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Started By
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WSJ Market Watch Opinion: If Iraqi oil goes off line, $200 oil is next
Posted on 6/18/14 at 11:32 am
Posted on 6/18/14 at 11:32 am
Not meant as a political or financial issue, solely, but if this guy is right we're all in for a hell of a shock if this happens considering ISIS is starting to take over oil facilities in Iraq.
LINK
quote:
Months before the ISIS rebels began their threatening move into Iraq’s southern regions, the International Energy Agency was imploring OEPC to produce and export an additional 1.2 million barrels per day (mbd) more oil by the end of 2014.
The sad fact is that out of 12 OPEC members, eight of them are collectively in decline. When summed together Algeria, Angola, Ecuador, Iran, Libya, Nigeria, Qatar and Venezuela were producing just over 14.5 million barrels per day in early 2005; but are now producing just 11.25 mbd.
These countries are losing nearly 500 thousand barrels per day of production per year.
Of the other four OPEC members not in decline, only Iraq has managed to add significant production. It increased its output from 1.75 mbd in 2005 to 3.25 mbd currently.
The nearly 2 mbd of incremental Iraqi production were essential to keeping Brent oil within the price range of $100 to $110 per barrel over the past couple of years.
At best, the ISIS rebellion guarantees that any potential additional Iraqi oil output gains are not going to materialize in the near future. No oil companies are going to invest in Iraq until and unless the situation stabilizes.
LINK
This post was edited on 6/18/14 at 11:34 am
Posted on 6/18/14 at 11:32 am to Ghostfacedistiller
That would do wonders for Louisiana's budget
Posted on 6/18/14 at 11:33 am to Ghostfacedistiller
open the reserves
Posted on 6/18/14 at 11:35 am to CurDog
quote:
open the reserves
just a drop in the bucket. won't do anything to stabilize the price.
What is the projected price of a gallon of gas if oil goes up to $200?
This post was edited on 6/18/14 at 11:38 am
Posted on 6/18/14 at 11:36 am to Ghostfacedistiller
riots will start if the price of gas doubles
Posted on 6/18/14 at 11:37 am to Hammond Tiger Fan
thank god my vespa gets 75 miles/gallon
Posted on 6/18/14 at 11:37 am to heartbreakTiger
South east Louisiana fracking riches to begin.
Posted on 6/18/14 at 11:38 am to heartbreakTiger
quote:
Message Posted by heartbreakTiger riots will start if the price of gas doubles
No they won't. Americans are all bark, no bite.
Posted on 6/18/14 at 11:38 am to Ghostfacedistiller
so gas would be $6/gallon avg? LNG bout to make some fricking BANK
also people will just keep paying it. impact will be worse in the US as we have shite public transit and too much suburban sprawl.
also people will just keep paying it. impact will be worse in the US as we have shite public transit and too much suburban sprawl.
This post was edited on 6/18/14 at 11:39 am
Posted on 6/18/14 at 11:38 am to Ghostfacedistiller
y'all won't be calling me a stupid hipster for riding my bike to work now, eh?
Posted on 6/18/14 at 11:38 am to heartbreakTiger
quote:
riots will start if the price of gas doubles
The price has already doubled under Obama.
You mean if it doubles again, right?
I'm not sure gas doubles - but $6 would be close, wouldn't it?
Posted on 6/18/14 at 11:39 am to Salmon
Hopefully I'll get approved for telecommuting days if this happens
Posted on 6/18/14 at 11:39 am to Salmon
quote:
y'all won't be calling me a stupid hipster for riding my bike to work now, eh?
I'll still be driving, thank you.
Posted on 6/18/14 at 11:40 am to Hammond Tiger Fan
quote:
What is the projected price of a gallon of gas if oil goes up to $200
i would guess over 5/gallon, possible pushing 6/gallon
Posted on 6/18/14 at 11:43 am to CurDog
so why don't these super important refineries have better security than this? You would think the companies that own them would do a lot more since this seems to be so common now a days.
Posted on 6/18/14 at 11:43 am to Ghostfacedistiller
Wouldn't the fact that people would not pay or be able to pay the higher prices limit the increase?
Posted on 6/18/14 at 11:44 am to Jake88
I've read that the gasoline pricing tipping point is something like six dollars per gallon. At that price, the middle class is fleeced out, by and large.
Could have just been bullshite.
Could have just been bullshite.
Posted on 6/18/14 at 11:45 am to Ghostfacedistiller
bring it on, that's just $$$$$$ for Lafayette
Posted on 6/18/14 at 11:45 am to Ghostfacedistiller
BTW, the U.S. produces more O&G than anyone else, Saudi and Russia included.
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