Crazy drop in oil prices today

[dunksby]

People are the winners, remember this is a war between governments (corporations vs govs), so enjoy that oil price who knows how long it is gonna last anyway.

[fiddy]

Saudis dumping large quantities of oil in favor of the U.S. to hurt Russian economy

[KevinNYC]

Saudis dumping large quantities of oil in favor of the U.S. to hurt Russian economy

Not what a lot of oil analysts are saying. They are saying this goes beyond Russia and is about fracking in the US

At OPEC Meeting, Saudi Arabia Stares Down Texas and North Dakota

Oil News: OPEC Looks to Stomp Out American Rival Before it Loses Control

Oil Seen in New Era as OPEC Won't Yield to U.S. Shale

OPEC decision means 'pain train' for U.S. oil industry

A Cold War Brews Between Saudi Arabia and Texas

How low can it go? Oil, gas prices in freefall as OPEC reels from US fracking

The idea is if you oil prices drop right now you can kill off some of the weaker businesses doing fracking.

[fiddy]

if true...R.I.P. OPEC rats

[GimmeThat]

I'm gonna go ahead and take that warehouse that I can store crude oil with.

[NoGunzJustSkillz]

A Cold War Brews Between Saudi Arabia and Texas

[KevinNYC]

http://m.bbc.com/news/business-30276353

Ruble hit hard today

[KevinNYC]

Oil hit a five year low and then rebounded.

[KevinNYC]

Analysts are talking about the possibility of $2 gas in the US by Christmas.


Newt Gingrich when running for President in 2012

[rufuspaul]

[QUOTE=KevinNYC]

Newt Gingrich when running for President in 2012

[Nanners]

You do realize that pushing fracking is a Republican agenda.

not really, fracking is bipartisan. barely any mainstream democrats are anti fracking, and certainly not obama.

[B-hoop]

This isn't news in economic circles, OPEC is trying to stop the expansion of shale oil by lowering prices.

Actually the only country in OPEC capable of lowering their production of oil and really impacting oil prices is Saudi Arabia. The objective is to end a possible threat to OPEC down the road and at the same time they get to screw with Iran and other oil producing Shiites countries.

They have been expecting to see this happening since last year.

[KevinNYC]

You do realize that pushing fracking is a Republican agenda.

You do realize that pushing fracking is a Republican agenda.

You do realize it's 2014 right? When's the last time Obama stood in the way of fracking? Obama's energy policy is called "all of the above" and he specifically has talked about fracking and natural gas as bridge to the a future with cleaner energy.

I'm not saying these gas prices are due to Obama, but it was also stupid to blame him when they were high.

Prices have come down because Europe and China's economies have slowed downed and there is less demand. The one thing Obama could take some credit for is US cars are not required to be more fuel efficient and they are 25% more efficient than 2007.

[KevinNYC]

A drop in the oil price from $115 to under $70 is monumental.

In the geopolitical arena, the ramifications are also monumental. Budgets of many foreign countries are coming under duress. Civil unrest is unlikely to increase in those countries due to their inability to fund subsidies that have acted to bribe the population. We look for more geopolitical turmoil worldwide and regime change in some countries. In others, dictators suppress the population with machine guns, so the unrest is below the surface until it explodes.

There is one more dynamic set in motion in circumstances like this. The strongest of the currencies and most durable of the economies get stronger and more durable. We expect a continual increase of capital flows into the US. America is the safest of havens in the world. These flows are bullish for US stocks and high-grade bonds, as global agents from throughout the world safety seek safety.
http://www.ritholtz.com/blog/2014/12...medium=twitter

[rufuspaul]

barely any mainstream democrats are anti fracking

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

I'm not saying these gas prices are due to Obama

Right.