Gas prices to be < $2.00 do you think this is BOS doing ?

C

Celticguy

New member
If so you really need to take some interest in current events.
Saudi Arabia has been pumping oil to beat the band for some time now. This has created a glut which has driven the price of oil down. Why ? To counter the huge increases in US production as it ate into their market share and margin.
This and Hajj are their only economy so definitive action was called for. No one can fetch up oil as cheaply as they can and it's not even close. Plus they can afford to lose money if need be.
There are more supplies than space to put them now. US production is shutting down.
As they knew it would.
BO had no say in our production, that was entirely private. All he has done is block what he could.
Now imagine if he had supported this effort. Might not have ended Saudi actions but it could lessen it's effect.
 
the low gas prices do serve the purpose of keeping the citizenslaves fat, stupid and happy. I am enjoying the prices while they last. I do not expect the prices to be at 2.00 this time next year. they are saving up to create many crises next summer. "they" are the damned of earth; bho and his 1/3. remember 2007 into 2008. enjoy what you can, while you can.
 
iewitness said:
the low gas prices do serve the purpose of keeping the citizenslaves fat, stupid and happy. I am enjoying the prices while they last. I do not expect the prices to be at 2.00 this time next year. they are saving up to create many crises next summer. "they" are the damned of earth; bho and his 1/3. remember 2007 into 2008. enjoy what you can, while you can.
Click to expand...

OK, Gomie.
 
Celticguy said:
If so you really need to take some interest in current events.
Saudi Arabia has been pumping oil to beat the band for some time now. This has created a glut which has driven the price of oil down. Why ? To counter the huge increases in US production as it ate into their market share and margin.
This and Hajj are their only economy so definitive action was called for. No one can fetch up oil as cheaply as they can and it's not even close. Plus they can afford to lose money if need be.
There are more supplies than space to put them now. US production is shutting down.
As they knew it would.
BO had no say in our production, that was entirely private. All he has done is block what he could.
Now imagine if he had supported this effort. Might not have ended Saudi actions but it could lessen it's effect.
Click to expand...

The Saudi oil-glut-gambit is all they got. It's an act of desperation. Their problem is the frackers will re-enter the market as soon as it becomes profitable for them to produce it. Which means OPEC price gouging days are over.

Thank you, free enterprise and capitalism.
 
Since you've brought it up...

The Saudis are stumbling
And they might take the rest of the Middle East down with them

"...The kingdom’s first stumble was a strategic decision last fall to undermine competitors by scaling up its oil production and thus lowering the global price. They figured that if the price of a barrel of oil dropped from over $100 to around $80, it would strangle competitors that relied on more expensive sources and new technologies, including the U.S. fracking industry, companies exploring the Arctic and emergent producers like Brazil. That, in turn, would allow Riyadh to reclaim its shrinking share of the energy market. Lower oil prices also would damage oil-reliant countries the Saudis don’t like, such as Russia, Venezuela, Ecuador and Iran.

In one sense it worked. The U.S. fracking industry is scaling back, the exploitation of Canada’s tar sands has slowed and many Arctic drillers have closed up shop. And indeed, countries like Venezuela, Ecuador and Russia have taken serious economic hits. But it may have worked a little too well, particularly with China’s economic slowdown reducing demand and further depressing the price — an entirely foreseeable result that the Saudis missed. The price of oil dropped from $115 a barrel in June 2014 to around $44 today. While it costs less than $10 to produce a barrel of Saudi oil, the Saudis need a price between $95 and $105 to balance their budget. The country’s leaders, who figured that oil wouldn’t fall below $80 a barrel — and then only for a few months — are now burning through their foreign reserves to make up the difference.

While oil prices will likely rise over the next few years, projections are that the price per barrel won’t top $65 for the foreseeable future. Saudi debt is on schedule to rise from 6.7 percent of GDP this year to 17.3 percent next year. The country is now spending $10 billion a month in foreign exchange reserves to pay the bills and is borrowing money on the international financial market. Recently the International Monetary Fund warned that the country would deplete its reserves in five years unless it drastically cut its budget..."

http://www.post-gazette.com/opinion...ddle-East-down-with-them/stories/201511220134
 
Obama sure took unwarranted credit as production peaked!
Capex has been cut by umteen billions and thousands of High paying jobs lost.
And the pain is just starting
I'm praying to allah for higher oil prices
 
Darth Hussein Omar said:
The Saudi oil-glut-gambit is all they got. It's an act of desperation. Their problem is the frackers will re-enter the market as soon as it becomes profitable for them to produce it. Which means OPEC price gouging days are over.

Thank you, free enterprise and capitalism.
Click to expand...

If the frackers are idle long enough restarting becomes harder. SAs oil hardware is paid for, frackers not. SA holds the better hand.
 
And what do you mean "to be"... It's been 1.819 to 1.879 for three weeks or so around these parts.
 
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