Posted on 03/29/2020 11:23:56 PM PDT by Rabin
OPEC, refers to cartel collusion created in Baghdad in Sept. 1960 by: Iran, Iraq, Kuwait, Arabia, and Venezuela OPEC plus refers to cartel collusion with non-OPEC anti Arabs like Quixtar, Russia and quislings Azerbaijan and Columbia. A new OPEC+ deal to balance oil markets might be possible if other countries join in, Kirill Dmitriev, head of Russia’s sovereign wealth fund said...
(Excerpt) Read more at english.alarabiya.net ...
You have no idea how much fun it was to go tank up my truck with $10 cash @ 1.299 yesterday.
Of course the cheap gas was 10% gasohol so now the tank is at about 2.5% ethanol.
Prices seem stable at about $21 a barrel, I bet russia is ready to make a deal. Thing is, we are in a glut of oil and with the current world economy I think OPEC has lost it’s leverage for a bit.
That is if Bush took his mission serious and wasn’t on a Saudi payroll.
Saddam Hussein was more effective in putting the end to the Kuwaiti and Saudi attack on the markets and who do you think did cut him down?
With the way the world’s economy is now the price would have tanked even without a price war.
noticed several states are now down around $1.12 or so- We’re still up at $2.19 :(
This BS from the Saudis has been going on for a long time. Someday...someone in the future is going to notice that their military can’t fight its way out of a piss soaked paper bag, and conquer them.
If there was ever a society deserving of being wiped out and eradicated, and ruled completely under the thumb of an occupation government, it’s these feudal clowns. Like Nazi Germany, like post war Japan.
Looks like they picked the wrong time to have a price war. Boo hoo hoo.
for a long time they want to get off the petrodollar.
With grocery store gas points, I filled up the Mag and a gas can.
20 gallons for $17.
The Russian plan won’t work
1. Covid-19 has hit travel and petrol usage massively.
2. Tesla is zooming ahead with electric cars etc.
3. ICE manufacturers are improving their fuel efficiency and/or adding in hybrids to compete
Petrol will still be used, but we won’t need it so much. The price will stay low. Venezuela will go bust
I wouldn’t expect alternatnative cars to affect the demand that much but you are right about Covid 19 impact.
It wouldn’t last too long anyway. The demand from airlines and manufacturing indistries would fix it mid term although I do not expect $100 oil anytime soon.
All the cartel conspiracies are useless at this point.
Excellent points. I worry about the collapse of our domestic producers as in the 80s. Let’s see how this shakes out
Alternative fuel cars are already affecting demand - not so much in the USA, but heavily, heavily in Europe, China and India.
These three places have denser packed areas and don’t have such a long commute as Americans.
Even in the USA, electric cars make sense along the East Coast.
Petrol cars are the right choice for the interior of the country. So I see both types co-existing.
But the petrol prices will go down - so a win for all except the oil producers
A 1000 mile range on one charge is that would make an electric car truly practical.
Oil industry won’t go away anyway although I suspect it would shift from being a fuel source to a source of composite materials.
If you live in Croydon and commute to Heathrow, you don’t need a 1000 mile range.
Even if you live 100 miles from your office an electric car works fine - a Tesla has a 300 mile range. you drive 100 to and 100 back + say 50 for shopping (long shopping!) and then you charge overnight at home
I don’t argue. I drove Tesla and was a defender of it on this very forum.
Your lucky here in Ca it’s still around $3.25
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