“Existential” has replaced “wake-up call” (and before that “perfect storm”) as the way to say “I’m a pseudointellectual phony” among the chattering classes.
OPEC is dead?
Good.
All I know is that it costs a lot less to heat my house and drive my car. It’s fine with me.
I hope they eat sand. It might be worth a global depression, maybe...
They’ll have to sell all their Rolls-Royces and solid gold bathroom fixtures.
BTW, now that the price of oil is cratering, where are all the pundits and conspiracy theorists who keep shouting that we have a collusion of big oil companies to manipulate energy prices?
Hello Bill O’Reilly are you there?
http://www.americanthinker.com/articles/2012/03/wild_bill_oreilly.html
They have to keep oil prices low to make US shale unprofitable.
Eventually, as their easily-accessed oil is gone, that tactic will no longer be profitable.
And the US shale supplies will still be there.
I have zero respect for Saudis and anything remotely associated with Islam. The height of modern Muslim society came from nationalizing the oil business created by the west. Their religion and culture (one and the same) deserve to be in the 7th century. I have no pitty for such filth.
There’s a piece I’m missing. If we are to take the article at face value SA opted to let prices fall. OK let’s go with that. So how would they have done that? Well only way I know of would be to turn on the spigots in both SA and elsewhere. So the prices are low but volume is high. Now had they chosen the opposite policy they (and the other OPEC states had they chosen to go along with the plan) would have tightened the spigots so prices would have been high(er) but volume would have been low. Either way - there is not quick fix when viewed from their perspective. They were either going to get relatively high prices and relatively low volume or relatively lower prices at relatively higher volume. But at least (again from their perspective) they get to squeeze their high cost competitors. So I don’t think they made a poor choice - just that they have a Hobbsian choice with no good answers (for them).
The Saudis and every other muslim on the planet might as well live large on this earth—Hell patiently awaits.
Great news. Buy low, sell high. Opportunities like this happen maybe once a decade.
Did the article mention Iran and their world manipulation? They can sell lots of oil to counter the SA production decrease and keep pricing down putting SA in a bind.
Never bet against oilmen from Texas. They will win, and have more Iives than a cat.
na na na na hey hey goodbye
When Ambrose Evans-Pritchard reports a story like this, you may as well believe the complete opposite. He’s not exactly a trustworthy analyst.
(I’m not saying he’s ALWAYS wrong — maybe just half of the time.)
Ha ha. Eat sand, now-rich camel-jockeys.