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Thread: As Brent Crude Drops Below $90, Oil Stocks Tumble And Eyes Turn To Saudis

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    As Brent Crude Drops Below $90, Oil Stocks Tumble And Eyes Turn To Saudis

    Interesting reading for all those who have for so long attempted to defy the law of supply and demand when it comes to oil. Yes indeed more oil supply means lower prices so get over it and "drill baby drill". Also good reading here for those who insist our economy is doing great under Obama's leadership and as we all know "when America sneezes the world catches a cold".


    "The slide in oil prices continued on Thursday with Brent crude prices dropping below $90 a barrel for the first time in two years and West Texas Intermediate prices entering bear market territory. The price drop comes amid general concerns over weakening demand globally and oversupply from the U.S. because of increasing shale oil production.

    As Brent Crude Drops Below $90, Oil Stocks Tumble And Eyes Turn To Saudis - Forbes

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    Re: As Brent Crude Drops Below $90, Oil Stocks Tumble And Eyes Turn To Saudis

    Quote Originally Posted by lifeisshort View Post
    Interesting reading for all those who have for so long attempted to defy the law of supply and demand when it comes to oil. Yes indeed more oil supply means lower prices so get over it and "drill baby drill". Also good reading here for those who insist our economy is doing great under Obama's leadership and as we all know "when America sneezes the world catches a cold".


    "The slide in oil prices continued on Thursday with Brent crude prices dropping below $90 a barrel for the first time in two years and West Texas Intermediate prices entering bear market territory. The price drop comes amid general concerns over weakening demand globally and oversupply from the U.S. because of increasing shale oil production.

    As Brent Crude Drops Below $90, Oil Stocks Tumble And Eyes Turn To Saudis - Forbes
    If it continues to slide, they'll stop drilling. Remember we need oil companies to "drill baby drill," that's not a function of our government. So as prices fall, production will be ramped down until they stabilize again.


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    Re: As Brent Crude Drops Below $90, Oil Stocks Tumble And Eyes Turn To Saudis

    Quote Originally Posted by rocket88 View Post
    If it continues to slide, they'll stop drilling. Remember we need oil companies to "drill baby drill," that's not a function of our government. So as prices fall, production will be ramped down until they stabilize again.
    That really depends who blinks first - US oil drillers or Saudi Princes?

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    Re: As Brent Crude Drops Below $90, Oil Stocks Tumble And Eyes Turn To Saudis

    Quote Originally Posted by rocket88 View Post
    If it continues to slide, they'll stop drilling. Remember we need oil companies to "drill baby drill," that's not a function of our government. So as prices fall, production will be ramped down until they stabilize again.
    The US oil industry needs eighty dollar oil to keep domestic production profitable. This translates to $3.00 gas at the pump and that would be a fine point for it to stabilize.

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    Re: As Brent Crude Drops Below $90, Oil Stocks Tumble And Eyes Turn To Saudis

    Quote Originally Posted by lifeisshort View Post
    The US oil industry needs eighty dollar oil to keep domestic production profitable. This translates to $3.00 gas at the pump and that would be a fine point for it to stabilize.
    It's like $3.10 right now. Not exactly big savings, and a big difference from the Republican's promised $2.

    We want to drill everywhere to save 10 cents per gallon?


    Quote Originally Posted by Jetboogieman View Post
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    Quote Originally Posted by Oborosen View Post
    Too bad we have to observe human rights.

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    Re: As Brent Crude Drops Below $90, Oil Stocks Tumble And Eyes Turn To Saudis

    Quote Originally Posted by lifeisshort View Post
    The US oil industry needs eighty dollar oil to keep domestic production profitable. This translates to $3.00 gas at the pump and that would be a fine point for it to stabilize.
    The irony is that so does Russia. Their finances will collapse if oil remains below $80. I'm keeping my fingers crossed.

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    Re: As Brent Crude Drops Below $90, Oil Stocks Tumble And Eyes Turn To Saudis

    Quote Originally Posted by rocket88 View Post
    It's like $3.10 right now. Not exactly big savings, and a big difference from the Republican's promised $2.

    We want to drill everywhere to save 10 cents per gallon?
    Oil is near the $80.00 mark now and that is why gas is near $3.00. At $100.00 a barrel it was near $4.00. More oil equals cheaper gas.

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    Re: As Brent Crude Drops Below $90, Oil Stocks Tumble And Eyes Turn To Saudis

    Quote Originally Posted by lifeisshort View Post
    Oil is near the $80.00 mark now and that is why gas is near $3.00. At $100.00 a barrel it was near $4.00. More oil equals cheaper gas.
    And the oil companies won' t allow that. They want to make money.


    Quote Originally Posted by Jetboogieman View Post
    This issue has been plowed more times than Paris Hilton.
    Quote Originally Posted by Oborosen View Post
    Too bad we have to observe human rights.

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    Re: As Brent Crude Drops Below $90, Oil Stocks Tumble And Eyes Turn To Saudis

    Quote Originally Posted by rocket88 View Post
    And the oil companies won' t allow that. They want to make money.
    If you read the link in the OP you wouldn't say that

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    Re: As Brent Crude Drops Below $90, Oil Stocks Tumble And Eyes Turn To Saudis

    Quote Originally Posted by lifeisshort View Post
    If you read the link in the OP you wouldn't say that
    I did. If the Saudis flood the market and drive down the price further, American companies will cut back production here.


    Quote Originally Posted by Jetboogieman View Post
    This issue has been plowed more times than Paris Hilton.
    Quote Originally Posted by Oborosen View Post
    Too bad we have to observe human rights.

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