Can’t be. We are almost out of oil. Scarcity breeds high prices.
If $10, Y Knot $5?
Ping.
Why can’t they give us stuff when we fill up like the old days?
2009? No. 1998~99.
I’m thinking that we’re close to the bottom. It might spike down, but I think we’ll hover in the upper 20’s for several months.
If some 90% of production shut down, it would certainly take care of any glut.
For some wells here in the US, it is still economically feasible to pump at even $10 a barrel, but even the Saudi oil fields would be struggling at those prices.
Everybody else in the world will be closing up shop. Russia for sure.
And Russia without oil to export is essentially bankrupt, even more than the US now is.
Doesn’t matter where it sinks to in terms of the number.
A great opportunity is coming since you can’t produce oil profitably at this price level. The glut will go away over time due to lack of production, while many companies go broke from debt overhang.
The nimble will prosper as they pick up the pieces.
Still will be above $2 in some states like Washington.
Hardly worth the effort to scrape it off the birds and seals at that price.
Well, if it does, I’m investing in oil. It won’t stay there for long.
“Oil could crash to $10 a barrel, warn investment bank bears
“
And yet we stupidly continue to insist on subsidizing ethanol, solar and wind so Americans can pay more, and the entrenched in power can hand out goodies to their rich buddies who control those interests.
Just wait a few months until the Saudi Iran problems heat up.
closing the Strait of Hormuz to tankers will rapidly return us to the $100 mark!
I wonder if Obama’s Saudi pals are trying to help him out before he leaves. Hussein Obama would be able to say the economy was good overall (but not in oil producing states because of low oil prices). He could say the price per gallon was less to families.
Obama is also playing a new high risk mortgage game. I believe this is to help give the economy a short-term boost while Obama is still in office. No doubts that the long-term impact will be negative.
Don’t worry. It’s the latest Ponzi scheme brought to us by the bankers. It’ll work this time.
Oil will be $10 per barrel for decades to come.
;-D
[Little maniacal irony and humor there.]
2009? Oh, so long ago! We didn’t survive it then and we surely cannot survive it now!