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Started By
Message
re: The Last Time The Price Of Oil Crashed Like This?
Posted on 12/22/14 at 4:20 pm to baobabtiger
Posted on 12/22/14 at 4:20 pm to baobabtiger
quote:
Today the fall is not due to fall in consumption but due to growth in output.
Not quite true. The fall today is due to the Saudis playing "who has the deepest pockets". The primary targets are Russia and Iran, with US fracking a distant second.
The Saudis are pissed at Russia for propping up Assad in Syria. There are rumors that the UN may ease oil sanctions on Iran, so the Saudis are trying to give them a pre-emptive corn-holing in case that goes through.
Fracking in the US has pushed us closer and closer to energy independence. They don't like that so dropping the price of oil (they haven't ramped up output, just dropped price) to where fracking isn't profitable is their way of trying to take out some of the competition here.
Russia's economy is tettering on collapse already and they don't have the will to keep prices down low enough for long enough to put enough US fracking firms out of business for good. Enjoy it while it lasts though
0
Posted on 12/22/14 at 4:23 pm to stout
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." "
my cap key is broken-so forgive
you must remember those that plan these new projects and expansions have all the data we have and more. they are as "plugged-in" to this situation as can be. i don't see in-progress projects being shut down and believe cancellations will be few if any. , during the recent recession louisiana was one of the few states that faired pretty well.
my cap key is broken-so forgive
you must remember those that plan these new projects and expansions have all the data we have and more. they are as "plugged-in" to this situation as can be. i don't see in-progress projects being shut down and believe cancellations will be few if any. , during the recent recession louisiana was one of the few states that faired pretty well.
Posted on 12/22/14 at 4:23 pm to xLxSxUxFxAxNx
Venezuela is hurting right now.
Posted on 12/22/14 at 4:29 pm to yankeeundercover
No legitimate news site would contain the word prophecy.
Idiot.
Idiot.
Posted on 12/22/14 at 4:32 pm to yankeeundercover
Some people think I am crazy when I say this, but I usually feel like the trucking industry is an economic indicator. In the last few years, there has been a 4-6 month lag between the trucking industry and the economy fluctuations. I can say that right now, the industry is not very slow, considering the holiday season and the fuel prices. That remains to be seen, but based on past indicators in my industry I think well be fine until the late spring when Oil starts to go back up.
Posted on 12/22/14 at 4:44 pm to yankeeundercover
The depressed oil prices hurt the producers most not the downstream companies. There is a reason why refiners were crushed in 07-12 and the producers were not.
The demand for some distillates are absurdly high and gasoline demand is still strong. Refiners are finally banking as are downstream companies and those relying on feedstocks created from refined petroleum.
Price crashes have collateral damage so hopefully they stabilize but in the mean time down stream companies are doing well.
The demand for some distillates are absurdly high and gasoline demand is still strong. Refiners are finally banking as are downstream companies and those relying on feedstocks created from refined petroleum.
Price crashes have collateral damage so hopefully they stabilize but in the mean time down stream companies are doing well.
Posted on 12/22/14 at 4:48 pm to Helo
If it costs a producer $65-$75ish a barrel to get out of the ground, you bet the producers will get hurt.
At today's prices they can't sell below cost but make it up on volume like the car dealers scream on the commercials.
Unless they hedged and booked the price for delivery before the fall.
At today's prices they can't sell below cost but make it up on volume like the car dealers scream on the commercials.
Unless they hedged and booked the price for delivery before the fall.
This post was edited on 12/22/14 at 4:50 pm
Posted on 12/22/14 at 4:50 pm to kingbob
Serious question:
How bad off is Houston going to be?
How bad off is Houston going to be?
Posted on 12/22/14 at 5:17 pm to stout
(no message)
This post was edited on 12/22/14 at 5:26 pm
Posted on 12/22/14 at 6:03 pm to tgrbaitn08
quote:
I assume none of you young bucks were around in '84
You know what they say about assuming. I was around in '84. Got my permit in '85. I had a VW Rabbit...loved that car. I remember filling it up for $10.00. Those were the days.
Posted on 12/22/14 at 6:03 pm to stout
quote:
Higher Ed is the next great bubble crash in America IMO
That should be interesting. It's extremely rare for student loans to be forgiven in bankruptcy and lenders can't just repossess and resell someone's education to recoup a loss. It just has the makings of a full on shite show.
Posted on 12/22/14 at 6:07 pm to TheChosenOne
They should forgive doctor's loans. Anyone that works for a doctor in a primary care roll as well, before any other profession.
Posted on 12/22/14 at 6:08 pm to yankeeundercover
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.
lol. Some nice fricking spin in this.^^^
It was the oil price run-up that was the first domino of the financial collapse.
Oil being down now is nothing but a good thing.
Posted on 12/22/14 at 6:13 pm to Mizz-SEC
Vox.com may be the biggest collection of leftist idiots on the internet. It seems like weekly they are printing some sort of retraction or correction.
Posted on 12/22/14 at 6:22 pm to yankeeundercover
When it goes back up, expect it to happen with a vengeance. This time $5/gal.
Posted on 12/22/14 at 6:30 pm to Tempratt
OPEC HAS declared a price war and it WILL cost oil industry jobs. but with $60 a barrel oil, the economy will be able create/sustain other jobs. who knows what the net loss, or even gain, in jobs will be
Posted on 12/22/14 at 6:31 pm to waderichey
also, these people making 80-100k in these bullshite oil jobs knew it wouldn't last. get a real job
Posted on 12/22/14 at 7:09 pm to Paul Allen
quote:
How bad off is Houston going to be?
Not that bad.
Posted on 12/22/14 at 7:15 pm to tgrbaitn08
quote:
The Last Time The Price Of Oil Crashed Like This?
I assume none of you young bucks were around in '84.
Won't impact New Orleans because back in 84 the Oil & Gas industry made up 36% of the labor force today it makes up 6%. It will impact Lafayette, Morgan City, Houma, Lake Charles, and even more so Baton Rouge. Baton Rouge is a government employee town and with the loss of revenue the state will be laying off tens of thousands. A lot of consolidation to Houston will take place again as more companies migrate out of Louisiana to Texas in the O&G industry to withstand the price war.
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