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Keyword: oilprice

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  • The stage is being set for a massive financial meltdown...

    02/24/2015 9:21:38 AM PST · by alexmark1917 · 40 replies
    Greek 4 month extension does nothing for the people of Greece. Sub-prime auto loans all time high and delinquencies are rising. Existing home sales implode while home price fall. Baltic Dry Index falls and ship builders are filing for bankruptcy. US blimp in Maryland used to watch the people. Ukraine bans Russian media and sets up their own propaganda media. Poroshenko wants Crimea back as they pull more weapons to the front line. US and the coalition forces getting ready for a major offensive in the middle east. DHS budget in trouble, using fear and a false flag event to...
  • Is The Oil Price Decline a Sign of Impending Deflation?

    02/22/2015 10:09:49 AM PST · by OwenKellogg · 14 replies
    American Thinker ^ | February 19, 2015 | Frank Ryan, CPA
    Conventional wisdom indicates slowing global economy and increased production are the root causes behind the precipitous drop in oil prices since mid-2014. ~~ snip ~~ Further signs of the impact of deflation, despite trillions of stimulus funds, include: 1.Negative interest rates on short-term securities and debt instruments. 2.The reduction of risk premiums in short and long-term debt financing for governments. 3.Increasing costs of healthcare for virtually every American, which adversely affects disposable income. 4.Declining real wages in the United States due to tax increases at the state and local levels. 5.Declines in labor force participation rates. 6.Lack of wage growth...
  • How Russia Plans To Retaliate For The Saudi-Driven Collapse In Oil

    02/10/2015 9:53:05 PM PST · by lbryce · 49 replies
    Zero Hedge ^ | February 10, 2015 | Tyler Durden
    A week ago we explained that yet another conspiracy theory, one involving virtually every geopolitical hotzone, from Saudi Arabia, to Russia, the United States, Qatar, Syria, ISIS, and Ukraine, has become fact when our speculation from last September, namely that the plunge in oil was an choreographed move between the US and the Saudis (even if Kerry realized - we hope - that it meant a recession for the US energy producing states and a collapse in the only vibrant US industry of the past decade: shale), one seeking to dislodge Russian control over the Syrian government and to facilitate...
  • OPEC leader: Oil could shoot back to $200

    02/03/2015 1:00:16 PM PST · by tcrlaf · 34 replies
    CNN Money ^ | 2-3-2015 | Matt DiLallo
    Right now the oil market is totally focused on finding a bottom for oil prices. However, according to OPEC's Secretary-General Abdulla al-Badri we've already hit bottom. Not only that, but he sees a real possibility that oil prices could explode higher to upwards of $200 per barrel in the future. He's far from the only one that sees a return of triple-digit oil prices. Finding a bottom: According to recent comments by the Secretary-General when he was in London, the oil market doesn't need to look for oil prices to bottom as the market has already bottomed. Instead, he offered...
  • Oil tumbles; U.S. crude prices near six-year low on record stockpiles

    01/28/2015 5:10:53 PM PST · by Red in Blue PA · 31 replies
    NEW YORK (Reuters) - Oil slumped on Wednesday, with U.S. crude prices at near six-year lows, after the government reported record-high inventories in the United States that raised anxieties about the global oil glut that had pressured the market since last summer. The U.S. Energy Information Administration (EIA) said domestic crude oil stocks rose by almost 9 million barrels last week to reach nearly 407 million, their highest since the government began keeping records in 1982.
  • The American People Are Utterly Clueless About What Is Going To Happen As We Enter 2015

    01/01/2015 6:27:40 AM PST · by HomerBohn · 103 replies
    Invesment Watch ^ | 12/30/2014 | Michael Snyder
    The American people are feeling really good right about now. For example, Gallup’s economic confidence index has hit the highest level that we have seen since the last recession. In addition, nearly half of all Americans believe that 2015 will be a better year than 2014 was, and only about 10 percent believe that it will be a worse year. And a lot of people are generally feeling quite good about the people that have been leading our nation. According to Gallup, once again this year Hillary Clinton is the most admired woman in America and Barack Obama is the...
  • The Weekend Is Over And Crude Oil Is Getting Smoked Again ($44.45)

    01/25/2015 5:10:15 PM PST · by blam · 51 replies
    BI ^ | 1-25-2015 | Myles Udland
    Myles UdlandJanuary 25, 2015 Good evening! The weekend is over in New York and near 7:05 pm ET, the price of West Texas Intermediate crude oil was down another 2.5% to $44.45 a barrel.(snip)(snip)
  • Things Are Bad In Texas: Crash in oil prices is weighing on economy.

