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Oil Prices Falling

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#1
VolterWight

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Excerpts from an Interview posted on PBS

 

We are seeing oil prices start to stabilize, significantly lower than they were this summer. We’ve got very soft demand globally and expanding supply from the U.S. and really all eyes are on OPEC now to see if they cut back supply or continue to add supply and let prices continue to fall.

 

The U.S. is producing a lot more oil domestically, importing a lot less, which makes a lot more oil available on the world market to go to Asia.  But China is not importing — or the growth is slowing down there.

 

Also, in developing countries, cars are getting more efficient and people are driving less.  So demand globally is growing at the slowest pace since 2009 and 2009 was, obviously, a very weak year.  And at the same time there is all this supply coming on from the U.S. and elsewhere.  So that’s why we’ve seen prices take such a nosedive.

 

http://www.pbs.org/n...-us-gas-prices/



#2
VolterWight

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I'm not really sure whats going on with oil prices these days, is the US really producing so much oil that it is off setting sanctions placed on Iranian and Russian exports??

 

And why all of a sudden theres this drop? 

 

I got a tank full today for $3.21/gallon, thats a big deal out here!



#3
mmmusa8888

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I'm not really sure whats going on with oil prices these days, is the US really producing so much oil that it is off setting sanctions placed on Iranian and Russian exports?

 

And why all of a sudden theres this drop? 

 

I got a tank full today for $3.21/gallon, thats a big deal out here!

 

are other prices dropping?


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#4
VolterWight

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are other prices dropping?

 

Cost of transporting goods also drops with lower oil prices, so technically, yes.



#5
maverick86

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Just FYI, OPEC is going to restrict production later this year according to an announcement by them. Fracking activity will improve US production which of course affects supply and consequently prices. this was in the offing for a while. It will be interesting to see how OPEC combats the situation, because a lot of these economies are hugely dependent on oil revenues. 



#6
VolterWight

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Just FYI, OPEC is going to restrict production later this year according to an announcement by them. Fracking activity will improve US production which of course affects supply and consequently prices. this was in the offing for a while. It will be interesting to see how OPEC combats the situation, because a lot of these economies are hugely dependent on oil revenues. 

 

Do you follow the energy industry closely maverick? What do you think the impact on gas prices will be now that the GOP controls congress? It is quite obvious that they support fracking, which means more US oil production. How do you think this plays out in the next 2 years?

 

Do you think the price of oil will fall down further? I hear that smaller oil companies require the price of oil to at least remain at $80 a barrel in order to remain financially solvent



#7
fahadzafar

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nice sharing amazing one keep sharing really appreciated


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