Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

OIL IS CRASHING ($68.90 Bl)
BI ^ | 11-27-2014 | Myles Udland

Posted on 11/27/2014 10:13:07 AM PST by blam

Myles Udland
November 27, 2014

Crude oil just broke $70 for the first time since June 2010.

West Texas Intermediate crude futures are below $70 after Thursday's OPEC meeting resulted in the oil cartel announcing that it will not cut production.

On Thursday, WTI futures were down as low as $68.90, a more than 6% decline in the last 24 hours following the news.

(snip)

(Excerpt) Read more at businessinsider.com ...


TOPICS: News/Current Events
KEYWORDS: commodities; oil; opec; wti
Navigation: use the links below to view more comments.
first previous 1-20 ... 41-6061-8081-100 ... 121-136 next last
To: Ghost of SVR4

Drilling had already been slowing down. You can make money pumping at $60, but you can’t make money drilling at $60.


61 posted on 11/27/2014 11:05:43 AM PST by PAR35
[ Post Reply | Private Reply | To 9 | View Replies]

To: blam

Oil isn’t crashing, it is being manipulated by the Arabs to force out oil produced through fracking, which has a higher cost to produce than oil from the middle east.


62 posted on 11/27/2014 11:07:13 AM PST by CodeToad (Islam should be outlawed and treated as a criminal enterprise!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bob434

I paid $2.41 per gallon of regular unleaded the other day in middle TN.


63 posted on 11/27/2014 11:12:06 AM PST by Blood of Tyrants (Good Muslims, like good Nazis or good liberals, are terrible human beings.)
[ Post Reply | Private Reply | To 4 | View Replies]

To: Bob434

Diesel is 90 cents a gallon more.


64 posted on 11/27/2014 11:12:38 AM PST by Blood of Tyrants (Good Muslims, like good Nazis or good liberals, are terrible human beings.)
[ Post Reply | Private Reply | To 4 | View Replies]

To: re_nortex

I totally agree. Something has to give, and it’s not going to be pretty when it does.

That’s the thing about a house of cards. You can build it wide and tall, but at the end of the day you can’t live in it.


65 posted on 11/27/2014 11:12:58 AM PST by Clump ( the tree of liberty is withering like a stricken fig tree)
[ Post Reply | Private Reply | To 59 | View Replies]

To: Always A Marine
"By the way, Rush Limbaugh nailed this over a week ago, explaining that the Saudis are targeting USA shale oil production..."

OPEC Policy Ensures U.S. Shale Crash, Russian Tycoon Says

"OPEC policy on crude production will ensure a crash in the U.S. shale industry, a Russian oil tycoon said."

66 posted on 11/27/2014 11:14:20 AM PST by blam (Jeff Sessions For President)
[ Post Reply | Private Reply | To 39 | View Replies]

To: blam
it's still over $3 at the pump.
67 posted on 11/27/2014 11:14:42 AM PST by vigilante2 (Re-elect nobody)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bob434

Then there is this price for a bottle of water thing. Anyone complaining?


68 posted on 11/27/2014 11:15:35 AM PST by Maudeen
[ Post Reply | Private Reply | To 4 | View Replies]

To: Don W

There are too many varieties of gasoline to draw a concise comparison to crude. Some refineries are locked out of what should be their natural market area because of specialty fuels...


69 posted on 11/27/2014 11:21:53 AM PST by Eric in the Ozarks (Rip it out by the roots.)
[ Post Reply | Private Reply | To 20 | View Replies]

To: Bob434

I don’t know what state you live in, but here in New Jersey I filled up this morning for $2.599 per gallon. And I could have paid $2.559 across the street for a discount brand.


70 posted on 11/27/2014 11:22:31 AM PST by Alberta's Child ("The ship be sinking.")
[ Post Reply | Private Reply | To 4 | View Replies]

To: Regulator
Bye bye Bakken Thats what Sauds want gone

Bakken isn't going anywhere. It would remain to be used at some point in the future.

71 posted on 11/27/2014 11:27:05 AM PST by FreeReign
[ Post Reply | Private Reply | To 8 | View Replies]

To: Pearls Before Swine
Neither. Prices fluctuate. It's good for some, bad for others. They say that the cure for low oil prices is low oil prices (stimulates demand, raising the price). They also say that the cure for high oil prices is high oil prices (depresses demand, lowering price).

Good post.

72 posted on 11/27/2014 11:28:57 AM PST by FreeReign
[ Post Reply | Private Reply | To 11 | View Replies]

To: blam

Two questions if anyone wants to educate me:

1) what is causing this? Is it oil drilling in the US (North Dakota)?