    01/26/2015 8:14:04 AM PST · by SeekAndFind · 74 replies
    Business Insider ^ | 01/26/2015 | Myles Udland
    The crash in oil prices is weighing on Texas' economy. The January Texas manufacturing survey from the Dallas Fed was a huge miss, with the general business activity reading coming in at -4.4. Expectations were for the composite index to come in at 3.0, down from 4.1 in December. Factory activity in the region was flat in January. The big takeaway, however, is that as with last month, numerous business executives expressed concerns over how the crash in crude oil prices would affect results.
  • Former Shell President Hofmeister Sees Oil at $80 by the Summer

    01/25/2015 10:49:41 PM PST · by Citizen Zed · 9 replies
    The Street ^ | 1-22-2015 | Michelle Rama-Poccia
    When a massive truck slams on the brakes to avoid a crash, it takes awhile for it to get back up to highway speed again. That, in essence, is the problem oil companies will face when they want to increase production if supplies start to fall short. The selloff in crude oil has put drilling on hold. Unless more drilling resumes soon, a surplus of 1 million barrels a day will be exhausted. John Hofmeister, a former president at Royal Dutch Shell , predicts that will happen by the summer and will send prices up to $80 a barrel. "When that cost correction...
  • Saudi oil policy 'just took turn for the worse'

    01/23/2015 10:47:10 AM PST · by Rusty0604 · 29 replies
    CNBC ^ | 01/23/2015 | John Kilduff
    In earlier time, the death of Saudi Arabia's King Abdullah bin Abdulaziz Al Saud would have rocked the oil market. The succession plan has always pointed in a direction away from U.S. interests and a turn toward an even harder line on Middle East issues. The antipathy toward Iran will be levered up, and the various Sunni-Shia battles will likely see greater escalation. Oil prices have quickly jumped $1.00 per barrel on the news in a knee-jerk reaction to the uncertainty. What is more likely is an even greater commitment to over supplying the market, in attempt to drive out...
  • Low gas prices, incentives change math for electric cars

    01/22/2015 7:14:12 PM PST · by jazusamo · 148 replies
    Fox News ^ | January 22, 2015 | AP
    Drivers trying to calculate whether it's practical to own an electric car are facing a new math. U.S. gas prices have fallen more than $1 per gallon over the last 12 months, to a national average of $2.06, according to AAA. That makes electric cars — with their higher prices tags — a tougher sell. "Fuel savings are not top of mind to many consumers right now," says John Krafcik, president of the car shopping site TrueCar.com. Automakers have responded by slashing thousands of dollars off the sticker price of electrics. Incentives averaged $4,159 per electric car last year, up...
  • 12 Signs That The Economy Is Really Starting To Bleed Oil Patch Jobs

    01/21/2015 7:17:17 PM PST · by Kartographer · 31 replies
    theeconomiccollapseblog. ^ | 1/20/15 | Michael Snyder
    #1 It is being projected that the U.S. oil rig count will decline by 15 percent in the first quarter of 2015 alone. And when there are less rigs operating, less workers are needed so people get fired. #2 Last week, 55 more oil rigs shut down. That was the largest single week decline in the United States in 24 years. #3 Oilfield services provider Baker Hughes has announced that it plans to lay off 7,000 workers. #4 Schlumberger, a big player in the energy industry, has announced plans to get rid of 9,000 workers. #5 Suncor Energy is eliminating...
  • Low Oil Price Brings Layoffs at Energy Firm Baker Hughes (BHI)

    01/21/2015 2:45:39 PM PST · by SeekAndFind
    ABC News ^ | 01/21/2015 | Richard Davies
    Falling gasoline prices may be great for consumers, but they’re tough on energy firms and their workers. The latest layoffs announcement comes from the oilfield services firm Baker Hughes, which plans to cut 7,000 employees — 11 percent of its workforce. Global oil prices have plunged 60 percent since last June, making some drilling operations unprofitable. “While market demand ended up being more resilient in the fourth quarter than many had predicted, the recent declines seen in rig counts will clearly affect results in 2015,” said company CEO Martin Craighead. Speaking to analysts about the layoffs, he said, “This is...
  • Oil falls again as IMF cuts forecast; Iran hints at $25 oil

