Holy shit lads this is it. This is the moment.
Who /comfy/ here
what do you think is going to happen? oil is going to get so cheap no one will buy it?
Shouldn't burgers be fucked aswell?
I always thought the dollar is directly linked to oil, hence petrodollar.
I know you guys have other resources, unlike Russia, so how big of a dent will this cause?
Russia produces no goods, has to rely on oil / gas
Saudis fuck with oil price to cuck Russians and Burgers
It doesn't hurt us. The evil russians and dunecoons are trying to shutdown domestic oil production. US is calling their bluff and oil will keep keep falling.
It hurts Russia, Arabia, and Canada because they export lots of oil
Go do some reading on Saudi Arabia's economy. They have practically no cash at all left and are completely reliant on oil prices because their country is worthless without their black slime
Yeah it could destabilize the already shitty economy. Either way I can't bring myself to care. The apathy she is like tar pit.
>Saudis pumping oil out of the ground at record rates
>Iranian oil about to hit the open market
>Saudis hellbent on putting US producers out of business
>gas is hovering just about $1.50
Why are the Saudis trying to ruin western oil producers? Wouldn't it benefit the Saudis to keep oil around $100 a barrel? They get more money, and the western companies can stay competitive. Everyone wins.
In this scenario, the Saudis are getting less money than ever and having to work double or triple time to pump that shit out of the ground. Sure, in this case they're still making a profit, but not as much of a profit as when oil was $100 a barrel. Why do they have it out for the west? Did we offend them or do they just hate competition?
The fact that oil is dropping is proof of a global slowdown. It's the one thing Central Banks can't manipulate because it's produced en masse by large countries and free market companies.
>I always thought the dollar is directly linked to oil, hence petrodollar.
The dollar will be stable so long as everyone else is less stable. It's a bit of circular logic
It definitely affects the US.
Americans don't export Oil but you produce a lot that is consumed domestically
The dropping prices is putting pressure on American Oil and Natural Gas prices because they can't compete
They will go out of business
Rest in peace North Dakota
>mfw Arabs anally anguished
>mfw Canacucks Colon Crunched
>mfw Russians Rectum Ravaged
>mfw I'm just cosy and comfy
>Mfw falling Oil prices has a negligible affect on Australian prices because our dollars value is falling in tandem
>drive home often
>4x4 large truck
>parents gave me a gas card with a $700 credit limit per month so I could visit home
>used to max it out monthly
>now have $300 a month in gas station beer and chewing tobacco
If I didn't have an internship in the oil industry I'd be happy.
Canada Alberta fag here. I no longer fear death.
and the rest of the worlds currencies are linked to the ameridollar. australia for example likes to gimp our dollar to increase american purchasing power so you keep buying our cows, sheep and sugar.
They did cause it only the action has gotten away from them. The idea was to continue pumping out oil to drive the price down and run all the shale oil and frackers out of the game. Only the OPECs are burning through their reserve cash too fast.
Fuck it, man! We need to open up Alaska and DRILL BABY DRILL
OPEC, led by the Saudis have a gigantic amount of oil resources and want more money.
So now they are flooding the oil market to drive out competition, particularly American fracking businesses and raping the Canadian dollar on the side, since Canada is heavily dependent on this sort of shit.
The idea is once all of their competition is driven out, they'll raise the price of oil uncontested and make a ton of money.
it will hurt domestic oil temporarily, but the US will mostly be fine
basically yes, but not easy to do.
fucking ausfag,shutup. have you seen the ausdollar? our government likes to tie it to the ameridollar for 50c. the only reason why it wouldnt matter to you is if you live in a tin shed in the middle of rural victoria. the cost of fucking your cousins doesnt rise in relation to oil prices. now ride your kangaroo into town and take a look at how goddamn expensive everything is.
look at the mines failing. look at all the layoffs, the rural towns closing down for business faster than ever. us being able to ship coal was dependant on oil being wildly expensive, making shitty polution coal cheap enough to warrant burning it.
Which they'll never be able to do. It's a natural resource, not a clothing manufacture. The Saudis need it more than us. They're basically shooting themselves in the foot
for those who didnt notice, this is what caused the gulf war and gulf war 2. they do it and our only response to it has been to pick a random opec country and bomb it to shit as an example of why not to fuck us around.
