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OIL Hits the 50's! How low can it go?!!

 
Nyarlathotep
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12/11/2014 04:04 PM
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OIL Hits the 50's! How low can it go?!!
Oil | 59.65 | -1.29 | 2.12%
Nyarlathotep  (OP)

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United States
12/11/2014 04:07 PM
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Re: OIL Hits the 50's! How low can it go?!!
Wonder what tomorrow will hold.
Anonymous Coward
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United Kingdom
12/11/2014 04:07 PM
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Re: OIL Hits the 50's! How low can it go?!!
It will go to the 10 handle!

scream

But your gas won't get any cheaper!
MaybeTrollingU

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Brazil
12/11/2014 04:07 PM
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Re: OIL Hits the 50's! How low can it go?!!
Reasons for it to be happening:
- Bad supply data;
- Forecast of a warmer december
- Saudi Arabia and Iran selling tons of it in the market

What can happen:
- Smaller oil companies will either close or have a real hard time
- If ME contries just shut the supply, it will skyrocket overnight and things will go from bad to the edge of unbearable
Nyarlathotep  (OP)

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12/11/2014 04:08 PM
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Re: OIL Hits the 50's! How low can it go?!!
Current prices here locally are $2.69. Great for the average consumer but wondering how this affects us in the long run. I would assume this would make transport of goods a lot cheaper for businesses so on the surface it seems like a good drop. Where does this tart becoming a very bad thing?
MaybeTrollingU

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12/11/2014 04:10 PM
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Re: OIL Hits the 50's! How low can it go?!!
Don't forget that petroleum is not only used for making gasoline. It is used for plastic, cosmetics, paints and a huge variety of products that ARE affected by its price.
Nyarlathotep  (OP)

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12/11/2014 04:10 PM
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Re: OIL Hits the 50's! How low can it go?!!
Reasons for it to be happening:
- Bad supply data;
- Forecast of a warmer december
- Saudi Arabia and Iran selling tons of it in the market

What can happen:
- Smaller oil companies will either close or have a real hard time
- If ME contries just shut the supply, it will skyrocket overnight and things will go from bad to the edge of unbearable
 Quoting: MaybeTrollingU


The last item on that list, what are we talking here? What are the bad things that could come out of this that would impact the average american?
Nyarlathotep  (OP)

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12/11/2014 04:10 PM
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Re: OIL Hits the 50's! How low can it go?!!
Don't forget that petroleum is not only used for making gasoline. It is used for plastic, cosmetics, paints and a huge variety of products that ARE affected by its price.
 Quoting: MaybeTrollingU


Right, so it would greatly impact those industries. Hrm, didn't even give that perspective a thought.
Anonymous Coward
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12/11/2014 04:11 PM
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Re: OIL Hits the 50's! How low can it go?!!
oil crash doesn't just happen

something more than you see or understand

smells like War
Nyarlathotep  (OP)

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United States
12/11/2014 04:12 PM
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Re: OIL Hits the 50's! How low can it go?!!
oil crash doesn't just happen

something more than you see or understand

smells like War
 Quoting: Ice


Can we correlate oil price drops to other wars as well? is there supporting data for it?
Anonymous Coward
User ID: 5845318
United States
12/11/2014 04:13 PM
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Re: OIL Hits the 50's! How low can it go?!!
oil crash doesn't just happen

something more than you see or understand

smells like War
 Quoting: Ice


Can we correlate oil price drops to other wars as well? is there supporting data for it?
 Quoting: Nyarlathotep


big time

Japan WW2 no doubt
MaybeTrollingU

User ID: 62560881
Brazil
12/11/2014 04:14 PM
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Re: OIL Hits the 50's! How low can it go?!!
Reasons for it to be happening:
- Bad supply data;
- Forecast of a warmer december
- Saudi Arabia and Iran selling tons of it in the market

What can happen:
- Smaller oil companies will either close or have a real hard time
- If ME contries just shut the supply, it will skyrocket overnight and things will go from bad to the edge of unbearable
 Quoting: MaybeTrollingU


The last item on that list, what are we talking here? What are the bad things that could come out of this that would impact the average american?
 Quoting: Nyarlathotep


