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| Economy |
| Bank of America sees $50 oil as Opec dies |
| 2014-12-10 |
| h/t Gates of Vienna The Opec oil cartel no longer exists in any meaningful sense and crude prices will slump to $50 a barrel over coming months as market forces shake out the weakest producers, Bank of America has warned. Revolutionary changes sweeping the world’s energy industry will drive down the price of liquefied natural gas (LNG), creating a “multi-year” glut and a mucher cheaper source of gas for Europe. Francisco Blanch, the bank’s commodity chief, said Opec is “effectively dissolved” after it failed to stabilize prices at its last meeting. “The consequences are profound and long-lasting,“ he said. And now, maybe, we can take a long, hard, look at Islam. |
| Posted by:g(r)omgoru |
| #19 I haven't ever cleaned one and don't intend to...I've left a few to mummify in hot dry places though...never thought of them as a food source. |
| Posted by: Mystic 2014-12-10 21:25 |
| #18 GUAM PDN Artic says the US may see UL gas prices lower to circa US$2.60 a gallon. Prob is, in this Age of OWG-NWO + Globalism where the US is surrendering andor outsourcing its industries to foreign nations, + while unilaterally falling back or pulling back across the World, ITS DOUBTFUL/DUBIOUS SUCH A REDUX WIL LEAD TO A RETURN OF REAGAN-BUSH, CLINTON, OR EVEN POST-CLINTON/BUSH 43-ERA NATIONAL PROSPERITY??? Lest we fergit, THE MORE ANARCHY-N-CHAOS THE BETTER FOR SETTING UP "JUSTIFIED" [Anti-US, Western] OWG + CONTINENT-SPECIFIC GLOBAL FEDERAL UNIONS, AS DOMINATED BY RUSSIA, CHINA, + IRAN FOR STARTERS. Prob for me is the Politicos are NOT explaining what they are doing nor asking the Voters = aka "the People" iff they want it or not vee formal popular referendum(s) or plebiscite(s). BUT WHOSE NOTICING SUCH THINGS ... ... |
| Posted by: JosephMendiola 2014-12-10 20:55 |
| #17 #15 Toilet Paper is Bolivars! Posted by: swksvolFF Actually, I think toilet paper (US variety) is worth more than Bolivars. |
| Posted by: Old Patriot 2014-12-10 19:07 |
| #16 #12 Personally, I won't be happy until I read about cannibalism in Saudia. Posted by: g(r)omgoru Ugh. Ever try to clean an Arab? |
| Posted by: Frank G 2014-12-10 18:53 |
| #15 Toilet Paper is Bolivars! |
| Posted by: swksvolFF 2014-12-10 17:33 |
| #14 SteveS not sure about the TP situation at the moment. Serious shortages of Tylenol, Asprin and the other one. Shortages of detergents and most cleaning compounds. Zero imports of auto parts. Good Scotch is available at reasonable prices. Coffee is imported (jeeeeeeebus) as is gasoline. But gasoline imports are being cut, leading to long lines at the pump. Of course the gasoline is essentially, so they got that going for them. Google "moron risk" |
| Posted by: Shipman 2014-12-10 16:39 |
| #13 It's really about the area under the price curve for the next 20 years or so. I lost interest in month-to-month gasoline price variations, tho I regularly use Gas Buddy to find the cheapest stations in my area or along my route during road trips. I got rid of my 13 mpg diesel-powered truck camper last year, not worth keeping it on the road. |
| Posted by: Anguper Hupomosing9418 2014-12-10 14:47 |
| #12 Personally, I won't be happy until I read about cannibalism in Saudia. |
| Posted by: g(r)omgoru 2014-12-10 13:43 |
| #11 "crude prices will slump to $50 a barrel over coming months as market forces shake out the weakest producers, Bank of America has warned" Warned? I do not think that word means what you think it means. |
| Posted by: Barbara 2014-12-10 13:11 |
| #10 You are assuming the money is all |
| Posted by: Redneck Jim 2014-12-10 12:35 |
| #9 Never mind the bolivars. Is there any damn toilet paper? |
| Posted by: SteveS 2014-12-10 12:34 |
| #8 Venezuelan oil basket now around 57.50. Official exchange rate 6.3 Bols to buck Official exchange rate II 52.00 Bols to buck Implicit rate 86 Bols to buck Caracas street exchange rate 150 Bols to buck Exchange rate at the Col. Border 174 Bols to buck Vzla. bonds Down 14% yesterday. Implied interest rate 31%. Bond insurance implies 75% chance of sovereign default. |
| Posted by: Shipman 2014-12-10 11:59 |
| #7 A study is needed to detail what percentage of the output of Bakken, EagleFord and Permian wells has already been hedged through 2016 at approx. $90 a barrel. And who took part in the hedging (mostly the big banks), and who will take a bath. |
| Posted by: Ulique Pelosi8805 2014-12-10 08:18 |
| #6 I'm sure this makes Venezuela very happy...........or maybe not. What will this do to the price of tar with sand in it? |
| Posted by: AlanC 2014-12-10 07:56 |
| #5 Next up will be loans to OPEC countries from Bank of America that no doubt will default and then require USA taxpayer bailout. Our leaders muck up everything. |
| Posted by: Airandee 2014-12-10 07:53 |
| #4 Good for the consumer since transportation costs factor into the price of every physical product. Should the Keystone XL Pipeline be approved, oil transport costs should get cheaper and thus reduce the price of oil even more. Profits could actually increase as costs are reduced. If the oil profits get too low and profits are reduced, exploration will be stifled and small producers will be driven out tending to drive oil prices up as supply is reduced and put us back into the laps of OPEC and the Saudis, particularly if they jigger their prices lower to maintain their market. Cartels, politics and greenie radical environmentalism tend to fiddle with the laws of supply and demand in unhealthy ways. |
| Posted by: JohnQC 2014-12-10 07:41 |
| #3 Now we get to see how they act without their wealthy friends trying to restrain them. Next stop, circa 1100 AD, with modern weapons this time. |
| Posted by: ed in texas 2014-12-10 07:34 |
| #2 |
| Posted by: 3dc 2014-12-10 05:50 |
| #1 market forces shake out the weakest producers. Perhaps this is simply a short term goal. |
| Posted by: Besoeker 2014-12-10 04:52 |