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re: Goldman Sachs: Why $30 Oil is 'Too Much of a Good Thing' for the U.S. Economy
Posted on 4/4/16 at 3:10 pm to Count Chocula
Posted on 4/4/16 at 3:10 pm to Count Chocula
It hurts a lot more industries than just the o&g industry. I think $30 is a little low, long term.
0
Posted on 4/4/16 at 3:13 pm to Count Chocula
quote:
Sure they do, just not a 70% downward ebb and flow.
Then maybe it's time to start focusing on another profession?
Kentucky has literally had whole towns shut down over the last 40-50 years because of falling coal production. Now it's trickling down to shutting down some of the railroad yards here too. A lot of those guys went back to school or refined their trades (i.e. pipe fitting, electricians, etc).
shite happens.
ETA: I'm not a teacher. Nice try though.
This post was edited on 4/4/16 at 3:15 pm
Posted on 4/4/16 at 3:13 pm to bamarep
quote:
Low oil prices are a net gain for the US economy. FACT.
, except this article explicitly says that is not the case. The US economy would be forecasted for higher growth with $70/bbl of oil than it is with $30/bbl. Posted on 4/4/16 at 3:15 pm to GreatLakesTiger24
quote:
If Brent returns to $70 per barrel by mid-2017, gross domestic product would be roughly 0.4 percentage points larger by the end of 2018 than if crude sank to $30 per barrel, according to Goldman's calculations.
quote:
But if oil prices stay lower for longer, the U.S. consumer is the clear winner
I don't see how they can make both claims. If the economy is better with higher oil prices, wouldn't that suggest the consumer is better in the long run as well?
Posted on 4/4/16 at 3:18 pm to slackster
quote:
except this article explicitly says that is not the case. The US economy would be forecasted for higher growth with $70/bbl of oil than it is with $30/bbl.
Right, an article quoting an economist that works for a huge corporation with a vested interest in the commodity market. Yeah, that's totally objective.
Keep your economist reports, I'll use common sense. When my grocery bill is a third less than it used to be, that's a good thing.
When it's cheaper to fill my truck up to get back and forth to work, that's a good thing.
When most goods and services are cheaper because transportation costs are down, that's a good thing.
Posted on 4/4/16 at 3:18 pm to BluegrassBelle
quote:
falling coal production
quote:
shite happens.
Yeah, the shite that happened with coal is spelled O B A M A.
Im not in the Oil and Gas bidness either, but the ripple effect is felt throughout S Louisiana.
Posted on 4/4/16 at 3:23 pm to bamarep
quote:Where do you shop? Same as two years ago?
When my grocery bill is a third less than it used to be,
quote:How much cheaper for the year?
cheaper to fill my truck
quote:What goods?
When most goods and services are cheaper because transportation costs are down
Posted on 4/4/16 at 3:23 pm to bamarep
quote:
When most goods and services are cheaper because transportation costs are down, that's a good thing.
I'm still waiting for the savings from lower transportation costs to be passed along to the consumers.
Posted on 4/4/16 at 3:23 pm to slackster
The average Louisiana unemployment rate for 2014 was 6.3%. The rate for last month was 6.6%. That's not necessarily flooding the rolls with unemployed people.
I know it's hit a portion of the O & G biz hard though.
I know it's hit a portion of the O & G biz hard though.
Posted on 4/4/16 at 3:24 pm to Count Chocula
quote:
Yeah, the shite that happened with coal is spelled O B A M A.
Not really. He hasn't exactly slowed the flow but the regulations to slow production has been in effect since before he was in office and it also has ties to the large drop in China's steel demand. It's been a slow death.
Posted on 4/4/16 at 3:28 pm to BluegrassBelle
Bought O&G stocks at ~$6.00/share. Sold at $12.00 during last little rise. Watching it tank again to pick up some more stock. To the majority of the country that isn't in O&G, let that shite plummet. 
Posted on 4/4/16 at 3:30 pm to BluegrassBelle
quote:Well there's always the Kentucky tourism trade.
It's been a slow death.
This post was edited on 4/4/16 at 3:32 pm
Posted on 4/4/16 at 3:35 pm to 1MileTiger
no you didnt
Posted on 4/4/16 at 3:36 pm to slackster
quote:
, except this article explicitly says that is not the case. The US economy would be forecasted for higher growth with $70/bbl of oil than it is with $30/bbl.
Why just oil, though? Does that imply we'd be better off if hamburger or eggs or milk were more expensive?
Posted on 4/4/16 at 3:37 pm to tokenBoiler
well to be fair there is more money in oil than groceries
Posted on 4/4/16 at 3:39 pm to bamarep
Have grocery prices decreased ? I don't pay too much attention but it certainly seems like I've been paying less the last few months (in BR).
Posted on 4/4/16 at 3:41 pm to GreatLakesTiger24
maybe you just stopped buying all those pies
Posted on 4/4/16 at 3:52 pm to Forkbeard3777
quote:
Does the entire United States revolve around a sparse number of citizens?
/thread
Posted on 4/4/16 at 3:53 pm to tokenBoiler
Eggs and milk are not a major natural resource for an area.
Posted on 4/4/16 at 3:55 pm to LSUbase13
quote:
I don't know have a dog in the fight and I'm certainly not for people being laid off or losing their jobs. That said, my one "friend" who is in the oil business had a suburban, motorcycle, ATV, and a used Glastron boat. He isn't married and has no kids. He loved to flaunt his toys like a grade A jackass. I really don't feel bad if he is having to sell those off right now.
Just out of curiousity. Exactly how did he flaunt his toys? The majority of people on this site would consider him a jackass for simply owning those things
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