Tis wonderful to see. We get ZERO benefit at the pump here in NZ due to current NZD pricing , but nice to see that i have friends buying up oil and when it smashes out again i shall be in for some generous deals. I see JPM on here was predicting $30 and i scoffed him, if this continues i may have to unscoff, though $30 is a fair way off yet.
Im with jpm on this one. Sub 30 is very likely within 12 months. I think I'll take a solid position in ooo then.
It probably wasn't being pumped out like crazy like today. Iran should add a million barrels a day soon and with countries like Venezuela which rely solely on oil exports feeling the pain of lower prices all they can do is pump more oil to try and make up lower prices. This seems like a self feeding death spiral which pushes prices lower. Until alot of the higher cost producers go broke (many are hedged so they won't go broke yet) we won't see a turn around in the price. So yes I think $30 oil is very likely short term.
The Saudis would rather issue bonds to balance their budget than cut production and lose market share either to the US, Russia or Iran if the sanctions are lifted against them. It's a buyers market if you're an oil importer
crude is down, bt had to freakin pay $1.65 at Shell for 98 they never pass it on to the end consumer. arrrgghhhh rant over
The reason why you don't see a drop in price at the pump is the same reason why gold is still around $1500 AUD an ounce along with taxes on petrol
A whole $1.68 you poor wee dear? For our 98 over here in NZ we are paying $2.10 I know what you mean about NOT passing on the reduced cost's though. Even with the NZD well down against the USD we should still be down under the $2 mark (well under) if they were to pass any savings on to us. I hate to say it , but they are businesses and if they can extract those extra $$$$$'s from us then i guess they have every right too. I just wish they would not be so deceptive about it. If they want to get the extra $$$$$'s from us then FINE, but i get sick of hearing their BS stories about why they can't lower it. We are not all financial idiots.
Aud decline and increased petrol excise tax are significant but not enough to offset the dramatic fall in the price of crude oil, the operating margins have increased dramatically for the refinery and retail industries in Australia. Aka we r getting ripped off
It's heading to test $30. And will probably go lower. Enjoy the cheap gas prices, but don't expect PM's to go to the moon with depressed oil prices.
When was the last time you actually added anything of substance to a conversation? All you ever do is try to make yourself feel good at the expense of others. Who gives a shit if an American calls petrol 'gas'? Everybody knew what he was talking about. Please just leave.
http://money.cnn.com/2015/08/18/investing/oil-prices-15-kotok/index.html?category=home This guy is predicting $15 oil...... Bet $15 oil will probably translate to $1.35 for unleaded in australia
