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I would prefer slighty higher prices; "AS", I don't want to imagine a bunch of folks without decent cash flow in the middle eastern countries, nor Russia or ???
Back on off-topic; Some are "Bullish" as oil prices drop. "Falling oil prices have energized opponents of the proposed Keystone XL pipeline.
U.S. benchmark crude has tumbled 10 percent this month, closing at $81.01 a barrel in New York trading last week, and further declines are forecast. At $75, a government analysis said producers may be discouraged from developing Canada’s oil sands without pipelines like Keystone.
“It changes the narrative quite a bit,” Anthony Swift, an international lawyer at the Natural Resources Defense Council in Washington, said of the tumble in crude prices.
The pace of oil-sands production is key in the debate over Keystone, a Canada-to-U.S. line TransCanada Corp. (TRP) proposed in September 2008 when oil was more than $100 a barrel. But; ....Kevin Book, an analyst at ClearView Energy Partners in Washington, said falling oil prices may help environmentalists make a case that alternatives like rail, which cost more, aren’t viable. But he called the current price drop a “blip” that probably won’t affect the U.S. review of Keystone.
Rebound Seen
“I don’t believe you have too many people making the case that oil is going to fall in the $70 range and stay there for five years,” Book said in an interview.
Reminds me of back in late 90s when gold fell to completely worthless. There were signs everywhere in front of homes and businesses asking people to please stop & haul the stuff away for free - just to get rid of it.
@hank, Gold is like that. Only a few societies like the chinese and the Indians keep their buying habits going. From a trading view though, Sept. 11, 2001 created the next big jump in gold. The key of course is when to get out and I was not so good at that part as I got out about a year too early in my investment. I'll leave it for the youngsters the next time.
OJ - If my reading of the linked list of taxes by state is correct. you paid 18.4 cents federał tax and 48.7 California state tax on that gallon of gas. Total taxes you paid were about 67 cents.
So ... You really got your gas for $2.32 gallon. Nice going.
@JohnChisum, of course everything is temporary but the impact of the US releasing crude from the SPR may not have just a temporary impact. The quantity of excess oil in the reserve, even just considering the IEA mandates, is enormous because fracking has reduced imports significantly and the reserve requirements are based on something like 90 days of net imports. From what I've read, it could take anywhere from 2 to more than 10 years of selling oil from the reserve every day to get down to what I've read is necessary. I'm not sure about $15/barrel, but I think the impact would be very significant. Fracking has made both crude and natural gas abundant it's going to make the low cost producers all the more attractive from an investment perspective.
Comments
I agree Scott, probably an oversold signal.
ONLY nine teams have better chances!
http://playoffstatus.com/nfl/nflpostseasonprob.html
Back on off-topic; Some are "Bullish" as oil prices drop.
"Falling oil prices have energized opponents of the proposed Keystone XL pipeline.
U.S. benchmark crude has tumbled 10 percent this month, closing at $81.01 a barrel in New York trading last week, and further declines are forecast. At $75, a government analysis said producers may be discouraged from developing Canada’s oil sands without pipelines like Keystone.
“It changes the narrative quite a bit,” Anthony Swift, an international lawyer at the Natural Resources Defense Council in Washington, said of the tumble in crude prices.
The pace of oil-sands production is key in the debate over Keystone, a Canada-to-U.S. line TransCanada Corp. (TRP) proposed in September 2008 when oil was more than $100 a barrel.
But;
....Kevin Book, an analyst at ClearView Energy Partners in Washington, said falling oil prices may help environmentalists make a case that alternatives like rail, which cost more, aren’t viable. But he called the current price drop a “blip” that probably won’t affect the U.S. review of Keystone.
Rebound Seen
“I don’t believe you have too many people making the case that oil is going to fall in the $70 range and stay there for five years,” Book said in an interview.
http://www.bloomberg.com/news/2014-10-27/keystone-foes-energized-as-price-pinch-oil-sand-allure.html
Paid $2.99/gal for fill-up today. Never thought that I'd see under $3 here in CA ever again.
So ... You really got your gas for $2.32 gallon. Nice going.
http://www.forbes.com/sites/kellyphillipserb/2013/04/29/which-state-pays-most-in-gas-taxes/