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superstriper

cheap oil

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not too long ago I heard the shouts of drill baby drill baby at all costs-

 

the current market is saturated with oil-and prices are tanking at an alarming rate -hedge funds that bet wrong on oil are getting killed and selling to cover margins

 

It is very ironic seeing some of the very politicians and economists stating now that oil prices are too loo when two years ago the same people were saying we need cheap oil at all costs

 

 

 

 

 

 

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they (opec) will step in and limit production to raise oil prices to protect the fat cat investors that buy politics

 

OR

 

they hope this (low oil) destroys russia

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Iran is about to flood the market to regain market share lost in the 1970s. Russia has already curtailed production.  I read this earlier:  Iran has reportedly built up the world's largest fleet of supertankers, many of which were simply parked as floating storage tanks. This means it now has around 30 million to 50 millions barrels of oil and condensate to unleash on the world market immediately, according to analyst estimates.

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Lots of people have more money to spend elsewhere now that gas is $1 cheaper or more per gallon. Cannot say I am shedding a tear for big oil.

can we lower the minimum wage now?

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not those ppl who used to work for oil service companies..  not the people who work or used to work at all the companies that build pipes, railroad cars, tools, petro chemicals, drive all those trucks and trains, build pipelines and infrastructure....  of the entire S&P500, energy companies were something like 12% of the market cap weighting but spent over 40% of the total capital expenditures for everything from trains to work boots. plus hyper-cheap oil and a strong $$ stinks for overall US industrial output. cheap gas has a diminishing return because of fixed refining, delivery costs and taxation.... oil at $27 now does not make gasoline and home heating twice as cheap as when oil was at $54. US consumers probably don't have a whole lot more of disposable income now vs Oil at $35 or $40.... the biggest correlated increase (in percent) of disposable income probably came when oil fell from $100 to $60/bbl

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they (opec) will step in and limit production to raise oil prices to protect the fat cat investors that buy politics

 

OR

 

they hope this (low oil) destroys russia

They also want to kill off USA shale oil, so we will once again be dependent on ME oil.

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