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Re: Gas prices
[Re: hunterbuck]
#1193806
12/20/14 07:39 AM
12/20/14 07:39 AM
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Joined: Jan 2005
Posts: 23,942
Clarksville, TN /Greenville, ...
bill
Freak of Nature
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Freak of Nature
Joined: Jan 2005
Posts: 23,942
Clarksville, TN /Greenville, ...
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I hope it will last and ruin OPEC, but hopefully not the 2XL pipeline. It won't ruin OPEC. Places like Saudi Arabia have the ability to produce oil much cheaper than the rest of the world. Matter of fact, OPEC is probably behind the dropping of oil prices. Their aim is to hurt the lower margin guys...shale oil producers, tar shands producers, deep water drilling guys, etc. Those type operations need oil to be $70/bbl or so for it to be profitable for them. Most of the OPEC countries can be profitable at a fraction of that. OPEC floods the market, drives the price down, and you start seeing the shale/tar sands guys cutting production...maybe even going out of business. OPEC is happy, the American people are happy. Then, OPEC cuts production again and the price per barrel settles back up to where OPEC wants it to be. It's a vicious cycle, and we root for the bad guys (OPEC) while it happens. Some shale producers need $70 a barrel to make it but there are lots of them that can make it at $40 a barrel. If oil goes below $50 we may see some negatives long term but just like the inflated bubble in the stock market that is about to pop, oil needed a market adjustment that reflected increased supply and lower demand.
"Political debate: when charlatans come together to discuss their principles"
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Bauvard
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