Thread: Oil Slick Stuff

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How low can it go?

You guys jinx this and I'm gonna figure out how to cyber slap you!!!

Oil price could hit $20 as OPEC ditches quotas


Global oil prices could fall as low as $20 per barrel next year, as Opec’s decision to abandon a formal production quota exacerbates a bulging supply glut.
Speaking as the price of a barrel of Brent crude, the benchmark international contract, slipped 5.2 per cent to $40.75 in New York, the lowest since February 2009, Ole Hansen, head of commodity strategy at Saxo Bank, said it was “difficult to rule out anything”.[more]
Oil price could hit $20 as Opec ditches quotas | The Times

Originally Posted by nnuut

Oil price could hit $20 as OPEC ditches quotas


Global oil prices could fall as low as $20 per barrel next year, as Opec’s decision to abandon a formal production quota exacerbates a bulging supply glut.
Speaking as the price of a barrel of Brent crude, the benchmark international contract, slipped 5.2 per cent to $40.75 in New York, the lowest since February 2009, Ole Hansen, head of commodity strategy at Saxo Bank, said it was “difficult to rule out anything”.[more]
Oil price could hit $20 as Opec ditches quotas | The Times

OPEC wants to put American shale companies out of business... I guess they like being the big boy on the block.

Too bad gas prices aren't lower... but if they get much lower, most of the price of a gallon of gas will be taxes... arggg

Record lows for oil and gas around here is hanging around $1.99 a gallon. What is wrong with this picture??

Good for main street but not SPX (energy sector)or Dow; however, it seems to me it should be good for small caps. Downside will be the loss of jobs coming out of all this.

FS

Cheaper transportation costs should effect the price of all transported goods. Have you seen how much a pound of Ground Beef costs now, tenderloins are out of the question.

Originally Posted by nasa1974

Record lows for oil and gas around here is hanging around $1.99 a gallon. What is wrong with this picture??

We have some as low as $1.71, but too many taxes take their tolls... speaking of tolls, if the gas tax is high and supposed to be used for highways, why are more and more tolls roads, etc showing up...

Where are the tax dollars actually being spent??? too many pot holes to show them being spent on roads around here...

Originally Posted by nnuut

Cheaper transportation costs should effect the price of all transported goods. Have you seen how much a pound of Ground Beef costs now, tenderloins are out of the question.

You must be shopping at the wrong place. Inflation is at an all time low and the Fed is struggling just to get inflation to 2%


riiiiiiight

That couldn't be correct, because all Social Security and Government retirees are not getting a cost of living raise in 2016. That means there is no INFLATION. They must shop in stores we don't have in Georgia?