Posted on 11/28/2014 4:20:56 PM PST by dynachrome
On Thursday, oil prices crashed.
And on Friday, shares of oil companies around the world followed suit.
Here were some of the biggest losers on Friday:
BP (BP), down 5% Royal Dutch Shell (RDS.A), down 6% Total (TOT), down 5% Statoil (STO), down 14% Exxon Mobil (XOM), down 5% ConocoPhillips (COP), down 9% Marathon Oil (MRO), down 13% Occidental Petroleum (OXY), down 7%
(Excerpt) Read more at businessinsider.com ...
All by design. OPEC is trying to bankrupt the smaller players. Sure it’ll hurt them too in the short term, but they will be the last one standing.
Certainly isn’t going to make “green energy” any more viable from an economical perspective.
To be more precise OPEC is trying to shut down our fracking.They can't be allowed to succeed.
aka The Rockefeller/Getty method.
Brent Crude is down to 70. T Boone Pickens said it would never go below $100.
A lot of the smaller ones down 25 %…..Really makes no difference to the company unless they want to sell more stock..the shareholder takes the short term hit..
Long term buying opportunity. Those big suppliers aren’t going anywhere, but in the short term they might reach affordable.
“Brent Crude is down to 70.”
WTI last print was $66!
Deflation - what if its $50 a barrel? Gas prices at the pump are already $2.25. We may see them go down to $1.75 soon.
Brent’s always more expensive than WTI.
Please some tell me this is because the US economy is firing on all cylinders and Obama is pulling us out of a long Bush caused recession /sarc.
Well some might say the ongoing Baraqqi Depression has helped out the supply/demand situation:
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=A103600001&f=M
Why would the price of oil going down be a bad thing?
Looks like a bunch of high-priced scientists hired by Google have come to the same conclusion.
Exactly. And with the help of the left and that jug-eared jackass in the White House, they just may succeed.
Also some related industries are geting slammed too. American Railcar Industries, (ARII) a manufacturer of tanker rail cars, is down 13%.
“Why would the price of oil going down be a bad thing?”
Because it may be a sign that the world economy is slower than believed.
If the economy was turning around there would be more demand for oil.
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