What's with the low oil prices?

[frigidweirdo]

OPEC putting oil prices down.

What did Saudi Arabia do to "put oil prices down"?

Are you paying attention to oil prices?

Are you paying attention to oil prices?

I am. What did Saudi Arabia do to "put oil prices down"?

I didn't say Saudi Arabia, I said OPEC.

Opec willing to push oil price to 40 says Gulf oil minister - Telegraph

Read this.

Only Saudi Arabia matters in OPEC. It's the only one willing to withdraw capacity.

Well back in the day of Chavez, he was too, Venezuela is suffering new sanctions because the US wants to get at OPEC.

 

[frigidweirdo]

Are you paying attention to oil prices?

Are you paying attention to oil prices?

I am. What did Saudi Arabia do to "put oil prices down"?

I didn't say Saudi Arabia, I said OPEC.

Opec willing to push oil price to 40 says Gulf oil minister - Telegraph

Read this.

I didn't say Saudi Arabia, I said OPEC.

My mistake.

You know the US is pissed, they can't attack the Saudis who are behind it,

Wait, what?

Yeah, behind it. OPEC increased oil prices. OPEC, got that. Within OPEC are various nations, one of whom happens to be Saudi. The Saudis have done this quite a few times before, undermining the US while still being their allies.

The Saudis are behind this as far as I can tell, they get OPEC to do what they want. That doesn't mean the Saudis are increasing oil prices, they can't. They can get OPEC to do it. Make sense?

Yeah, behind it. OPEC increased oil prices.

Prices are dropping.

That doesn't mean the Saudis are increasing oil prices, they can't. They can get OPEC to do it.

You want the US to attack the Saudis for increasing oil prices, when prices are crashing?

Make sense?

No.

Seriously? You're not out to debate. Yeah, I have a job, and sometimes I make mistakes because I'm tired. What's your excuse?

 

[Toro]

What did Saudi Arabia do to "put oil prices down"?

Are you paying attention to oil prices?

Are you paying attention to oil prices?

I am. What did Saudi Arabia do to "put oil prices down"?

I didn't say Saudi Arabia, I said OPEC.

Opec willing to push oil price to 40 says Gulf oil minister - Telegraph

Read this.

Only Saudi Arabia matters in OPEC. It's the only one willing to withdraw capacity.

Well back in the day of Chavez, he was too, Venezuela is suffering new sanctions because the US wants to get at OPEC.

No, Chavez was never a player. Oil output fell by 1 million barrels a day, or 30%, because of his incompetence. They sold every drop they had because they had a shortage of dollars. They ran the economy into the ground.

 

[Toddsterpatriot]

What did Saudi Arabia do to "put oil prices down"?

Are you paying attention to oil prices?

Are you paying attention to oil prices?

I am. What did Saudi Arabia do to "put oil prices down"?

I didn't say Saudi Arabia, I said OPEC.

Opec willing to push oil price to 40 says Gulf oil minister - Telegraph

Read this.

Only Saudi Arabia matters in OPEC. It's the only one willing to withdraw capacity.

Well back in the day of Chavez, he was too, Venezuela is suffering new sanctions because the US wants to get at OPEC.

Well back in the day of Chavez, he was too,

BS. He talked tough, and pumped all out, to pay off his cronies.

 

[Toddsterpatriot]

Are you paying attention to oil prices?

I am. What did Saudi Arabia do to "put oil prices down"?

I didn't say Saudi Arabia, I said OPEC.

Opec willing to push oil price to 40 says Gulf oil minister - Telegraph

Read this.

I didn't say Saudi Arabia, I said OPEC.

My mistake.

You know the US is pissed, they can't attack the Saudis who are behind it,

Wait, what?

Yeah, behind it. OPEC increased oil prices. OPEC, got that. Within OPEC are various nations, one of whom happens to be Saudi. The Saudis have done this quite a few times before, undermining the US while still being their allies.

The Saudis are behind this as far as I can tell, they get OPEC to do what they want. That doesn't mean the Saudis are increasing oil prices, they can't. They can get OPEC to do it. Make sense?

Yeah, behind it. OPEC increased oil prices.

Prices are dropping.

That doesn't mean the Saudis are increasing oil prices, they can't. They can get OPEC to do it.

You want the US to attack the Saudis for increasing oil prices, when prices are crashing?

Make sense?

No.

Seriously? You're not out to debate. Yeah, I have a job, and sometimes I make mistakes because I'm tired. What's your excuse?

sometimes I make mistakes because I'm tired.

You didn't mean we should attack the Saudis for raising prices?
That's a relief!
Why do you want us to attack the Saudis?

 

[Siete]

What did Saudi Arabia do to "put oil prices down"?

Are you paying attention to oil prices?

Are you paying attention to oil prices?

I am. What did Saudi Arabia do to "put oil prices down"?

I didn't say Saudi Arabia, I said OPEC.

Opec willing to push oil price to 40 says Gulf oil minister - Telegraph

Read this.