2) gas prices are falling in US (it’s 2.36 where I live) is it also falling in countries where it is/was very expensive? (ie Europe)


73 posted on 11/27/2014 11:29:52 AM PST by stuck_in_new_orleans
[ Post Reply | Private Reply | To 1 | View Replies]

To: Eric in the Ozarks
As I said, where I am, the price of gas and the price of oil seemed joined at the hip until a few years ago. Gasoline formulations here vary only for winter/summer blends, we don't have a blend for the mainland, one for the mountains and one for the Island. I can fill up with the same fuel in Abbotsford as in Blue River.
74 posted on 11/27/2014 11:30:20 AM PST by Don W (To laugh, perhaps to dream...)
[ Post Reply | Private Reply | To 69 | View Replies]

To: WashingtonSource; blam; thackney; Grampa Dave; tubebender; NormsRevenge; Ernest_at_the_Beach; ...
Everyone so far on this thread seems to be missing the mega-trend of the most recent election! The message from voters was "stop Obama's transformational tinkering with the following industries!" (energy, medicine, government, debt and the economy in general)

The whole world is watching and don't forget the Saudi "folks" want to hurt "ISIL" even more than the Roosky's!!!

We have just seen the biggest refutation of Demonocrats since before FDR and elections can have far-reaching consequences worldwide!!!

Only the Repellican "leadership" are too dumb to grasp this. Even us Conservatives are more than a little slow to realize what the body politic is screaming at us (STOP OBAMA) because we're so numb from the constant thrashing and trashing we take from the MSM!!!

75 posted on 11/27/2014 11:42:07 AM PST by SierraWasp (Put a plastic shopping bag over the Governor's bald head!!! I signed the petition to overturn this!!)
[ Post Reply | Private Reply | To 57 | View Replies]

To: Pearls Before Swine
Neither. Prices fluctuate. It's good for some, bad for others.

The free market ceased to exist the day when hussein and his criminal gang illegally seized power. There was a time, under Reagan and both Bushes, when the energy industry had pro-business types in government who understood the oil industry. But now the gyration of prices is being manipulated by the heavy hands of hussien, Soros, Buffet and the marxist muzzie overlords of the mideast. Things are very grim this Thanksgiving for business overall and the energy sector in particular.

Yes, indeed the fluctuations of the past did make sense and had market-based underpinnings. Since the hussien/holder/jarrett trio thugs have been in control, the free market has ceased. It's now a evil marxist model of manipulation at work and it crushes both the consumer and the producer.

76 posted on 11/27/2014 11:44:42 AM PST by re_nortex (DP - that's what I like about Texas)
[ Post Reply | Private Reply | To 11 | View Replies]

To: Always A Marine

I do not believe the shakeout will take very long. Horizontal wells have notoriously steep initial depletion curves, and generally flatten out within two years at about 20 to 25% of their IP. It won’t take a long moratorium on drilling to see a reduction in production from the newer wells. The question is one of if that decline in production will be sufficient to get the ball rolling again on the drilling end.


77 posted on 11/27/2014 11:47:34 AM PST by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
[ Post Reply | Private Reply | To 29 | View Replies]

To: Pearls Before Swine

Low transportation prices are good for everyone. Look for food prices to begin to lower.

Pray America is waking


78 posted on 11/27/2014 11:52:40 AM PST by bray (Palin/Perry 16 two Ps in a pod)
[ Post Reply | Private Reply | To 11 | View Replies]

To: bray
Low transportation prices are good for everyone. Look for food prices to begin to lower.

That's 100% true. But we're not in ordinary times. As the boss has pointed out in FReepathons, hussein has enacted a sweeping range of scorched earth policies. His embrace of big labor goons, skyrocketing taxes and the marxist economic policies means that the reduced costs for transport of goods to market will never happen. He seeks to line the pockets of Soros and the islamofascists. That's his overarching goal and he's doing so at the expense of both business and the everyday working person.

79 posted on 11/27/2014 12:08:10 PM PST by re_nortex (DP - that's what I like about Texas)
[ Post Reply | Private Reply | To 78 | View Replies]

To: blam

Paid $2.42/gal last night of regular unleaded. Gotta admit, it felt really nice.


80 posted on 11/27/2014 12:12:01 PM PST by OrangeHoof (Every time you say no to a liberal, you make the Baby Barack cry.)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-20 ... 41-6061-8081-100 ... 121-136 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson