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Oil dive deepens to 12-year low; $20 warning on China
Yahoo.com ^

Posted on 01/12/2016 8:12:07 PM PST by TigerClaws

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Oil dive deepens to 12-year low; $20 warning on China Reuters Oil prices fall for sixth day as hopes for recovery fade Reuters Oil down again to 12-year low; $30 handle looks more likely Reuters Oil slumps towards 11-year low, ignoring Mideast tensions Reuters Oil ends 2015 down 35 percent; long, painful hangover seen Reuters

NEW YORK (Reuters) - A brutal new year selloff in oil markets quickened on Monday, with prices plunging 6 percent to new 12-year lows as further ructions in the Chinese stock market threatened to knock crude as low as $20 a barrel.

Amid an accelerating tailspin that shows no sign of slowing, Monday's dive - the biggest one-day loss since September - triggered a rash of panicky trading across the market.

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


TOPICS: Business/Economy; Foreign Affairs; News/Current Events; Politics/Elections
KEYWORDS: chinastockmarket; energy; methane; nuclear; oilprice; opec; petroleum; prepare; shelter; stockmarket; war
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To: TigerClaws; Cowboy Bob; Dallas59; Maine Mariner; stuck_in_new_orleans; Vince Ferrer; ...

Russia’s break-even price was about $102 as of around mid-2014.


41 posted on 01/13/2016 12:27:28 AM PST by familyop ("Welcome to Costco. I love you." --Costco greeter in "Idiocracy," example of today's politico.)
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To: familyop

Fracking and shale break even is around $30 per barrel.

Gulf Coast, South Dakota. Lots of oil economy pain on the way.


42 posted on 01/13/2016 12:34:05 AM PST by TigerClaws
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To: familyop

;’) And don’t forget, the US dollar is going to collapse every week during that same period.


43 posted on 01/13/2016 12:34:08 AM PST by SunkenCiv (Here's to the day the forensics people scrape what's left of Putin off the ceiling of his limo.)
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To: SunkenCiv

Raise the funds rate! That’s the answer! Or better yet, combine that with the G-whatever simply fixing currencies. Between that and killing oil production with maniacal propaganda, we’ll be in great shape. And remember, as said over 40 years ago, who needs evil manufacturing on U.S. soil, when we can have American-based manufacturing with communist slaves on foreign soil? What could go wrong?

And hold the line on the planning, building and zoning regulations against small houses and manufacturing shops in rural areas. Who needs men and women in America being allowed to work? There’s too much competition!

And how about those efforts to monitor and disarm the rabble, eh? Way to go. Smart!

[There’s been too much inbreeding in academic, political and business leadership for a long time.]


44 posted on 01/13/2016 12:48:31 AM PST by familyop ("Welcome to Costco. I love you." --Costco greeter in "Idiocracy," example of today's politico.)
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To: TigerClaws
"Fracking and shale break even is around $30 per barrel."

It's a good thing we haven't seen reductions in rig counts since mid-summer. Whew! See tagline.


45 posted on 01/13/2016 12:51:03 AM PST by familyop ("Welcome to Costco. I love you." --Costco greeter in "Idiocracy," example of today's politico.)
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To: TigerClaws; SunkenCiv
I'm just saying that the crazy gig of decades is nearly up. Look at our national debt, and that's only the tip of the iceberg...or dung heap. And look at the socialist front runners presented by the following folks in politics, running full blast toward bond collapse and repudiations of debt. Behold the mighty "makers" and "taxpayers" (see recirculating debt).

Leviathan (Uncle Sam employs more people than you think)
National Review ^ | 02/03/2011 | Iain Murray
"...nearly 40 million Americans employed in some way by government."

And that probably does not include pensioners.

Have a look at where the so-conservative state and local government folks put their money in politics.

OpenSecrets.org
American Fedn of St/Cnty/Munic Employees [State/County/Municipal Employees]
[Total Contributions:] $94,708,977
[To Dems & liberals:] $93,739,954
[To Repubs & Conservs:] $671,755
[Pct to Dems & liberals:] 99%
[Pct to Repubs & Conservs:] 1%


Article V convention? I don't think so. And services dependent on government for regulating against competition... And they blame the dying remnants of the real private sector of the past (see sidewalks).

Dump the regulations and fees.


46 posted on 01/13/2016 1:00:10 AM PST by familyop ("Welcome to Costco. I love you." --Costco greeter in "Idiocracy," example of today's politico.)
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To: tsomer
That's not the sort of development I've assumed; I've always understood the Baath party is or was nationalist and leftist in character. It surprises me to hear they've all converted converted to Islamism.

Not all. And some are probably doing it for the paycheck or to stay alive. http://www.reuters.com/investigates/special-report/mideast-crisis-iraq-islamicstate/

I'm a little curious about this too; Isis seized the wells, along with territory, weaponry, food and slaves. All that this has cost them is human life--at least half the lives are the other side's. Neither is of any concern them. They're running their economy free of overhead or obligation. If the price goes lower, they just pump more. If they run out material, weapons or food they just they just take it. Whose to stop them?

Modern living standards can't be attained via medieval governance methods. War economies mean significant privation. During WWII, there was rationing even in the US. British subjects went hungry and Soviet citizens starved in the millions, despite Russia's abundance of raw materials and agricultural land. And while ISIS's leadership are in some cases true believers, they are living well relative to the populations they rule. The ebbs and flows of territory due to battlefield developments mean that the population they rule have significant opportunities to flee, if they are mistreated. Therefore they need to keep conditions somewhat reasonable, relative to what the rest of Iraq or Syria has to deal with.

ISIS-controlled Mosul produces only 200K barrels of oil per day. This is out of total Iraqi production of 2.9m barrels per day. But the Iraqi government can sell its oil at world market prices. ISIS has to sell its oil at cut rate prices. In late 2014, world oil prices were $78 per bbl. ISIS was selling its oil at $20. At the same time, everything it buys from the outside world (including food, weapons, oil drilling equipment and parts) - a necessity, due to its lack of industrial capacity as well as its location in the middle of a desert - is at exorbitant prices, because of sanctions. And all this in the midst of a war economy, where every spare dinar is being diverted towards feeding and arming the troops.

As to just taking what you need - to take it, ISIS has to defeat better-armed foes backed by American air support. Most of ISIS's initial victories in Iraq were against areas manned mainly by Sunni Arabs who had been suborned, some of whom has no idea about the true nature of ISIS. Today, the gains are a lot harder, especially against Shiites and Kurds who know they will be massacred if they surrender.

47 posted on 01/13/2016 12:37:25 PM PST by Zhang Fei (Let us pray that peace be now restored to the world and that God will preserve it always.)
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To: thackney

ping


48 posted on 01/13/2016 2:51:25 PM PST by Zhang Fei (Let us pray that peace be now restored to the world and that God will preserve it always.)
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To: vette6387
Where in the hell do you live in California? I live in the Bay Area. Just filled up at Costco in Vallejo, $2.31 for Regular, 92 Octane was $2.51! Regular grade has been as low as $2.02.

Riverside area, Inland Empire, near Doug of Upland (hey Doug).

49 posted on 01/13/2016 9:26:56 PM PST by gunsequalfreedom (Conservative is not a label of convenience. It is a guide to your actions.)
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