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Bad news for the economy though.
Perhaps for the economy of Saudi Arabia...
Elaborate? Low oil means a lot things get cheaper.Bad news for the economy though.
Elaborate? Low oil means a lot things get cheaper.
I am sure there is point when it is too low for the domestic oil production since there is a break even on it with the extraction.
Bad news for the economy though.
Until the shale stops flowing because no one is making money getting it out of the ground.
All the experts say as gas prices fall then so will our economy. I think its a fin sham by big oil to scare us into thinking prices cant get to low. I mean imagine them not making ridiculous profits and the little guy in business receiving the benefits of people having an extra dollar in their pocket.
another problem with too much production is not enough refineries and little to no storage for the stuff. So we are a victum of our own success.
From $3.40s a gallon a few weeks ago to $3.17 right now. Interesting what happens when there are no hurricanes in the Gulf to "blame" things on and such.
From $3.40s a gallon a few weeks ago to $3.17 right now.
Interesting what happens when there are no hurricanes in the Gulf to "blame" things on and such.
And the BP oil spill that shut all deep water drilling and the rigs went other places in the world.$2.89 in NJ as of a few days ago, might be a touch lower now.
This is more tin-foil hat stuff.
Hurricanes in the Gulf do have a disruptive impact on oil supply, and thus prices, from both an extraction standpoint as well as a large refining impact due to geographic location of US refiners.
Likely not going to happen, prices would have to get to the low $60s for break-even, which is a far cry from here. Though it could possibly lead to some scaling down along the way.
And no major hurricanes to hit Gulf since 10/2005.
Isaac was a Cat. 1, IT shut down refineries in its' path for 3-4 days (end of August). Prior to the hurricane even making landfall there was a 5-15 cent spike out of fears. 92% of refineries were online within 2 days and ONE refinery was flooded and non-operational for over a week, yet and gas prices continued to rise and did not fall to their previous level until mid October.