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Posted on 11/29/2014 6:49:24 AM PST by blam
Myles Udland
November 28, 2014
Oil is still falling.
In afternoon trade on Friday, West Texas Intermediate crude prices in the US dropped more than 10% to settle at $66.15 a barrel, a more than $7.50 drop in just 24 hours.
At one point on Friday, WTI futures briefly breached $66.
Brent crude prices, which are the global benchmark, also cracked $70 a barrel on Friday.
Earlier this week, WTI prices were at around $76 and Brent prices were near $80.
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(Excerpt) Read more at businessinsider.com ...
I am looking forward for somebody in Obama’s administration giving us a tortured example why gas has not gone back down to the level it was in 2008 when he was elected ($1.86/gal).
DRILL BABY DRILL!!
Is this because we are now creating so much wind and solar energy?/sarc on.
$2.35 in the Ozarks. I suspect this latest drop has not as yet been factored in. Will be interesting to see what happens in trading pit on Monday (Dec.1). Could see considerable blood shed...
Here were some of the biggest losers on Friday:
BP (BP), down 5%
Royal Dutch Shell (RDS.A), down 6%
Total (TOT), down 5%
Statoil (STO), down 14%
Exxon Mobil (XOM), down 5%
ConocoPhillips (COP), down 9%
Marathon Oil (MRO), down 13%
Occidental Petroleum (OXY), down 7%
Anadarko Petroleum (APC), down 14%
Linn Energy (LINE), down 13%
Whiting Petroleum (WLL), down 28%
Oasis Petroleum (OAS), down 32%
Kodiak Oil & Gas (KOG), down 28%
And this list goes on.
More cognitive dissonance for the libtards that live in their parents basement. They love the lower gas prices, but lose sleep at night over the damage to mother Gaia fracking does.
What are they to do?
Less people driving to work.
Butt, butt, butt....... I thought the lyin’ king PROMISED us that energy prices would necessarily skyrocket. Somebody needs to look into this. At least my home energy prices are climbing. Oh, crap. That’s not good.
So, consumers have more money to waste on stuff, and with more retail lower paying jobs? It'll also be money sent overseas for imported merchandise. Globally, better jobs dry up as Saudi Arabia grabs all the cash?
Will this be short term gain but with questionable long term consequences? I really don't have any clue about what happens in the long term. Does anybody?
Now if they would get rid of the damn corn subsidy and ethanol, I might even be able to afford a good, priced right, steak.
But what best shows that for Venezuela it is essentially game over, is that as the chart below shows, Venezuela’s international reserves declined $1.3 billion in the week after President Nicolas Maduro transfered $4 billion of Chinese loans to the central bank. In other words, the scrambling oil exporter was forced to burn one third of its Chinese bail-out loan to keep itself solvent. The country’s reserves dropped to $22.2 billion today, according to central bank data.
Not really. There are usually articles when gas prices fall stating how greenies hate it, because it means more people will be driving and polluting the air.
I have forgotten what beef tastes like.
Prices are insane here.
I've read (here on FR) that the corn used to make ethanol is still fed to cattle after it's done making alcohol.
A mediocre steak from a butcher is over $10.00 with same in a restaurant over $20.00. If you want a decent one in a restaurant, you’re looking at $30.00 and up. Taking the entire family out to a steakhouse is out of the question now other than special occasions and for many not even then. They’re staying busy by heavily advertised chicken and pork chop specials, and much smaller cuts of beef. Me, I need a nice cut of beef every now and then. It’s down to grilling out for family birthdays, though.
Really. I saw the other night that one pound of (extra-lean) ground beef at Wal-Mart was $5.48.
Exploration and productions based oil companies especially in the areas relying upon shale and ultra deep drilling will have to cut back their exploration programs to almost zero. The immediate impact will be those working in the services sector will be unemployed promptly along with overhead personnel in most of these firms. Those who drill and provide mostly natural gas will do better in comparison as their drilling costs will go down with the increased availability of rigs. Firms heavily indebted with their production not hedged, EXXI a perfect example, will be stressed financially first. They will have to continue drilling and producing albeit at a loss to keep up cash flow. There are already many assets on the market as firms are trying to reduce debt. Buyers can choose the best assets which fit their programs, those that do not fit will languish on the sales block. If this continues beyond a year or so, marginal producers and or those in huge debt positions will be gone, either by bankrupty or takeovers. Anyone who recalls the 86 oil bust should recall how it all played out, it was not pretty in the energy producing areas but then again, that is mostly flyover territory to the elites. All IMHO of course.
Hamburg is $6 the LB
Pork prices ain't pretty either.
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