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Started By
Message
re: Prices Fall to a Six-Year Low for U.S. Oil
Posted on 3/17/15 at 9:12 am to panterica
Posted on 3/17/15 at 9:12 am to panterica
quote:You really are a dumbass aren't you? You actually think this will take power away from OPEC? Their market share (mostly Saudi) will be bigger than ever after this is over. Oh, and domestic drilling is only one of the several reasons the price is low.
Low prices now are a result of domestic drilling and taking power away from OPEC.
quote:No shite Sherlock. If it weren't from the hugest geological lottery ticket that they got that place would be a big sand dune. Just because you lived in the Middle East doesn't mean you know anything about it. This speed bump is nothing compared to what it is doing to other countries (US included).
But I've lived in the Middle East for years and seen first hand the kind of money they have from oil.
1
Posted on 3/17/15 at 9:14 am to Phat Phil
quote:
it should stay around $2 gallon at all times. several cents going up due to inflation is understandable, but jumping to $4.50 overnight (which it did) and staying there is greedy people fricking everybody over.
This is so true.....
Posted on 3/17/15 at 9:14 am to KG6
quote:
No one is denying that low oil prices free up money in peoples pockets. What we are saying is that in certain areas, the economy is invested deeply in the oilfield (i.e. all along Hwy 90 in Louisiana). Price of goods being low in those areas isn't going to be that beneficial if unemployment is around 25%. It's going to hurt in those towns as the oil and gas workers are a big part of the economic spending.
He said all of Louisiana and Texas. Not towns along Hwy 90.
Also, if other companies have lower manufacturing and shipping costs it helps their bottom line and allows them to hire more workers. That helps balance the unemployment, although I admit in heavy OandG towns it won't recoup all of the jobs, or even half.
However, major cities like Baton Rouge, New Orleans, Houston, etc. are diversified enough to not be negatively affected to the point of alarm.
Posted on 3/17/15 at 9:14 am to KG6
There a lot of people with high salaries that are tied to oil and gas. Where do think they spend their money? On amazon? No, they spend it at the local grocery, the truck stop, local car dealerships, etc. That influx of money is what is at stake. How does all that affect the Joe Schmo individual? Probably not a ton but it will be felt in the aggregate. Also need to consider taxes which find things like roads and schools.
This post was edited on 3/17/15 at 9:15 am
Posted on 3/17/15 at 9:15 am to Nado Jenkins83
quote:
First to get hit is waiters with me. I am a huge tipper. Ot has taught me to say screw everyone else. If I'm not making my day rate waiters get crappy tips.
No charity from me. I expect the restaurants to pay them a living wage without raising menu prices.
Posted on 3/17/15 at 9:16 am to TulaneUVA
Check your reason at the door
Posted on 3/17/15 at 9:17 am to Croacka
It's Tigerdroppings. Posters make everything out to be some sort of crisis.
Posted on 3/17/15 at 9:17 am to Louie T
If I took a massive pay cut the first things that would go are Netflix, Spotify, Cable, nice dinners, and vacations.
Not food and water.
People will be fine if they are smart with their money. Overall the lowered gas prices are good for this economy. It just sucks for heavy OandG small towns that have no other industry.
Not food and water.
People will be fine if they are smart with their money. Overall the lowered gas prices are good for this economy. It just sucks for heavy OandG small towns that have no other industry.
This post was edited on 3/17/15 at 9:20 am
Posted on 3/17/15 at 9:21 am to TheCaterpillar
Enjoy it now, because big oil will be back to $5/gal in a year or two. Those commie bastards.
Posted on 3/17/15 at 9:22 am to GREENHEAD22
quote:
You say that but if you live in LA or TX and this gets extended longer than a year you are going to feel it no matter what you do for a living.
Oh, whatever will we do with cheap oil? The world is ending...
Posted on 3/17/15 at 9:23 am to TheCaterpillar
I could easily cut a lot of money from monthly expenses if we had to and we save a shite ton of money already. my advice is live well beneath your means.
Posted on 3/17/15 at 9:23 am to TheCaterpillar
I was being facetious.
Posted on 3/17/15 at 9:24 am to TheCaterpillar
quote:
It just sucks for heavy OandG small towns that have no other industry.
Yup... I moved to Morgan city in 1980 and the place was booming... But 10 years later it was almost a ghost town.. It went from like 18,5000 population to like 13,500 In less than ten years ALL because of the oilfield... They had no other industry to fall back on...
Posted on 3/17/15 at 9:25 am to LSU316
quote:
I'll shed a tear just like they shed one for me when the Feds cut medicare payouts by damn near 20% 5 years ago and have been cutting every since. Yea I appreciated those tears....wait!!!
And you people are calling the O & G guys crooks....
$125 Billion improper payments
quote:
Federal agencies made $125 billion in improper payments last year, including tax credits to people who didn’t qualify, Medicare payments for treatments that might not be necessary and unemployment benefits for people who were actually working, said a government report released Monday.
quote:
three programs stood out: Medicare, Medicaid and the Earned Income Tax Credit.
quote:
The federal government’s increase in improper payments comes after three years of declines. The level previously peaked at $121 billion in 2010 before dropping to $106 billion for the 2013 budget year.
quote:
Medicare’s payments to doctors and hospitals had the most improper payments, at $46 billion.
This post was edited on 3/17/15 at 9:26 am
Posted on 3/17/15 at 9:25 am to TheCaterpillar
How you gonna enjoy life without a Super Duty and a bass boat?
Posted on 3/17/15 at 9:26 am to TheCaterpillar
quote:
Baton Rouge, New Orleans, Houston
NOLA really isn't that heavily invested in oil. Lot's of tourism and it's a huge port city. I don't even really know what Baton Rouge has to offer to be honest, plant work I guess. Louisiana doesn't really have a lot of natural resources to export and bring money into the state. It's why there isn't a whole lot going on north of I10. Because of that, I think oil does play a big part in LA's budget.
Houston is diversified, but it's got a good bit of oil. I won't go hungry, but I am possibly losing a decent amount of net worth as the housing market is going to dip down if this stays the course. That's a pretty big affect in my book. Texas in general is an oil state. Drive from Shreveport to Dallas and look at all of the pump jacks on signs at gas stations. Go out to west Texas and look at all of the land operations going on.
I agree, that this will mostly affect people in the industry, but I think people underestimate the size of the industry.
Posted on 3/17/15 at 9:29 am to ShaneTheLegLechler
quote:
No, we have people call us greedy crooks when times are good and then laugh at our troubles when times are bad just like you did
frick the lower level workers who are getting laid off though right, it's their fault!
No me, I respect the oil field trash makin dat oil field cash.
Posted on 3/17/15 at 9:30 am to htownjeep
quote:
You actually think this will take power away from OPEC? Their market share (mostly Saudi) will be bigger than ever after this is over.
The low prices are from a shift in world supply. They sell less to the US, they have less money. Less money is less power.
quote:
Their market share (mostly Saudi) will be bigger than ever after this is over.
Uh huh. Tell me why it will be over when the US has some of the largest reserves still available.
quote:
No shite Sherlock.
Hmm... Interesting point. You're pretty enlightened. You win. Facts be damned.
Posted on 3/17/15 at 9:30 am to Tiger Ryno
I GOTS THEESE CHEESBURGERS MAAANNN
Posted on 3/17/15 at 9:31 am to TheCaterpillar
quote:
Netflix, Spotify, Cable
I'm looking at cutting cable because I don't really watch TV, tried to read the thread on the nerd board but it's over my head
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