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Started By
Message
The Last Time The Price Of Oil Crashed Like This?
Posted on 12/22/14 at 2:40 pm
Posted on 12/22/14 at 2:40 pm
quote:
There has only been one other time in history when the price of oil has crashed by more than 40 dollars in less than 6 months. The last time this happened was during the second half of 2008, and the beginning of that oil price crash preceded the great financial collapse that happened later that year by several months.
quote:
It would be difficult to overstate the importance of the shale oil boom to the U.S. economy. Thanks to this boom, the United States has become the largest oil producer on the entire planet.
Yes, the U.S. now actually produces more oil than either Saudi Arabia or Russia. This “revolution” has resulted in the creation of millions of jobs since the last recession, and it has been one of the key factors that has kept the percentage of Americans that are employed fairly stable.
Unfortunately, the shale oil boom is coming to an abrupt end. As a recent Vox article discussed, OPEC has essentially declared a price war on U.S. shale oil producers…
I don't know how legit this website is... the name gives me pause, but the content made me worry.
Thoughts?
LINK
This post was edited on 12/22/14 at 2:41 pm
26
Posted on 12/22/14 at 2:40 pm to yankeeundercover
shite was going down as early as 2007. I dont know if the oil price was as much as a leading indicator as this site indicates.
This post was edited on 12/22/14 at 2:47 pm
Posted on 12/22/14 at 2:41 pm to yankeeundercover
Fear mongering. Stop it.
Posted on 12/22/14 at 2:43 pm to yankeeundercover
Louisiana's economy will take a big hit.
Posted on 12/22/14 at 2:43 pm to yankeeundercover
quote:
Unfortunately, the shale oil boom is coming to an abrupt end
It's not like the oil is going anywhere. .... the economy will flourish with cheap oil from overseas and rebuild the manufacturing segment
Posted on 12/22/14 at 2:43 pm to yankeeundercover
Posted on 12/22/14 at 2:45 pm to yankeeundercover
quote:
OPEC has essentially declared a price war on U.S. shale oil producers…
OPECIOOC
Posted on 12/22/14 at 2:47 pm to yankeeundercover
quote:Ban fracking
Thanks to this boom, the United States has become the largest oil producer on the entire planet.
Yes, the U.S. now actually produces more oil than either Saudi Arabia or Russia. This “revolution” has resulted in the creation of millions of jobs since the last recession, and it has been one of the key factors that has kept the percentage of Americans that are employed fairly stable.
Posted on 12/22/14 at 2:48 pm to yankeeundercover
up until the mid 2000's the oil price was never high enough to crash $40. Lets use percentage drops to see how many times this big of a drop has happened.
Posted on 12/22/14 at 2:50 pm to La Place Mike
quote:
Louisiana's economy will take a big hit.
Not too big, Gulf of Mexico will still be pumping. ND will be hardest hit
Posted on 12/22/14 at 2:50 pm to Hermit Crab
Let's not pretend the 2008 price drop wasn't real. I'm just saying it was a response, not an indication. All commodity markets went crazy in 2008.
Posted on 12/22/14 at 2:50 pm to Spirit of Dunson
quote:
shite was going down as early as 2007.
Exactly and the subprime mortgage crash had a lot more to do with the economic downturn than oil did.
Posted on 12/22/14 at 2:51 pm to stout
quote:This. Fact.
Exactly and the subprime mortgage crash had a lot more to do with the economic downturn than oil did.
Posted on 12/22/14 at 2:51 pm to La Place Mike
quote:
Louisiana's economy will take a big hit.
It won't be bad at all for us down here.
Posted on 12/22/14 at 2:51 pm to stout
quote:
the subprime mortgage crash
BINGO!
Posted on 12/22/14 at 2:51 pm to waiting4saturday
quote:
Not too big, Gulf of Mexico will still be pumping. ND will be hardest hit
Look for some of these large scale plants they are building to be cancelled or reduced in scope. Lake Charles may really be hit very hard in that sense.
Posted on 12/22/14 at 2:52 pm to Mr.Perfect
quote:
quote:
Unfortunately, the shale oil boom is coming to an abrupt end
It's not like the oil is going anywhere. .... the economy will flourish with cheap oil from overseas and rebuild the manufacturing segment
It'll be awesome seeing all the layoffs in LA and TX. It'll also be awesome seeing all the developers go bankrupt on all the new high rises they're building in Houston.
Posted on 12/22/14 at 2:53 pm to Mr.Perfect
The economy of those who work in the oil & gas industry is fricked
Posted on 12/22/14 at 2:53 pm to stout
quote:
Exactly and the subprime mortgage crash had a lot more to do with the economic downturn than oil did.
TROOF! Maybe we can have all millennials default on their student loans and combine it with the oil crash and do 2008 all over again? Woo-hoo!
Posted on 12/22/14 at 2:53 pm to yankeeundercover
Meth sales will also see decline in West ND, WTX, and Oklahoma.
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