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No, the price of oil and the "meltdown" were unrelated. The price of oil preceded the economic issues. One had nothing to do with the other. You can't make the case for it except in your mind. It didn't happen.
The price of oil peaked July 2008 at a staggering $147 a barrel. By December 2008 it had fallen 68% to a $37 a barrel (lower than the current price; my mistake).
No correlation with the rapidly tanking economy? At all? That's your story and you're sticking to it?
The price of oil peaked July 2008 at a staggering $147 a barrel. By December 2008 it had fallen 68% to a $37 a barrel (lower than the current price; my mistake).
No correlation with the rapidly tanking economy? At all? That's your story and you're sticking to it?
My story is that the tanking economy was derived from two things. Bankers and derivatives and the housing bubble. The price of oil was not a causative effect. It's late and I am not going to stay up debating this all night and I am not going back into the archives to prove my point AGAIN. So if you want to jump up and down and say I WON I WON. ok, you won.. You can't make the connection, but fine... You won... hmmm... what did you win??
I just can't see it...OPEC are still the bullies on the block.
This Saudi strategy to fight US oil is hurting other OPEC members big time, and it's hurting Russia and African oilers even more.
Also, although Saudis can extract oil for far less than what it's selling for today, they have created a monster welfare system in their country and to pay for it, they need oil to sell at over $85.00 per barrel. They have forced the price well below that level, and at this time they are living off their savings. That cannot last too long.
In 2008 they were $4.20, and the economic collapse did not cause it to drop to 1.60, but to 1.90. I'd much rather pay over 3.00 for the rest of my life, than see another economic collapse just to have 1 month of cheap gas.
Oil production is at an all time high, not because of Obama, but rather in spite of Obama. The oil being recovered is on private land that the federal government cannot control. So basically as far as oil goes, Obama and his refusal to allow drilling on federal land has been side stepped.
Of course they could control it if they wanted to, but why would they want to when it's making them look good too. Contrary to your claims, drilling on federal land has not been refused, most of the oil just happens to be on private lands.
Obama has publicly announced he supports fracking, and claimed it can create 600 000 jobs in a matter of few years, and he said his admin will do anything they can to support it. His words about fracking: "my administration will take every possible action to safely develop this energy". He war right, it has created a lot of new jobs.
Last edited by Finn_Jarber; 01-04-2015 at 05:08 AM..
Bush deserves credit for the 2005 Energy Policy Act that has successfully defanged the EPA with respect to fracking.
Were it not for that legislation intiated by then Vice President Cheney, OPEC could today simply cut production to force the price of oil higher.
OPEC can cut production any time they want, but few months ago they specifically refused to do so. The Saudis don't give a rats ass about 2005 Energy Policy Act. What are you talking about? The 2005 Energy Policy Act is a corporate welfare program to push for tax breaks and subsidies for alternative fuels and green energy. Obama loves it, and of voted for it while serving in Senate, as did most Democrats in Senate. Heck, Biden even cosponsored it.
Last edited by Finn_Jarber; 01-04-2015 at 05:08 AM..
This Saudi strategy to fight US oil is hurting other OPEC members big time, and it's hurting Russia and African oilers even more.
Also, although Saudis can extract oil for far less than what it's selling for today, they have created a monster welfare system in their country and to pay for it, they need oil to sell at over $85.00 per barrel. They have forced the price well below that level, and at this time they are living off their savings. That cannot last too long.
The lack of logic by some forum members is astounding when we have posters claiming this will last a couple of years. You can even go to the economics forum and read the same thing and that is where the smart people hang This all started in a minute when the Saudi's decided to not cut production and it could end it a minute when the Saudi's are guaranteed a certain market percentage or decide they have had enough of losing money.
The free market did prevail and the world can have none of that since fascism is alive and well across the globe. Do conservatives really think that drill baby drill worked and will keep on working? do they really want the free market to work when it is possible that frackers will be put out of business?
No oil producing country wants this and a deal will be struck with in a couple of months and oil will rise up to 80 to 100 bucks a barrel with in the year.
Enjoy the low prices while they last, because spring is around the corner and we can all expect the annual increase then. It'll be interesting to see how high it goes by the beginning of the summer travel season.
Thanks, big oil? Conservatives are sinking to a new low.
Here we go again...the "big business" (in this case, oil) boogeyman. Ooohhh...scary.
Strange how the only business that can do no wrong is Big Apple.
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This all started in a minute when the Saudi's decided to not cut production and it could end it a minute when the Saudi's are guaranteed a certain market percentage or decide they have had enough of losing money.