Only Saudi Arabia matters in OPEC. It's the only one willing to withdraw capacity.

Well back in the day of Chavez, he was too, Venezuela is suffering new sanctions because the US wants to get at OPEC.

ummmmmmmmmmmm, Opec and Chavez aren't friends. Kicking Chavez doesn't hurt Opec. Venezuela is on the Opec hit list with Iran.

 

[Toddsterpatriot]

Are you paying attention to oil prices?

Are you paying attention to oil prices?

I am. What did Saudi Arabia do to "put oil prices down"?

I didn't say Saudi Arabia, I said OPEC.

Opec willing to push oil price to 40 says Gulf oil minister - Telegraph

Read this.

Only Saudi Arabia matters in OPEC. It's the only one willing to withdraw capacity.

Well back in the day of Chavez, he was too, Venezuela is suffering new sanctions because the US wants to get at OPEC.

ummmmmmmmmmmm, Opec and Chavez aren't friends. Kicking Chavez doesn't hurt Opec. Venezuela is on the Opec hit list with Iran.

Opec and Chavez aren't friends. Kicking Chavez (he's dead) doesn't hurt Opec.

No kidding. The Arabs couldn't care less if Chavez's heir bites the dust

 

[RoshawnMarkwees]

You need to do some research. We have more potential reserves than OPEC.
Then consider Bush's post-drilling-moratorium plans from late 2008/early2009, plans immediately scrapped by the current fascist-in-chief as the moratorium was reimposed.

Potential supplies mean what?

For shale oil and gas to be extracted, it costs more. If costs go down OPEC may just see competitors go out of business because they can't afford to extract for the price that it is being sold at. Therefore OPEC goes back to having a far larger share of "potential" oil supplies, which are just what people are willing to produce.

You know the US is pissed, they can't attack the Saudis who are behind it, so they attack Venezuela and Iran instead. New sanctions against Venezuela only last week.

Potential supplies as in offshore and fed land extraction, much of which was granted at the end of the Bush term and re-restricted by obama. The shale production is a bonus.

Potential supplies are what you can get out of the ground. No one is going to get it out if it costs too much to do so. If the companies go bust, they can't do it either. Potential supplies different based on different scenarios. What's the potential oil supply on Jupiter. 0 barrels, too expensive to bother going there, not matter how much it actually might have.

Overhead is compensated for by increased product. Potential supply is contingent upon conditions, just like crabs and lobster. This is all a supply and demand issue and the only reason things have cost way more than they need to is because this president thing's energy policy has allowed OPEC leverage it didn't and doesn't have to have.

 

[BlindBoo]

As the price for oil approaches 50 dollars a barrel what do you think is up?

The Oil cartel could cut production as they have in the past to maintain prices but have not. They are sitting on a pile of gold so it is not like it would hurt them.

Could it be to hurt fracking? Which I have heard there is now no where to store more gas in the US.

Or could it be to bankrupt Russia? To destroy their oil industry and if so what do you think Putin might do?

Oil production in the US is expensive compared to that in Saudi Arabia. The Arabs are trying to shut down US production by making it impossible for American oil to be profitable. I'm really not certain how they think this will work because it seems to me that if anything it would only temporarily stop US production. As soon as prices began to climb again, the cycle would just repeat itself. As for Putin, my prediction is that Russians hang him within the next five years as a traitor.

I work in energy.

As prices get lower...money gets spent other places and the price of things goes down (or it should).

Let them make our lived more abundant.

After they've been over thrown...prices will come back and we'll save our entertainment dollars to fill our gas tanks.

Prices should be lowered for most all things. God knows they've used the price of gas to raise the price of everything. Funny they never seem to lower the prices they raised when energy cost were rising.

 

[Zander]

D E F LA T I O N

it's real folks.....and all you have to do to see it fill up your gas tank......

 

[frigidweirdo]

No, Chavez was never a player. Oil output fell by 1 million barrels a day, or 30%, because of his incompetence. They sold every drop they had because they had a shortage of dollars. They ran the economy into the ground.

He reduced oil production on purpose. He was trying to increase oil prices and get OPEC more organised.

Look at 1999 when Chavez got in, prices rose from below $20 to nearly $40, at the time a massive increase. Production overall increased but demand also increased so a lowering of production by Venezuela had an impact.

Also, if Chavez wasn't such a global player, the US wouldn't have helped the coup d'etat, would they.

But yes, he ran the economy into the ground, that's a different story.

 

[frigidweirdo]

ummmmmmmmmmmm, Opec and Chavez aren't friends. Kicking Chavez doesn't hurt Opec. Venezuela is on the Opec hit list with Iran.

You know Venezuela is an OPEC country right?

Why do you think Venezuela is on the hit list with Iran? OPEC countries who hate the US. There were 4 in 2001. Two have lost their leaders through US military action, two see sanctions.

 

[frigidweirdo]

Overhead is compensated for by increased product. Potential supply is contingent upon conditions, just like crabs and lobster. This is all a supply and demand issue and the only reason things have cost way more than they need to is because this president thing's energy policy has allowed OPEC leverage it didn't and doesn't have to have.

