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 ...
I see it as a kind of economic stimulus.
Except for my Halliburton stock :(
High energy costs put way more conservatives’ jobs at risk.
Unless it is sold to the Chinese.
And my Conoco & Schlumberger.
Already-fracked wells can continue to be pumped however.
Bad move. After this Haliburton tanked worse than Conoco.
Who would do that?
Ding ding ding! We have a winner. All the Chinese or Saudi's or whoever has to do is tie up the leases and that oil stays in the ground forever.
I think that it is lower, now.nthat was the original figure. I’ m not sure where I saw it.
I just checked, that was the figure that SHIFT WA was reporting.
I just checked, that was the figure that SHIFT WA was reporting.
Not to make you feel bad or anything, but 93 octane premium just went under $3 for me in a North Atlanta ‘burb.
Oh, China would get busy fracking and pumping if oil prices rise high enough. They aren’t that stupid.
The Seattle Times pointed outthat the state’s own budget writers predicted that reaching Inslee’s defined carbon-reduction goal “would add an additional $1.47 to the cost of a gallon of gasoline in 2035, and cause a substantial price increase in natural gas.”
A key assumption Jay Inslee makes concerning his fuel mandate agenda is wrong—very wrong. Inslee bases much of his “clean fuel” claims on what he predicted would be the availability of a new, supposedly more efficient biofuel called “cellulosic ethanol” – and that prediction has been shown to be as inaccurate as a Colin Kaepernick pass.
Jay Inslee has a history of ignoring science to advance his political agenda. In August, Inslee pointed to dying oysters as proof of ocean acidification—which has become his go-to argument for cutting carbon emissions. Well, as it turns out, a top scientist from Inslee’s own the Department of Ecology recently admitted that no evidence exists to back Inslee’s claims.
Jay Inslee created a Climate Emissions Reduction Taskforce (CERT) back in April in order to make “recommendations on how best to unleash the immense power of the market in reducing carbon pollution.” After nearly seven months, members of CERT released their final report. Simply put, they punted and left the next move for raising energy costs on all Washingtonians up to Inslee.
It’s no secret that what our green governor really wants is a fuel mandate, to allow state bureaucrats to tell you what kind of fuel to buy for your car. In the past, Inslee has made it clear that he would pursue an executive orderto jam his extreme environmental agenda through, since the voters have given him a legislature that has other priorities (like, you know, education, jobs, transportation, etc.).
Indeed, our green governor placed his fuel mandate on every Washingtonian’s ballotduring the 2014 midterm elections by publically attacking candidates across the state with the help of his California billionaire friend Tom Steyer. And, Washington voters said “NO.” Jay Inslee cannot even use facts to justify his own determination to see his fuel mandate imposed. When asked why he is still pursuing his fuel mandate Inslee said, “I believe I have to do this because it’s what I believe.” Despite an absence of facts in his efforts to convince people to support his extreme agenda, Jay Inslee even resorted to once comparing his fight against global warming to the world’s fight against the Nazis in WWII. Enough said.
I like paying less at the pump as much as anybody. However, there is a ton of debt out there that has financed the tight oil (fracking) boom. Much of this was already junk rated, and just between two recent merger deals, banks have been caught with north of $1 billion in loans that they have not been able to syndicate. I’m not sure anyone has really quantified just how big this debt bubble has grown in the last five years, but it looks like there is going to be some defaults. Enough to have wider, systemic, consequences ? Not sure.
Your preference for and belief in the success and efficacy of central planning is... cute.
I'm sure there would be winners under your proposed gas tax increase, but I notice you devote no attention to the innumerable losers that must go without meeting their more important needs to pay your increased gas taxes.
I know you mean well, you're just misguided by belief in your own superiority to manage everyone else's lives. It's a common conceit.
Maxine is a Representative. And a mouthy stupid one at that.
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.