Price of oil drops 24% in 2 months

[LordShiva]

Originally posted by Kuciwalker
I don't think that's the right word.

[Flubber]

Originally posted by Lorizael
Obviously they're just dropping prices so that we buy it cheap, get addicted, and then pay through the nose when they jack up the prices again. Evil oil companies. I can't believe they'd do that!

Clearly

If oil goes up OIL COMPANIES ARE EVIL

IF oil goes down , OIL COMPANIES ARE EVIL

If oil stays the same , I assume .. . . OIL COMPANIES ARE EVIL

[Flubber]

and on the fundamentals, oil may go down a fair bit yet . .. I always thought a price in the $50 range was more in line with the fundamentals once the "scare premiums" were factored out.

Demand is still pretty good and nothing has changed the fact that most of the cheapest oil was pumped years ago. With skyrocketing costs for oilsands production, that stuff may now need $50 prices to be feasible

60 and 70 may be a nice ride for the oil companies but I doubt anyone was stupid enough to do long range planning using those numbers to run their economics

[Nikolai]

This is grave and disturbing times for the good of Norway.

[RGBVideo]

Originally posted by Odin
I've become too cynical to ignore that possibillity.

I think it's time to label the Mr. "oil will hit $100 a barrel soon and it's running out soon, we've already hit peak oil" with the verb he so eagerly uses: PWNED

[LordShiva]

Originally posted by Nikolai
This is grave and disturbing times for the good of Norway.

You're hanging out in OT alot these days. What happened, run out of pictures for the picture thread?

[Dinner]

Originally posted by Brachy-Pride
See Venezuela´s economy slow down in 5 4 3 2 .....


altough 60 dollars is still quite expensive

This is true. $60 is still relatively high in the recent past but it is much lower then it previously was and Venezuela is going to have an extra hard time since the non-oil economy has been in a funk due to siezures of private property scaring away private investors (both doestic and foriegn). Chavez has been making up the difference with the higher oil revenue so if oil keeps falling he is going to find himself running on empty.

[Last Conformist]

Originally posted by Flubber





Clearly

If oil goes up OIL COMPANIES ARE EVIL

IF oil goes down , OIL COMPANIES ARE EVIL

If oil stays the same , I assume .. . . OIL COMPANIES ARE EVIL

Companies are evil, and people ***** about it while handing them money. This is the foundation of the beautiful social contract we call "capitalism".

[Gatekeeper]

Well, there goes the impetus for better-mileage vehicles. I expect sales of Hummers and other gas guzzlers to pick up within a few months if prices remain as is. You know what the sad thing is? Prices will go up again, and the cycle will repeat indefinitely. I wish more folks thought long term ... if they did, they would be able to bust out of the cycle.

Gatekeeper

[Flubber]

Originally posted by Gatekeeper
Well, there goes the impetus for better-mileage vehicles. I expect sales of Hummers and other gas guzzlers to pick up within a few months if prices remain as is. You know what the sad thing is? Prices will go up again, and the cycle will repeat indefinitely. I wish more folks thought long term ... if they did, they would be able to bust out of the cycle.

Gatekeeper

Most of the oil companies do think long term. Thats why long projects like oilsands development will continue onward.

Overall lessened prices may be a good thing as it might slow the frantic pace of drilling and development to something a little more measured and reasonable

[Nikolai]

Originally posted by LordShiva


You're hanging out in OT alot these days. What happened, run out of pictures for the picture thread?

Bored. I suddenly found myself surfing a forum which is much less active in the ontopic than before. The OT still is filled with useless threads though, so you won't see me posting in too many of them I think. And talking of pictures, I have a computer full of them.

[Gatekeeper]

Flubber:

I was referring to the general population WRT thinking long-term. I'd hope the oil companies do that automatically; after all, they've got shareholders, et al., to answer to.

Gatekeeper

P.S. I understand oil sands will remain profitable so long as oil prices remain at least $35 a barrel. I hope it doesn't drop below that, because the more we can develop these sorts of resources in North America, the better off we'll be in the coming years, since it's going to be awhile before the "hydrogen" economy (or other, non-oil energy economy) is able to reduce our dependence on the hydrocarbon of choice.

[Barnabas]

What about bio diesel?

Palm Oil Economy?

[Flubber]

Originally posted by Gatekeeper


P.S. I understand oil sands will remain profitable so long as oil prices remain at least $35 a barrel. I hope it doesn't drop below that, because the more we can develop these sorts of resources in North America, the better off we'll be in the coming years, since it's going to be awhile before the "hydrogen" economy (or other, non-oil energy economy) is able to reduce our dependence on the hydrocarbon of choice.

I doubt those estimates are still accurate. Most of the major oil sands developers have markedly revised their cost estimates upwards about 6 weeks ago. A perice drop may actually help to cool the labour market here. If it cooled sufficiently, we could see the ironic situation where an oil development is more profitable when oil prices are a little lower

[Heresson]

Once they were supposed to drill my grandpa's field for oil. It's Galicia after all, it was nr 3 world oil producer before ww1... well, ukrainian part mostly.
But they never did drill it. I wouldn't mind to have an oil-field


But I think Venezuelians drilled their way to it and sucked it all out already anyway. Perhaps they had to engage in an underground battle against Russians and Iraqis.