You have just shown an incredible lack of understanding on this issue.

 

[Toro]

No, Chavez was never a player. Oil output fell by 1 million barrels a day, or 30%, because of his incompetence. They sold every drop they had because they had a shortage of dollars. They ran the economy into the ground.

He reduced oil production on purpose. He was trying to increase oil prices and get OPEC more organised.

Look at 1999 when Chavez got in, prices rose from below $20 to nearly $40, at the time a massive increase. Production overall increased but demand also increased so a lowering of production by Venezuela had an impact.

Also, if Chavez wasn't such a global player, the US wouldn't have helped the coup d'etat, would they.

But yes, he ran the economy into the ground, that's a different story.

PdVSA was starved of capital and many of its engineers fired. Those engineers then found work in Canada and the US. He jacked up oil taxes and nationalized fields, causing capital to leave. Venezuela's productive capacity fell by a million barrels a day, not by choice but by gross incompetence.

PdVSA cannot increase production. It's running at its full capacity. Saudi Arabia could start producing nearly 2 million barrels a day next week. Saudi is the only country that matters in OPEC.

 

[Toddsterpatriot]

No, Chavez was never a player. Oil output fell by 1 million barrels a day, or 30%, because of his incompetence. They sold every drop they had because they had a shortage of dollars. They ran the economy into the ground.

He reduced oil production on purpose. He was trying to increase oil prices and get OPEC more organised.

Look at 1999 when Chavez got in, prices rose from below $20 to nearly $40, at the time a massive increase. Production overall increased but demand also increased so a lowering of production by Venezuela had an impact.

Also, if Chavez wasn't such a global player, the US wouldn't have helped the coup d'etat, would they.

But yes, he ran the economy into the ground, that's a different story.

He reduced oil production on purpose. He was trying to increase oil prices and get OPEC more organised.

He was trying to get OPEC more organized? That's hilarious!

Also, if Chavez wasn't such a global player, the US wouldn't have helped the coup d'etat, would they.

Well, he was a global dick.

 

[RoshawnMarkwees]

Overhead is compensated for by increased product. Potential supply is contingent upon conditions, just like crabs and lobster. This is all a supply and demand issue and the only reason things have cost way more than they need to is because this president thing's energy policy has allowed OPEC leverage it didn't and doesn't have to have.

You have just shown an incredible lack of understanding on this issue.

Explain. Don't just throw barbs.

 

[Siete]

ummmmmmmmmmmm, Opec and Chavez aren't friends. Kicking Chavez doesn't hurt Opec. Venezuela is on the Opec hit list with Iran.

You know Venezuela is an OPEC country right?

Why do you think Venezuela is on the hit list with Iran? OPEC countries who hate the US. There were 4 in 2001. Two have lost their leaders through US military action, two see sanctions.

Venezuela was one of the founders .. why? .... Opec still has a hard on for Venezuela, regardless.

 

[RoshawnMarkwees]

Overhead is compensated for by increased product. Potential supply is contingent upon conditions, just like crabs and lobster. This is all a supply and demand issue and the only reason things have cost way more than they need to is because this president thing's energy policy has allowed OPEC leverage it didn't and doesn't have to have.

You have just shown an incredible lack of understanding on this issue.

And everything you've posted reflects supply and demand dynamics.
Do you work for the obama admin? The DNC?

 

[frigidweirdo]

Overhead is compensated for by increased product. Potential supply is contingent upon conditions, just like crabs and lobster. This is all a supply and demand issue and the only reason things have cost way more than they need to is because this president thing's energy policy has allowed OPEC leverage it didn't and doesn't have to have.

You have just shown an incredible lack of understanding on this issue.

Explain. Don't just throw barbs.

You're blaming the US president for the international price of oil when he isn't in OPEC which controls the largest supply of oil at present. It also controls the oil that is cheaper to get out of the ground and when OPEC decide oil prices go down, it's those companies who pay more to extract that are going to get it.

OPEC will have leverage because it is extremely powerful. It can simply reduce oil prices when it feels like it, maybe not so low, but low enough to cause major problems. And yet you blame the US president. What powers do you think the US president has over OPEC? The US only has the power to invade OPEC countries. It did that, oil prices went up, not down.

Supply and demand exists, OPEC control the supply, not the US president.

 

[frigidweirdo]

ummmmmmmmmmmm, Opec and Chavez aren't friends. Kicking Chavez doesn't hurt Opec. Venezuela is on the Opec hit list with Iran.

You know Venezuela is an OPEC country right?

Why do you think Venezuela is on the hit list with Iran? OPEC countries who hate the US. There were 4 in 2001. Two have lost their leaders through US military action, two see sanctions.

Venezuela was one of the founders .. why? .... Opec still has a hard on for Venezuela, regardless.

Venezuela has a lot of oil. A LOT OF oil. Oh and is in OPEC. What's your point exactly?