Crazy drop in oil prices today

[KevinNYC]

Right.

A little dishonest not to quote my full sentence, no?

So I guess you missed that first post about Opec, Russia, Norway and Canada, huh?

[Jailblazers7]

This really is an interesting event because of the implication it has on so many different areas. US energy industry could potentially take a big hit, it could delay the progress made in hybrid/electric cars (TSLA down $30 in the past 2 weeks), there are massive geopolitical ramifications, etc.

We could be witnessing the last desperate attempt of OPEC to maintain it's geopolitical bargaining power but who really knows. It should be pretty awesome for the US economy tho as transportation becomes easier which should be great for consumers and domestic/international trade.

[~primetime~]

This really is an interesting event because of the implication it has on so many different areas. US energy industry could potentially take a big hit, it could delay the progress made in hybrid/electric cars (TSLA down $30 in the past 2 weeks), there are massive geopolitical ramifications, etc.

We could be witnessing the last desperate attempt of OPEC to maintain it's geopolitical bargaining power but who really knows. It should be pretty awesome for the US economy tho as transportation becomes easier which should be great for consumers and domestic/international trade.

The overall impact in the US will be GREAT

Lower gas prices equates to lower prices on most everything equates to people spending more in general equates to a huge boost in the economy.

[Jailblazers7]

The overall impact in the US will be GREAT

Lower gas prices equates to lower prices on most everything equates to people spending more in general equates to a huge boost in the economy.

Yeah, it's basically like we just got a giant tax decrease.

[rufuspaul]

A little dishonest not to quote my full sentence, no?

So I guess you missed that first post about Opec, Russia, Norway and Canada, huh?

How I picture you

[KevinNYC]

Yeah, it's basically like we just got a giant tax decrease.

The head of the IMF says she's expecting 3.5% GDP growth for the US next year.

[KevinNYC]

How I picture you

My glasses are thicker and I'm more feminine.

[KevinNYC]

Apparently the average break even point for North Dakota's oil is just 42$ and OPEC would have to drop all the way to $50 to make a dent in production. I can't see them going that low, but what was the last time oil was $50 a barrel?

That's for operations that are up and running. If you are still acquiring land or doing exploration your costs are going to be higher. Also if you floated a bunch of junk bonds to finance your exploration, you might be in some trouble.

[rufuspaul]

what was the last time oil was $50 a barrel?

2005. It was Bush's fault.

[Droid101]

How I picture you

Speaks more of your bias than his.

[Nanners]

Which should change as the negative environmental impact becomes more evident. Unless (gasp) Democrats in congress are two-faced political bullshitters.

aside from one or two outliers, everyone in congress is a two-faced bullshitter.

the vast majority of democrats dont give a fvck about the environment. look at how obama and the left wing reacted to the BP oil spill.

[KevinNYC]

This really is an interesting event because of the implication it has on so many different areas. .... there are massive geopolitical ramifications, etc.

OPEC is not going to meet again until June.

I wonder what shape Venezuela will be in by June. They are said to have the oil industry with the highest costs. They already have a lot of social unrest.

Russia just cut its 2015 by 2% of GDP and are now expecting a recession.

[rufuspaul]

Speaks more of your bias than his.

says the other Obama head cheerleader

[rufuspaul]

it could delay the progress made in hybrid/electric cars (TSLA down $30 in the past 2 weeks)

One of the biggest negatives imo.

[Balla_Status]

Although different circumstances, this happened in 2008 and the price rebounded. I expect big companies to keep doing fine. They might cutback a bit on operations but thats all. BHP Billiton has found a loophole in legislation and can export refined condensate since it's not technically crude oil. They can get better prices that way. Smart. This will just hurt the start ups.

Fracking is one of the reasons why prices have dropped.

In the meantime, I need to start diversifying my skills. Australia is all gas but it would be in my best interest to start learning something else on the side.