You see, is all about supply and demand. Whoever have the money now, is buying a shitload of oil. Contracts for its delivery are most in January(2015). If suppliers just cut the flow of oil in the market by then, the only available oil will be those who bought it now. They can sell it for whatever they want. These people will become billionaires for having bought it all now. But the buyers of it then(not now), will be paying a lot more for it, resulting in gas and diesel prices to the roof. Since gas and diesel are used for transport, the price of it will also skyrocket. This price must be paid by someone. Guess who? You and I.
Anonymous Coward
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12/11/2014 04:17 PM
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Re: OIL Hits the 50's! How low can it go?!!
Just a ploy to raise taxes. January 5th bend over and grab your ankles.
Anonymous Coward
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United Kingdom
12/11/2014 04:17 PM
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Re: OIL Hits the 50's! How low can it go?!!
They are artificially pushing it down to bust the Derivatives market which will collapse the dollar.
Anonymous Coward
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Canada
12/11/2014 04:18 PM
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Re: OIL Hits the 50's! How low can it go?!!
oil crash doesn't just happen

something more than you see or understand

smells like War
 Quoting: Ice


Can we correlate oil price drops to other wars as well? is there supporting data for it?
 Quoting: Nyarlathotep


big time

Japan WW2 no doubt
 Quoting: Ice


Saudis are gonna go boom
Anonymous Coward
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United States
12/11/2014 04:19 PM
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Re: OIL Hits the 50's! How low can it go?!!
They are artificially pushing it down to bust the Derivatives market which will collapse the dollar.
 Quoting: Anonymous Coward 25250149


artificially pushing it down


yep - the players are up to something - this is not just a common supply/demand issue
Mrbillybadass

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12/11/2014 04:20 PM
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Re: OIL Hits the 50's! How low can it go?!!
They are artificially pushing it down to bust the Derivatives market which will collapse the dollar.
 Quoting: Anonymous Coward 25250149


How low you think before derivatives are triggered?
Anonymous Coward
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United States
12/11/2014 04:20 PM
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Re: OIL Hits the 50's! How low can it go?!!
oil crash doesn't just happen

something more than you see or understand

smells like War
 Quoting: Ice


Can we correlate oil price drops to other wars as well? is there supporting data for it?
 Quoting: Nyarlathotep


big time

Japan WW2 no doubt
 Quoting: Ice


Saudis are gonna go boom
 Quoting: Anonymous Coward 52832973


Saudis are in the know - cashing out for some reason in the right now - they control the flow
Anonymous Coward
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12/11/2014 04:20 PM
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Re: OIL Hits the 50's! How low can it go?!!
Flying Elvii

User ID: 60384264
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12/11/2014 04:33 PM

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Re: OIL Hits the 50's! How low can it go?!!
Oil | 59.65 | -1.29 | 2.12%
 Quoting: Nyarlathotep


Norway is in a COMPLETE PANIC, warning of a "Severe Downturn", and cuts Interest rates. The Entire lib-beloved Norwegian cradle-to-grave Welfare State is financed by the Oil Money.

Meanwhile, Russia RAISED rates today to 10.5%, to encourage foreign capital. A 10+ percent return is HUGE, in this age of actually paying people to park your own money.

The Saudi's are leading this, and have likely made BILLIONS shorting Oil prices, since they set this up in the first place.

And there is no sign that ANYONE is going to stop pumping, anytime soon.
Anonymous Coward
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Canada
12/11/2014 04:33 PM
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Re: OIL Hits the 50's! How low can it go?!!
I know a big gasoline dealer in the area here, & he told me we might see 75 cents a liter at the pumps here in this area by april may 2016.
if so that would be back to the price of gas in 1994.

would be nice to see it. I dont believe it will happen though.
Nyarlathotep  (OP)

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12/11/2014 04:55 PM
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Re: OIL Hits the 50's! How low can it go?!!
I know a big gasoline dealer in the area here, & he told me we might see 75 cents a liter at the pumps here in this area by april may 2016.
if so that would be back to the price of gas in 1994.

would be nice to see it. I dont believe it will happen though.
 Quoting: Anonymous Coward 65856860


How would this affect supply though? You know for damn sure people would be keeping their vehicles topped off this way and other industries would stock pile in the event that prices go back up. Wouldn't we see shortages?
Nyarlathotep  (OP)

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12/11/2014 04:57 PM
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Re: OIL Hits the 50's! How low can it go?!!
Oil | 59.24 | -1.71 | 2.81%
Nyarlathotep  (OP)

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12/11/2014 04:59 PM
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Re: OIL Hits the 50's! How low can it go?!!
I know a big gasoline dealer in the area here, & he told me we might see 75 cents a liter at the pumps here in this area by april may 2016.
if so that would be back to the price of gas in 1994.

would be nice to see it. I dont believe it will happen though.
 Quoting: Anonymous Coward 65856860


btw, don't you mean gallon?

