I filled up in Stanthorpe qld at $1.069 for diesel without a voucher on my NYE road trip.. same price coming back 5 days later.. filled her up again! I was pretty chuffed with that price especially being only a small town. we will still see oil get smacked down. The next problem will be that all these tankers / storage facilities are full and these countries pumping like crazy just to keep their economies going wont' be able to keep doing that since they have no where to put it all. what happens then ?!
The smart countries will take the extra $$$$$ saved from the low prices and build new crude storage facilities. At least that is what i would do Crude does not go off (clearly) so you could use this as an opportunity to store years and years of crude for future use. The price will go up again one day and a Billion spent now could save 5 Billion in the future.
This place will do to complain about this. My cars been coughing with tapets pinging like crap for past three days and I just got back from Mechanic who told me I filled up with a bad batch of fuel. It was from 7/11.
Oil prices have got the Feds attention and they are in a quiver! (Reuters) The continued rout on global oil markets has caused a "worrisome" drop in U.S. inflation expectations that may make further rate hikes hard to justify, St. Louis Federal Reserve President James Bullard said on Thursday. Since the dramatic fall in oil began in 2014 Fed officials have insisted the impact on U.S. price levels would be temporary, bottoming out at some point and allowing inflation to rise to the Fed's 2 percent target. Bullard said he has so far been willing to look beyond a slip in expectations as likely passing. But he is now worried the plunge in oil has unmoored inflation expectations as well, a fact that would make it more difficult for the Fed to lift inflation to its 2 percent target and could force officials to rethink the four quarter-point rate hikes expected this year. "We are 18 months into this and I am starting to wonder if my story is the right one," Bullard said. "For me inflation expectations are a key factor and if they continue to decline I would put increasing weight on that." He said he still thinks that continued strong job creation would "trump" weak inflation and a slowdown in the growth of gross domestic product. The outlook for four rate hikes still seems "about right," Bullard said. But, coming from a Fed member who argued for an earlier rate hike and who is considered to be on the hawkish end of the spectrum, Bullard's comments reflect the depth of concern at the Fed that it may struggle to meet its inflation goal given the state of the global economy.
*Russia must be really peeved. (Rouble is so down................>>>) *US frackers are peeved. What OPEC says In accordance with its Statute, the mission of the Organization of the Petroleum Exporting Countries (OPEC) is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry. http://www.opec.org/opec_web/en/about_us/23.htm
Just a bit off topic but worth a read. Lowest Ever: The Baltic Dry Index Plunges To 394 As Global Trade Grinds To A Standstill By Michael Snyder, on January 14th, 2016
Yes this is scary as!!! Here's the link for others that hav'nt seen it. http://theeconomiccollapseblog.com/...to-394-as-global-trade-grinds-to-a-standstill
The Baltic Dry Index (BDI) is an economic indicator issued daily by the London-based Baltic Exchange. Not restricted to Baltic Sea countries, the index provides "an assessment of the price of moving the major raw materials by sea. Taking in 23 shipping routes measured on a timecharter basis, the index covers Handysize, Supramax, Panamax, and Capesize dry bulk carriers carrying a range of commodities including coal, iron ore and grain. https://en.wikipedia.org/wiki/Baltic_Dry_Index
Wow! Oil will never hit $30 again i said. Oil in the $20's NO WAY. Ha ha ha, you should all be thankful i do not sell a weekly newsletter
