A world wide depression ????????? Oil's slide below $30 sends shockwaves far and wide Oil's slide below $30 sends shockwaves far and wide www.reuters.com U.S. oil stumbled below $30 for the first time in 12 years to levels that threaten the survival of many U.S. shale firms, spur more belt-tightening by oil majors and spell more pain for crude-producing nations and regions.
Never mind $35 a barrel, Canada's oil is selling for closer to $20 " As oil crashes through US$35 a barrel in New York, some producers are already living with the reality of much lower prices. A mix of Mexican crudes is already valued at less than US$28, an 11-year low, according to data compiled by Bloomberg. Iraq is offering its heaviest variety of oil to buyers in Asia for about US$25. In western Canada, some producers are selling for less than US$22 a barrel. “More than one-third of the global oil production is not economical at these prices,” Ehsan Ul-Haq, senior consultant at KBC Advanced Technologies Plc, said by e-mail. “Canadian oil producers could have difficulty in covering their operational costs.” " Just sayin'
Yes, that price is not at the well head and for "sweet" crude and the "greens" are determined to keep transportation and refinery costs as high as possible. No new pipelines, no sulfur, etc. A lot of production will stop soon. As an oil "user" I feel like a mouse caught in a battle between elephants. I know that I am going to get stomped, either higher oil prices or recession. "Does the prisoner prefer to be hanged or to be shot?" comes to mind. The problem is of course made much worse by the distortions caused by the nations selling oil and the speculation in oil by "investors" who cause huge price changes and distort the orderly market process. Gas at 50 cents a gallon isn't a good deal if you don't have a job or 50 cents.
We (my pup and I) just left the area around the Permian Basin and their economy is collapsing as badly as Southern Oregon did when the environmentalists got the forests closed to logging to protect the spotted owl...
OMG! When the price of oil is through the roof it is because "they" are manipulating it and gouging the working man. Now that it has crashed and "they" are losing billions and the basement price of oil is reverberating throughout the economy and threatening jobs in other industries it is because "they" have an ulterior motive! Gee, they sure have a lot of power!
Well we have let the wolves, big business, banks, wall street, the 1 %, etc, control the government and the courts and such, and to manage the sheep herd for their own purposes and it looks like "they" have managed to just about run out of sheep. There are a lot of problems with a "managed" economy, but when one group of elites is trying to make money, they have to take from another group of elites, as us sheep are about out of money. That leads to all kinds of distortions and instability in the economy. This election cycle has shown the real truth about American society, it no longer exists. We have competing social, ecological, economic, political, ethnic, and God know what other groups, that are willing to destroy our national cohesiveness in order to insure "their" group wins. It has worked out well in Sudan, Yugoslavia, Checkslovikia. Syria, etc hasn't it?
