wheatonFJR
...
I would guess that these crude oil prices will kill all those jobs in ND, SD, and TX pretty soon unless they get some good bank backing or sumpin...
How much is gas where you live?
- Thread starter Bugnatr
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TomInPA
Well-known member
It's kind of the nature of a boom. ND will be first due to logistics and lack of a pipeline. Gold rush, oil boom, etc.
They will be back as soon as the price comes above production costs. Until then, real estate prices will follow the loss of jobs.
$1.91 for regular unleaded on the way to Lowe's today here locally.
-$0.10 for OKC pricing since TX never rescinded the Super Collider tax even after the project was cancelled.
These prices have really put a dent in mineral rights royalties this past month.
-$0.10 for OKC pricing since TX never rescinded the Super Collider tax even after the project was cancelled.
These prices have really put a dent in mineral rights royalties this past month.
Uncle Hud
Just another blob of protoplasm using up your oxyg
OPEC is holding their prices below the costs of US production. They know it's nice to be the only seller in the marketplace.
<edit: not meant to be political -- it's a business comment. Similarly, I'd like to be the only transport engineer in Georgia.>
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Pterodactyl
Well-known member
Would they not need to sell well below the Canadian/Mexican/Amerikan prices to overcome the transportation costs? Those oil hauling supertankers are not all hybrids.
TomInPA
Well-known member
OPEC and other producers do not set prices per-se. They produce more or less oil for the market, which determines the contract price based on actual or perceived future scarcity or surplus. Many other factors like distribution, world peace/war and economic condition end up in that equation.
It's nice to be on the winning side of that formula after many years of feeling screwed.
It's nice to be on the winning side of that formula after many years of feeling screwed.
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Uncle Hud
Just another blob of protoplasm using up your oxyg
I stand corrected: TominCA is absolutely correct. OPEC doesn't set prices, but manipulates them by raising or lowering the amount of oil that the Organization decides to put on the market.
Back to the topic, I've been photographing gas prices for the past 10 days, and know a good Atlanta price is below 2.50 and is not that difficult to find outside of downtown.
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bigjohnsd
2021 BMW R1250GSA
$2.10 here at home in Spearfish!
I saw $1.77 this weekend in the OKC area. Ethanol and ca$h.
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wheatonFJR
...
1.95 credit down here in SC
danh600
Well-known member
I live in Palm Beach County, FL. The county has a pretty hefty tax on gas.
I am still paying 2.75 in the rural western part of the county. You can get it for 2.45 in the eastern urban areas.
I seriously doubt we will see <2.00 gas ever!
I am still paying 2.75 in the rural western part of the county. You can get it for 2.45 in the eastern urban areas.
I seriously doubt we will see <2.00 gas ever!
wheatonFJR
...
Pterodactyl
Well-known member
From the Financial Times:
Opec leader vows not to cut oil output even if price hits $20
Anjli Raval, Oil & Gas Correspondent
Ali al-Naimi, Saudi oil minister
Opec will not cut production even if the price of oil falls to $20 a barrel, the cartel’s de facto leader said, spelling out a dramatic policy shift that will have far-reaching implications for the global energy industry.
In an unusually frank interview, Ali al-Naimi, the Saudi oil minister, tore up Opec’s traditional strategy of keeping prices high by limiting oil output and replaced it with a new policy of defending the cartel’s market share at all costs.Nick Butler Forget Opec
He said the world may never see $100 a barrel oil again.“It is not in the interest of Opec producers to cut their production, whatever the price is,” he told the Middle East Economic Survey. “Whether it goes down to $20, $40, $50, $60, it is irrelevant.”
The comments, from a man who is often described as the most influential figure in the energy industry, marked the first time that Mr Naimi has explained the strategy shift in detail.
They represent a “fundamental change” in Opec policy that is more far-reaching than any seen since the 1970s, said Jamie Webster, oil analyst at IHS Energy.
“We have entered a scary time for the oil market and for the next several years we are going to be dealing with a lot of volatility,” he said. “Just about everything will be touched by this.”