    01/20/2015 2:46:49 PM PST · by Berlin_Freeper · 24 replies
    reuters.com ^ | Jan 20, 2015 | Barani Krishnan
    Oil fell as much as 5 percent on Tuesday after the International Monetary Fund cut its 2015 global economic forecast and key producer Iran hinted prices could drop to $25 a barrel without supportive OPEC action.
  • Now It's Halliburton's Turn - Coming Workforce Reductions At Big Red Will Impact Thousands

    01/20/2015 9:46:05 AM PST · by thackney · 6 replies
    Oil Pro ^ | 1/20/2015 | Joseph Triepke
    Following Schlumberger's 9,000 lay-offs announced last week and Baker Hughes' 7,000 earlier this morning, Halliburton said today that it will execute workforce reductions similar to its peers during the first quarter. Halliburton COO Jeff Miller said: "We have already taken the initial steps on headcount internationally. As North America (NAM) activity falls, we will make adjustments in the US as well. We expect our headcount reductions to be in-line with our primary competitors. We will minimize discretionary spending. There is likely to be more restructuring in first quarter as we put initiatives in place to temper the impact of the...
  • Oil Sinks Stocks Again as Iraqi Output Hits Record High

    01/20/2015 9:45:57 AM PST · by John W · 13 replies
    thestreet.com ^ | January 20, 2015 | Keris Alison Lahiff
    NEW YORK (TheStreet) -- Another sharp fall in crude oil prices triggered a broad-based selloff in U.S. stocks on Tuesday, overshadowing earlier positive momentum from a four-day European rally. Crude reversed significant gains on Friday after Iraq reported record levels of oil output and the International Monetary Fund cut its two-year forecast for the global economy. West Texas Intermediate was down 3.8% to $46.83 a barrel by midday. Commodity futures lost Friday's temporary stability as Iraq's oil minister Adel Abdul Mahdi said the country was producing 4 million barrels of crude a day and plans to boost exports. Separately, Iran's...
  • China's Yards Brace for Leaner Times as Oil Slump Sours Rig Building Spree

    01/19/2015 8:20:16 AM PST · by thackney · 2 replies
    Reuters via Rig Zone ^ | January 19, 2015 | Brenda Goh & Rujun Shen
    For China's shipyards, the oil rig market that was supposed to be a blessing is in danger of becoming a curse. As crude prices slide, oil producers are slashing new project spending. With a near 40 percent slice of a global market worth tens of billions of dollars, Chinese rig builders that offered juicy financing terms and discounts to leapfrog Asian rivals in recent years are now the most exposed to a slowdown. Diversifying to pull out of a downturn in traditional shipbuilding, China's state and privately owned yards have lured orders away from regional peers, building scores of rigs...
  • U.S. rig count sees biggest drop in six years

    01/19/2015 4:57:09 AM PST · by thackney · 11 replies
    Fuel Fix ^ | January 16, 2015 | Ryan Holeywell
    More than 40,000 upstream oil and gas jobs in Texas could be lost as energy sector activity here continues to slow, said Karr Ingham, the economist who compiles the monthly Texas Petro Index tracking the industry’s economic indicators. The latest data point that spells trouble for the industry: data released Friday indicating that that the number of rigs operating in the U.S. was down 74 this week, the rig count’s biggest one-week decline in more than six years. “We’re now at the point where there’s likely to be some damage inflicted on the Texas economy,” Ingham said. “I’d sure be...
  • Diesel is on the road to lower prices

    01/17/2015 8:07:20 AM PST · by thackney · 21 replies
    Houston Chronicle ^ | January 12, 2015 | Vicki Vaughan
    Users of diesel fuel - mostly the nation's truckers - haven't seen diesel prices fall as much as gasoline, but that's about to change. Diesel "is slowly joining the party," with prices nationally declining an average of 44 cents a gallon in the last month, said Patrick DeHaan, senior petroleum analyst at consumer website GasBuddy.com. DeHaan expects diesel prices to continue to fall by 35 to 50 cents a gallon nationally in the next month or so. That aligns with the Energy Department's view, which expects diesel to average $3.07 a gallon this year, down from an estimated average of...
  • Caterpillar is latest victim of sliding oil price

