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Message
Oil Prices drop to 17 year low as Saudis and Russia continue price war
Posted on 3/30/20 at 5:26 pm
Posted on 3/30/20 at 5:26 pm
LINK
More in the link but that's pretty much the meat of it
At what point do we acknowledge that the Saudis aren't our allies? The only benefit we get from them is that they buy military equipment from us. That financial benefit is hugely offset by their price manipulation war with Russia at the moment.
quote:
The fallout between OPEC kingpin Saudi Arabia and non-OPEC leader Russia has kickstarted an oil price war. OPEC recommended additional production cuts of 1.5 million bpd starting in April and extending until the end of the year, but OPEC-ally Russia rejected the additional cuts.
Saudi Arabia has signaled its intent to flood the market with crude, announcing massive discounts to its official selling prices for April, Reuters reported.
Such a move could prompt a wave of bankruptcies and investment cuts in the U.S. which, in turn, would have a noticeable impact on shale production.
"We think oil supply from the US, Canada and China are the most likely to be curtailed at low oil prices. US oil production cuts are expected to be the most significant," Vivek Dhar of the Commonwealth Bank of Australia said in a note on Monday. "The plunge in US oil rigs last week signals the pressure facing the US shale oil sector."
More in the link but that's pretty much the meat of it
At what point do we acknowledge that the Saudis aren't our allies? The only benefit we get from them is that they buy military equipment from us. That financial benefit is hugely offset by their price manipulation war with Russia at the moment.
17
Posted on 3/30/20 at 5:28 pm to Powerman
There is a simple solution to this. Uncap our oil wells, Strat refinery back at full operation and only allow the sell of oil based products in the US that came from Oil in the US. Stabilize our gas prices and then tell them to frick off and let them fight it out.
Posted on 3/30/20 at 5:29 pm to Powerman
We should just wipe out Saudi Arabia and Venezuela.
Posted on 3/30/20 at 5:29 pm to Powerman
quote:
At what point do we acknowledge that the Saudis aren't our allies?
Depends on who your definition of ‘we’ is.
All rational adults? September 11, 2001.
Congress, the State Department, Boeing, Lockheed, Raytheon, and General Dynamics? Either a) whenever Israel says so or b) never.
Posted on 3/30/20 at 5:29 pm to BamaScoop
quote:
There is a simple solution to this
No. There isn't.
Posted on 3/30/20 at 5:30 pm to BamaScoop
quote:
only allow the sell of oil based products in the US that came from Oil in the US.
Unconstitutional
Posted on 3/30/20 at 5:30 pm to Indefatigable
quote:
Depends on who your definition of ‘we’ is.
All rational adults? September 11, 2001.
Congress, the State Department, Boeing, Lockheed, Raytheon, and General Dynamics? Either a) whenever Israel says so or b) never.
Sadly I agree
They're definitely not doing us any favors right now. Oil and gas is pretty much dead at the moment. Will take years for the upstream market to recover.
Posted on 3/30/20 at 5:33 pm to Powerman
I don't remember gas being $1.45 17 years ago. I saw $1.29 one place.
I know it isn't the same thing but they should move in parallel I would think.
I know it isn't the same thing but they should move in parallel I would think.
Posted on 3/30/20 at 5:33 pm to Powerman
I mean, low oil prices are a pretty awesome thing for virtually the entirety of the US economy outside of the energy sector.
I’m not going to use this thread to take a position on whether the Saudi’s are our allies or not, but using this particular point as evidence that they aren’t doesn’t make a whole lot of sense. I know it sucks for Louisiana, but lower oil prices boost our aggregate economy. They don’t dampen it.
I’m not going to use this thread to take a position on whether the Saudi’s are our allies or not, but using this particular point as evidence that they aren’t doesn’t make a whole lot of sense. I know it sucks for Louisiana, but lower oil prices boost our aggregate economy. They don’t dampen it.
Posted on 3/30/20 at 5:33 pm to Powerman
(no message)
This post was edited on 2/2/21 at 11:57 pm
Posted on 3/30/20 at 5:34 pm to Powerman
Convenient timing as the whole world is staying home
Posted on 3/30/20 at 5:36 pm to Powerman
Everyone prayed for low oil prices. But now you're forced to stay at home and can't drive anywhere.
***monkey's paw curls a finger***
***monkey's paw curls a finger***
Posted on 3/30/20 at 5:36 pm to BamaScoop
There is an even easier solution to this.
Tell Saudi to fight there own wars and no more defense contracts.
Tell Saudi to fight there own wars and no more defense contracts.
Posted on 3/30/20 at 5:38 pm to funnystuff
quote:
I mean, low oil prices are a pretty awesome thing for virtually the entirety of the US economy outside of the energy sector.
To a degree. I think at some point the price can get so low that it's detrimental to the overall economy.
quote:
know it sucks for Louisiana,
Louisiana isn't shite in the scheme of things as far as the oil and gas industry go
It might make up a decent portion of LA's economy but LA's contribution to oil and gas is pretty much minimal other than supporting GOM operations.
Posted on 3/30/20 at 5:38 pm to Magician2
(no message)
This post was edited on 2/2/21 at 11:56 pm
Posted on 3/30/20 at 5:38 pm to BamaScoop
quote:no
There is a simple solution to this. Uncap our oil wells, Strat refinery back at full operation and only allow the sell of oil based products in the US that came from Oil in the US. Stabilize our gas prices and then tell them to frick off and let them fight it out.
Oil is a global market this would do nothing
Posted on 3/30/20 at 5:38 pm to funnystuff
quote:
mean, low oil prices are a pretty awesome thing for virtually the entirety of the US economy outside of the energy sector.
Killing the energy sector will have enormous downstream effects, on pretty much everything. Gas will be lower of course, which is a boost to trucking and logistics, etc. Short term prices on some other items will drop slightly, maybe. But not whenever the virus shutdowns are also impacting the markets.
quote:
I’m not going to use this thread to take a position on whether the Saudi’s are our allies or not, but using this particular point as evidence that they aren’t doesn’t make a whole lot of sense.
Point taken that this isn’t the best example of their friendship to us. However, I am not aware of one single positive that Saudi Arabia offers the United States outside of geographic location (which, by the way is only provided or necessary because of the KSA’s actions). The Saudis in that regard are very similar to their closest ally and our largest parasite, Israel.
This post was edited on 3/30/20 at 5:40 pm
Posted on 3/30/20 at 5:39 pm to Powerman
best part is nobody is leaving the house so few if any world wide are able to buy oil from either one so they are fighting a wart over oil prices that no one, literally no one cares about or matters to
Posted on 3/30/20 at 5:39 pm to BamaScoop
quote:
There is a simple solution to this. Uncap our oil wells, Strat refinery back at full operation and only allow the sell of oil based products in the US that came from Oil in the US. Stabilize our gas prices and then tell them to frick off and let them fight it out.
The demand for oil is nonexistent with no planes and cars moving. There is no place to store the oil now.
Posted on 3/30/20 at 5:39 pm to Powerman
Jokes on my old employer... can’t lay me off twice.
This post was edited on 3/30/20 at 5:40 pm
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