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Started By
Message
re: Egypt's oil minister predicts $60 oil
Posted on 10/21/14 at 8:05 am to Jim Rockford
Posted on 10/21/14 at 8:05 am to Jim Rockford
quote:
Huge stimulus to the western economies
Considering that the U.S. is now the largest producer of oil, I can't see this being a great thing.
2
Posted on 10/21/14 at 8:06 am to gatorrocks
quote:
He's an "academic"
that is a nicer insult than what I had planned
quote:
They base everything on theory and never on substance.
TRUTH
quote:
It's been proven time and time again.
but yet he is the gift that keeps on giving.
Also nobody answered my ? about the ballpark figure for gas prices if oil is $75/barrel.
Posted on 10/21/14 at 8:10 am to Powerman
quote:
Considering that the U.S. is now the largest producer of oil, I can't see this being a great thing.
Consumption in the US is actually down since prices have escalated.
Posted on 10/21/14 at 8:47 am to WeeWee
quote:
So if oil is $75/barrel what is the ballpark for gas prices?
Probably around $2.00 per gallon national average.
Posted on 10/21/14 at 8:49 am to DeltaDoc
quote:
Probably around $2.00 per gallon national average.
FAP FAP FAP FAP FAP FAP FAP FAP FAP FAP FAP FAP FAP FAP FAP FAP FAP FAP FAP FAP FAP FAP FAP
So that means here in the Caribbean it will be about $5/gal. frick you damn dutch and french energy policies.
This post was edited on 10/21/14 at 9:02 am
Posted on 10/21/14 at 8:56 am to Powerman
quote:
Considering that the U.S. is now the largest producer of oil, I can't see this being a great thing.
Its huge for the middle class going in to the holiday season. fracking may not be feasable with these proices, but oil wont be this cheap very long. Its good to know that when it does return to "normal" it wont go any higher becuase other extraction methods come back in to play.
Good for the consumer and businesses which rely heavily on logistics.
Posted on 10/21/14 at 9:05 am to BobBoucher
It's a win win for our economy. Food will come down due to transportation costs and the fact corn and the ethanol lie will decline as well.
Posted on 10/21/14 at 9:10 am to DeltaDoc
quote:Another win for Obama!!!
Probably around $2.00 per gallon national average.
Posted on 10/21/14 at 9:13 am to mmcgrath
Not really, but he'll get the credit for it.
Posted on 10/21/14 at 9:15 am to mmcgrath
Its a win but what do you mean by "another"?
Posted on 10/21/14 at 9:15 am to gatorrocks
The price of middle east instability and Russian greed has allowed the monopoly to collapse.
Posted on 10/21/14 at 9:15 am to 4LSU2
quote:
and our economy that is thriving right now?
you live in a nice fairyland.
Posted on 10/21/14 at 9:24 am to DeltaDoc
quote:
Probably around $2.00 per gallon national average.
I would be SHOCKED if the nation average falls below $2.50, ever. gas prices are not directly tied to the $/barrel, haven't been for a long time.
Posted on 10/21/14 at 9:32 am to mmcgrath
quote:
Another win for Obama!!!
still higher than when he took office so another loss for Obama.
What is Obama's record right now:
2 wins and 50 loses. He is worse than Muschamp
Posted on 10/21/14 at 9:35 am to Jim Rockford
quote:
Will suck to be Russian, Iranian, or North Dakotan.
Or a Louisianan - We might be OK if chemical companies pick up the slack, but this could really hurt our economy.
Posted on 10/21/14 at 9:36 am to Jim Rockford
quote:
Huge stimulus to the western economies. Will suck to be Russian, Iranian, or North Dakotan.
And from Louisiana, Texas and New Mexico.
Posted on 10/21/14 at 9:38 am to Jim Rockford
Also, $60 oil will have the effect of drying up the shale barrels which will push the price back up...the equilibrium price in my view is $80-$85...enough to stimulate supply and satisfy demand. The dude in Egypt doesn't know WTF he's talking about.
Posted on 10/21/14 at 9:40 am to germandawg
quote:
$60 oil means fracking is not economically feasible. If OPEC wasn't at war they could easily swamp the market and put a stop to the boom in the US by bankrupting marginal producers. Production in the US becomes unprofitable at about $75 a barrel....
The OPEC countries need $90 as much as we do...they're giant welfare states. And US production should still be economic at $75, but it's getting marginal and lots of projects go away - especially in the Permian.
Posted on 10/21/14 at 9:41 am to Kickadawgitfeelsgood
quote:
Whatever happened to the "Middle east is in turmoil, therefore gas prices are high" theory?
People realized that there were more sources that could fill the gap. That's why you don't see price spikes on bad ME news any longer.
Dumbasses like you will be dumbasses forever.
Posted on 10/21/14 at 9:43 am to bamarep
quote:
Consumption in the US is actually down since prices have escalated.
Down for a number of reasons...a big part is efficiency. Demand in the US is projected to decline going forward - even before the price collapse. Prices were predicted to remain high based on Asian demand.
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