with-kiwi-amid-oil-rout-gold-extends-drop.html
U.S. Futures Drop as Oil Extends Slump; Gold, Aussie Sink
Now is the time to buy physical gold. If the mines shut down, demand will overcome supply and prices will soar. He who has the gold, rules.
http://www.cnbc.com/id/102225843
Asia stocks mixed as oil extends rout; Nikkei at new 7-year peak
https://en-maktoob.news.yahoo.com/u-crude-hits-five-low-market-rout-002455296—business.html
U.S. crude hits five-year low on market rout
Yergin weighs in. He wrote the book.
http://online.wsj.com/articles/daniel-yergin-the-global-shakeout-from-plunging-oil-1417386897
By Daniel Yergin
Nov. 30, 2014 5:34 p.m. ET
The decision by members of the Organization of the Petroleum Exporting Countrieson Thursday not to cut production reflects a profound shift in the world oil market. The demand for oil—by China and other emerging economies—is no longer the dominant factor. Instead, the surge in U.S. oil production, bolstered by additional new supply from Canada, is decisive. This surge is on a scale that most oil exporters had not anticipated. The turmoil in prices, with spasmodic plunges over the past few days, will likely continue.
Since 2008—when fear of “peak oil,” after which global output would supposedly decline, was the dominant motif—U.S. oil production has risen 80%, to nine million barrels daily. The U.S. increase alone is greater than the output of every OPEC country except Saudi Arabia.
The world has experienced sudden supply gushers before. In the early 1930s, a flood of oil from East Texas drove prices down to 10 cents a barrel—and desperate gas station owners offered chickens as premiums to bring in customers. In the late 1950s, the rapidly swelling flow of Mideast oil led to price cuts that triggered the formation of OPEC.
And in the first half of the 1980s, a surge in oil from the North Sea, Alaska’s North Slope and Mexico caused prices to plunge to $10 a barrel. That posed a much greater crisis for OPEC than today: Over those same years, global demand fell by more than two million barrels a day owing to a deep recession, greater conservation and the switch to coal from oil for electricity generation. This time world oil demand is still growing, but weakly.
snip
Until it does.