{"id":16574,"date":"2014-12-01T11:38:39","date_gmt":"2014-12-01T16:38:39","guid":{"rendered":"http:\/\/angry.net\/blog2\/?p=16574"},"modified":"2019-10-05T05:58:31","modified_gmt":"2019-10-05T09:58:31","slug":"whats-up-with-the-price-of-oil","status":"publish","type":"post","link":"https:\/\/angry.net\/blog2\/?p=16574","title":{"rendered":"What\u2019s up with the price of oil?"},"content":{"rendered":"

Good day all. As you have probably noticed, the price of gasoline has dropped in many places below $3.00 a gallon for the first time in years. This is due to the price of crude oil dropping way below $100 per barrel.<\/p>\n

<\/p>\n

When I checked the prices for a barrel of crude<\/a>, (and there are different grades), I found that it was WAY below $100 a barrel. How far below? Brent Crude, (The good stuff), is running about $70 a barrel as of this posting. While this is good for people on a personal level, (Lower energy costs), this isn\u2019t so great for oil producers like Russia and Iran. Here are some of the details from Bloomberg<\/a>:<\/p>\n

Oil\u2019s decline is proving to be the worst since the collapse of the financial system in 2008 and threatening to have the same global impact of falling prices three decades ago that led to the Mexican debt crisis and the end of the Soviet Union. Russia, the world\u2019s largest producer, can no longer rely on the same oil revenues to rescue an economy suffering from European and U.S. sanctions. <\/i><\/p><\/blockquote>\n

\"give-a-damn\"<\/a><\/p>\n

One problem Russia, I mean the \u201cFederated States of Russia\u201d has is Vladimir Putin. He\u2019s been spending money he doesn\u2019t have on, for lack of a better term, conquest and empire building. Then we have Iran and their plans to establish the new Persian Islamic Empire and nuking anyone who won\u2019t submit. And we also have all the other oil producers.<\/p>\n

Nigeria, fighting an Islamic insurgency, and Venezuela, crippled by failing political and economic policies, also rank among the biggest losers from the decision by the Organization of Petroleum Exporting Countries last week to let the force of the market determine what some experts say will be the first free-fall in decades. <\/i><\/p>\n

\u201cThis is a big shock in Caracas, it\u2019s a shock in Tehran, it\u2019s a shock in Abuja,\u201d Daniel Yergin, vice chairman of Englewood, Colorado-based consultant IHS Inc. and author of a Pulitzer Prize-winning history of oil, told Bloomberg Radio. \u201cThere\u2019s a change in psychology. There\u2019s going to be a higher degree of uncertainty.\u201d <\/i><\/p>\n

\"violinist\"<\/a><\/p>\n

I\u2019m sure you\u2019re wondering how all this happened? The answer can be summed up in three letters. USA.<\/p>\n

Few expected the extent or speed of the U.S. oil resurgence. As wildcatters unlocked new energy supplies, some oil exporters abroad failed to invest in diversifying their economies. <\/i><\/p><\/blockquote>\n

\"suck<\/a><\/p>\n

Nobody expects the Spanish Inquisition<\/i><\/span> the drive of the American entrepreneur! Despite the interference by the Obama administration, massive new oil and gas fields, along with new ways to get more product from old fields have been coming down the pike for years. Is it our fault that the other countries, many of them having nationalized, read stolen, oil fields decades ago and used them as their national piggy bank instead of reinvesting and upgrading the technology? Now we are seeing what happens when you don\u2019t plan for the future and live in the moment.<\/p>\n

Coddled by years of $100 crude, governments instead spent that windfall subsidizing everything from 5 cents-per-gallon gasoline to cheap housing that kept a growing population of underemployed citizens content. Those handouts are now at risk.<\/em><\/p>\n

\u201cIf the governments aren\u2019t able to spend to keep the kids off the streets they will go back to the streets, and we could start to see political disruption and upheaval,\u201d said Paul Stevens, distinguished fellow for energy, environment and resources at Chatham House in London, a U.K. policy group. \u201cThe majority of members of OPEC need well over $100 a barrel to balance their budgets. If they start cutting expenditure, this is likely to cause problems.\u201d <\/i><\/p>\n

\"popcorn\"<\/a><\/p>\n

And frankly, I don\u2019t give a damn. There are reports that oil could drop as low as $35 a barrel before rebounding back to around $70 a barrel. That should translate into gas prices being below $2.00 a gallon. Be advised, my math skills suck, so I\u2019m probably off by a bit.<\/p>\n