    01/17/2015 7:05:54 AM PST · by thackney · 67 replies
    Market Watch ^ | Jan 5, 2015 | Ciara Linnane
    Caterpillar Inc. shares tumbled Monday as the company became the latest victim of the sliding price of oil. Caterpillar’s stock CAT, -0.55% tumbled almost 6% after J.P. Morgan downgraded it to underweight from neutral on concerns about the company’s direct exposure to oil and gas, and indirect exposure to mining, U.S. construction and emerging markets. The maker of diggers and dozers’ direct exposure to the sector is equal to about $6.5 billion, or 12% of revenue, while its indirect exposure may be as much as 15% of revenues, analysts wrote in a note. That means almost 30% of its total...
  • Swiss mess could make oil plunge seem like minor hiccup

    01/16/2015 5:46:55 PM PST · by Lorianne · 11 replies
    Market Watch ^ | 15 Junuary 2015
    One day, it’s gold. The next, it’s equities. Most days, it’s crude. On Wednesday, it was copper. On Thursday it was the Swiss franc and Swiss stocks. And the move in those two makes those others look like minor-league hiccups. While you were sleeping, all hell broke loose in Switzerland, as the central bank ditched its currency cap against the euro after four years and slashed interest rates to negative 0.75%. The Swiss franc is rallying wildly, while the Swiss stock market is cratering and U.S. stock futures are mostly on the losing side as investors figure out this latest...
  • Where will the next price implosion be? Oil has fallen off a cliff, What industry is next?

    01/14/2015 6:37:10 AM PST · by SeekAndFind · 21 replies
    American Thinker ^ | 01/14/2015 | James Longstreet
    We have witnessed the price implosion of oil, and the subsequent decline in gasoline prices. Is this the beginning of a trend, and what industry will admit and be subject to an inability to control its pricing structure? Cable television? The cost of cable television is a broken promise. Originally, for those old enough to remember, the promise of cable television was that though it may involve a charge, something new for television, there would be no commercials. Anyone remember? Now, the cable providers have it both ways. There are commercials, and infomercials, on which they receive money from not...
  • Why does no one believe the Saudis?

    01/13/2015 10:39:27 AM PST · by thackney · 79 replies
    Oil Pro ^ | 1/13/2015 | Don Minter
    I've been in the oil patch for close to 30 years. During that time, I have seen oil price go down to about $10 per barrel, and I have seen the price rise to over $100 per barrel. I have seen the price swing for no reason at all. I have heard different bogeymen being blamed for changes in the oil price. Supply and demand are certainly part of the oil price equation, but speculation has been a major price driver for at least the last couple of years, beyond the S&D factors. Right now, the Saudis are being blamed...
  • Here's why oil is such a problem for corporate earnings

    01/13/2015 5:09:40 PM PST · by Lorianne · 12 replies
    CNBC ^ | 12 January 2015 | Bob Pisani
    Oil and natural gas are sliding again to multi-year lows, and once again it is having an influence on stocks. What's important is to understand the outsized influence this near-daily drop in oil (six months and running!) is having on corporate earnings. Even though the energy sector is only roughly 8 percent of the market capitalization of the S&P 500, the decline in earnings in that sector has been so dramatic that it is affecting earnings estimate for the entire S&P 500. On December 1st, analyst anticipated that Energy earnings for Q1 2015 would decline 13.8 percent compared to Q1...
  • PRINCE ALWALEED: Oil Is Never Going Back To $100

    01/12/2015 10:26:11 AM PST · by blam · 45 replies
    BI ^ | 1-12-2015 | Portia Crowe
    Portia Crowe January 12, 2015Prince Alwaleed bin Talal, the eccentric Saudi billionaire once labeled the "Arabian Warren Buffett," predicted that oil would never again reach $100 a barrel. "The price of oil above $100 is artificial," he said. "It's not correct." That's in an interview with Maria Bartiromo for USA Today, in which the business magnate blamed oversupply and weak demand for the recent drop in oil prices. He also predicted hard times ahead for America's shale-oil and gas industries. "No one knows for sure what price is the breaking point for shale," he said. "Wells have a higher production...
  • Saudi Prince Says We’ll ‘Never’ See $100 Oil Barrels Again