Analysts say that Saudi Arabia is throwing down the gauntlet to all the high-cost sources of crude — from the oil sands of Canada and US shale to deepwater Brazil and the Arctic — in an attempt to face down the threat they pose to its market share.
Mr Naimi said that if the kingdom reduced its production, “the price will go up and the Russians, the Brazilians, US shale oil producers will take my share”.
Oil has slumped by nearly 50 per cent since mid-June amid a massive supply glut fuelled by surging US shale output, combined with weakening demand for crude in Europe and Asia.
In the past, Opec has cut production when prices fall, such as during the 2008 financial crisis. But at the cartel’s meeting in Vienna last month, members held output steady at 30m barrels a day, sending prices into a tailspin.
The price plunge has thrown the economies of big oil exporters like Russia and Venezuela into disarray and forced oil companies across the world to rewrite their investment plans.
But it could prove to be a major boon for the global economy. The International Monetary Fund said on Monday that a prolonged price slump could boost global growth by up 0.7 per cent in 2015 and 0.8 per cent in 2016. China would be the biggest beneficiary, with its GDP boosted by up to 0.7 per cent in 2015 and 0.9 per cent in 2016.
Oil prices fell further on Monday as markets digested Mr Naimi’s remarks. Brent crude, the international oil marker, was down $1.08 to $60.30 a barrel, after falling as low as $59.84 in afternoon trading. It is now hovering at five-and-a-half year lows.
In the MEES interview, Mr Naimi said Saudi Arabia and other Gulf oil producers would be able to withstand a long period of low crude prices, largely because their production costs were so low — at only about $4-$5 a barrel.
But he said the pain will be much greater for other oil regions, such as offshore Brazil, west Africa and the Arctic, whose costs are much higher.
“So sooner or later, however much they hold out, in the end, their financial affairs will limit their production,” he said.
“We want to tell the world that high efficiency producing countries are the ones that deserve market share,” said Mr Naimi added. “If the price falls, it falls . . . Others will be harmed greatly before we feel any pain.”
The bluntness of Mr Naimi’s message took even seasoned Opec observers by surprise. “I’m more bearish than most people looking at the oil price, but even I am stunned how aggressive his comments are about this radical departure from policy,” said Yasser Elguindi of Medley Global Advisors.
Opec leader vows not to cut oil output even if price hits $20
Anjli Raval, Oil & Gas Correspondent
Ali al-Naimi, Saudi oil minister
Opec will not cut production even if the price of oil falls to $20 a barrel, the cartel’s de facto leader said, spelling out a dramatic policy shift that will have far-reaching implications for the global energy industry.
In an unusually frank interview, Ali al-Naimi, the Saudi oil minister, tore up Opec’s traditional strategy of keeping prices high by limiting oil output and replaced it with a new policy of defending the cartel’s market share at all costs.Nick Butler Forget Opec
He said the world may never see $100 a barrel oil again.“It is not in the interest of Opec producers to cut their production, whatever the price is,” he told the Middle East Economic Survey. “Whether it goes down to $20, $40, $50, $60, it is irrelevant.”
The comments, from a man who is often described as the most influential figure in the energy industry, marked the first time that Mr Naimi has explained the strategy shift in detail.
They represent a “fundamental change” in Opec policy that is more far-reaching than any seen since the 1970s, said Jamie Webster, oil analyst at IHS Energy.
“We have entered a scary time for the oil market and for the next several years we are going to be dealing with a lot of volatility,” he said. “Just about everything will be touched by this.”
Analysts say that Saudi Arabia is throwing down the gauntlet to all the high-cost sources of crude — from the oil sands of Canada and US shale to deepwater Brazil and the Arctic — in an attempt to face down the threat they pose to its market share.
Mr Naimi said that if the kingdom reduced its production, “the price will go up and the Russians, the Brazilians, US shale oil producers will take my share”.
