Gas Prices

[The Other Side]

These countries are getting killed by cheap oil prices
The price is not right for many oil rich nations.

Oil is selling for roughly $83 a barrel on the global market. That's bad news for Iran, Nigeria, Venezuela, Russia, and Saudi Arabia, among others. They need the black stuff to trade at far loftier levels in order to balance their budgets.

Iran's budget, for example, is built on oil at $135 dollars per barrel, according to data from Deutsche Bank and Thomson Reuters compiled by DoubleLine Capital.

There's speculation that Saudi Arabia is refusing to cut supply in order to squeeze Iran. The two countries from opposing Islamic denominations are vying aggressively for dominance in the Middle East.

Budget squeeze: Low oil prices may force some governments to make tough cuts. Venezuela heavily subsidizes the cost of gasoline. A gallon usually costs drivers around seven cents, Terzic noted.

Already facing declining oil production, skyrocketing inflation, and dwindling foreign exchange reserves, the nation's socialist government may be forced to look at its budget to see what it can cut without roiling the public.

In Russia, finance minister Anton Siluanov is already talking about the need to cut spending by 10%. "The budget can not constantly have expenses that were made at different economic reality," he recently told the Russian parliament.

Russia has oil budgeted at $100, while Saudi Arabia will break even at $95 per barrel.

SO WHAT! Why do you care?

TOS.

 

[Babagounj]

Also ISIS will be getting less with their stolen oil .
Take away the funding & the fighting stops .

 

[Babagounj]

The dollar amounts that these countries place upon the revenue from oil is much like the Commonwealth of Massachusetts budget .
Which has decided that future revenue from casinos ( 5-10 yrs ) can now be used to pay for today's bills .
Just like any bubble , when it bursts the real hurt begins .

 

[The Other Side]

GEE,

wheres all the gas prices reports from san clemente recently???

Seems like the only time its mentioned is when its marginally UP and not drastically Down.

Gas in cali about to drop below 3 bucks including all taxes!

Maybe time to thank president obama for forcing oil companies to produce actual oil instead of hot air.

TOS.

 

[Babagounj]

But all the growth in the oil production fields has been on private lands .
So how can you state that bhos is responsible ?

 

[The Other Side]

But all the growth in the oil production fields has been on private lands .
So how can you state that bhos is responsible ?

Is there a chance you are running out of excuses yet?

Gas crashed again today. Heading lower.

http://finance.yahoo.com/q?s=clf15.nym

The only way up is to take production down.

Look for the american oil companies to do just that.

TOS.

 

[bbsam]

American greed is what drives this country and made it the power it is.

You understand the Fedex Ground model better than I thought. Furthermore, you support it.

 

[bbsam]

Looks to me like gas prices generally go up when the economy is doing better except when oil producing countries have their own political reasons for tampering with prices...like now.

So people talking about gas prices when President Bush was in office really need to consider the entire economic picture of the time.

 

[Brownslave688]

You understand the Fedex Ground model better than I thought. Furthermore, you support it.

I also support someone's right to unionize and try to get a bigger piece of the pie

 

[bbsam]

I also support someone's right to unionize and try to get a bigger piece of the pie

So do I. Problem is, just try to get the Teamsters interested in organizing bbsam inc.

 

[MAKAVELI]

http://www.forbes.com/sites/lorenst...low-80-the-first-shoes-drop/?partner=yahootix
Drill baby, drill! Lol

 

[Brownslave688]

http://www.forbes.com/sites/lorenst...low-80-the-first-shoes-drop/?partner=yahootix
Drill baby, drill! Lol

I'd like to see TOS read and reply to this article.

The Saudis basically want cheap oil to control the market. They are profitable when oil is under $40 a barrel. TOS seems to think they just like us and don't want to be greedy.

 

[bbsam]

I'd like to see TOS read and reply to this article.

The Saudis basically want cheap oil to control the market. They are profitable when oil is under $40 a barrel. TOS seems to think they just like us and don't want to be greedy.

The Saudis want cheap oil because it's a kick in the nuts to Iran.

 

[MAKAVELI]

The Saudis want cheap oil because it's a kick in the nuts to Iran.

And the US.

 

[Babagounj]

It's all about market share .
The Saudis can last the longest at these prices, while forcing others to fold .

So enjoy it while it lasts .

 

[Panin]

Small minds think alike.

 

[bbsam]

And the US.

How so? Relatively speaking low oil prices are good for the US. Bad for US multinational oil companies? Maybe. We're you expecting to be invited to their Christmas parties this year?

 

[MAKAVELI]

How so? Relatively speaking low oil prices are good for the US. Bad for US multinational oil companies? Maybe. We're you expecting to be invited to their Christmas parties this year?

I guess you didn't read the part where major US oil companies will be scaling back on production and cutting jobs. I guess you don't consider that bad for the US economy.
This only reinforces the notion we need to develop alternative energy sources to truly be energy independent.

 

[bbsam]

I guess you didn't read the part where major US oil companies will be scaling back on production and cutting jobs. I guess you don't consider that bad for the US economy.
This only reinforces the notion we need to develop alternative energy sources to truly be energy independent.

The billions of dollars saved by individuals and companies more than offset the relatively few job losses, no? Seems a "no brainer" to me. It's far better for far more to have lower fuel prices.

 

[MAKAVELI]

The billions of dollars saved by individuals and companies more than offset the relatively few job losses, no? Seems a "no brainer" to me. It's far better for far more to have lower fuel prices.

Low gas prices will only be temporary as we all know. Can't wait to see all the shiny new SUVs and big trucks on my route only to see gas spike again to well over $4.