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What is behind the fall in oil prices? A stronger dollar? More domestic production? Slower global economy?
More domestic production, among other things. And, a concerted effort by other nations to try to stop said domestic production by attempting to lower the price to below the cost of domestically produced oil.
Few of them grasp that if they managed to, and then raised the price, domestic production would spring back into life again. They don't grasp the free market and that it responds to demand.
What is behind the fall in oil prices? A stronger dollar? More domestic production? Slower global economy?
OPEC price manipulation. They are trying to make US oil production unprofitable. It worked last time, but I doubt it will work this time. It's hurting mother Russia more than anyone.
Last edited by Finn_Jarber; 11-29-2014 at 08:37 AM..
More domestic production, among other things. And, a concerted effort by other nations to try to stop said domestic production by attempting to lower the price to below the cost of domestically produced oil.
Few of them grasp that if they managed to, and then raised the price, domestic production would spring back into life again. They don't grasp the free market and that it responds to demand.
Couldn't have said it better myself. OPEC is trying to crush US oil production by driving the price of oil down to a point that it's no longer profitable for US companies they compete against to continue operating.
Some interesting articles about OPEC. OPEC is stuck between lots of oil and a hard place | Marketplace.org "Marketplace sustainability reporter Scott Tong says OPEC is facing a changed oil industry and a tough choice. They could cut production and sacrifice market share to other producers, namely the U.S., or they could stay the course and let prices keep falling.
There's no easy answer, and Tong says the cartel could be in for gridlock not unlike what we've seen in Washington. That's good for oil producers in the U.S. right now, but if prices get too low it could spell trouble for the fracking boom here."
Market forces catch up to OPEC | Marketplace.org "OPEC meets Thursday to set production levels, without much for its member countries to be thankful for. Oil prices have fallen quickly. And a new big rival is on the block: U.S. production of oil from fracking. Some analysts are already proclaiming “Move Over OPEC†and declaring “a new oil order.â€
We’ll ask it this way: Are OPEC’s best days behind it?"
One word: Obama! Obama ordered the oil companies to drop the prices so that Americans would have more money in their pockets to spend this holiday season.
Bush and the illuminati asked the Saudis to take one for the team to crush Russia peacefully. They'll pay them back using the Uncle Sam Visa card over time.
One word: Obama! Obama ordered the oil companies to drop the prices so that Americans would have more money in their pockets to spend this holiday season.
It's the price of the commodity that's down.
Get a clue.
OPEC certainly wants to kill American oil production, but so does Obama. Coupled with his war on Putin, the speculators in the markets were called off to allow the price to fall to market levels. The banks used printed money to artificially prop the price up since it hit bottom in 2009.
The only unhappy people in the US are the warmers and the drillers.
OPEC price manipulation. They are trying to make US oil production unprofitable. It worked last time, but I doubt it will work this time. It's hurting mother Russia more than anyone.
Agree on the first part, disagree on the second.
I have no doubt that they're gonna hurt U.S. oil production. I read somewhere that Conoco Phillips is already pulling out of the Eagle Ford Shale because the lower oil price is making it less profitable.
And yeah, they're definitely stinging the Russians. OPEC is making it clear that they're STILL the boss.
OPEC certainly wants to kill American oil production, but so does Obama. Coupled with his war on Putin, the speculators in the markets were called off to allow the price to fall to market levels. The banks used printed money to artificially prop the price up since it hit bottom in 2009.
The only unhappy people in the US are the warmers and the drillers.
Exactly! Who do you think called them off? Obama, of course. Obama also got the Saudis to keep up oil production in return for an agreement that the US will not change the law and start exporting crude. Obama!
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