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WTI
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 ...
WTI
Is this good or Bad Happy Thanksgiving to you Sir
not in the east coast it isn’t- still $3.30 a gallon of gas here- you’;d never know oil was down to 69$ a barrel-
Time for an import tax. Sorry, but free market purity DOES NOT triumph national security on this.
F**k OPEC up the rear this time. No more allowing the Saudis to screw with our domestic energy push.
And remember fellow Conservatives . . . LOTS of jobs in this country are at risk due to the Saudi shenanigans.
There go those greedy oil companies manipulating costs again........
Bye bye Bakken
Thats what Sauds want gone
Looking forward to (hopefully) some of the responses from savvy freepers that are in this line of work. What is the bottom line when American frackers and oil companies hang it up for a while until the price comes back up?
Me personally, I welcome the low prices but as i understand it (from a few previous threads), too low will put some serious hurt on quite bit of the country as the “market” equalizes (which takes more time than there are “jobs” out there for out of work oil workers).
Is there a chart out there that shows the price of oil in relation to gasoline prices, year to year/month to month?
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).
I suspect this has something to do with reining in Putin. The House of Saud will just make less money. Russia will be hurting.
On the other hand, the economies of Russia and Iran to name just two are heavily dependent on oil prices. Lower oil prices hits them hard, which isn't a bad thing.
Ping
Looks like another leg down on oil.
Totally agree.
America first...
I think that our production here has factored in the lowered price of a barrel of oil.They had to know when our production went up the price was coming down.I could be wrong.
There went the fracking boom. Costs in oil sands production are cheaper, and the Keystone XL should have been given the red carpet treatment instead of rotten eggs from NIMBY constituents in the shadows (anti-competition businesses).
“On the other hand, the economies of Russia and Iran to name just two are heavily dependent on oil prices. Lower oil prices hits them hard, which isn’t a bad thing.”
Which is why I want to do it with an import duty. This only affects our imports and shelters the domestic producers in the build out stage. Dedicate the money to infrastructure in the industry, such as helping to build out natural gas stations on the highways and other locations. Also subsidize the purchase and reconfiguration of civil fleets to natural gas and tax credits for long-haul truckers to change fuel sources.
Gasoline here went UP a nickel a litre yesterday to $1.14/l. That’s $3.89USD/USG from $3.71.
Looking at the recent history of crude oil prices, I am confused to say the least.
http://www.fedprimerate.com/crude-oil-price-history.htm
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