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Oil falls below $50/barrel

Amusingly, there is a commenter named "RJCalifornia" who comments that he is always right. You can't make this stuff up.
 
interesting to me that as oil goes down the market drops. just goes to show how much bigger of an impact the energy industry has than consumer spending.
 
deacphan said:
interesting to me that as oil goes down the market drops. just goes to show how much bigger of an impact the energy industry has than consumer spending.
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There are a ton of U.S. jobs tied to oil. My wife's cousin works to obtain land leases where the domestic drilling occurs. They are slowing down getting the leases with the price of oil. My sister's soon-to-be FIL works in valve sales (exciting, I know) and his sales have dropped off a cliff with the recent downturn. These are #anecdotes, but lots of people derive income from a burgeoning oil/gas industry within the U.S.
 
deacondamo said:
There are a ton of U.S. jobs tied to oil. My wife's cousin works to obtain land leases where the domestic drilling occurs. They are slowing down getting the leases with the price of oil. My sister's soon-to-be FIL works in valve sales (exciting, I know) and his sales have dropped off a cliff with the recent downturn. These are #anecdotes, but lots of people derive income from a burgeoning oil/gas industry within the U.S.
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it also hurts green energy outfits also. it benefits the purchasing power of 100% pf americans, though.
 
Read something yesterday where someone was predicting it dropping to $15/barrel. I think that's ridiculous, but I don't think $30-35/barrel is out of the question.
 
Les Grossman said:
Read something yesterday where someone was predicting it dropping to $15/barrel. I think that's ridiculous, but I don't think $30-35/barrel is out of the question.
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It dropped to $11-12 in 1998 and people thought the same thing before that drop. I imagine the crude oil producers will drop the price enough to squeeze out some of the new producers...which is probably in the range you note. It's going to be an interesting move to a new equilibrium. Probably hurts the US in the short term since US energy is the current economic driver, but the savings should kick in at some point. JMHO.
 
I might stockpile gas. Anyone know where I can get some big containers?
 
SkinsNDeacs said:
I might stockpile gas. Anyone know where I can get some big containers?
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Yep. There's a chemical additives factory in GSO who sells 55 gallon barrels. I had to get one for a doomsday coworker before Y2K.
 
How much are the barrels? Storage costs, etc? Not sure it makes sense.
 
You know your jokes are never funny when you make one and people think you are being serious.
 
Uhh, yes you can

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SkinsNDeacs said:
You know your jokes are never funny when you make one and people think you are being serious.
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It says more about you that people thought you may be serious.
 
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