    01/12/2015 8:56:02 AM PST · by 2ndDivisionVet · 62 replies
    Time Magazine ^ | January 12, 2015 | Laura Stampler
    "You better believe it is gonna go down more," Alwaleed bin Talal said.Saudi royal prince Alwaleed bin Talal says in a new interview that the days of $100-a-barrel oil are a thing of the past, as oil prices continue to drop around the globe. Asked by USA Today if prices, recently below $50 a barrel, would continue to plunge, Talal answered: “If supply stays where it is, and demand remains weak, you better believe it is gonna go down more. But if some supply is taken off the market, and there’s some growth in demand, prices may go up. But...
  • 10 Key Events That Preceded The Last Financial Crisis That Are Happening Again RIGHT NOW

    01/08/2015 2:11:17 PM PST · by SeekAndFind · 26 replies
    TEC ^ | 01/06/2015 | Michael Snyder
    If you do not believe that we are heading directly toward another major financial crisis, you need to read this article. So many of the exact same patterns that preceded the great financial collapse of 2008 are happening again right before our very eyes. History literally appears to be repeating, but most Americans seem absolutely oblivious to what is going on. The mainstream media and our politicians are promising them that everything is going to be okay somehow, and that seems to be good enough for most people. But the signs that another massive financial crisis is on the horizon...
  • Russia's Downgrade Paints A Horrific Picture Of Economic Collapse

    01/09/2015 6:09:24 PM PST · by blam · 50 replies
    The Telegraph (UK) - BI ^ | 1-9-2015 | The Telegraph (UK)
    The Telegraph (UK) January 9, 2015 Fitch has downgraded Russia's credit rating and painted a horrific picture of a struggling economy rocked by a collapsing rouble, falling oil prices, high inflation and declining international reserves. The ratings agency cut the country to BBB- from BBB with a negative outlook, meaning further downgrades are possible. But it was the language Fitch used in its reasoning that was most shocking. Russia's economic outlook "has deteriorated significantly" in just six months, Fitch stated. Gross Domestic Product will shrink 4pc this year, the agency added, far worse than the 1.5pc contraction it previously expected....
  • Why Oil Prices Are Headed Below $35 a Barrel

    01/09/2015 8:07:02 AM PST · by SeekAndFind · 57 replies
    Fiscal Times ^ | 01/09/2015 | BY ANTHONY MIRHAYDARI
    It's getting serious now: On Wednesday, West Texas Intermediate futures tested a low of $46.83 a barrel before rebounding. That's down nearly 57 percent from the summertime high of $107.68 and pushing toward the depths last seen during the 2008 financial crisis and recession that followed. Wholesale gasoline futures tested a low of $1.31 a barrel. The wipeout in energy prices has been covered on all angles in recent months — including my recent piece on the negative repercussions for the U.S. economy, corporate earnings, and energy independence. Now, the focus is increasingly turning to how bad the damage could...
  • Oil markets hit by supply glut more than oil producers … for now

    01/06/2015 4:32:41 AM PST · by thackney · 27 replies
    Calgary Herald ^ | January 6, 2015 | Stephen Ewart
    Oil traders are well aware of the supply glut but oil producers seem largely oblivious. With West Texas Intermediate crude breaching the $50 US a barrel threshold for the first time since April 2009 on Monday, the collapse in the price of oil that began last June resumed after the Christmas holiday and set the stage for continued volatility in 2015. Despite forecasts for lower drilling activity and oilsands investment in the year ahead after a 50 per cent decline in oil prices in six months, Canada is one of a number of the worldÂ’s largest producers pumping record volumes...
  • "Now There's Not Even Soap" Maduro Heads To China To 'Save' Socialist Utopia Venezuela

    01/04/2015 6:37:55 PM PST · by Kartographer · 84 replies
    Zero Hedge ^ | 1/4/15
    Social media is awash with striking images of #EmptyShelvesInVenezuela (#AnaquelesVaciosEnVenezuela) as the evaporation of basic human staples such as toilet paper has now been hyperinflated to total chaos at warehouses and supermarkets. As President Maduro decries the loss of $100 oil "stability", vowing to return oil prices to their rightful places (and heads to China for help), lines reach for miles for milk and soap... and the people defy governmental bans on photographing empty market shelves... "We couldn't find shampoo, so we washed our hair with soap. Now there's not even soap."
  • Oil extends rout, falls below $51 a barrel

