Posted on 02/08/2016 10:41:41 PM PST by george76
Gas prices in Chicago are still falling, but the price at the pump is having a negative impact on the economy.
...
as the cost to fill up your tank goes down, could this also be a sign -- the economy is tanking? Commodities trader Scott Shellady thinks so.
"It's bad for everybody. We are going to lose one-fifth of the jobs we created in 2008," said Shellady.
And he doesn't expect a market rebound anytime soon. So if you were hoping to cash in your 401K or IRA and retire in the next year, Shellady says, rethink your plans.
"The stock market is going to take a long time to recover. We need something new to boost the economy," Shellady said.
(Excerpt) Read more at abc7chicago.com ...
Notice I’m not arguing with you.
...and we have our special summer blend that shrinks supply.
Raw capitalism.
Commodities trader Scott Shellady thinks so.Apropos of nothing, barnacles see barnacle removal as a threat to the boat.
Socialism? Where’s my free prize?
Hong Kong is more capitalistic than the United States.
Anyone know about the U.S. dollar and the peril it is in?
banking or they serve as a shipping point for international trade or both.
Income not spent on gasoline should be available for something else. What besides obamacare is sucking up that money?
Now the Saudis have decided to crash the fracking revolution by crashing the price of oi to drive competitors out of business, just like they did last time around.
That is going to really hurt the only performing segment of our economy.
>> the [falling] price at the pump is having a negative impact on the economy
Total BS. The only idiots that suffer are those playing petroleum poker. I’ll take the $100 I save each month and spend it locally.
Debt.
If you really believe the only ones hurt are those “playing petroleum poker”, you really don’t understand how the oil industry or the economy work.
Now LOWER prices produce the SAME result?
I’m a capitalist 35 years in. I’m quite familiar with the nature of economy. Now share your wisdom concerning the economic downside of “petroleum poker.”
/facepalm
hence 0 and wish to add $10 per barrel- ostensibly to provide funds to cleanup environment- any of the money actually gets to environment I will be shocked - shocked I tell you
It goes far beyond an oil rig. There is a host of equipment even to site housing and all that involves that isn't built, isn't replaced, isn't sold, isn't made, that hits industries all over the country. You see money going to the oilfield, but the 7-10 million it costs to drill and complete a well goes far and wide.
Cut the rig count by (here) 75% and multiply the above by 150, in this area alone.
That 7-10 million per rig per well can be multiplied by 15-20 depending on the rig--money which does not enter the economy.
All those guys who were doing that wide variety of specialty jobs required transportation, so those company trucks won't be made, either. (How many trucks? Halliburton (just one oilfield service company), is rumored have more vehicles than the US Army). The semi trucks won't be built to haul the materials and equipment, they won't need new tires once every year to 18 months.
Their wives won't have the paychecks to spend on everything from furniture to cars, appliances, or so many of the odds and ends women spend money on when feathering their nest. The guys who run the pizza joint won't sell as many pizzas, the toys won't be bought (grownup toys, the kids will still get toys, just not as elaborate or expensive).
You see a rock in a pond. You are ignoring the ripples, which go far and wide.
You will save $100 a month. I am happy for you. Like many who worked ourselves out of a job, I hope you spend your newfound wealth wisely, all $1200/year of it. Please don't spend it on foreign made crap.
Are you equating production and inventory with trade speculation?
I’m not buying into this. Lower fuel prices affect shipping, trucking, and airline costs. Also utilities pay less for natural gas. This in turn lowers the cost of fertilizers for the farming sector. The market will adjust itself accordingly. Enough doom and gloom.
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