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Old 07-18-2015, 09:51 AM
 
25,805 posts, read 16,451,635 times
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That and the yearly drop after vacation season.
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Old 07-18-2015, 09:54 AM
 
Location: North America
14,204 posts, read 12,249,275 times
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Hate to break it to you champ but oil has been low all year.
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Old 07-18-2015, 10:16 AM
 
Location: Midwest
38,496 posts, read 25,753,611 times
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Originally Posted by thecoalman View Post
No, it's dictated by supply and demand. Iran may play role in lowering oil prices even further but it's US producers putting pressure on OPEC that has lowered oil prices. OPEC is keeping supplies high hoping to kill off the US suppliers. In fact Iranian oil lowering prices even further could have some severe long term consequences for the price of oil. If the US suppliers go bankrupt they no longer have reason to keep supply high. you ,may pay a little bit less now but could end up paying a lot later.
Demand comes first.
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Old 07-18-2015, 10:18 AM
 
Location: Midwest
38,496 posts, read 25,753,611 times
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Quote:
Originally Posted by thecoalman View Post
No, it's dictated by supply and demand. Iran may play role in lowering oil prices even further but it's US producers putting pressure on OPEC that has lowered oil prices. OPEC is keeping supplies high hoping to kill off the US suppliers. In fact Iranian oil lowering prices even further could have some severe long term consequences for the price of oil. If the US suppliers go bankrupt they no longer have reason to keep supply high. you ,may pay a little bit less now but could end up paying a lot later.
Very good argument to not approve the Keystone pipeline!
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Old 07-18-2015, 10:19 AM
 
Location: Midwest
38,496 posts, read 25,753,611 times
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Originally Posted by ~HecateWhisperCat~ View Post
Hate to break it to you champ but oil has been low all year.

Go Obama! And now, prices will fall even further. Obama's energy initiatives are working!
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Old 07-18-2015, 10:21 AM
 
Location: North America
14,204 posts, read 12,249,275 times
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Originally Posted by jojajn View Post
Go Obama! And now, prices will fall even further. Obama's energy initiatives are working!
Has nothing to do with Obama. It has to do with weak demand and a large surplus.
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Old 07-18-2015, 10:34 AM
 
Location: Someplace Wonderful
5,177 posts, read 4,777,802 times
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Quote:
Originally Posted by Old Gringo View Post
I dunno...

Iranian oil will most likely go to China and India, so I'm not so sure it'll impact prices here all that much.

But it'll be good news to me if it really does happen.
Sure it will impact prices here. Oil is fungible, meaning that supply is one big pool from whch the refiners draw. We not get oil directly from Iran, but our primary sources (domestic U.S. Canada, and Mexican producers) will lower prices, if only because the Goldman Sachs trading desk will be shorting oil futures, not bidding up the prices.

Last edited by chuckmann; 07-18-2015 at 11:06 AM..
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Old 07-18-2015, 10:51 AM
 
41,815 posts, read 50,920,524 times
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Originally Posted by jojajn View Post
Demand comes first.
That's a chicken or the egg argument in particular where gas is concerned, it used to be a waste product.
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Old 07-18-2015, 10:54 AM
 
41,815 posts, read 50,920,524 times
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Originally Posted by jojajn View Post
Very good argument to not approve the Keystone pipeline!
You don't seem to understand, if the US suppliers are no longer putting pressure on OPEC they will strangle the supply and we'll be back to $4 or $5 a gallon gasoline. When you are considering energy what is going to happen 6 months from now is no where near as important as what will happen 2 or 3 years from now.
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Old 07-18-2015, 10:55 AM
 
41,815 posts, read 50,920,524 times
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Originally Posted by jojajn View Post
Go Obama! And now, prices will fall even further. Obama's energy initiatives are working!
The cost of oil has dropped becsue of US production on private lands, it's despite his policies.
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