FUCK OPEC.
comments (11)
Their turn to feel a little financial pain for a while.
Fuck them. They can cry like little bitches
Let's keep the price of oil low to keep the squeeze on Putin and Iran.
When the oil runs out it will be payback time. Not in our lifetime though.
Yes, Opec is fucked. Hope they were wise about how they invested their sovereign wealth funds, because these anti-technology societies are fucked when the oil wealth slows. Probably means lots more little jihadis too, though.
I'm pretty sure that the precipitous drop in crude oil prices is at the root of farmerart's recent business word.
I'm getting ripped off if gas is 20 cents cheaper in Charleston than it is here. Probably been ripped off for years though.
I heard the big price drop might hurt Russia, Iran, and some high cost oil producers. For some odd reason Obama is not getting along well with Russia. There can be only One!
lol, quote from Highlander. Two dictators competing to be the one on top.
Yep, this could be a long fight. The drop in stock prices really won't begin to hurt oil providers for some time. It's really the investors feeling the hurt the most. Oil and gas exploration are oil drillers largest capital expense
High stock prices allow the drillers to buy and maintain equipment, purchase land leases, and pay for other services and logistics related to oil/gas exploration without have to borrow money from the banks. These providers will just minimize/shut down oil exploration until surplus supply dwindles.
Once supplies tighten prices will begin to sky rocket (forecasts predict late 2016 to early 2017). Next spring may be a good time to invest in energy companies as that could well be when the market bottoms out and the consumer undergoes price shock.
The interesting part of story for me was how many US producers could break even at $40/barrel. XOM which I especially like makes it a point of funding projects which would be profitable even at $50/barrel.
