re: Economist: Iran deal means oil @ $10-20/bbl

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It would be great if you qualified those numbers in the title and said that was per barrel, and not per gallon.

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I thought that was commonly known shorthand, but I'll fix it.

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I'm glad you're so happy about hardworking people having tough times beyond their control.

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I've seen a few posts like this. Guys, my business is not helped or hurt by the price of oil, whether it's low or high. It does have some effect on my own personal living expenses, but it's not a huge difference one way or the other in the overall scheme of things. Some people are helped by this, some are hurt. For the latter, I don't take any pleasure in their misfortune, it's more like black humor, because I've been there done that in other contexts. Just wanted to clear that up. Carry on.

It's all about getting clicks, tomorrow there will be one that says $200 by next year

Some hand will post it here and a couple hundred people will click on it

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Why Americans root for the demise of domestic oil production is beyond me. I guess they are too young to know what dependence on Middle Eastern energy sources is like.

Theres a difference. The reason this is going on is because we arent having to depend on foreign oil. Surely the oil companies that have been screaming for this for as long as I can remember knew the current market was a likely outcome. If anything, the reason we're still in it is because the US production costs have improved so much to the point where we can afford to still be competitive with OPEC despite the lower prices.

And sorry, but I don't feel bad for Welders that can't get oilfield jobs making $75/hr. There are plenty of jobs to be had making a good living especially for skilled people, just not at ridiculously inflated rates. Surely people understand that the market of the last 10 years was only temporary.

Furthermore, as oil has increased, oil companies were spending millions (billions) investing in technology to make production cheaper and more efficient to maximize their profits. Now that oil has come down, those investments have to be really showing their worth as evidenced by the fact the we're still beating OPEC at their own game and the shock at how cheap domestic producers can still turn a profit.

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Temporary, but it will come back-- I mean there's been some developments technologically but its not like we didn't know the Bakken or those Canadian Tar Sands were chockful of oil-- it was just uneconomical to take it out at $40 a barrel, once oil goes up again they'll come back online.

I would be shocked if the Saudi's don't cut back though, they can pump it for basically nothing (relative to basically everyone else) but they'd rather get a nice mid-range price than rock bottom.

F350's for everyone. Every year an upgrade!

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F350's for everyone. Every year an upgrade!

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You think its bad with Oil Folks, you should see a few of the Big Corn guys in the Midwest- buy a new truck every year or so, get it pimped out, then use it as a write off "farm equipment" cut that tax bill and still get a government check to subsidize something we grow too much of anyway.

Really though, Lousiana is gonna get hit hard by low $ Oil, North Dakota and Eastern MT are already feeling the pinch (but that gas was even more dependent on massive prices than gulf Oil).

13 mpg.

Come on $10 a barrel.

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Iran deal means oil @ $10-20/bbl

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I would definitely take that bet, if he were offering.

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Welders were making 75 an hr? A lot of pa's don't make that much

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I'm exaggerating there, but you get my point.

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not really because i know some that make 200k + a year. and that's with some short layoffs. they get paid so much an hr, so much for their welding machine, and per diam. then fill up their trucks with company diesel.