It's official: Saudis are flooding markets with oil according to mainstream news

Dinars and Dongs? lol That'll never RV

I worked at a Texaco gas station in the 70's. Gas was 32 cents. My first ever customer complained that it was too high!

Dubai stocks fell 7.4% on Thursday, the worst one-day drop for that market since 2009 as oil price declines hammer the outlook for the country

Read more: [link to www.businessinsider.com]

It may not be due to people driving less. In fact, people drive longer distances just for work (happens when jobs become hard to get).

Look at the other products made from oil. A drop in sales of these items could also cause a lack in demand.

[link to www.ranken-energy.com]

I recall reading....when oil was 10.00 per barrel.....and that was the late 90's......the Saudi's were very happy and stated they could live with 10.00 per barrel for a century.....so what do you suppose is really going on???

$2.46 at the pilot near the house

Last Edited by I HAVE QUESTIONS on 12/11/2014 08:28 AM

Maybe the military is stashing fuel. A gallon put into reserves for every gallon purchased.

Or something close to that.

If oil production is going to crash someday, the military will need a supply of fuel.

The military with the greatest amount of fuel stored will have the greatest chance of retaining power through the transition of energy.

Yeah, just saw 2.70/gal here in Henderson, NV...that's OVER $1/gal less than it was like 4-6 months ago...it's insane.

I do not think the average American realizes the ramifications of this dive. I personally am not sure which way it will take, as this is not a free market it is unpredictable. I would hope it will cause us to consider for national security reasons, exploitation of our existing natural gas resources. However, cheap oil will interfere with stability of any new market. At some point, likely through war and embargo, we will be forced to adapt to a natural gas economy with our oil going for essential petroleum based products.

not in this lifetime unless you have access to the 1970's

Lol. I'm surprised they aren't forcing you to use a rickshaw.

Chittum's Civil War 2 predicts an eco-facist government there. Enjoy!

It happened in the late 1980s when OPEC couldn't get their shit together. I remember it well because I was about 16/and had just saved and bought my first car. It didn't save me much. I had a 1968 VW Beetle. My friends that had V8 Fords and Chevys saved.

As I recall it hit 70¢ territory for a while. 1987ish. Look it up.

ohh you shills... complaining about this cheap oil..
LET ME REMIND YOU THIS :

Despite this cheap oil (1/2 cheaper), HERE IN EUROPE, at the PUMP, the fuel is ONLY with 14% cheaper than before !!!

So the biggest GAIN has landed in guberments pockets (and it did not affect the involved corporations!)
because the taxmen is TAXING the fuel (with a fix amount) at the pump per each liter and not per PRODUCTION COSTS !

We need to transition to clean and renewable energy. Fracking and the tar sands are cancer-causing, toxic scars on the environment and all life.

EVAH,EVAH,EVAAAAH, EH?

[link to www.oklahomacitygasprices.com]

No he’s not.

Just thinking with the Saudies doing this, I wouldn't be surprised if their oil platforms and or terminals don't all of a sudden suffer a terrorist attack...

Watch, something will go Boom soon....

They want everyone riding bikes here. No fun riding on rainy days here and it rains a lot.

I for one am ecstatic to see gas prices finally start to drop. Along the .99/gal would be okay with me!

Could we expect to see the price drop to 50 bucks a gallon and then WAR (the money making machine) rears it's ugly head to raise the price again at some point for the greedy SOB's? Why would it stay low forever? War will be the ultimate consumer to drive it back up again. For the doomers predicting a natural disaster on the west coast or even the east coast..., wouldn't that drive it up too since for some places it would be non-existant? What about limited nuclear war...the low price will serve its purpose for a finite length of time... Then at some point, I truly believe all hell breaks loose.

With crude so low, I can't help but consider it a potential speculative investment opportunity. It certainly seems more predictable than silver at the moment. We've witnessed it drop very low and return to highs pretty regularly in the past five years. That said, I've never invested in crude. I assume at least a few folks here have experience with it. Any symbol suggestions (with explanation) or excellent info references? I'm reviewing UWTI and a few other ETFs right now.

I'm not wealthy, so buying futures that have a 500 or 1000 barrel minimum isn't an option.

And they're fixing prices to put their competitors out of business. Our fracking industry can't compete with oil prices so low.

OPEC is shooting themselves in the foot to save the body.

Just to clarify the situation, the fucking Saudis and the rest of OPEC did not "flood the market. They decided to leave output at the same level even though demand was down dramatically. Oil storage facilities are all full, and there are tankers just cruising around because they have no place to unload. This is a plan by OPEC to destoy the oil production of several countries. Oil exporting countries in Africa and South America could be forced into bankruptcy. The main target appears to be Russia. Russia depends heavily on oil exports for income. Oil accounts for about thirty percent of their tax base. Killing the American fracking oil production is just one extra little benifit for OPEC. The Saudis have always contolled the output of OPEC, and traditionally they would cut production to keep the price up. Now the Saudis and the rest of OPEC apparently have decided to take a short term hit to gain a long term advantage. This could be the trigger of the global depression. With countries in Africa and South America declaring bankruptcy, and Russia in great finacial distress, the economy of the whole world is in danger. Amazingly, America looks stronger than Russia, and most other oil exporters. That doesn't mean they can contiue to prop up our economy! The shit is about to hit the fan!

Right! If you can take out your competitors, why not? Seems like a smart move and just place your bets when it is super low because it will go UP!

demand for oil isn't gotta drop off sharply overnight.

Crude oil has more uses than just powering cars. This is where a lot of plastic and chemicals used to make things come from.

China is still developing.

The third world is the developing world. They're consuming more oil.

Maybe the supply has matched the demand.

It will go up, only if the economy can recover from this hit. In America, there will be hundreds of thousands of lay offs caused by the oil industry crashing. We could have a global depression that makes 2008 look like a day at the beach.

This is all US sanctioned and fabricated to destroy the BRICS and mainly Russia. Why use troops to fight Russia when you can crash their economy, creating massive protests in the streets of Moscow against their government and eventual overthrow of Putin, leading to an internal coup and eventual forced removal of Putin and those close to him. It's similar to the tactics used during the Cold War that caused the Soviet Union to collapse. It seems the Russians haven't learned from their past mistakes and weaknesses. Russia is extremely vulnerable right now. Nom the Russians will not nuke anybody. Doing so will cause the world to turn against them with everything they have. No, the US will not nuke Russia for the same exact reasons. Putin will be gone, and business will return as usual.

Congress approved sanctions on Venezuela earlier today.

[link to www.bbc.com]