Posted on 01/20/2016 4:26:34 AM PST by John W
U.S. stock index futures pointed to a sharply lower open, with Dow futures sinking in excess of 300 points as European and Asian shares tumbled in the wake of renewed oil price weakness.
European stocks fell sharply shortly after market open, with the pan-European STOXX 600 down in the region of 3 percent after a weak session in Asia and fresh lows in oil.
(Excerpt) Read more at finance.yahoo.com ...
We are all so screwed, thanks Obama.
They are down to 7th place in 2014.
http://www.eia.gov/beta/international/rankings/#?prodact=53-1&cy=2014&pid=57&tl_id=1-M&tl_type=a
Our total imports are down around 9~9.5 mmbpd, but our net imports is 4.5~5 mmbpd.
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTTIMUS2&f=M
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTTNTUS2&f=M
However, if prices continue to stay low, we will be importing more.
Maybe the drop in oil prices is really just an indicator of a bigger problem. Cheap gas should be getting used but it isn't. Gas is cheap because demand is gone. Where did it go. The hidden recession that Hussein doesn't want you to know about looks like a good deal in gas prices but it's really a symptom.
Second point: In Iowa all agricultural industries are in the tank because demand is down and the desire for ethanol is down. So there goes John Deere and the value of farm land and farm income. The company for whom I work is supported by the ethanol industry and we are really slow right now.
Demand is up, not down. Prices are down because supply grew faster than demand.
I’m guessing 30% off the 18,000.
Market opens soon - hope it’s doesn’t open and drop 300 points or more the first 30 min of trading. :(:(:(:(
No worries... China’s Plunge Protection Team is armed!
Well, yes, lower gasoline/diesel prices will help those heavily dependent on those products. However, think about this; every direct (i.e. people directly employed by the company involved in drilling/extracting, etc...) is supported by a vast network of suppliers. When one drilling rig or well is shut down, then that rig or well no longer needs any supplies, workers, or support. All those involved will have to find other places to pick up that slack, or lay people off.
On the flip side of that, for every oil worker and support person who were making money on those jobs and have found themselves out of work, there will no longer be those people spending the same amount of money in the economy.
So restaurant jobs, stores, local business, shipping, and a multitude of other jobs that were not directly related to oil production, but a beneficiary of it, will now shrink. Then those people who were making money from the results of oil jobs are no longer making money from the oil people, either.
So restaurant jobs, stores, local business, shipping, and a multitude of other jobs that were not directly related to oil production, but a beneficiary of it, will now shrink. Then those people who were making money from the results of oil jobs are no longer making money from the oil people, either.
Replace the words "oil worker" with "manufacturing worker" and the rest would be true too.
Yes. True.
And, jobs will shift, some will benefit, some will not. Those benefitting from low oil prices will create more jobs, and those will needs support, and will also support others. It's the nature of the free market. The problem is, we no longer have that free market.
WE ARE UP 25 PTS, now we are screwed for sure.
OH NO we are down 182, now we are screwed for sure.
It’s trying.
OH GOD now we are down 223, now we are screwed for sure.
The Obama Great Recession will ensure a GOP President.
Yep, those making pipe, valves, fittings, pumps, motors, actuators, controllers, cables, etc..
All those people that made things the oil companies are no longer buying.
Hundreds of Billions of dollars no longer being spent by oil companies are a lot of indirects without those orders.
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