http://www.bloomberg.com/news/articles/2015-07-22/russia-braces-for-longest-recession-in-decades-with-oil-near-50
Posted on 07/22/2015 1:49:48 PM PDT by Berlin_Freeper
U.S. oil futures closed below the psychologically important $50 level—possibly signaling more declines to come and a retest of the March lows.
(Excerpt) Read more at cnbc.com ...
SELL! SELL! No, BUY! BUY!
Oil has ADHD.
No oil contract this year...I am going to float.
Sub $50 oil adversely affects Russia’s ability to fund it’s expensive military projects.
Wondering anyone’s take on how low oil affects:
The US dollar as a reserve currency?
The Petri dollar and recent alternate replacements?
The US economy (it’s gotta hurt US oil production revenue)?
What strategic moves might Russia and China make in light of oil going low, and the dollar being strong?
EMP us? ;n)
Meant “Petro-dollar” - not Petri
Petri is a whole other dish
Only for those who lack culture.
Bad news for Russia.
Still won’t matter for gasoline prices. No new refineries will be built under this tyrant’s administration.
I know the US oil industry has been looking for efficiencies to lower production cost (or lower them even further). But how much lower does the price per barrel go before oil production in the upper Midwest finally does shut down and the US stops being a net exporter of oil?
Being one has obviously had a major positive economic impact for the US and it has also given us a freer hand strategically when dealing with the oil sheiks. There have been some articles theorizing that they (the oil sheiks) are increasing production with a view toward shutting down US producers by tanking the price of oil. Sort of a “I can stand the pain longer than you can” strategy for driving the competition from the field and reasserting their dominance.
However, I’m just an outside observer. What are your thoughts?
Thanks for your thoughts.
Agreed.
Obama is working with wealthy Saudis & Opec to crash oil, kill US production.
This dovetails with current move in Senate to sell off Strategic Reserves. Flood the market with a glut of oil.
That’ll hurt Russia too.
Incidentally, Russia just bought 25 Tonnes of gold.
Their military has been behaving Very provocatively lately.
I wonder how further economic pain for Russia will bode for us?
China has been selling off lots of US treasuries, and buying gold too.
Is the reversal of a strong dollar in sight?
We're still a big oil importer.
That’s been changing.
ping
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