Posted on 01/28/2015 5:10:53 PM PST by Red in Blue PA
NEW YORK (Reuters) - Oil slumped on Wednesday, with U.S. crude prices at near six-year lows, after the government reported record-high inventories in the United States that raised anxieties about the global oil glut that had pressured the market since last summer.
The U.S. Energy Information Administration (EIA) said domestic crude oil stocks rose by almost 9 million barrels last week to reach nearly 407 million, their highest since the government began keeping records in 1982.
(Excerpt) Read more at finance.yahoo.com ...
More proof the economy is in the crapper.
Good time to top-off the strategic oil reserve with the ME starting to explode.
I don't disagree with you that the economy is in the crapper, I just don't think this is an indicator.
Our oil industry has been virtually balls out for a while. We recently over took SA for oil production.
Just like the figures for unemployment, economy and so many other things, I’m just having trouble believing anything the government reports on anymore.
Has been for awhile.
I wouldn’t mind seeing more drops in the price of fuel oil. It’s starting to get back to where it was before the EPA and Obama went crazy.
Just brace yourself for when oil rebounds in the coming months/year. The tax will remain.
Husein -> 0 <- is Taking care of his Muslim Buddies in Saudi Arabia... They are terrified of the the Dakota’s oil and gas boom.. This precipitous massive drop in oil prices was contrived by the Saudis to bankrupt the American oil boom ... reduce the cost per barrel below the profit line... Now HUSSEIN -> 0 <- is turning off the American spigot of prosperity for allah ..
Hmmm ... I’m wondering why gasoline has gone up twice in the last week?! (in Tulsa, OK)
So how come the price at the pump jumped 13 cents last night?
The heating season is about half past. Hopefully Diesel prices will soon start to approach gasoline prices.
HAD TO correct the name typo.. It really bothered me.. :) Hussein -> 0 <- is Taking care of his Muslim Buddies in Saudi Arabia... They are terrified of the the Dakota’s oil and gas boom.. This precipitous massive drop in oil prices was contrived by the Saudis to bankrupt the American oil boom ... reduce the cost per barrel below the profit line... Now HUSSEIN -> 0 <- is turning off the American spigot of prosperity for allah ..
momentum.........
“Our oil industry has been virtually balls out for a while. We recently over took SA for oil production.”
We’ve been at it so hard many have worked themselves out of a job, the US wanted cheaper gas at the pump and we delivered. Now watch what happens to the ones that pulled this off.
It’s going the wrong way, though ... :-) ...
“This precipitous massive drop in oil prices was contrived by the Saudis to bankrupt the American oil boom ..”
Sorry but this temporary drop was all American made. The Saudis would have had to flood the market to pull this off and they didn’t.
The O’Shiite economy. Barry the failure.
Now is the time to refill the strategic stock piles that Obama depleted for politics and to screw the country.
Isn’t it funny that Clinton did the same thing to try to help Al Gore before his loss.
Republicans fill up the reserves, Democrat Presidents empty it.
An amendment should be forced through that the oil is only used for military and military support. imho.
Saudi Arabia's economy is driven by oil. Along the lines of 60+% of GDP vs our -1% of GDP.
SA NEEDS oil at about $100 bbl just to afford its governmental requirements.
It'll hurt our companies in the short haul, but those that survive will do okay in the long haul.
Saudi Arabia has cash reserves that can last them 2-3 years, with oil at $50 bbl, but seeing that we've been at this for a little while now...
Currently $44.45
Also, other countries are also heavily dependent on oil.
(Think Russia)
Saudi Arabia is trying to crash Iran.
Just remember who Iran is close with.
(Think Russia)
Personally...I think 6 months, maybe a year, before Saudis blink.
JMHO
Saudi king dying might be part of it.
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