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.
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(Excerpt) Read more at businessinsider.com ...
Part of the problem...part...is that Europe and 0bama have relaxed the enforcement of sanctions against Iran exporting oil.
You’ve read in the news that 0bama is trying to score a nuke deal with Tehran...a fool’s errand, but 0bama and his advisors and fan-bois are fools.
Cutting off Iran ends the 1.5 million barrel per day global oil surplus., but that goes against what 0bama wants on two fronts (his nuke deal and he hates frackers).
However, higher gasoline prices reduce driving miles (typically), which *is* an 0bama/enviro-nazi goal.
So on that one train of thought, 0bama, Buffet’s oil-transporting-trains, and the environuts agree with frackers on a higher price of oil being desirable.
To followup on my missive just posted to Squantos, some creative thinking might be able to turn this crisis against hussein and the marxist. To wit, brazenly refuse to follow the EPA regulations and build bigger, gas-hungry cars to increase the demand for petroleum products. The American public (or at least the smart ones) have a love affair with big, powerful cars. Allow that market segment to expand...and voila! Problem solved.
Simply put, Iran needs to be neutralized. For good. Forever. I believe that, one way or another, that rogue nation will reach a tipping point with our steadfast ally, Israel. They have the means and Iran is giving them the motive.
I've got to bail for the night, but with some revisions, here's an ideal map of the mideast. As a shareholder, I'd like XOM to have a much bigger footprint but that's just me. :)
BULL SHIP, end the Fed Res to fix all our problems,
and no more money printing, that’s where all the trouble is coming from. You can’t print your way out of trouble it only makes things worse. And here it comes.
Import Tax, next comes Currency wars, then World War.
But then, why break a good cycle.
Iran will string out 0bama in “negotiations” for as long as he is left in Office in order to keep their oil flowing, so the downturn in the price of oil is here to stay for another 2 years at least it seems.
I’ll try to quote Ronald Reagan : it’s not that I’ll accuse my liberal friends of being ignorant, but what they say and what they know just isn’t so.
Liberal’s argument that it will take 10 year to produce oil once we start drilling, as always, they are wrong again.
They know so much, they are so educated, but yet ? they achieve so little of anything that’s worthy.
Yes on the powerful rides...... I put together “sleepers”
06 cummins with compound turbos, billet transmission, efi programming and it eats fuel at 765 HP as well as mustangs corvettes. Same for a 13 Tundra 2WD crewmaxx with the supercharger and a killer chiller set up .....562 HP with again an EFI tune. My real sleeper is a 78 malibu gramma grocery getter thats pure grayman in looks but a street rod that runs 9’s at the track . All were built with reliability being key as daily drivers but powerful enough for on ramps and Dallas / Ft Worth interstate events when I get out of the Panhandle....
Fuel cost come down then Im a happy camper.......:o)
not sure if I would buy anything new but love the ideas ya put forth.....Stay Safe !!!
“To wit, brazenly refuse to follow the EPA regulations and build bigger, gas-hungry cars to increase the demand for petroleum products.”
Already being done. Just look at the pickup market. Gas hogs most of them, not to mention extremely expensive. There is another issue no one has mentioned, and that is the two to four year ongoing plan by some politicians to raise the gas tax to pay for roads and bridges falling down.
The plan so far is picking up steam in many state legislatures based on many issues key of which is tax revenue from that gas tax is falling because we aren’t driving as much due to the high cost, and better overall fuel economy.
Last year WY a very conservative state raised their gas tax by fourteen cents. I don’t pretend to know the end of the story, but any improvement in gasoline prices could be neutered by an increase in taxes, for the so called infrastructure of roads and bridges needing repair and maintenance.
Forgotten in the story is the Federal Transportation Trust Fund, without trust or funds drained dry by the US Congress and their spending habits. So State legislatures are aiming at their own citizens to solve that problem rather than holding the congress responsible for the problem and a possible solution that doesn’t kill the geese holding the golden eggs. That would be US.
We have wells dotting every acre they can put them here in Wyoming and Colorado. I can imagine the cost per barrel is pretty high considering the equipment at each well.
“Just look at the pickup market. Gas hogs most of them”
You don’t know trucks if that’s your view. I’ve got a 2012 Dodge Ram 1500 with a 5.7L Hemi. Puts out 390hp and 400ft/lbs torque, yet, it can easily achieve 28mpg at 55mph, and never averages under 17mpg and usually 19mpg to 22mpg.
Ford has a similar offering and Dodge just introduced the new EcoDiesel at 24mpg average.
As far as expense, most SUVs and many cars cost more than a truck, yet, a truck can have far more to offer in features, capabilities, and equipment.
The jobs that will be produced after this bastard potus pos is gone with cheap energy will counter the loss of jobs by the producers hopefully as the holes have already been punched as you say.....
Seems a never ending process. Boom to Bust , stir, repeat.....
Stay Safe ....
Concur and remember.....Stay Safe !!
Sure I’d like lower gas prices at the pump, but if my income drops because clients can’t pay then it’s a net negative.
I wonder if there is a sweet spot between those two things.
I’m certain there is. How to get there is another thing.
The Ten year thingy is with the North Slope, ANWR
“You don’t know trucks if that’s your view.”
It’s my view and I’m sticking with it, having rarely been without a truck in the last 45 years.
I don’t buy anything in a truck that is not at least three quarter ton. My 97 and 96 chev 350 cu inch V-8’s get maybe fifteen when not pulling a trailer. Ten when towing, and one is two wheel drive, and the other four wheel drive. The mileage is about the same between them. The four wheel drive is automatic, the two wheel is a real five speed. Don’t know off the top of my head what the final drive ration is between them, although the vin number should tell me.
I buy mainly for utility and price, which means used. I have never bought a new pickup, and only four new cars, but I do car lot, and new ford pickups are way over sixtie grand. It would take years to amortize that kind of money based on gas mileage gains from ‘97 to ‘14 and I’m not enamored of large debt to get a business tax writeoff on new or barely used. I also have to have a long bed, increasingly difficult to find due to the overall length increase caused by crew cab popularity. Extra cab long bed good used pickups are rare, and new would probably require special order if I chose to afford it.
When the trucks are compared to the three primary people haulers, Honda Accord, Merc Grand Marquis, and 07 Mustang GT there is no comparison they are all at or above twenty five MPG. They each cost more than double the cost of a single pickup.
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