Oil has slumped by nearly 50 per cent since mid-June amid a massive supply glut fuelled by surging US shale output, combined with weakening demand for crude in Europe and Asia.
In the past, Opec has cut production when prices fall, such as during the 2008 financial crisis. But at the cartel’s meeting in Vienna last month, members held output steady at 30m barrels a day, sending prices into a tailspin.
The price plunge has thrown the economies of big oil exporters like Russia and Venezuela into disarray and forced oil companies across the world to rewrite their investment plans.
But it could prove to be a major boon for the global economy. The International Monetary Fund said on Monday that a prolonged price slump could boost global growth by up 0.7 per cent in 2015 and 0.8 per cent in 2016. China would be the biggest beneficiary, with its GDP boosted by up to 0.7 per cent in 2015 and 0.9 per cent in 2016.
Oil prices fell further on Monday as markets digested Mr Naimi’s remarks. Brent crude, the international oil marker, was down $1.08 to $60.30 a barrel, after falling as low as $59.84 in afternoon trading. It is now hovering at five-and-a-half year lows.
In the MEES interview, Mr Naimi said Saudi Arabia and other Gulf oil producers would be able to withstand a long period of low crude prices, largely because their production costs were so low — at only about $4-$5 a barrel.
But he said the pain will be much greater for other oil regions, such as offshore Brazil, west Africa and the Arctic, whose costs are much higher.
“So sooner or later, however much they hold out, in the end, their financial affairs will limit their production,” he said.
“We want to tell the world that high efficiency producing countries are the ones that deserve market share,” said Mr Naimi added. “If the price falls, it falls . . . Others will be harmed greatly before we feel any pain.”
The bluntness of Mr Naimi’s message took even seasoned Opec observers by surprise. “I’m more bearish than most people looking at the oil price, but even I am stunned how aggressive his comments are about this radical departure from policy,” said Yasser Elguindi of Medley Global Advisors.
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Uncle Hud
Just another blob of protoplasm using up your oxyg
Quote from Pterodactyl's OPEC story above: "The International Monetary Fund said on Monday that a prolonged price slump could boost global growth by up to 0.7 per cent in 2015 and 0.8 per cent in 2016.
Just had a wild thought. If OPEC keeps oil prices low, could they be responsible for dragging us out of this global recession? Arab nations (and Venezuela) supporting decadent capitalism. Irony.
Just had a wild thought. If OPEC keeps oil prices low, could they be responsible for dragging us out of this global recession? Arab nations (and Venezuela) supporting decadent capitalism. Irony.
Pterodactyl
Well-known member
I think Russia, Iran and Venezuela might have a different view. Of course a Russia in a recession with the resulting instability is not a good thing, but it can be fun watching them suk for awhile.
Bugnatr
Well-known member
$2.48 at sams club. Party on!!!!!
bgross
Recusant Infidel
At Costco a couple days ago and filled the Odyssey tank @ $2.399/gal.
An even more important aspect for many of us in the northeast, is that falling crude oil prices means lower priced heating oil. Only the more urban areas have Natural Gas, so many of us up here have oil heat. This year and last I've resorted to burning wood pellets instead of $4 a gallon oil. Prior to that we burned far more gallons of oil in a heating season than we'd ever use in gas in a year.
If heating oil drops down to near $2 a gallon I can put the pellet stove on standby, or else the pellet prices will have to fall a lot to keep pace, which very well may happen when there is excess pellet manufacturing capacity. It is nice that wood pellets are a renewable, local resource, but for the added effort to run the stove there has to be some kind of a big financial benefit. Last year I cut my heating bill in half. This year, not nearly so much.
If heating oil drops down to near $2 a gallon I can put the pellet stove on standby, or else the pellet prices will have to fall a lot to keep pace, which very well may happen when there is excess pellet manufacturing capacity. It is nice that wood pellets are a renewable, local resource, but for the added effort to run the stove there has to be some kind of a big financial benefit. Last year I cut my heating bill in half. This year, not nearly so much.
$2.029/gal, 87 octane.
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