Posted on 07/20/2015 8:25:12 PM PDT by aimhigh
Saudi Arabia is pumping more crude oil than ever before. In June, it produced 10.6 million barrels a day. That’s the highest on record, . . . . ..
And it’s pretty clear that Saudi Arabia is settling in for the long run. The country borrowed $4bn on the bond markets this week, selling bonds for the first time in eight years.
(Excerpt) Read more at moneyweek.com ...
Ping.
With sanctions lifted against Iran, there’ll be even more oil flooding. I think Barky the Dogeater normalized relations with Iran just to destroy the US oil industry and put more Americans oout of work.
ITS GOING TO TAKE DEEP POCKETS TO CASH STARVE IRAN.
MAKE IRAN SELL OIL BELOW COST.
WTF does Saudi need with a loan? Too much spending on A380’s with gold (not plated), fixtures?
One would think they have deserts stacked with money, especially after the last 40 years or so.
That's exactly what I was thinking. And to sweeten the deal even more, Iran gets a nice $140 billion cash windfall to subsidize its oil production against today's lower market prices. Captain Obama has locked himself in the cockpit and is diving American toward the ground.
WTI oil is $50.15 today!
Well said.
Yes.But gas is still $2.75 here in MN.;it should be about $2.25.
And gas in Kalifornia keeps going up.
“And gas in Kalifornia keeps going up.”
Yeah the oil companies out here always have some lame excuse as to why the prices are high. Right now, it’s “refineries down for maintenance.” We had it touch $2.00 early this year but it’s back up to $3.50 most places. It’s criminal what they do, but I’m betting they’re in cahoots with Jerry the Fairy since there’s a sales tax on gas and so the state has a vested interest in high prices.
Don’t blame it on the oil companies, they operate a small isolated field under the strictest control of any state. California is the second highest consumer of oil in the US and rank 3rd or 4th in production. They consume most if not all of their own production and when they need to import to meet demand it has to come from the other side of the Rockies. California is not very user friendly when it comes to oil and gas production and it’s getting worse. Some producers are starting to look else where and selling old production and moving operations East of the Rockies and I don’t blame them. Let California regulate it’self to death.
But but I thought for Muslims interest is forbidden....
Zero-coupon bonds: Sell at a discount to face-value, then redeem at face value on maturity?
No advertised interest rate, but the price-differential-v-time-curve causes an effective annual yield anyway...
(I think it would be one way to fulfil Islamic banking precepts...)
They have investments that are worth more than the cost of borrowing.
Since they’re so well off I imagine the yield was miniscule to boot.
“They consume most if not all of their own production and when they need to import to meet demand it has to come from the other side of the Rockies.”
I would have t take issue with that statement. I cross the Benica Bridge sometimes on a daily basis, so I see the movement of tankers that bring oil to the Shell, Tosco, and the large refinery in Benica that’s been sold so many times, I don’t know who owns it now. I also pass by the Union refinery in Hercules and the Standard Oil refinery in Richmond both of whom have active in-shipment of oil by tanker. I highly doubt that that oil is coming from “east of the rockies.”
There’s a lot of dishonesty to go around, and the oil companies are part of it.
And while California is a regulation nightmare, I also don’t believe for one minute that market forces are responsible for the wild swings in retail prices.
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