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Posted on 01/25/2015 5:10:15 PM PST by blam
Myles Udland
January 25, 2015
Good evening!
The weekend is over in New York and near 7:05 pm ET, the price of West Texas Intermediate crude oil was down another 2.5% to $44.45 a barrel.
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(Excerpt) Read more at businessinsider.com ...
The markets are probably figuring that the Saudi succession will go smoothly and there will not be any major changes from their camp on oil policy.
Like it’s a bad thing.
The dollar is also about to EXPLODE after the Greek commie victory that will decimate the Eurozone. Dollar/Euro parity much sooner than I earlier (July) predicted.
I don’t know what it costs to produce a barrel of oil, I’ve heard around $35. Anyhow, if the price gets too close to cost, that would be a bad thing.
I don’t either, but I believe it to be much closer to a dollar than to 35 dollars in Russia and Saudi.
There's no one answer to that; the cost to produce varies extremely widely depending on the source of the oil. There is oil that can be extracted for $4-5/barrel and oil that costs over $60/barrel to get out of the ground.
Anyway the lower, the better for everyone. The market will take care of how low it can go.
You can be triple sure that the DC tribe is going to really, REALLY start beating the drum for higher gas tax, now.
They feel that there’s a brief window of opportunity now, and people are simply relieved oil has come off it’s high.
So they’re going to try to load the tax on now - “It has dropped so much, so doubling the tax doesn’t make it nearly as expensive as it was at the peak...”
They think all money belongs to Da Gummint.
Great post and a very interesting post/thread history we are living.
So why isn’t gas at $0.85 right now? hmmmmm? When it was at $112 we were paying avg. $4 at the pump. Curious.
It depends on what country ... Saudi Arabia, for instance ... it’s $5 to $6. We’re just talking about getting it out of the ground, and not what it costs to run their government.
a gallon of crude still trades for
more than a dollar.
what do you expect?
Depends....Ive heard its around $5/bbl in Saudi and much higher in other places.
The price of crude is only a fraction of the price of gasoline. The cost of transporting the crude, refining it and distributing it to the end user hasn't changed.
Euro Crash: Why's Greece About To Exit Eurozone Taking Euro With It?
Bump to see what REALLY happens later.
It depends on which side of the trade one is on. Not long ago the cost of housing in select locales was going down and a lot of lamentations were posted here.
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