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He only has something to do with it when it goes up, right? Since he'd get the blame, I'll give him the credit. Everyone's going to have a better Xmas because of Obamagas.Who know's why the price of oil has plunged. One thing I do know is, obama has had nothing to do with it.
True ethanol is mandated, But you can't force these companies to operate in the red. Gasoline has to be above a certain price to justify production.We have an ethanol plant here in Burley, idaho.
If gasoline drops below a certain level over a period of time the plant will have to shut down.
I thought that the adding of ethanol was mandated by law, is that incorrect?
Well you certainly know what losing is all about don't you. scoreboard.Thank you, Mr. President, if only to put my foot in the face of the far right nutters who are going to lose on Trump as well.
Who know's why the price of oil has plunged.
One thing I do know is, obama has had nothing to do with it.
No, it's cause you're not well read.He only has something to do with it when it goes up, right? Since he'd get the blame, I'll give him the credit. Everyone's going to have a better Xmas because of Obamagas.Who know's why the price of oil has plunged. One thing I do know is, obama has had nothing to do with it.
The linked article reminded me that Saudi Arabia made stance not to limit production. Seems nobody wants to cut back and lose market share.
Scant signs of Russia-OPEC output cut deal ahead of Vienna meeting
at the expense of putting oil shale producers out of business. obama hates oil shale, so do the saudisThank you, Mr. President, if only to put my foot in the face of the far right nutters who are going to lose on Trump as well.
We have an ethanol plant here in Burley, idaho.
If gasoline drops below a certain level over a period of time the plant will have to shut down.
The railroad corn all the way from Nebraska to burley Idaho. So figure that one out.We have an ethanol plant here in Burley, idaho.
If gasoline drops below a certain level over a period of time the plant will have to shut down.
It must be a poorly managed ethanol plant. POET Ethanol has been making record profits & paying higher dividends every year. POET Ethanol sells Feed, Corn Syrup, Electricity, CO2 & Ethanol.
ya and the 2 hate oil shale.Who know's why the price of oil has plunged.
One thing I do know is, obama has had nothing to do with it.
Wrong! - Saudi's love Obama. Al Saud and other top officials showered the Obama family with more than $1.3 million in gifts throughout 2014. Plus Saudi Arabia & other OPEC countries are pumping record amounts of oil during Obama's administration just like they did under Clinton. They hated Bush's devaluing the US Dollars oil is sold in. The US dollar has been on a steady climb under Obama.
A president doesn't inherit gas prices, sillyWho know's why the price of oil has plunged.
One thing I do know is, obama has had nothing to do with it.
Then why did you blame him when gas prices were at all time highs?
Jr. had gas prices at a pretty decent level (around 1.50 to 2.00/gal) when he took office. At one time, during the end of his 2nd term, they were at about 5.00/gal.
Obama inherited that mess, and under his administration, they have returned to what they were under Jr.
Why can't you give him at least a little credit for the good, when you are going to tie him to all the bad?
We have an ethanol plant here in Burley, idaho.
If gasoline drops below a certain level over a period of time the plant will have to shut down.
ya and the 2 hate oil shale.Who know's why the price of oil has plunged.
One thing I do know is, obama has had nothing to do with it.
Wrong! - Saudi's love Obama. Al Saud and other top officials showered the Obama family with more than $1.3 million in gifts throughout 2014. Plus Saudi Arabia & other OPEC countries are pumping record amounts of oil during Obama's administration just like they did under Clinton. They hated Bush's devaluing the US Dollars oil is sold in. The US dollar has been on a steady climb under Obama.
Does anyone know why the price of oil is so low? If I recall the left wing told us that increases in US oil production would not make a dent in world prices. So with all the SUVs and trucks I see on the road why has the price of oil dropped so much?
Oil Plunge Raises Fears of Societal Unrest
With Wall Street shops like Goldman Sachs (GS) and government officials in Venezuela signaling oil could go to the mid-$20 per barrel range next year, analysts at places like RBC Capital Markets have been warning that chronically low oil prices plunging towards seven-year lows means increasing social chaos in countries on the edge—including those battling ISIS.
Five countries are high on the radar screen for societal risks from low oil prices, which RBC Capital Markets has labeled the “Fragile Five.” They are Algeria, Iraq, Libya, Nigeria, and Venezuela. ISIS operatives are believed to be in most of these countries.
Does anyone know why the price of oil is so low? If I recall the left wing told us that increases in US oil production would not make a dent in world prices. So with all the SUVs and trucks I see on the road why has the price of oil dropped so much?
Oil Plunge Raises Fears of Societal Unrest
With Wall Street shops like Goldman Sachs (GS) and government officials in Venezuela signaling oil could go to the mid-$20 per barrel range next year, analysts at places like RBC Capital Markets have been warning that chronically low oil prices plunging towards seven-year lows means increasing social chaos in countries on the edge—including those battling ISIS.
Five countries are high on the radar screen for societal risks from low oil prices, which RBC Capital Markets has labeled the “Fragile Five.” They are Algeria, Iraq, Libya, Nigeria, and Venezuela. ISIS operatives are believed to be in most of these countries.
Increased domestic production vs OPEC manipulation. Some argued that increasing domestic production would not make a significant difference in prices because US production would not be able to be significant to the total supply, and that OPEC would adjust production to maintain optimum pricing anyway. It was actually a reasonable argument for quite a long time. It was true that the US ability to increase production was marginal to the global supply, and the entire reason OPEC exists is to manipulate prices to the advantage of its members.
The development of fracking changed the landscape and allowed for substantial increases in domestic production, and forced OPEC to reevaluate it's strategy. Most OPEC nations want to limit production in order to send prices back up. The key member who has thus far stopped them from going is is Saudi Arabia. The Saudis are in a much different situation than most other OPEC nations. Between their higher volume, and their more diversified economy, Saudi Arabia has the ability to weather lower prices and can do so for much longer than its other colleagues. Other OPEC nations are highly dependent on their oil exports selling at high prices and are desperate to see the prices return to where they were a couple years ago. Furthermore, Saudi Arabia recognizes that in the long run it benefits them more to maintain market share and ride low prices for a while, then to give up market share and try to recapture it later.
Thus, with the Saudis taking the lead, the current OPEC strategy has been to try starving the American beast. Because fracking is a more expensive production method, the increase in domestic production is in a financial situation comparable to many OPEC nations; in order to be feasible higher prices are required. Saudi Arabia's plan is to allow domestic production to drop barrel prices below a profitable threshold for fracking, so that stateside producers will drive themselves out of business.
The main flaw in this strategy is that Saudi Arabia's estimates of production costs associated with fracking have been too high. American frackers have developed their methods to the point where product costs aren't so much more than traditional drilling. It's still a more expensive method. But the previous notion that fracking stops being profitable when oil reaches $75 a barrel is no longer true. The question which remains to be seen is just how low can crude prices go before US domestic production takes serious damage? From what I've heard, the thinking is that we start to face danger if barrel prices fall into the $30s. The average cost for production in the US is $36 a barrel. But fracking costs more. With crude currently trading at $41 a barrel, we're starting to approach the danger zone.
In alot of ways, it's a bit of a game of chicken. Several other countries are already in the red (or right at the line) on their oil production, because their production costs are higher than the current price of crude. Saudi Arabia is gambling that it can withstand low prices long enough that other producers somewhere are driven out of the market. But it's going to take the next five years to watch how it plays out.