Posted on 01/02/2015 7:29:40 AM PST by blam
Tyler Durden
01/02/2015
Reading headlines and social media commentary in last night's thin trading, one could have been excused for thinking the collapse of global crude oil prices was over and a new renaissance had begun as 'watchers' proclaimed WTI's spurt above $55 (for a nanosecond) as indicative of the lows being in. However, just hours later, following weak European data (and a recognition of massively offside speculative positioning), WTI has collapsed over $3 from the highs and is testing towards a $51 handle.
(snip)
(Excerpt) Read more at zerohedge.com ...
Maybe that will defray some fo the 15 cents per gallon increase we just got in California due to Cap and Trade increase on January 1.
Looks like Saudi Arabia has a plan to shut down our wells. What is the US counter strategy going to look like?
Some fragmented plan to continue shutting down the pumps that cost too much to maintain. What happens from there?
I filled up the car yesterday- $22.00 instead of $45.00 . I guess you really can drill your way out of a shortage.
CC
At the rate things are going, that 15¢ per gallon price increase in California may be erased very soon given how the price of crude oil is continuing to drop and drop.
“Looks like Saudi Arabia has a plan to shut down our wells. What is the US counter strategy going to look like?”
I think the Saudis are pumping at the behest of the US. Why? To cause problems and instability for Russia, Venezuela, and maybe the NorKs.
The Saudi's pumped less oil in 2014 than they did it 2013.
Who, pray tell, in this administration would ask for that to happen?
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.