$75/liter would end up translating to $2.83 which, at least in my location, we are below that.
Anonymous Coward
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Netherlands
12/11/2014 05:09 PM
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Re: OIL Hits the 50's! How low can it go?!!
I know a big gasoline dealer in the area here, & he told me we might see 75 cents a liter at the pumps here in this area by april may 2016.
if so that would be back to the price of gas in 1994.

would be nice to see it. I dont believe it will happen though.
 Quoting: Anonymous Coward 65856860


How would this affect supply though? You know for damn sure people would be keeping their vehicles topped off this way and other industries would stock pile in the event that prices go back up. Wouldn't we see shortages?
 Quoting: Nyarlathotep


If the economy is still in the deflationary stage(crashing economy) then there will be lower and lower demand as time goes on even if the price decreases. Only once deflation ends and hyperinflation begins will there be any shortages.
MaybeTrollingU

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Brazil
12/11/2014 05:11 PM
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Re: OIL Hits the 50's! How low can it go?!!
Just for the record, it is right now at 58.99
Anonymous Coward
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Canada
12/11/2014 05:24 PM
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Re: OIL Hits the 50's! How low can it go?!!
I know a big gasoline dealer in the area here, & he told me we might see 75 cents a liter at the pumps here in this area by april may 2016.
if so that would be back to the price of gas in 1994.

would be nice to see it. I dont believe it will happen though.
 Quoting: Anonymous Coward 65856860


How would this affect supply though? You know for damn sure people would be keeping their vehicles topped off this way and other industries would stock pile in the event that prices go back up. Wouldn't we see shortages?
 Quoting: Nyarlathotep


im not sure about supply.
are they not saying now that the market is flooded? in other words not even close to any shortages whatsoever ?

I meant 75 cents a liter.

I was wrong when I said 1994 prices though. 75 cents a liter would be more like 2004 prices (in my area)

in 1994 I think we were paying about 50 cents a liter.

75 cents a liter would be a relief right now. atleast for where I live. we were paying $1.36 a liter right up until about october 14th or so?

its been slowly going down ever since.
right now the price is $1.07 a liter (cheapest ive seen it since about 2010?)
Anonymous Coward
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Canada
12/11/2014 05:26 PM
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Re: OIL Hits the 50's! How low can it go?!!
I know a big gasoline dealer in the area here, & he told me we might see 75 cents a liter at the pumps here in this area by april may 2016.
if so that would be back to the price of gas in 1994.

would be nice to see it. I dont believe it will happen though.
 Quoting: Anonymous Coward 65856860


typo::: by april-may 2015

(not 2016)
Nyarlathotep  (OP)

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12/11/2014 05:48 PM
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Re: OIL Hits the 50's! How low can it go?!!
I know a big gasoline dealer in the area here, & he told me we might see 75 cents a liter at the pumps here in this area by april may 2016.
if so that would be back to the price of gas in 1994.

would be nice to see it. I dont believe it will happen though.
 Quoting: Anonymous Coward 65856860


How would this affect supply though? You know for damn sure people would be keeping their vehicles topped off this way and other industries would stock pile in the event that prices go back up. Wouldn't we see shortages?
 Quoting: Nyarlathotep


If the economy is still in the deflationary stage(crashing economy) then there will be lower and lower demand as time goes on even if the price decreases. Only once deflation ends and hyperinflation begins will there be any shortages.
 Quoting: Anonymous Coward 58836092


Ah okay thanks for clarifying :)
Nyarlathotep  (OP)

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12/11/2014 05:48 PM
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Re: OIL Hits the 50's! How low can it go?!!
I know a big gasoline dealer in the area here, & he told me we might see 75 cents a liter at the pumps here in this area by april may 2016.
if so that would be back to the price of gas in 1994.

would be nice to see it. I dont believe it will happen though.
 Quoting: Anonymous Coward 65856860


typo::: by april-may 2015

(not 2016)
 Quoting: Anonymous Coward 65856860


nvm saw price posted.

Last Edited by Nyarlathotep on 12/11/2014 05:49 PM
Nyarlathotep  (OP)

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12/11/2014 05:49 PM
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Re: OIL Hits the 50's! How low can it go?!!
I know a big gasoline dealer in the area here, & he told me we might see 75 cents a liter at the pumps here in this area by april may 2016.
if so that would be back to the price of gas in 1994.

would be nice to see it. I dont believe it will happen though.
 Quoting: Anonymous Coward 65856860


typo::: by april-may 2015

(not 2016)
 Quoting: Anonymous Coward 65856860


nvm, saw the price you posted. I am still astonished its below $3/gallon right now.
 Quoting: Nyarlathotep





GLP