>$4.10/gallon is taxes
sounds like you need to dump the gas into the harbor
are you saying that coal speculation had nothing to do with the ever growing record oil prices? and our mining booms flow on to the construction industry wasnt linked to said speculation?
right now as it stands, our government is shitting itself because the only way that liberals know how to balance our budget is to asset strip. rental prices go high, sell property to foreign investors, increase welfare rent assistance, government welfare money flows overseas to foreign investors. but net gdp growth for this year eh?
>The idea is once all of their competition is driven out, they'll raise the price of oil uncontested and make a ton of money.
which is a pants on head retarded way of thinking.
many oil companies in ND have already mothballed many of their wells to just wait out the "storm"
it is totally asinine of them to think production will never again resume.
>oil price goes back up
>mothballed wells are re-opened to take advantage
>price goes back down
>OPEC back to square zero.
in a nutshell, force out infrastructure changes in America and elsewhere (prevalence/ease of fracking, number of pipelines) before they get a prolonged foothold and no longer need to grow to sustain themselves.
and when the saudis run out of oil, then we safely glass over the entire peninsula
>Who /comfy/ here
29.65 THE REBOUND IS OVER.
THIS IS NOT A DRILL (heh)
An important reason why the west needs Trump. He'll outright reject bad trade and bully the Saudis over stuff like this.
Which is wise for ND. I'm not saying the Saudis' plan is foolproof but they and their ilk have literally nothing going on economically except oil.
The Chinks have been faking their growth numbers for years (7% growth meme), while in reality their activity has slowed a lot.
So the oil counter-shock we are experiencing is a also a sign of china's plummeting demand and slowing economy.
If China crumbles, habbidin will habben.
meanwhile in t. alberto barbosa petrol (gasoline) still over € 1/L (€4/gal)
No, it only takes years to survey the land and make an oil field accessible.
Once you laid the groundwork it's a matter of days/weeks to open a well up again.
See pic related: the US oil production isn't at a peak, they have a lot of wells that are not tapped right now.
They have a lot of oil for a lot of years to come. They probably saw that there is oil glut from supply/demand perspective and probably decided that its too much for them to act as swing producer this time as they would have to cut just too much, loose market share and in a way subsidize Iran, Russia and opec poor fags like Venezuela which they just don't want to do (why would you want your enemy to get 100$ for all his oil when you loose market share?). They thought low prices will hurt shale but probably miscalculated there. Anyway they can't really do anything about it now as technology genie is already out of a bottle and no one can put it back. Even if companies will bankrupt someone will buy their oil and equipment on the cheap anyway. That's why I don't think that it was their main objective. Now countries and companies that owe money need to pay it back so they are pumping no matter the price, just to keep cashflow going and here we have a race to the bottom (in a way market failure). It will be resolved only when some real big bankruptcies occurs.
>price of oil at record lows
>food prices still high as fuck
Actually this and the disintragtion of most of OPECs investments in the Euro is the reason that the Saudis plan has backfired. They thought the demand for oil would always be there, but once China crashes then 20$ a barrel will become the norm. Frankly Canda is the most fucked out of anyone. Everyone else saw the writing on the wall and either subsidized their oil producers or funneled barrels into their reserve using govt money to buy it and prop up companies. Weed man should have been doing something rather than waste Canadian tax dollars on SJW programs and bringing in migrants.
why are the gas prices still the same as they were last year
Russian shills here claim petrol plays only tiny part in gas pricing. Meanwhile any bumps are reflected almost the next day.
What magic is this?
Another meme is that the country will starve because the budget will get less money if the price drops, less taxes and all.
Just nuke my shit up desu senpai.
Birds are terrible pets. They might be smart, but that can be a bad thing.
Like parrots live for multiple generations of people. And if you ever get a big bird you basically have a 4 foot circle around them that covered in bird shit and feathers.
HAHAHAHA fuck yes
cheap oil blblblblbl
OnE DAY oil will run out. BY THEN most normal economies will have switched to other energy forms, but the oil exporters will come down. they already are. GET REKD
The baltic dry index (it measures shipping) has hit an all time low.
In the 80s when it started it was 1000
its now 383.
Its an incredibly good measure of world trade.
Heres how its gone for the year.
383.00 - 1,222.00
2/3rds down for the year.
>But that doesn’t explain everything. The truth is that exports are way down all over the world. China, the United States, South Korea and many other major exporting nations have all been reporting extremely dismal export numbers. Global trade is contracting quite rapidly, and I don’t see how anyone could possibly dispute that.
>The global economy is a mess, but many people are not paying any attention to the economic fundamentals because they are too busy looking at the stock market.
OPEC tries to be cute, fucks itself. Economies worldwide are going down so they don't need to gobble up oil to fuel their production of jack shit. OPEC gets further fucked as oil plummets.
Heap of things.
The stock market is inflated to buggery with "cheap" money brought about by nearly zero interest rates.
Fracking has made oil cheap.
Government policy is to keep energy expensive to save the planet.
The Middle East is suddenly looking at being out of money in about 5 years (for the Saudis) and are desperately trying to consolidate by fucking each other over while they still have the cash.
China is an incredible bubble of shit which their government might be able to ride out.
So many shitty things going on.
>now how is that bad
Normal country -> Lower oil price -> Lower petrolium price -> Cheaper transportation costs -> Cheaper goods for everyone
Third world oil shithole -> Lower oil price -> Massive budget deficit -> Higher prices for everything -> Eventual economy collapse
>Fracking is continually getting more efficient
>Frack harder for lower cost
>Saudis and others increase production to cover profit shortfalls from lower prices
>Shitloads more oil on market than world wants to buy
>Lowest prices in long time
Shale oil is a different game. It's really quick and easy to cap and uncap fracking wells. There are a shitload of currently capped/mothballed wells sitting pre-drilled and ready to start production again if/when the oil price goes back up.
Saudis are going to lose fucking hard if they think they can burn their own treasury down to send frackers broke.
That makes me think, why western countries put up with so much bullshit from Saudi Arabia?
Why not do what it was done several times to other countries?,and maybe make and alliance with Iran.
Gas is finally going to be at 99 cents per gallon again, I can't wait.
it's already being sold at that prize, all of it, crashing doesn't mean it's not getting sold kek
oil is still one of the most demanded resources in the world, the simple difference is that tech allows some producers to be more competitive and produce more in less time, aka, more offer, aka, more resources, aka, gonna get cheaper
Fracking is here to stay folks, scarcity is really far away
Saudi are trying to force American frackers out the market.
What's going to happen when Iran starts engaging with the free market again? Jesus christ this could be bad
Not a crash, planned and controlled manipulation of production and refinement, pricing, and availability offered by refiners. This is far from a 'new' concept...
Something to keep in mind is that oil collection and refinement is not a break through science...it's still collected and processed just as it was a hundred years ago. Some techniques might be refined but the results are the same, controlled results. If oil gains or crashes it's because of careful planning and manipulation by those that hold the reins.
ARE YOU GUYS FUCKING RETARDED??
HELP US BRING OILPRICES UP!!!!!!!!!!!
WE NEED THE OILPRICE UP!!!!
>energy prices go down
>saudi arabia fails
>turkey and israel are now the two competing powers in eurasia region because neither relies on natural resources
> When the world has gone dark, roaches will be the kingz 'nd Qeens
Don't you have an ISIS rally to go to?
And don't worry fags. Once the winter batch is gone price will rise 50%
>tfw living in the most oil dependant part of norgay
>tfw bought a house last year
>oil will bottom at $50 they said
>it'll double at any time they said
>americans will stop pumping and their shale industry will collapse they said
>tfw all the non-white countries getting fucked over by this
Roll on $20 a barrel
If anyone has 5-10k cash in savings now would be a good time to get into USO or UKO, WTI and Brent crude will be atleast $60 USD by the end of the year, and this is an easy chance for you to effectively double your money with minimal risk. If you are greedy you can wait for the price to push lower into the 20s or teens.
OPEC meets in June and will reduce production quota, market will react and push the price up from $10-30 to $50-60 range in a few short months.
they already did like 10min by car from my house ;_;
>OPEC meets in June and will reduce production quota, market will react and push the price up from $10-30 to $50-60 range in a few short months.
Not gonna happen, OPEC needs to cut by 1-2 million. No one will agree to this and if it does rise USA and Russia will ramp up production, price will drop down again and OPEC will lose even more market share.
Oversupply is way too high, it'll be at least another year, maybe 2 until demand catches up again.
Was it the one where they raped a three year old kid?
They did anon.
Turkish-fag doesn't know shit about politics.
Saudis overflow the market wíth oil on purpose to damage Iran and the US.
