Friday, November 20, 2015

I guess we can expect another disruptive regional war to drive the price up again.

Goldman eyes $20 oil as glut overwhelms storage sites: “The world is floating in oil. The numbers we are facing now are dreadful. . ."


Chiu ChunLing said...

The price of oil doesn't matter. The problem is that the reason demand has fallen is because nobody can find any profitable uses for oil, so it's only being consumed. Oil is one of the world's most versatile natural resources, if nobody can figure out how to use it profitably then the underlying economy is incredibly broken.

And eventually people are going to figure that out.

Bad Cyborg said...

On the one hand, I like filling my Highlander for less than $50. $1.85 gal (or even less) around here ain't half bad for us poor consumers.

On the other hand cheap oil is hell on my daughter and grandkids. My on-in-law works in the fracking industry and ain't much work just now. I sorta believe the current glut in crude oil is a deliberate move by OPEC to kill off (starve out) fracking once for all. Course in the mean time they aren't getting as much for their oil and who knows how long what they have will last at this rate. Reckon what the towel heads will do when their fields start running dry?

Anonymous said...

The whole "middle east turmoil" excuse just doesn't work anymore.
Kinda like far too many Americans.
Gee, it is almost like driving the price up drove the economy into the dirt...

Cheap oil, as a matter of cheap energy all around, is what made this nation and her people prosper. Only when we return to that equation will we again prosper. Period.

Anonymous said...

The man problem isn't that there is a glut of oil, but a lack of demand. Oil was too high to begin with. That was a factor in the decline of the US economy. But the major problem is the anti competitive and restrictive laws that have been enacted in the last 20 years that have made it difficult for people to excel and produce more.
Can you imagine the Apple computer guys working in their garage building computers today? The City would have ticketed them, fined them, seized all their stuff. They would have been forced to rent some overpriced shop an hour or 2 from home. Wasted 4 hours a day in bumper to bumper traffic. Zoning would show up in their new place telling them that that sort of work is not allowed here. They would be forced to move again. EPA would show up and tell them the wood they were using for their computer bases was a protected item. It would have been seized they would have been fined and probably imprisoned.
I can go on and on about all the hurdles they put you thru but it makes me sick.