Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Oil plunges to five-and-a-half-year low, Asian shares on defensive (Mon. morning Asian markets)
Yahoo Finance ^

Posted on 12/14/2014 5:52:32 PM PST by Red in Blue PA

TOKYO (Reuters) - Oil prices sank more than two percent to 5 1/2-year lows early on Monday on concerns about a supply glut and slower global growth, feeding fears for energy and commodities producers and exporters.

Investors were nervous after U.S. shares posted their biggest weekly fall in 2 1/2-years last week on losses led by energy sector, and as they expect the U.S. Federal Reserve to hint this week it is getting closer to raising interest rates.

U.S. crude futures fell more than 2.5 percent at one point to as low as $56.25 per barrel (CLc1) in quiet early Monday Asian trade, showing no sign of life even after a fall of almost 50 percent from the June peak.

The world's energy watchdog late last week forecast even lower prices next year on weaker demand and increased supply, sparking a fresh waving of selling.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: News/Current Events
KEYWORDS: energy; oil

1 posted on 12/14/2014 5:52:32 PM PST by Red in Blue PA
[ Post Reply | Private Reply | View Replies]

To: Red in Blue PA

Well I always said, “What are the Arab states and others going to do if oil became cheap again or there were other sources to draw from”?
All this time with money coming in and many nations/Kingdoms/dictatorships have done nothing to develop their nations falling 100% onto the oil for revenue. You can’t eat oil last I heard.


2 posted on 12/14/2014 6:22:54 PM PST by A CA Guy ( God Bless America, God Bless and keep safe our fighting men and women.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: A CA Guy

If It stays down I am guessing we will see if Iran has a nuke real soon. Vlad will push that along if the Russian natives get restless.


3 posted on 12/14/2014 6:41:21 PM PST by VRWCarea51 (The original 1998 version)
[ Post Reply | Private Reply | To 2 | View Replies]

To: A CA Guy

Saudi Arabia won’t have any problems. But Iran will, along with Russia and a few other oil producers ... :-) ...


4 posted on 12/14/2014 6:46:46 PM PST by Star Traveler (Remember to keep the Messiah of Israel in the One-World Government that we look forward to coming)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Red in Blue PA

Don’t fill up your tank tonight. WAIT till tomorrow or Tuesday.


5 posted on 12/14/2014 7:09:12 PM PST by LibFreeUSA
[ Post Reply | Private Reply | To 1 | View Replies]

To: LibFreeUSA

Gas war here.
Went from 2.14 to 1.94 overnight


6 posted on 12/14/2014 7:10:07 PM PST by nascarnation (Impeach, Convict, Deport)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Red in Blue PA

Japan and Asia import their oil I think, they should be happy to see the price go down.


7 posted on 12/14/2014 9:18:27 PM PST by GeronL (Vote for Conservatives not for Republicans)
[ Post Reply | Private Reply | To 1 | View Replies]

To: GeronL

“Japan and Asia import their oil I think, they should be happy to see the price go down.”

From what I understand, they are part of the reason prices are falling. Their economies are in the toilet and they are not buying as much petroleum as they were a few months back.
The other thing to consider is all those RATS who said a few years back “why bother drilling, it will take ten years to get anything!” Yeah, it did, they did, and here we are finally getting our own energy house in order. I just wish we had a government who wanted to destroy, Russia, Iran and Venezuela as much as I do. The Fat Bastards in Saudi Arabia will most likely skate, but at least they are going to have to start emptying the ash trays in their Rolls Royces, a couple of times before trading them in!


8 posted on 12/14/2014 10:26:36 PM PST by vette6387
[ Post Reply | Private Reply | To 7 | View Replies]

To: vette6387

Saudi oil i believe costs $10 a barrel to extract a big difference from the 60 and up from most shale projects.


9 posted on 12/15/2014 1:49:07 AM PST by wiggen (The teacher card. When the racism card just won't work.)
[ Post Reply | Private Reply | To 8 | View Replies]

To: wiggen

I wouldn’t necessarily believe either stat. I could believe 10 for already developed fields and maybe the 60 for undeveloped, but once it is flowing, all bets are off. Sounds more like a disinformation analysis by the speculators as I have heard of many established fracking fields are closer to the 10 than the 60.


10 posted on 12/15/2014 2:58:02 AM PST by mazda77
[ Post Reply | Private Reply | To 9 | View Replies]

To: wiggen

“Saudi oil i believe costs $10 a barrel to extract a big difference from the 60 and up from most shale projects.”

That’s not their problem. Their problem is that they’ve loaded up their Visa by all their capital spending and they need high-priced oil to pay off their debt. So if we need $60 to be self-sustaining, so be it. That’s a whole lot better than the $100 plus we’ve been paying w/o fracking. The ragheads also have a problem in that when their oil is gone, they have nothing to support themselves with.


11 posted on 12/15/2014 9:40:28 AM PST by vette6387
[ Post Reply | Private Reply | To 9 | View Replies]

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.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson