Oil getting destroyed, down over 5% for yet another time this year
Brent at $29.33!
>Oil and gas getting cheaper and cheaper
>All oil/gas states like Russia, IR, KSA are getting BTFO!
Guys if we get a 2008 style crash Trump will walk into the Oval Office.
isnt there some sort of deal involving iranian oil thats going to go in effect/enging thats going to flood the market even more any day now too? i wonder how low the loonie is going to fall. god im probably going to die of a heart attack or something by the time ill be able to afford real food next
DAMN LAST TIME I SAW A CHART LIKE THAT I WAS AT A JEB BUSH MEETING
DOW JONES GETTING HAMMERED IT'S ALMOST LEVEL WITH CHINA'S %
>Some years ago we bough lots of insurance for this shit.
>Leftists and liberals shitting on the government, calling it a waste of money.
>We are safer than most oil producing countries now.
Feels good to be in the right side of history, conservatism.
It's just amazing the crash didn't happen last year. The Fed Bubble is amazing.
The reason it's amazing is that the majority of low IQ shithead people didn't notice it happening or didn't believe it.
Muh bailouts, QE, and 0% interest rates are such a good idea instead of reform. Centrally planned economies are historically so effective. Of course it's not a bubble.
It's because people are too stupid to look at the statistics that actually determine economic outcome.
They are extremely easy and simple but the majority of predictions are based on variables that have no effect.
feels so fucking good man
Would somebody please bomb the fuck out of Saudi Arabia already!??!?!
Don't worry, I'm sure and old jewish lady will be able to keep the largest asset bubble since the dot com bubble going indefinably thanks to her crack team of old political hacks and ex investment bankers
because as you all know, the more you distort financial markets, the more stable they get :^)
t. Paul "always wrong" Krugman
Wait why are low oil prices bad, isnt that good thing? Everything is getting cheaper right? It may be bad for some competition but most of us should be good?
I bet half of you faggots dont know why is it bad, you just repeat what media tells you.
plenty of the worlds big players rely on oil, when the price falls things go to shit in those countries for obvious reasons, and when the big players start tanking you bet your ass theyre going to take everyone but the most isolated markets down with them. cheap gas wont save you when the atms are empty
are you literally fucking retarded? take a wild guess as to why a countries major source of income being slashed dramatically and growth grinding to a halt, if not worse, is bad for an economy
>tfw we'll be getting soon starving russian refugees jumping our borders from the total destruction, poverty and cannibalism.
Can't wait for mad max with snow.
This guy gave resonable answer
You are 12 with no understanding in Economy.
If Gas is cheaper everything should become cheaper because its energy used on daily base for everything basically.
When something is cheaper it means there is more of that product but in normal circumstances its vary good.
If tomorrow we found unlimited ammount of gas we would be richer and everything would be cheaper retard.
Its only as previous guy say ITS only INDICATOR that people dont buy anything and oil companies just want to sell surplus...
>living in california
Why not just go all the way and move to North Korea?
WALMART TO SHUT 100S OF STORES
'Recession worse than '08 coming'...
Puerto Rico 'in midst of economic collapse'...
'Suspicious Substance' on Capitol Hill Sends 8 to Hospital...
Ebola death in Sierra Leone hours after WHO declares outbreak over...
Paper says govts need prepare for catastrophes like Yellowstone eruption...
>gas still $2.99/gallon as it as been for months
and everyone told me I was wrong to buy a Mustang and to just get prius instead. Speed limits being raised in TX all the time, new highways, cheaper gasoline, absolutely toppest of keks.
I think even Obama wants to kill domestic oil, even if it means killing the incentive to buy "green" energy for now.
The fools, domestic production will find a way to survive and adjust.
Domestic production will not stop unless there is a truly more efficient means of getting energy.
At which point president trump unfucks domestic production, allows unprecidented drilling, and oil stays fairly cheap anyways.
Ironically cheap gasoline is the only thing making Obama's term sufferable, despite his attempts to raise gas prices domestically and hinder drilling.
>Iran sanctions getting lifted so they can flood the markets
>Oil war to kill Russia's exports
>Soon to be completed Syria-Turkey pipeline (what do you think ISIS was there for, silly?)
Please go ahead, i really do need that liquidity of yours
the things happening in the oil market have fucking nothing to do with the federal reserve
All of this could have been predicted before the financial crisis when a shitload of money was being invested into increased oil production in response to high prices and innovations in American oil sector were just beginning to take off.
Changes in China's economy away from energy intensive heavy industry and into more services and consumption could have been predicted too
This is great, all this means is, IF oil suppliest are to tap out anytime soon, it will be our enemies and competition who run out first.
We would have the technology to sell for them to use alternatives, AND the oil to sell if they want more.
It wont come back the same, as soon as it raises, US production will wake up.
They can't kill western oil permenently, they'll just get good at hiring temporary workers and setting up automated systems.
He is right you know
Syria-Turkey pipeline. The tldr of it is that in 2009 a fuckton of oil and gas was discovered in Lebanon, a pipeline was needed to supply EU, Assad said no cuz Putin told him so, Assad gets rekt by US funded ISIS
Assad is now rekt, Putin has no more balls, Iran gets sanctions lifted, ISIS no longer needed, pipeline gets built, we swim in oil nao
Iran is about to have all trade embargo's lifted and get into the oil market feet first hitting the ground running.
Saudis are scared as fuck.
Fracking has massive growth.
Shale and tar sands massive growth.
Canadian loony tunes collapsing.
China market hanging on by the strings of their inflated savings of 1 billion workers being pumping into the selloff.
It is OGRE.
Buy ammo. buy guns. Prepare and brace for national civil unrest in whatever country you are in.
Bread lines, rioting, looting, rapes and murders will be everywhere.
Starvation, mass disease and bad water, sickness and corpses will be the bad thing. Fires burning out of control. Power out. Meanwhile friendly people on financial news television are trying to keep things calm until the very end. Everything is fine! Buy more goy! Make profit it is fine!
>Actually isis raises prices
Okay buddy, keep gobbling those OPEC lies
Hey you stupid piece of shit.
>the things happening in the oil market have fucking nothing to do with the federal reserve
tell me where in my post did I even mention oil you stupid fuck
That would be me, and I never implied you were poor. I said you would lose whatever money you'd invest plus some of the money not invested on premiums, seeing as you'd have to sit on those call options for a long itme.
YOU STUPID GOYS KEEP BUYING THE MARKET IS CORRECTING EVERYTHING IS FINE YOU STUPID IDIOITS EVERYTHING IS STABALIZING AND IS FINE JUST KEEP BUYING AND INVEST IN ISRAEL YOU STUPID GOYS ITS A BULL MARKET THE DOW IS AT 2000000000 PINTS AND CLIMIBING JUST BUY THE DIP AND THE FED WILL LOWER INTREST RATES YOU CAN TRUST ME GOY BUT YOU MUST BUY NOW AND INVEST EVERYTHING CHINA WILL HALP YOU DONT WORRY.
Oil is low because everyone realized alternative energies are becoming competitive
The old low IQ idea was that Oil would only grow in value as time went on. The truth is that technology and innovation btfo that idea.
Saudi Arabia and everyone else realized Oil is actually going to be shit soon and not even worth taking out of the ground. The only rational decision in this situation is to just pump as much as possible before oil is worthless.
>mfw all those oilfield workers who were always talking about how much money they make and how hard they work or how college is for babies
>mfw they are now begging for mcjobs
>Slavs opened a station across the street from some PooinLooians
>Every day they fight to lower prices
>Filled up at 1.90 yesterday.
And this is in Taxachusetts.
It does make sense. How many of the same countries would be more inclined to now trade oil with ISIS, rather than the regime that previously occupied that land?
As consequence, there is less oil being funneled in to the global market, therefor increasing prices.
Also, efficiency wise, electric cars are much more cost efficient than gas.
The only thing holding them back is 1 breakthrough in batteries. This battery innovation has enormous investment due to the wide ranging market from laptops, smartphones, and cars.
You can have Capitalism when you pry it from my cold, dead hands, Commie.
you couldn't possibly be more wrong
since the 1970s Saudi Arabia manipulated the market by cutting production to drive up prices when they were low
now when they finally decide NOT to create an artificial scarcity they are accused of market manipulation... unbelievable stupidiy
Saudi Arabia is a 'swing producer', but their increase in production is much lower than the US increase in production(over 1 million barrels per day increase for several years in a row) since the shale revolution began
Increased production in USA resulted in less demand from USA for oil in the international export market combined with decreased demand growth from China, combined with increased production in many other countries resulting from a decade of intensive investment in increased production as well as energy efficiency as well as some other factors created a perfect storm
people got used to oil around $80-100 barrel oil as if this was a normal situation when in reality the average inflation adjusted price is more like $40
>talking about crash in a thread about oil price crash
>says he wasn't talking about oil
you're the fucking idiot then
>he doesn't realize we only have centrally planned governments due to capitalism
Who lobbied for socialism if not huge corporations and banks, you jackass?
2007-2008 housing bubble
This bubble is widespread throughout all assets. Just combine things like college debts, oil investments, general asset bubble due to fed/gov, etc. Basically a world slowdown.
Official /comfy/ livestream
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This is great for those of us who love to drive.
Also shows the free market works; no amount of carbon tax gimping could help green energy, when the technology is there, cleaner energy will follow. No sooner.
>all the jobs foreigners took now open to Americans
Even if "nobody wants to do it" people will eventually do the work mexicans did. As long as we don't coddle them with welfare.
And with cheap gasoline such workers can live with less pay, and employers saving money on gasoline can afford to pay those workers more if they have to
This is definitely a big part of it.
at current production rates Saudi Arabia has about 60 years before exhausting their current proven reserves, so they need to drive out compeititon and increase market share now if they're going to actually be able to take advantage of their resources before they become useless
no sense in cutting production to maximize the profit they get per barrel if they're not going to be able to sell it all before it becomes worthless anyway
How do you truly achieve a free market though? It's not through capitalism, m8. So yeah, ultimately, it's capitalism's fault.
Crashes are probably never going to be as bad due to technological advancements, even adjusting for inflation, people living with the same money as before live better lives. For it to be "as bad" the crash would have to be even worse than before.
>drive 35 yo shit box that i keep running on hopes and dream
>live in SC
>Spend $13 a mo on gas because 1.55-1.65/ gl
feels fucking good.
/o/ must be doing donuts in celebration.
Hopefully when oil finds a new equilibrium is truly is much cheaper.
Gas stations here lowered their regular (87) prices a lot but their 93 octane is still higher than it should be, one station has 1.78 regular, 2.48 premium, the fuck.
Could we have as bad a crash in terms of dollars? Yes. But as bad a crash in terms of, dust bowl, actual living conditions being as bad as they were? Doubtful.
It would have to be more than just a stock market crash, other events are needed to coincide.
not really intrested. the electrics are failing, the rear shocks are toast. the rubber was gone when i got it so there always water in the floor boards. Im just going to drive till the wheels fall off and walk away.
It hasnt been bad for the $600 i paid for it though.
Serves us right for building our entire global infrastructure around endless consumption.
There's only so much shit people will ever need to buy and right now, our driveways are already packed with cars and our houses have flatscreens in every room, we have multiple ipads and iphones PER PERSON, I have USB cables coming out my arse and I have to plug my dick in to charge before I fuck my girlfriend.
Capitalism is great but this serves them the fuck right for just assuming people will continue the endless cycle of buying the same shit over and over again. They got greedy because the past 30 years or so have been such a golden age of sweeping technological change, but we need to come to terms with the fact consumerism alone can't fuel the world economy.
really, give then time and doing the work yourself it would only cost about a grand to bring it back to former glory, but for me its just not worth it. It is VERY popular for some reason so it will be an easy sell. I get "Oh, I used to have one of those in high school" all the time from the 40+ crowd. I have been offer to sell it while driving it donw the road. really weird.
There will always be consumption, the issue is, the demand is not always for the same items. In a way, this is similar to how automakers lost a lot based on assuming US consumers would always demand the same sort of car. Then got completely blown out.
i found where all the money went, guys
fucking ghana took it all
>mfw Ghana is the only nation left standing after the habbening
>assuming US consumers would always demand the same sort of car
They did, so they bought it with 0 % interest during the last 6 years. Now they might have to start paying some shekels back, so they're basically fucked in the ass.
The middle class has been shrinking for ages. The "fundamentals of the economy" havent been strong for ages. Etc
Hence why oil payed well.
Also they are very family oriented and often oil work involves men being on their own to make their small fortune.
Also most of the oil work is up north, and the fracking work occuring in the south requires more of a skilled labor than traditional drilling.
It more a function of quality, the Japs have lower tolerances so things break less often and of course they are experts at improving a basic design. Demand for oil will never go away because modern life is built around cheap oil, current price is almost a meme. Partly the demand destruction of +100 oil only a few years ago, partly production from shale and unconventional plays at that price, also the fact the Sauds can't turn off their taps, massive water injection programs that if shut down will ruin the fields. 10 million barrels a day of seawater go into their fields now! Shit will never last and neither will cheap oil. 7+ billion humans who want shit will see to that.
yes, yes, the great materialist hordes demand oil because they all need tat
shitty game you play desu
>The left across the country will pick up AR-15s and fight back.
I guess I will have a bunch of new AR15's then
>Venezuela sets 'economic emergency,' reveals depth of crisis
Venezuela heading towards economic insolvency and martial law
the first domino of OPEC to fall.
They're usually a month or more behind
Basically if they buy at $45/barrel then buy more at $30/barrel, they'll keep selling it at $45/barrel price until they make expunge their supply, then they'll sell at $30/barrel price.
I was thinking along the same lines. We take the hit in domestic production now, OPEC takes an even bigger hit and hemmorages money, we come in after "peak oil" and charge whatever we want.