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re: Oil dive deepens to 12-year low; could hit $20 on China fears
Posted on 1/11/16 at 10:48 pm to SlowFlowPro
Posted on 1/11/16 at 10:48 pm to SlowFlowPro
quote:
we still refine regular oil and our facilities are running at over 100% right now last i heard
they're not building anymore oil refineries
The entire premise of shipping LNG was the spread between US and international gas prices, that spread is in real danger of disapearing.
Not sure exactly what you think gasoline has to do with this but whatever.
This post was edited on 1/11/16 at 10:51 pm
0
Posted on 1/11/16 at 10:55 pm to malvin
quote:
This directional driller I'm working with on the other hand...He has been complaining this whole job about the pay cut we took and how it's slow and he isn't making enough money. He has had his house, boat, side by side, camper, and motorcycle repossessed and has declared bankruptcy. His main complaint is that since he is tied up with bankruptcy he can't go buy another boat.
Sounds like a lot of OT posters.
You have to take personal responsibility for your finances. When times are good, save, so that when times are not good, you can survive.
Posted on 1/11/16 at 10:59 pm to deltaland
More like a 200k millionaire. But yeah, he's a dumbass
Eta: I see other people already said this now that I read some more
Eta: I see other people already said this now that I read some more
This post was edited on 1/11/16 at 11:03 pm
Posted on 1/11/16 at 11:01 pm to kywildcatfanone
wrong thread
This post was edited on 1/11/16 at 11:02 pm
Posted on 1/11/16 at 11:27 pm to malvin
quote:
More like a 200k millionaire. But yeah, he's a dumbass
Well whatever I don't know what oil people make, I'm in catfish farming (which is doing exceptionally well right now for the first time in a decade). Point was if he had all of those things repossessed just from taking a pay cut, and not losing his job, then he was in way too deep of debt anyways. You never get yourself into debt where your payments are more than 50% of your monthly income, save 25%, and living expenses are the other 25%. Had he done this, he could have possibly kept his house and not ruined his credit. It will take him years of good credit building to recover from bankruptcy.
Posted on 1/12/16 at 12:00 am to saintforlife
Why is oil so low. Can the major players just cut down production and drive the price back up?
Posted on 1/12/16 at 12:07 am to texag7
Back to the SEC rant, please
Posted on 1/12/16 at 12:07 am to texag7
quote:
Why is oil so low. Can the major players just cut down production and drive the price back up?
That premise is why OPEC exist and they can not even agree, throw all the private companies in the mix and it would be immpossible. They all cheat.
Posted on 1/12/16 at 12:11 am to cave canem
I've been reading Saudi Arabia and the UAE refuse to curb production
quote:
Saudi officials have said that if they cut production and prices go up, they will lose market share and merely benefit their competitors. They say they are willing to see oil prices go much lower, but some oil analysts think they are merely bluffing.
This post was edited on 1/12/16 at 12:13 am
Posted on 1/12/16 at 12:14 am to cave canem
Just wait till we elect TRUMP and we'll see if these Saudis wanna play ball!!!
Posted on 1/12/16 at 12:16 am to texag7
Why should they? The US oil market, which is more expensive to extract, was taking a huge chunk out of their market share. They have the quantity, so they cut down price and price out their competitors.
Posted on 1/12/16 at 1:21 am to deltaland
quote:
Low oil won't sink the US economy. Our economy is too diversified...that much extra cash in people's pockets will help out other industries by increasing consumption of goods
You may be right but at some point, we are going to have to ask ourselves, "What is it that we do well?" We used to manufacture like nobody's business but cheap transportation and minimum wages put us behind our competition. Besides the traditional markets that keep us afloat by being a consumer economy and our tech markets, what is it that we do well?
This post was edited on 1/12/16 at 1:25 am
Posted on 1/12/16 at 1:50 am to Canard Noir
I just finished this thread and I can't help but chuckle at the people who just blindly celebrate low gas prices without taking a second to understand the cause of those low prices. A good chunk of the issue is oversupply, but the more recent downturn is due to waning global demand fears. Ask yourself on what planet is a decrease in oil demand a good thing? Exactly.
Although there are different forces at play, it is similar to being excited that you could buy a house relatively cheaply in 2008 while ignoring the economic slowdown that existed all around you.
Although there are different forces at play, it is similar to being excited that you could buy a house relatively cheaply in 2008 while ignoring the economic slowdown that existed all around you.
Posted on 1/12/16 at 3:04 am to slackster
quote:
Ask yourself on what planet is a decrease in oil demand a good thing
Earth
Burning fossil fuels is really not in anyones long term best interest. It is the best solution we have right now economically, but long term is not the best plan.
This from someone who has made my living in the oilpatch for decades.
By the way this
quote:is complete BS
but the more recent downturn is due to waning global demand fears
Posted on 1/12/16 at 4:49 am to cave canem
If lower gas prices are supposedly so great for the economy why with gas prices being low for some time haven't we seen the economy doing better?
Posted on 1/12/16 at 5:27 am to buckeye_vol
quote:
quote:
I get what you mean but what did you diversify to?
Healthcare. Technology. Aerospace. Biosciences. Agriculture. Finance. Etc.
I love your examples of what diversify to. Half are not going to help the states economy. They are all internal. A health care industry is not going to bring much money into the state for example. It may employ people, but if the state isn't bringing money into the economy, they aren't getting paid well. Technology??? That's quite vague. Farming is another one you can't just flip a switch on. My family are sugar cane farmers. They do well, but they are established. Not an easy industry. Finance is the same as healthcare. No money coming into the state, no money to pay for that.
I'd love for LA to not be oil dependent. It's just not simple enough to say "hey we'll diversify now".
Posted on 1/12/16 at 6:53 am to KG6
quote:it took about a generation to do it here in Pittsburgh after the collapse of domestic steel / heavy manufacturing. healthcare has risen via UPMC and Highmark, finance has risen through PNC and BNY Mellon, downtown has been revitalized. technology and innovation has thrived via partnerships w/ carnegie mellon and Pitt. the Marcellus shale was sort of a bonus, and while we're suffering w/ low prices part of the area is benefiting from cheap supply of energy. there's really an opportunity to benefit more from the abundance of gas in the region and bring back some heavy industry, but it's early days on that. coal is hurting pretty badly though, as expected.
I'd love for LA to not be oil dependent. It's just not simple enough to say "hey we'll diversify now".
Posted on 1/12/16 at 7:11 am to LSUAlum2001
quote:
Sure, gas prices are cheap as shite, but when it sinks the rest of the economy, you happy fricks will be crying.
Cheap oil is good for agriculture and cheap gas is good for med students. I see no downside to my fiscal situation. So how low can it?
Posted on 1/12/16 at 7:15 am to saintsfan22
Well as someone who works in Wind, I really feel for the guys who work in Oil & Gas. Oil prices help the average consumer, but it is hurting a lot of families...
Posted on 1/12/16 at 7:16 am to sullivanct19a
quote:
Lucky for you, your idol Obama is going to make your credit report and job history part of the background check to get a firearm. Getting fired and not paying your bills due to no paycheck is not going to look good for you. But, it's just an extra depth to the background check and all that, so no big deal, right?
Calm down baw, I can see your vagina leaking from here.
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