Crazy drop in oil prices today

[KevinNYC]

Russian Ruble hit hard. Canadian and Norwegian currency dropped.


Oil prices keep plummeting as OPEC starts a price war with the US

Oil prices have been in free-fall for the past three months — a huge energy story with major consequences for dozens of countries, from the United States to Russia to Iran.

But this week, prices started plummeting even further. The reason? OPEC — a cartel of oil producers that includes Saudi Arabia, Iran, Iraq, and Venezuela — had a big meeting in Vienna on November 27. Before the meeting, there was speculation that OPEC countries might cut back on their own oil production in order to prop up prices. But in the end, the cartel couldn't agree on how to respond and did nothing.

As a result, oil prices nosedived, with the price of Brent crude now hovering around $70 per barrel:

This is a big shift in global oil politics. Essentially, OPEC is now engaged in a price war with oil producers in the United States. The cartel will let prices keep falling, in the hopes that many of the newest drilling projects in the US will prove unprofitable.

This is a risky situation for OPEC, since many of its member countries require high oil prices to balance their budgets. Iran, for one, is facing a real pinch. It's also a sign that OPEC's influence over global oil markets may be weakening.

[KevinNYC]

http://www.nytimes.com/2014/11/29/up...abt=0002&abg=0

Winners and losers.

[longhornfan1234]

http://www.nytimes.com/2014/11/29/up...abt=0002&abg=0

Winners and losers.

You're such a agenda driven, F@99ot.

[Godzuki]

they didn't mention it hurts ISIS

[Kungfro]

It's certainly slowed things down here in Alberta.

[KevinNYC]

You're such a agenda driven, F@99ot.

What in hell are you talking about? That's a serious question. What caused this knee-jerk reaction?

[KevinNYC]

It's certainly slowed things down here in Alberta.

Yeah, this is why I posted the winners and losers, Some folks are saying that at these prices fracking might not be profitable. Also if you are a drilling company that has borrowed a lot money to expand during boom times, you might be in trouble.

We have more than a few frackers on this board.

[Nanners]

so we get cheaper gas, and things like fracking and oil sands become less profitable? sounds good to me.

[KevinNYC]

Dow hit another record today, wonder what will happen Monday as folks return from vacation.

[kentatm]

You're such a agenda driven, F@99ot.

way to show your true colors brah

[nathanjizzle]

we dont need these arab countries, electric cars are coming because we rely on our intelligence not the lay of the land.

[DeuceWallaces]

You're such a agenda driven, F@99ot.

Someone get this guy a mirror.

[Jasper]

An oil man / told me that OPEC needs to keep the barrel prices below $75 , because the US goverment believes North Dakota in 2020 will provide our country independence from them.
OPEC's objective is to keep business with US

I don't care , I filled up today with a :

[BurningHammer]

Gas below 110 tomorrow night!

[Bandito]

Someone get this guy a mirror.