Posted on 08/21/2015 10:14:04 AM PDT by thackney
Venezuela will be more effected by the coming increase from Iran than other countries. They both produce the heavy sour crude oil. Nigeria was more impacted by the increase by the fracking sweet crude that was coming from ND & TX.
Thackney feel free correct me if I am wrong.
However, they are all affected by a oversupplied market based on world demand.
Personally, heating oil here in NH is now under $2.00/gallon for the first time in years. However, I should not have spent $5000 putting in that Harman pellet insert last year. Heating oil is now cheaper than wood pellets.
LOL I think that was the price when I was in high school.
“And the hits keep comin’...”
I think I sent you info. on this and one part of this quoted oil professionals saying the price wouldn’t go up to a cash number making a profit for oil companies until likely 2017.
Prepare for various problems in September. There is an article now on FR that lists over 30 possible happenings in September. Great list to have, I printed it. Some of the items are for sure happenings, like the Pope’s visit and holidays that will happen.
http://www.freerepublic.com/focus/f-bloggers/3327554/posts
But I remember being widely and hardly pummeled by several so wise FReepers when I expressed my doubt that Fracking was going to save the whole US economy by itself!! How can this be?
“And a gallon of gas here in So Cal is still 3.50+.”
And if the president had an (R) after his name, congress would be having non stop investigations into oil company price gouging.
In the nineties it was around $10.00!!
“I expressed my doubt that Fracking was going to save the whole US economy by itself!! How can this be?”
If the price of oil had stayed at a profit making cost, they would be right. However, all fracking stopped months ago due to the low price of oil - fracking drilling costs more than normal oil well drilling. The engineer I know who worked for Baker Hughes, sitting at their wells to fix any computer problems, was laid off three or four months ago. He hopes to teach physics at a community college for this fall. If that doesn’t work out, he has a job problem. There are many more like him who are out of work now.
Thanks very much, Cowboy Bob.
Where do you see things next spring and summer?
I’m beginning to believe the Dems don’t want another Dem. president in 2017 because things will be so fouled up.
There in lies the problem ‘IF’.
You were correct.
If we had a real leader in the White House they would go for the destruction of OPEC now and destruction of the middle east control over oil prices. Take away their money and you take away their ability to fund the islamonazi’s.
I guess this means gas prices will rise more.
Well you’re hedged against future oil spikes.
Sounds like a wise plan to me.
That’s happening already.
China is becoming their best customer.
That friendly outfit with gangster business practices and 1.5b expendable people to enforce them.
It won’t be a fun decade for the mid easties.
Tail end of a head and shoulders formation that is inside a longer head and shoulders. I suspect that the next true base for oil is down around $20
I've been saying for a while that 2016 will be bad economically, and will most likely result in a Republican victory. If you look back to past Presidential election years, they have been bad in terms of the economy.
Part of the reason (I suspect) that Presidential election years are bad economically is because the president's team that helps cover up the economic problems is looking for new jobs (post-administration), so their attention is focused elsewhere.
As mentioned above, a war could have a big impact - especially if it's in the Middle East. Oil prices will spike, which will help some countries now suffering (Russia, for example).
Good points-thanks.
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