    01/05/2015 6:50:15 AM PST · by Enlightened1 · 19 replies
    Market Watch ^ | 01/05/0=15 | William Watts
    Oil futures continued to tumble Monday, knocked to fresh 5 1/2 year lows as investors remain focused on a surging dollar and growing supplies of crude oil. Meanwhile, news reports last week said Russian oil production continued to rise in December. “The reason behind what could be the next leg lower? The economic conditions the oil markets face have not changed, which is eliminating buyers from even considering entering [long] positions,” said Jameel Ahmad, chief market analyst at FXTM. A rising U.S. currency makes dollar-denominated crude more expensive to users of euros, yen and other units.
  • Junk Bonds Are Going To Tell Us Where The Stock Market Is Heading In 2015

    01/03/2015 6:10:31 PM PST · by SeekAndFind · 8 replies
    TEC ^ | 01/02/2015 | Michael Snyder
    Do you want to know if the stock market is going to crash next year? Just keep an eye on junk bonds. Prior to the horrific collapse of stocks in 2008, high yield debt collapsed first. And as you will see below, high yield debt is starting to crash again. The primary reason for this is the price of oil. The energy sector accounts for approximately 15 to 20 percent of the entire junk bond market, and those energy bonds are taking a tremendous beating right now. This panic in energy bonds is infecting the broader high yield debt market,...
  • 2015: Why's the Oil Price Collapsing? Answer: $8+ Trillion Carry Trade

    01/03/2015 11:14:15 AM PST · by blam · 61 replies
    TMO ^ | 1-3-2015 | DK Matai
    By: DK_Matai Most in the media are utterly clueless about what's coming in 2015. It is incumbent upon ATCA 5000 to clarify the situation as we did prior to the start of The Great Reset and The Great Unwind during 2007-2008 based on our global intelligence gathering, detailed scenario planning and mathematical modelling of capital allocation and trans-national flows: 1. The price of oil has fallen by more than half from its recent peak in mid-2014 and continues to remain in relative free fall in 2015; 2. The US dollar, in which oil is denominated, is soaring against almost all...
  • Iraq Hasn't Exported This Much Oil Since 1980

    01/04/2015 6:17:00 AM PST · by thackney · 10 replies
    AFP ^ | JAN. 3, 2015 | AFP
    Iraq's oil exports reached their highest level in decades in December, the oil ministry's spokesman said on Saturday, but vital revenues were being hit by the plummeting prices of crude. Iraq exported 91.141 million barrels of oil in December for an average of 2.94 million barrels per day, the highest daily average since 1980, Assem Jihad told AFP, citing initial figures. December exports were far and away the highest in 2014, eclipsing the previous best month by more than 11 million barrels, according to ministry figures. But revenues were $5.247 billion, only up slightly on November and much lower than...
  • Oil price drop expected to hurt fringe areas in Bakken the most

    01/04/2015 6:09:26 AM PST · by thackney · 14 replies
    In Forum ^ | Jan 2, 2015 | Katherine Lymn
    en Chorn had a good vacation in Minnesota last month, making it to a Vikings game, a hockey game in Duluth and getting engaged. But while he was gone, the price of oil hit him personally. “While on vacation, I got a call from someone who’s covering for me and said, ‘Hey your rig’s being laid down,’” said Chorn, who does geology work on rigs for Sunburst Consulting. He’s had a slow six weeks since then. The oil price drop will impact fringe regions in the Bakken the most, experts said, because the oil there costs more to extract. “I...
  • Pump price plunge hits 99 straight days

    01/02/2015 10:59:50 AM PST · by DaveMSmith · 38 replies
    The average price for a gallon of gas has dropped for 99 days in a row, with six states – Indiana, Kansas, Michigan, Ohio, Oklahoma and Missouri – having average prices under $2 for the first time since 2009, according to price surveys Friday. Prices have plummeted about 40 percent since the start of June. Put another way, the Auto Club estimates that Americans are saving $500 million -- per day, each day – compared to the high prices paid last spring, allowing that money to be spent with businesses other than oil companies or just kept in the savings...
  • Commodity Prices Are Cliff-Diving Due To The Fracturing Monetary Supernova—The Case Of Iron Ore

    12/31/2014 6:13:00 AM PST · by Riflema · 65 replies
    davidstockmanscontracorner.com ^ | 12-30-2014 | David Stockman
    Crude oil is not the only commodity that is crashing. Iron ore is on a similar trajectory and for a common reason. Namely, the two-decade-long economic boom fueled by the money printing rampage of the world’s central banks is beginning to cool rapidly. (snip)Nowhere is this more evident than in China’s vastly overbuilt steel industry, where capacity has soared from about 100 million tons in 1995 to upwards of 1.2 billion tons today. Again, this 12X growth in less than two decades is not just red capitalism getting rambunctious; its actually an economically cancerous deformation that will eventually dislocate the...
  • As oil falls, Russia choked by military, social spending

