Posted on 01/12/2016 8:12:07 PM PST by TigerClaws
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Oil dive deepens to 12-year low; $20 warning on China Reuters Oil prices fall for sixth day as hopes for recovery fade Reuters Oil down again to 12-year low; $30 handle looks more likely Reuters Oil slumps towards 11-year low, ignoring Mideast tensions Reuters Oil ends 2015 down 35 percent; long, painful hangover seen Reuters
NEW YORK (Reuters) - A brutal new year selloff in oil markets quickened on Monday, with prices plunging 6 percent to new 12-year lows as further ructions in the Chinese stock market threatened to knock crude as low as $20 a barrel.
Amid an accelerating tailspin that shows no sign of slowing, Monday's dive - the biggest one-day loss since September - triggered a rash of panicky trading across the market.
(Excerpt) Read more at finance.yahoo.com ...
This will also make the Saudis vulnerable to collapse economically - and collapse that kingdom.
Thinking...Thinking...Thinking...
Sarah was right.
The Saudis. Don’t need them.
1979 was the beginning of World War 3.
Every collapsing dictatorship in the Middle East = another theocracy / expansion of ISIS.
Oil priced between $20.00 and $30.00 cannot be good for Iran or Venezuela either.
ISIS or Iran dictating the price of oil?
How soon until they pay us to get a fill up? ;-)
Venezuela has already folded. The socialists thought they could pump oil and buy 51% of the vote forever. When the price dropped, they couldn’t afford the social spending anymore. Voters voted them out.
Yes, but will this tailspin also sink American start-up companies in the Dakotas - the ones doing all the fracking and shale, etc? I was told their break-even threshold is $40 / bbl
I noticed the 0bomb took credit for the low gas prices in his SOTU speech.
June 25, 1950
Beware, the winds of war approach...
I would say it's "the market." The supply/demand balance is out of wack. Demand is falling - China, and other economies are in recession (or worse), and production (supply) worldwide contines to increase.
Nor Russia.
Yes. I think a lot will go under.
More like $50. per barrel.
I am another one that is now out of work because of the low price of oil. It was a fun ride while it lasted.
Back in 74 they used their reserves to increase the profit to far above production costs. Today they are using the profit accumulated over those years to crush any competition.
The Saudi’s can withstand 8 buck oil. nobody else can.
But when the price goes back up (and it will), what stops our domestic wells from pumping again? Don’t have to transport domestic crude from middle east, so it will still be cheaper.
Still trying to figure it out. So $100 oil had $3.75 gas here in Reno, but at $30 the gas station directly across the street from the bar I am drinking at right now is $2.69 for 87.
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