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With oil so low why are gas prices here still over $2 a gallon? Should be about 40 cents a gallon and the oil companies and our Arab Sheiks would still make billions. Lower gas prices means more spending money for consumers.
The Saudis and OPEC have amped up their production to drive fracking into bankruptcy.
I say stop all oil imports, rely on North American oil that keeps the wells pumping and the jobs safe and tell the Saudis to go eff a camel.
I think it's possible that these foreign countries with hugely oil dependent revenues are having to pump like crazy to pay for their programs and other obligations.
Look at Venezuela for example. The rival party just made huge gains because the Chavez side couldn't keep giving away free stuff with oil prices low and couldn't ramp up production because they haven't been reinvesting PLUS no foreign investors want to do business there and have their assets taken over.
If they'd been able to increase production, they would have. Not to punish anyone but just simply to remain in power.
The Saudis and OPEC have amped up their production to drive fracking into bankruptcy.
They haven't. What they have done is not cut back on production and this glut has been years in the making.
OPEC isnt producing any more oil than when it was $140.
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I say stop all oil imports, rely on North American oil that keeps the wells pumping and the jobs safe and tell the Saudis to go eff a camel.
There are benefits to that but it will never happen as the oil producing countries climb on board with China and Russia and use something other than the U.S. dollar to trade with.
The Saudis and OPEC have amped up their production to drive fracking into bankruptcy.
I say stop all oil imports, rely on North American oil that keeps the wells pumping and the jobs safe and tell the Saudis to go eff a camel.
Really it is just the Saudis. In most of the other OPEC countries, their cost per barrel is much higher. Many of these OPEC countries and also Russia are being fiscally crushed by oil prices being at such low levels.
Crude Oil prices are down below $30 per barrel, with some people predicting they will fall below $20 per barrel. Meanwhile, the stock market has had its worst annual start in recorded history. Things are not looking good here, fellas.
Friday's sell-off reversed a brief rally that saw prices back up to $31. But bearish sentiment returned as markets expect Iran will finally see western-imposed sanctions lifted over the weekend.
The Islamic Republic has vowed to return its oil production to pre-sanction levels, with estimates suggesting Tehran will add a further 500,000 barrels a day (b/pd) to the world's bloated stockpiles within weeks.
“How fast Iran can put oil back on the market will now be a key issue for oil markets, with many sceptical that it will be able to do this nearly as fast as it has forecast," said Ric Spooner at CMC Markets.
So Barack Obama's bad deal with Iran has helped grease the skids for this decline. Well done again, Barack.
There needs to be some balance in these prices. Nobody likes them too high, but now they are getting too low.
Crude Oil prices are down below $30 per barrel, with some people predicting they will fall below $20 per barrel. Meanwhile, the stock market has had its worst annual start in recorded history. Things are not looking good here, fellas.
So Barack Obama's bad deal with Iran has helped grease the skids for this decline. Well done again, Barack.
There needs to be some balance in these prices. Nobody likes them too high, but now they are getting too low.
This has little to do with Iran and all to do with the end of the QE programs. There is only one way for them to be balanced and I agree with you, this constant up and down is terrible for the economy. The low prices right now in the small picture is helping those who were hurt with high prices but in the big picture it is harmful.
What needs done is to make only end users able to bid on oil. It worked this way for years and prices remained relatively stable. Last I saw each barrel was traded on paper 8 times before ever reaching the market. That needs to end.
Every $4.00 gallon of gas you bought was being used to bail out Wall Street. It was a huge tax on the middle and lower classes to bail out the irresponsible.
now if people really looked at the price of gasoline, and saw how much of each gallon is tax, they would stop hounding oil companies for making a small profit and start blaming the state and federal government for the taxes paid on each gallon of gasoline.
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