    12/30/2014 11:49:11 AM PST · by elhombrelibre · 22 replies
    Reuters ^ | 30 Dec 14 | Darya Korsunskaya and Elena Fabrichnaya
    Russian authorities are facing some unpalatable options as they try to keep the economy afloat - unless they can persuade President Vladimir Putin to curb massive military spending. Officials fear that without limiting the defence budget, the government will have to raise taxes, increase the pension age or print money to prevent the state deficit from running out of control. Despite a crisis brought on by diving oil markets and Western sanctions, they believe Russia can muddle through next year provided the price of crude, its dominant export earner, holds near current levels. But even at $60 per barrel, the...
  • A Workforce Designed For $100 Oil Is Not The Same One Needed At $50 Oil

    12/30/2014 10:09:16 AM PST · by thackney · 48 replies
    Oil Pro ^ | 12/30/2014 | Joseph Triepke
    As 2014 winds down, many unanswered questions swirl in the industry. How deep and long will this downturn be? What companies will be most impacted? What will the ripple effects of lower oil prices look like? Answers to these questions will become more clear next year, but today we got one new answer. Many man camps, the semi-permanent housing facilities supporting the influx of workers in busy oil plays, will be folding up and disbanding. The leading man camp company has announced that it will be closing lodges in Canada, evaluating US rooms in light of a lower occupancy outlook,...
  • Brent oil hits new low as Opec price war deepens slump

    12/30/2014 9:23:26 AM PST · by C19fan · 6 replies
    UK Telegraph ^ | December 30, 2014 | Andrew Critchlow,
    Brent crude plunged below $57 per barrel briefly on Tuesday, marking a new five-and-a-half-year low as traders bet that the global oversupply of oil will continue deep into 2015. The benchmark has fallen more than 45pc since June and is on track for its worst year since 2008, while oil traded in the US is now poised to crash through the $50 per barrel level. "Oil bulls are having another hard week as Brent oil dropped to $56.90, a new five-year low, as lingering worries over supply excess overwhelmed fear of Libya supply disruptions," said Peter Rosenstreich, head of market...
  • North African Oil Giant Begs OPEC to Do Something

    12/30/2014 5:45:50 AM PST · by thackney · 13 replies
    The Blaze ^ | Dec. 28, 2014 | Associated Press
    Algeria’s oil minister on Sunday called on OPEC to cut production and raise the price of oil, which has plunged dramatically in the last six months. The call by Youcef Yousfi to the Organization of Petroleum Exporting Countries, of which Algeria is a member, comes as the country is struggling to deal with a halving of oil prices from $120 barrel to $60 a barrel. “For us, OPEC has to intervene to correct the imbalance and cut production to bring up prices and defend the income of its member states,” Yousfi said in remarks carried by the state news agency....
  • Saudi Arabia: We'll never cut oil production {OPEC really dead?}

    12/22/2014 5:28:28 AM PST · by thackney · 40 replies
    CNN Money ^ | December 22, 2014 | John Defterios
    In an exclusive interview with CNN, Saudi oil minister Ali al-Naimi also said he wasn't conspiring to take out rival producers by driving down the price. "These rumors or whoever generated them, is completely mistaken," he said. U.S. crude prices have slumped by nearly 50% in six months, the sharpest fall for many years. That has unsettled stock markets, accelerated a financial crisis in Russia, raised the risk that Venezuela will default and forced some U.S. producers to shed jobs and scale back investment. Depending on which conspiracy theory you subscribe to, Saudi Arabia is waging an oil price war...
  • OPEC Blames Speculators, Non-OPEC Countries, US Frackers for Oil Price Crash

    12/22/2014 6:20:58 AM PST · by Kaslin · 7 replies
    Townhall.com ^ | December 22, 2014 | Mike Shedlock
    OPEC is pointing the finger at speculators as well as Non-OPEC countries, but especially US shale producers for the crude price crash. Let's explore that idea in a series of charts. But first let's take a look at the allegation. The Wall Street Journal reports Gulf Oil Exporters Blame Non-OPEC Producers for Glut. Gulf oil officials on Sunday defended OPECÂ’s decision last month to keep its production ceiling intact, blaming producers outside of the group for the glut of oil on the market that has depressed prices. Speaking at an energy conference in Abu Dhabi, Saudi Oil Minister Ali al-Naimi...
  • Falling Oil Prices and the Climate Change Agenda

