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Oil plunges to 11-year lows on gas supply shock

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E

Ether_Snake

安安安安安安安安安安安安安安安
NH Apache said:
Yeah they are and with the new allowance to export, we've been shipping out our own stuff:

http://gcaptain.com/2016/01/04/first-u-s-oil-and-lng-sails-into-global-market/#.Vo1M1PkrKUk



I disagree. Next year, I'd expect we are back to 80/barrel at least.
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No. Prices can't go back up without leading to higher output. If they cut output, the price rises, competition rises, prices lower. Opec entered a trap of its own making and they won't be able to get out of it. Your best bet would be 50$ next year and even that is unlikely.
 
Wheeljack539

Wheeljack539

Member
Kadin said:
Gas prices continue to increase (at least here in California) due to unplanned maintenance at various refineries.
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unplanned
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giphy.gif
 
F

FZZ

Banned
And just the other day I had go fill up for 2.97 a gallon in Socal 😊😊😊😊😊😊😊😊

Fuck this shit
 
S

SyNapSe

Member
I filled up for 1.69 a gallon this morning. That's the lowest I've bought in a long long time

I needed most of my tank and it stopped just short of $20. feelsgoodman
 
Oppo

Oppo

Member
Canada will be fine. we have the fresh water that suddenly becomes super valuable when the petroeconomy collapses #3movesahead #4dimensionalchess #getonourlevel #tabris
 
O

oatmeal

Banned
Really depressing to hear about everyone back home (Calgary) losing their jobs and just the uncertainty going forward there.

My parents are in a rough spot as well, likely need to sell their home soon.
 
Iorv3th

Iorv3th

Member
old said:
Yeah, oil companies don't like that. So they bribed congress to end the export ban. Now we've got to compete against buyers from around the world.


Oil prices went down because there's new American oil on the international market. Gas prices for us are going up.
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No that's not why, well not entirely. It went down because other exporters (saudi arabia) didn't want us moving in on their turf. So they flood the market to get prices low to make it so it's not affordable to do fracking. They are going to keep it low for a while to try and kill off our market as much as they can. Then they will cut output and have prices go up and not have to worry for a while again about US oil. People will go back into it but it will be at a slower pace.
 
F

Freeza Under The Shower

Member
Kabuki Quantum Lover said:
This makes me wonder how it'll effect the Trudeau government plan of running deficits for a few years.
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anyone betting the farm on a flock of dodo's deserves to get fucked for sheer idiocy. Sorry Canada. We love ya and all, but seriously, oil is the equivalent of ice cutting in the early 20th century. It was never going to be a longterm commodity.

Obviously the current price deflation has nothing to do with that, but even so it was never a 'eggs in one basket' type deal. Or at least nobody should have thought that. Even if the price suddenly swings back up tomorrow and doesn't stop, you still shouldn't think that.
 
M

Mattlikewhoa

Member
RIP Alberta... You had a good run.

I'm loving the cheaper then usual price of premium gas (though it should be a LOT cheaper to us Canadians).

Oh and I'm glad I booked my vacation now, because our dollar is going to TANK!
 
M

mdubs

Banned
People are losing jobs and the suicide rate has gone up 30% in Alberta.

But cheap gas though so its all ok right?

oatmeal said:
Really depressing to hear about everyone back home (Calgary) losing their jobs and just the uncertainty going forward there.

My parents are in a rough spot as well, likely need to sell their home soon.
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For real, and people are cheering about the decrease
 
P

Pedrito

Member
Freeza Under The Shower said:
anyone betting the farm on a flock of dodo's deserves to get fucked for sheer idiocy. Sorry Canada. We love ya and all, but seriously, oil is the equivalent of ice cutting in the early 20th century. It was never going to be a longterm commodity.

Obviously the current price deflation has nothing to do with that, but even so it was never a 'eggs in one basket' type deal. Or at least nobody should have thought that. Even if the price suddenly swings back up tomorrow and doesn't stop, you still shouldn't think that.
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No one betted on oil except Alberta. For 85% of the country, low oil prices are at worst a minor inconvenience. On here, the biggest complain is the price of freaking video games. The struggle is real! Food prices are also going up a little bit, but if you're shopping around and looking at weekly flyers, it's not that bad.

The federal governement will run a deficit, but it will be pretty small vs. GDP compared to other oil producing countries.

So it's actually RIP Alberta and not RIP Canada. And Alberta will manage eventually. They can use this downturn to implement much needed reforms and when the oil price get back up, the oil sands will still be there.
 
Q

Quixzlizx

Member
mdubs said:
People are losing jobs and the suicide rate has gone up 30% in Alberta.

But cheap gas though so its all ok right?



For real, and people are cheering about the decrease
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Do you think we should shut down the Internet to protect the jobs of postal workers?
 
Guileless

Guileless

Temp Banned for Remedial Purposes
I wonder if it will go to $25 when Iran reenters the market and starts selling oil later this year. They've been waiting for this opportunity a long time.
 
O

oatmeal

Banned
Quixzlizx said:
It's not a straw man at all. The original poster is basically shaming people for celebrating progress due to the necessary disruption it may cause.
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Yup. And you brought up an analog that you felt was similar enough to an entire province in Canada who is suffering to make their problems seem okay.

Straw man.
 
G

Geeker

Member
Enjoy it while it lasts, this will lead to booming demand and massive investment cuts that will lead to supply shortages down the line. Sometime during 2017 and later
 
B

Bigfoot

Member
mdubs said:
People are losing jobs and the suicide rate has gone up 30% in Alberta.

But cheap gas though so its all ok right?



For real, and people are cheering about the decrease
Click to expand...
The people in Alberta (that worked in oil) were making about 50% more than those working in equivalent industries across the country so it's hard to feel sorry for them. They should have planned accordingly instead of spending like the good times would never end, so yeah I don't feel too sorry for them.

What I do feel sorry for is the people affected that weren't in oil but get hit because of the slow economy (like restaurant workers).
 
Z

zarggat

Banned
sucks for my company. saw two people i directly worked with get laid off and then they're saying another 10-15% this year. im already on the look out for other ops.
 
O

oatmeal

Banned
Porthos said:
The people in Alberta (that worked in oil) were making about 50% more than those working in equivalent industries across the country so it's hard to feel sorry for them. They should have planned accordingly instead of spending like the good times would never end, so yeah I don't feel too sorry for them.

What I do feel sorry for is the people affected that weren't in oil but get hit because of the slow economy (like restaurant workers).
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Everyone is getting hit. My brother works for a home builder and they're letting people go like crazy.

It's not just the people in oil this is affecting, it hits everyone.
 
D

Deadly Cyclone

Pride of Iowa State
The odd thing for me is the company I work at does better when oil is high, but I have to drive 35 miles to work and back every day.

Dammit.
 
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