The oil industry in the United States could probably get it\u2019s costs even lower per barrel if we could get the regulatory system cut back to a more reasonable size. I don\u2019t mean letting the do whatever they want of course, but reasonable rules that are cost effective, make sense and don\u2019t require an army of lawyers to comply with. Of course, with the current regime, I don\u2019t see that happening anytime soon. Still, it\u2019s been a long time since I saw a collapse in oil prices, back in the late 90\u2019s in fact, and frankly, I\u2019m going to sit back and enjoy it for as long as I can.<\/p>\n

Thatisall<\/p>\n

~The Angry Webmaster~<\/b><\/i><\/p>\n

[yasr_visitor_votes size=”medium”]<\/p>\n

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Fill ‘er up: Collapse in oil prices will buoy global economy …<\/h3>\n<\/div>\n
By Michael Babad Crude slumps again, then stabilizes \u2026read more. Source: http:\/\/www.theglobeandmail.com\/report-on-business\/top-business-stories\/fill-er-up-collapse-in-oil-prices-will-buoy-global-economy\/article21842548\/?cmpid=rss1.<\/div>\n
http:\/\/inkblot.ca\/ \u2014 Mon, 01 Dec 2014 07:44:00 -0800<\/span><\/div>\n<\/div>\n
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Investing in Midstream Oil Companies<\/a><\/h3>\n<\/div>\n
While crude oil prices have come down dramatically since reaching their near-term high of $102.53 per barrel on June 25th to close last week at $66.15 for a stunning drop of 35.48% in just five months, not all energy stocks in the space have …<\/div>\n
http:\/\/www.wealthdaily.com\/<\/a> \u2014 Mon, 01 Dec 2014 07:30:43 -0800<\/span><\/div>\n<\/div>\n
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Saudi Arabia Declares Oil War on US Fracking, hits …<\/a><\/h3>\n<\/div>\n
The oil price move is already cascading through American industry. Bondholders are next. The US fracking boom was built with debt, much of it junk rated. And this pile of debt is now at the confluence of the collapsing price of oil, high costs of …<\/div>\n
http:\/\/mb50.wordpress.com\/<\/a> \u2014 Mon, 01 Dec 2014 07:23:35 -0800<\/span><\/div>\n<\/div>\n
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The Global Shakeout From Plunging Oil | Lux Libertas …<\/a><\/h3>\n<\/div>\n
Oil provides over 40% of the Russian budget, but Mr. Putin has built up foreign exchange reserves worth a few hundred billion dollars, in part to cope with an oil-price collapse. Still, in an economy that is heavily dependent on imports of food …<\/div>\n
http:\/\/www.luxlibertas.com\/<\/a> \u2014 Mon, 01 Dec 2014 07:19:26 -0800<\/span><\/div>\n<\/div>\n
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Polemic’s Pains: Capitulation Count.<\/a><\/h3>\n<\/div>\n
One stock I watch specifically for Oil with a mix of Africa is Tullow (report here if you want some details). Now this isn’t about Tullow but more the delay in its price action to the latest oil fall. It held in for a long time and then finally caved in over …<\/div>\n
http:\/\/polemics-pains.blogspot.com\/<\/a> \u2014 Mon, 01 Dec 2014 07:16:00 -0800<\/span><\/div>\n<\/div>\n
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Can Oil Prices Drop to $40 a Barrel? | www.bullfax.com<\/h3>\n<\/div>\n
The fall in oil prices has spelled problems for some countries, including Russia. … Russia will struggle to avoid falling into a recession if oil prices are allowed to drop to $80 a barrel \u2014 and could face calamity if prices fall below that level.<\/div>\n
http:\/\/www.bullfax.com\/ \u2014 Mon, 01 Dec 2014 06:45:04 -0800<\/span><\/div>\n<\/div>\n
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What Happened The Last Time The Price Of Oil Crashed …<\/a><\/h3>\n<\/div>\n
There has only been one other time in history when the price of oil has crashed by more than 40 dollars in less than 6 months. The last time this happened was during the second half of 2008, and the beginning of that oil price crash preceded …<\/div>\n
http:\/\/nunezreport.blogspot.com\/<\/a> \u2014 Mon, 01 Dec 2014 06:00:00 -0800<\/span><\/div>\n<\/div>\n
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Russia Vulnerable – BLOG DE EL GRUPO AVILA<\/a><\/h3>\n<\/div>\n
Oil’s decline is proving to be the worst since the collapse of the financial system in 2008 and threatening to have the same global impact of falling prices three decades ago that led to the Mexican debt crisis and the end of the Soviet Union.<\/div>\n
