Posted on 08/31/2015 8:32:28 AM PDT by E. Pluribus Unum
Editor’s Note: This story by Miles Udland first appeared online on BusinessInsider.com. We reprint in part here.
And the fear is all about oil.
The latest manufacturing index from the Dallas Fed came in at -15.8, way below expectations.
(Excerpt) Read more at breitbart.com ...
I live in Texas and I am not on pins and needles because gas is now below $2.00/gallon.
May hurt the oil industry, but that industry wasn’t all that concerned about the consumers when prices were skyhigh.
This is just the market at play.
Sometimes the hardest thing to deal with is success, and the law of unintended consequences.
The tears I gotta hide
Ah, needles and pins.
It might hurt the small operators but the big companies are sitting on the piles of cash they have gleaned over the last 20 years. When the price rises again there will be start-ups/small ops everywhere.
As if the energy industry weren’t made up of consumers themselves?
Chronically low oil prices are a two edged sword.
It’s not just the “big, bad oil companies” who take a hit, but the shareholders, pension funds, life insurance contracts, planned projects shelved or cancelled, and not to mention multitudes of jobs lost or put on hold. Even entire countries are adversely affected.
You personally may feel like celebrating, but other people’s means of living have taken a significant hit.
I guess the author didn’t check the oil market price Friday or today.
It’s the market forces at work. When oil prices were high, everyone in the business was making a ton on money and consumers paid high prices. I didn’t complain when the prices were high, so I am not all that interested in listening to complaints when the prices are low.
I don’t think big oil is bad. The market is what the market is.
The problem is that all those “boutique” fuel blends make gasoline more expensive than necessary. Just wait until we switch to winter blends in October—watch for a massive price crash to under US$2/gallon even in California.
Nah, not California, because like clockwork there will be a refinery explosion or multiple refineries down for maintenance just in time to keep the dollars coming in.
Steve’s days in the oilfields are over for now.
*sigh*
The oil industry is second ONLY to the us government in employment. When oil is high - thousands of people prosper.
The Driller, pays at minimum one million dollars to drill one well (before he even knows it will definitely produce) is taxed and regulated heavily by the government.
Speaking of the government, the oil industry is second ONLY to the us government in employment. When oil is high - thousands of people prosper. And I'm talking people that actually work for a living.
Exploration, Drilling and Production supports too many industries for me to list them all.
steel industry
large equipment industry
construction industry
Sand and Gravel industries
Electronics industries
Safety and MSDS companies
Paint companies
They employ Surveyors, ditch diggers, truck drivers, 24 hour crews (appx 20 men and their families each rig), engineers and other professionals, secretaries, office personnel by the thousands.
It is Federal, State and Local taxes that control the price at the pump - along with the Arabs.
The oil industry does not set gasoline prices or refining costs.
When the Obama admin and the arabs succeed in taking down the oil industry - you will either freeze in the dark or pay the muzzies what they ask.
How can anyone expect that any commodity/equity etc. will only go up forever? For over a decade oil had been well on an upswing well above historical trends. If they enjoyed that upswing, don’t they have to expect history would catch up?
And by the way, what you are suggesting will hurt the oil industry in the long term. More people will go to alternatives and move away from oil. You can't squeeze you consumers forever. The oil industry survived over a century before what happened in the last 15 years, they can still survive under "normal" price swings.
What I'm saying is, people who lack even a basic understanding of the oil industry and 1) blame the industry for gasoline prices which are basically high due to taxation and refining requirements 2)revel at a downturn that puts thousands of people out of work; will be very surprised one of these days when the lights go out.
This country runs on oil. There isn't electricity without oil or wind power or the materials needed for solar panels and batteries. Alternate energy? Ha! Ha! There is no alternate out there that does not require oil in some form or fashion.
How can anyone expect that any commodity/equity etc. will only go up forever? For over a decade oil had been well on an upswing well above historical trends. If they enjoyed that upswing, don’t they have to expect history would catch up?
____________
No one expected it to go up forever. In fact, the industry didn’t like it as high as it was. If it settled at $50.00 a bbl, everyone would be happy.
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