Posted on 11/20/2015 2:13:25 PM PST by Lorianne
The world is running out of storage facilities for surging supplies of oil and may soon exhaust tanker space offshore, raising the chances of a violent plunge in crude prices over coming weeks, experts have warned.
Goldman Sachs told clients that the increasing glut of oil on the global market has combined with mild weather from a freak El Nino this winter. The twin-effect could send prices plummeting to $20 a barrel, the so-called âcash costâ that forces drillers to abandon production. âRisks of a sharp leg lower remain elevated,â it said.
Oil has fallen from $110 a barrel early last year and is hovering near $40 for US crude, and $44 for Brent in Europe.
The US investment bank said the overall glut in the commodity markets may take another twelve months to clear. It cited âred flagâ signals on the Shanghai Future Exchange over recent days. Copper contracts point to âimminent weakeningâ in Chinaâs âold economyâ of heavy industry and construction, it said.
(Excerpt) Read more at telegraph.co.uk ...
Just wondering how you enjoyed that Thursday night game:)
What Thursday night game? There was no Thursday night game.
You’re confused. No such game was ever played.
If I were a fascist dictator or communist leader I could have you imprisoned for life and no one would EVER talk about the game!!
But maybe that’s taking it too far :)
I think it is a combination of a pretty good Buffalo offense and an incredibly overrated jets defense.
Yea,we were pretty lucky to get that win,I think the team really wanted it for Rex.
Ward would be horrified to see the American president bow to a Saudi king.
I think his brother got fired last week. I wonder if he will hire him. Most likely not. wonder if that’s against the rules
I’m told the poopbah of the Barbary pirates had the door to his throne room made so low that everyone who entered had to bow.
President Jefferson’s emissaries backed in...
Gas 1.74 locally and heading down.
Fine sentiment but an American diplomat was unlikely to suffer any harm for his defiance, unlike the drunk soldier of the East Kent Regiment who upon being ordered to kowtow expressed his utter contempt for such a concept as could only be expressed in the language of a common British soldier. He was immediately executed on the spot.
http://www.executedtoday.com/2010/08/14/1860-john-moyse-the-private-of-the-buffs/
Seem to recall that President Bush replenished our strategic petroleum reserves (up to 88-90% capacity) during his administration's last three years. And I do not remember any instance wherein Obama sold off any petroleum to either booster the economy or lower gas prices.
A few weeks ago, oil was over $46 - it closed yesterday under $40 and some local stations raised gas prices by 35 cents or so. Go figure - even the oil/gas companies can’t let a crisis go to waste.
You sure are smart. grin.
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