Posted on 01/05/2015 4:51:29 PM PST by rdl6989
The selloff in global oil markets showed little signs of slowing in the new year, falling as much as 6 percent on Monday to their lowest since spring of 2009 as fears of a supply glut that vexed the market for the past six months deepened.
U.S crude closed down $2.65, or 5 percent, at $50.04 a barrel—its lowest settlement since April 2009. The contract fell further in extended trading.
(Excerpt) Read more at cnbc.com ...
So a barrel of oil is at the price of what a fill-up cost me a few months ago.
And this is a bad thing why?
“...its lowest settlement since April 2009.”
Reminds of that BTTF song, “Back In Time” by Huey Lewis and The News.
https://www.youtube.com/watch?v=ZXN6tgE4g_4
The last and only time oil dropped this far this fast was back in 2008. The economy crashed and Leftists elected a messiah.
Spot or futures?
This is a great thing, it just needs to keep coming down.
this is great! now I can finally afford to buy a 2014 Camaro!
Yes, people might even start traveling again, Sunday drives etc.
“I’m still saying $28 a barrel for oil when the speculators start to bail. They can only hold the price artificially high for so long.
7 posted on 7/15/2005, 12:03:41 AM by PAR35
http://www.freerepublic.com/focus/news/1443335/posts?page=7#7";
It’s taking a bit longer than I thought that it would. But we seem to be heading that direction finally.
Still haven't heard any clear explanation as to why this is happening now(Russia?, U.S. oil production? Keystone? global economics?...???)
...these kind of things I always find suspicious and seem contrived, if not down right spooky.
...makes me think the globalist chess-players are up to something again, but what is it?
Obviously the only solution is to increase the gas tax by $2.00 a gallon.
Someone call John Thune.
Because the same can be said for falling grain prices. Imagine a 50% drop in demand for a product you rely on for income. Job loss. What little job creation there has been in this crap economy has been energy sector related or dependent. Anything oil and gas related is going to take a hit. Watch for big layoffs in the oil sector.
The thought of the average driver filling their tank for about 25/26.00 is unthinkable. god, last time we were filling our tanks for about 15.00, wasnt Michael Jackson a Black Male?
You don’t read much, do you?
I’m not sure Jackson was male lol.
Between expanded US production, that US$400 billion deal between China and Russia that may include oil production in eastern Siberia, and increasingly strict fuel economy mandates around the world for motor vehicles, this would result in a major glut of petroleum in a few years.
It’s neither good nor bad, it’s just the current snapshot of price.
Act accordingly. Price movements are opportunities.
Have diesel prices started down. It’s getting time for me to replenish my supply.
The gap between ULSD and E10 is the largest I’ve ever seen. About $1.50 here in Indiana.
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