Post by scbrian on Jan 15, 2016 21:36:16 GMT
Ok, so locally Gas prices have hit the $1.50/gal mark. While I love filling up, I know it's not a good thing in the long run as I know our allies the Saudis and OPEC are keeping production at a high to drive out competition. The figures I heard were that fraking and some of the other 'new' forms of oil supply were only profitable at 2-3$ a gal.
I'm watching the markets drop today (Dow down ~500) as this continues. This is before the oil from Iran starts flowing. Any thoughts on how long OPEC is going to keep the production this high?
www.foxnews.com/us/2016/01/15/dow-plummets-more-than-500-points-as-oil-prices-sink.html?intcmp=hpbt1
Oil is the root cause of today," said Dan Farley, regional investment strategist at the Private Client Reserve at U.S. Bank. "People are uncertain, and when they're uncertain they're scared."
The price of crude oil fell to its lowest level since 2003. Benchmark U.S. crude fell $1.62, or 5.2 percent, to $29.58 a barrel in New York. Brent crude, a benchmark for international oils, fell $1.43, or 4.6 percent, to $29.45 a barrel in London.
money.cnn.com/2016/01/15/news/economy/oil-opec-crisis-davos/
"I expect to see one," Emmanuel Kachikwu said in an interview. "I think a ... majority in terms of [OPEC] membership are beginning to feel that the time has come to ... have a meeting and dialogue again once more without the sort of tension that we had in Vienna on this."
Later that day, the UAE oil minister politely, but firmly, rejected that suggestion.
"I don't think it's fair to ask OPEC [to unilaterally cut production]," said Suhail Al Mazrouei. OPEC's strategy to win back market share was working, he said.
A report from consultancy Wood Mackenzie, showing 68 big oil investment projects have already been mothballed, appears to support Mazrouei's point, although the policy is taking longer than most anticipated.
I'm watching the markets drop today (Dow down ~500) as this continues. This is before the oil from Iran starts flowing. Any thoughts on how long OPEC is going to keep the production this high?
www.foxnews.com/us/2016/01/15/dow-plummets-more-than-500-points-as-oil-prices-sink.html?intcmp=hpbt1
Oil is the root cause of today," said Dan Farley, regional investment strategist at the Private Client Reserve at U.S. Bank. "People are uncertain, and when they're uncertain they're scared."
The price of crude oil fell to its lowest level since 2003. Benchmark U.S. crude fell $1.62, or 5.2 percent, to $29.58 a barrel in New York. Brent crude, a benchmark for international oils, fell $1.43, or 4.6 percent, to $29.45 a barrel in London.
money.cnn.com/2016/01/15/news/economy/oil-opec-crisis-davos/
"I expect to see one," Emmanuel Kachikwu said in an interview. "I think a ... majority in terms of [OPEC] membership are beginning to feel that the time has come to ... have a meeting and dialogue again once more without the sort of tension that we had in Vienna on this."
Later that day, the UAE oil minister politely, but firmly, rejected that suggestion.
"I don't think it's fair to ask OPEC [to unilaterally cut production]," said Suhail Al Mazrouei. OPEC's strategy to win back market share was working, he said.
A report from consultancy Wood Mackenzie, showing 68 big oil investment projects have already been mothballed, appears to support Mazrouei's point, although the policy is taking longer than most anticipated.
