Oil prices slide due to global gloom

[shock]

Oil Prices Slide Due to Global Gloom Over Economic Outlook

By The Associated Press


Posted 9:22AM 10/01/12


By PABLO GORONDI

"***The price of oil slipped below $92 a barrel on Monday ***.

*** benchmark oil for November delivery was down 47 cents to $91.72 a barrel in electronic trading on the New York Mercantile Exchange. ***.

*** Brent crude was down 79 cents to $111.60 on the ICE Futures exchange.

*** The Bank of Japan's quarterly "tankan" index was minus 3, a worsening from the previous quarter's minus 1.

The survey showed pessimism over the prospects for both domestic and global demand given weak growth in China, the U.S. and Europe."
==========================================================

While Price John suffers from the doldrums as he views from Sagres his ship of state easing into the horse latitudes,
I suffer from the doldrums remembering when
I could have bought a hundred stripper wells
for not much more than the price of their tubing and tanks.























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[CrusaderFrank]

Oil should be 10-20 a barrel

The USA will be the biggest energy exporter on the planet (unless Obama is reelected)

 

[Mr. H.]

The last time it was $10/barrel (1999), thousands of oil companies went out of business and tens of thousands of oil industry workers lost jobs. Domestic production fell and imports rose. Do we really want that scenario again?

 

[konradv]

Give me more gloom, then. Got road trip planned for the holidays.

 

[Mr. H.]

I'd hardly call 47 cents a "slide".

Why does anyone expect something so useful and inherently valuable to be cheap as dirt?

There's a renaissance happening in the oil and gas industries of late, no thanks to the Fuck Up In Chief.

Let's remember that Obama's yet to be approved budget contains at a minimum $40 billion in taxes on oil and gas. Hydraulic fracturing is being federalised thanks to the EPA, the Endangered Species Act is wreaking havoc on the #1 job creating industry in this nation for the sake of erstwhile unknown lizards, and millions of acres of potentially productive lands are currently off limits to exploration.

I was with a colleague today who was waiting the results of a drill stem test on a just completed well. A few days earlier, he'd lost $100k on a dry hole. $100k just to drill a 10" hole to a depth of 2,000 feet. Did he "build that"? Fuck yeah. And then "lost that".

The true "buliders" in this country are the risk takers in oil and gas. The winners/the losers. Just so you sorry fuckers can sit in your cars at the Taco Bell drive up, burning $3.50 gasoline while waiting on your 99 cent burrito.

 

[Mr. H.]

Last week I gave a talk to a local civic group. At the end of the meeting we held a drawing for a door prize- the cash value of one barrel of oil.

I printed a "certificate" on a post card, with stamp and return address - and told them that I would pay in cash to whomever's name was written on that card the cash value of one barrel of oil priced at the postmarked date. That day oil was trading around $90 and I offered as much to the winner on the spot.

He didn't bite. Ah- he's betting oil will go up. BTW I put an expiry date of 12/31/12 on the certificate.

I reminded him that if he chooses, he can sell that postcard to his neighbor at an agreed-upon price. Doesn't matter to me. When I get that card in the mail, the money goes to the name on the card.

A paper barrel.

What would you do between now and 12/31/12? Now in your mind, multiply that one paper barrel by 10,000 or even 1 million. Makes you want to do your homework, doesn't it?

Benchmark, Brent, Bank of Japan. Global Gloom.

The pressure's on. Is there lack of concentration?

[ame=http://www.youtube.com/watch?v=0xkSFJgZ5bg]Release Release by Yes - YouTube[/ame]

 

[Mr. H.]

Obama's credo:

"Power at first to the needs
of each other's days
Simple to lose in the void sounds
Of anarchy's calling ways..."