http:\/\/grupoavila.blogspot.com\/<\/a> \u2014 Mon, 01 Dec 2014 05:41:00 -0800<\/span><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Good day all. As you have probably noticed, the price of gasoline has dropped in many places below $3.00 a gallon for the first time in years. This is due to the price of crude oil dropping way below $100 per barrel. Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[176,32,135,71,57],"tags":[16,17,101,245,24,27],"class_list":["post-16574","post","type-post","status-publish","format-standard","hentry","category-economy","category-general","category-just-desserts","category-news-of-the-day","category-technology","tag-islamic-fascism","tag-liberty","tag-news","tag-oil","tag-socialism","tag-totalitarianism"],"views":993,"jetpack_featured_media_url":"","jetpack-related-posts":[{"id":30736,"url":"https:\/\/angry.net\/blog2\/?p=30736","url_meta":{"origin":16574,"position":0},"title":"The Great Panicdemic of 2020: The collapse of oil prices","author":"Angry Webmaster","date":"April 20, 2020","format":false,"excerpt":"Good day all. This story is just breaking and trading is still going on as I write this. It seems that for the first time since record keeping began, the price of crude oil has collapsed below $0.00 a barrel. Oil prices had been heading down prior to the start\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/angry.net\/blog2\/?cat=176"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2016\/03\/shocked-face-300x225.png?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":20970,"url":"https:\/\/angry.net\/blog2\/?p=20970","url_meta":{"origin":16574,"position":1},"title":"Saudi Arabia taking out a loan","author":"Angry Webmaster","date":"April 21, 2016","format":false,"excerpt":"Good day all. This story came out the other day. It seems that the oil kingdom of Saudi Arabia is running a little short of cash these days, and finds itself needing to take out a loan. For decades, the rulers of Saudi Arabia, the House of Saud, have been\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/angry.net\/blog2\/?cat=176"},"img":{"alt_text":"loan-shark","src":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2016\/04\/loan-shark-300x251.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":24167,"url":"https:\/\/angry.net\/blog2\/?p=24167","url_meta":{"origin":16574,"position":2},"title":"OPEC is Running out of gas","author":"Angry Webmaster","date":"May 12, 2017","format":false,"excerpt":"Good day all. If you have followed the Fracking debate, you will know that the process is used to produce oil that normally wouldn\u2019t be economically viable. As the technology has matured, the costs have plummeted.","rel":"","context":"In "History"","block_context":{"text":"History","link":"https:\/\/angry.net\/blog2\/?cat=5"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2014\/04\/snoopy-happy-dance.jpeg-236x300.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":16203,"url":"https:\/\/angry.net\/blog2\/?p=16203","url_meta":{"origin":16574,"position":3},"title":"Venezuela almost right…for once","author":"Angry Webmaster","date":"October 18, 2014","format":false,"excerpt":"Good day all. This story slipped past everyone, what with Barack Obola doubling down on his incompetence. It seems that Venezuela is blaming the United States government for the collapse of oil prices.","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/angry.net\/blog2\/?cat=176"},"img":{"alt_text":"wambulance","src":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2012\/12\/wambulance.gif?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":36640,"url":"https:\/\/angry.net\/blog2\/?p=36640","url_meta":{"origin":16574,"position":4},"title":"Another successful Trump policy reversed by Biden hurts America, unsurprisingly","author":"Angry Webmaster","date":"February 26, 2022","format":false,"excerpt":"Good day all. One of the things the Greatest President of the 21st Century did was unshackle energy producers. This led to the United States becoming a net energy exporter for the first time in decades. When President Dementia was installed into the White house, he was signing everything put\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/angry.net\/blog2\/?cat=176"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2016\/03\/Donald-Trump-300x214.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":46764,"url":"https:\/\/angry.net\/blog2\/?p=46764","url_meta":{"origin":16574,"position":5},"title":"Epic Fury and oil prices","author":"Angry Webmaster","date":"March 21, 2026","format":false,"excerpt":"Good day all. As anyone knows who has bought gasoline lately, prices have skyrocketed. The question I\u2019m asking is, why? Now the blame for this is the United States destroying Iran\u2019s Islamic terrorist government. Even though most of Iran\u2019s command and control structure is no longer functional, (Meaning the leadership\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/angry.net\/blog2\/?cat=176"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/i.pinimg.com\/736x\/12\/9c\/45\/129c45849175cb9b561e1e42e211e381.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/posts\/16574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16574"}],"version-history":[{"count":10,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/posts\/16574\/revisions"}],"predecessor-version":[{"id":29578,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/posts\/16574\/revisions\/29578"}],"wp:attachment":[{"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}