Posted on 03/18/2015 2:37:26 PM PDT by Red in Blue PA
WTI crude (CLJ15.NYM) prices are taking another leg down, hovering at the $42 a barrel level after the U.S. Energy Information Administration reported that "U.S. crude oil inventories are at the highest level for this time of year in at least the last 80 years."
(Excerpt) Read more at finance.yahoo.com ...
“Bad” “Worse”?
“GREAT!”
but but ,the world is running out of Oil or were they wrong
Meanwhile, in Indianapolis, gas went up 35 cents today....
Oh so now an oil glut is a bad thing?
gasoline just went up 15 cents a gallon since yesterday - illinois
Same in Cali. ‘Course that the our masters here roll.
The WAY they roll, I mean.
Exporting crude oil from the US is illegal. Exporting refined products (like gasoline) is legal. So it’s not a perfect price correlation between the two commodities.
Taking the long view, yes.
While I enjoy cheaper gas as much as the next guy, and these low prices have certainly knocked the pins out from under some of favorite oil-revenue dependent countries like Russia, Saudia Arabia, Venezuela, etc, it also knocking the pins out from under domestic (Canada, for me) and US non-conventional oil production. If enough of this exploration and production is disrupted by prices staying low like this for long enough, the next time demand rises significantly we could be back where we were a few years ago with oil well over $100/bbl.
Funny that Gas is 50 cents higher now than it was a month ago.
The problem is in part the strikes at the refineries causes the lower output of stuff and the excess of oil to grow while prices go up of end product
Islamic expansion and terror is primarily funded by oil profits. So I see this as almost pure goodness.
Probably rolling out the 35 different seasonal bkends early.
“Peak Oil” evidently meant that reserves would peak.
That's what Adam Smith called the "invisible groping hand" keeping the market in balance.
You should be burning creamed corn, Cream of Wheat, Oatmeal, or something like that anyway. If you cared about your fellow man you'd be fueling up with something starving people could eat instead of that evil stuff you buy at the pump.
is /sarc really required here?
The market doing market things. Oh NO!
Is SA still to blame both for the price and the glut in the US?
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