    12/22/2014 3:38:27 PM PST · by Sean_Anthony · 2 replies
    Canada Free Press ^ | 12/22/14 | Dr. Ileana Johnson Paugh
    The oil price drop is really gutting Obama’s green agenda The latest falling oil prices to $55.96 (West Texas Intermediate), dropping from a high of $105 per barrel in June 2014, as a result of increased domestic oil production from fracking, is making the price of $150 per barrel of renewables look ridiculously expensive, not counting the wasted government subsidies in bankrupt solar power companies. The green agenda, which has become a climate change industry, is very lucrative for wealthy climate alarmists and for the United Nations. Dick Morris said, “The oil price drop is really gutting Obama’s green agenda.”...
  • Oil Companies Seen Cutting Spending 25 Percent in 2015 Due to Falling Crude

    12/22/2014 1:35:43 PM PST · by thackney · 26 replies
    Rig Zone ^ | December 22, 2014 | Reuters
    Plunging oil prices will prompt energy companies to cut investments in new projects by 25 percent or more in 2015, analysts said over the past week, as firms try to stay cash-flow positive and keep debt in check. With oil prices down more than 40 percent since June, some companies, including ConocoPhillips, have slashed spending by 20 percent. But because crude prices have yet to stabilize, other companies are waiting to draw up budgets. "Many are buying time on 2015 capex and production guidance while hoping for a stable baseline to plan from," Capitol One Securities said in a note...
  • Russia Contagion Spreads To European Banks : French SocGen, Austrian Raiffeisen Plummet

    12/16/2014 12:15:39 PM PST · by Former Proud Canadian · 4 replies
    Zerohedge ^ | Sept 16, 2014 | Tyler Durden
    . We recently noted the rise of counterparty risks in the financial system due to oil prices dropping (and leveraged derivative exposures) but as the Russia situation has deteriorated so dramatically this week, a renewed focus on bank exposures has sent stocks reeling (and credit risk soaring) among many European (and US) banks. As Bloomberg reports, Raiffeisen Bank International and Societe Generale, the European banks with most at stake in Russia, led European lenders lower. Raiffeisen fell as much as 10.3% to 11.40 euros in Vienna, the lowest level since it went public in 2005. Societe Generale dropped as much...
  • OPEC isn't scared of $40 oil

    12/14/2014 1:42:51 PM PST · by Signalman · 15 replies
    CNNMoney ^ | 12/14/2014 | Gregory Wallace
    OPEC won't rush to cut oil production even if prices fall as low as $40 per barrel, one of the cartel's members said Sunday. The energy minister for the United Arab Emirates told Bloomberg at a Dubai conference that the middle eastern oil producers believe "the market will stabilize itself." "We are not going to change our minds because the prices went to $60 or to $40," Suhail Al-Mazrouei said. Even as it has watched prices dip, OPEC declined to cut back on production at its November meeting. Some observers had expected a production cut to boost the price of...
  • US stocks slump to worst weekly loss in more than two years as oil rout continues

    12/12/2014 2:50:14 PM PST · by John W · 32 replies
    AP via TribTown.com ^ | December 12, 2014 | Steve Rothwell
    NEW YORK — A rout in oil prices shook financial markets Friday, pushing stocks to their worst weekly loss in two and a half years. The stock market fell sharply as investors worried that slumping oil demand is signaling that growth outside of the U.S. is weaker than earlier thought. And while consumers and airlines will benefit from lower fuel prices, energy companies will see their earnings suffer. Some may even go out of business.
  • Oil is Getting Crushed

    12/10/2014 9:15:08 AM PST · by Chad_the_Impaler · 76 replies
    Business Insider ^ | 10 December 2014 | Stefano Pozzebon and Myles Udland
    On Wednesday, Brent crude broke $64 a barrel while WTI crude broke $61 for the first time since 2009. Both benchmark oil indexes were down more than 4%. Brent got as low as $63.72. WTI got as low as $60.55. Read more: http://www.businessinsider.com/oil-prices-drop-december-10-2014-12#ixzz3LW4F7cMt