Things were great for the Saudis, until the US approved market participation for Iran again.
yes, tfw we are planning to have children soon.. JUST
>price goes up
>price goes down
>over produced oil runs low
>demand kicks in
Simple and effective wave. No one's trying to get the the oil game locked up why would they bother when they can still make billions. Sorry ladys but no habbening
but that's not even true we arent dependent on "sand nigger" (nice edgy offensive stereotype, kiddo) oil it all comes from north america except like 5% dipshit
how would drilling more help (other than it is another republican buzzword of course) when there is already too much supply crippling greedy US oil corporations?
it cannot. our pollies are all heavily invested in real estate. our prime minister is a jew. the people in charge will bankrupt the country before they let their portfolios depreciate.
At least it was one of their own kids. They won't be released into the wild for a while yet.
So you have some time to prepare.
This is a common meme but it's not true. Russia is more reliant than the U.S but it's less reliant than most economies when it comes to oil/gas production.
I had the link before but someone did a graph breakdown and the oil reliance was less than expected.
Just off the top of my head, not that it's a big deal, Russia is the #1 producer of raspberries in the world (the U.S #1 in strawberries).
it's a giant middle finger to a refinery state.
(continuing to assume so)
we just suck balls at roads, and major products.
worse yet, the highway 99 tunnel is causing sink holes, the 405 toll lane made way too much money way to fast (illegally so, they're going to make it 1 lane instead of 2, which they should have fucking done in the first place.
the eastsiders deserve to be pissed, they have a wonderful road system that was totally nerfed by them making the toll lanes 2 lanes then adding a fruity bike lane to prevent people from using their precious toll lanes for a quick pass, even for a second.
if you're not a washingtonian sorry about that.
it's just we're a state with alot going for it, but the state cant seem to complete even a single massive project on time or within budget.
at least their dirty dealings left us with some pretty cool employers.
Cheaper oil is a great thing for Americans. Cheaper gas means more money in the pockets of consumers, and cheaper construction costs, cheaper manufacturing costs, all that jazz.
Even if we have to shut down our oil fields because the prices drop so low that only the Saudis and Iraqis are exporting, that's GREAT for us, because as soon as their production costs rise and their wells run dry, guess who has a shitton of oil at moderate prices?
A M E R I C A
Cheap oil is good for the consumers such as Europe and China.
but it's not about the consumers but about the producers
What will saudi arabia and russia do, what will happen if this keeps on going on for another year. Lot's of countries rely solemnly on oil export so these will implode
hold on tide boyszzz
literally all significant russian exports are natural resources
All 3,8 inches of it
why can't oil companies band together and just say?
"Fuck what that little graph says, you will pay this price or else no oil for you"
Why is global business so cukd they listen to what a little computer in wal street makes up.
Fucking stupid computer
The oil is not supposed to last past 2030.
If you want to invest longer term than that, invest in something that's about to do ridiculously well, like salmon, which thanks to the weaker currency can sell its wares 30% cheaper in the international market for the same price.
They were worried when the price dropped below $50. Now it's below $30. God I hope it goes lower
I've read a few post and either the Saudis doesn't economics or /pol/ cans not into economics. If opec is doing this in hopes of drive out competition it will fail. This kind of shit never works. This is what will happen. OPEC nearly bankrupts themselves buy selling products below market rate( this is what over production of oil is doing) to drive competition out of market. If that works then what raise prices to high monopoly rates? If the price rises it is now profitable for others to enter the market meaning they accomplished nothing and spent all there money.
You do realize that oil is so cheap right now because no one's buying, right?
tfw the glorious north is experiencing the highest growth during these shitty times
I live in Stavanger too, but I got laid off in November. Thank fuck I didn't buy a house here. This is the first time I've been unemployed in my entire adult life (30 years old) Going north next week for a job interview in an unrelated field. Wish me luck ;_;
Norwegian krone, Ola. We don't translate units of currency.
>we're still doing fine.
Confirmed for not living in a coastal city. Jobs gone, jobs gone everywhere. Where the fuck are the rapefugees going to "work" when even whitey potato can't get a job?
Something morons need to understand:
>when the price is this low oil producers have to shut down wells because they aren't profitable
>no, the saudis aren't controlling this
>its a deflationary collapse
This is a literal and real happening
>mfw all entire world progress, technology and development of civilization as a whole is directly tied to primary energy resources (theres only one and its oil (coal too but it doesn't count))
>implying overpriced oil hasnt cause a drag on civilisation
>implying big oil hasnt sucked up investment and technological development around the world
>implying the ME would be as fucked up as it is if oil dictators had less money in their pockets
>Oilniggers who bragged about muh libertarianism for 15 years are now demanding that the government bomb Saudi Arabia or Iran to get the price back up or price fix it to $55 a barrel cuz "muh jobs"