The price of crude oil..... my jaw dropped

Discussion in 'Markets & Economies' started by slavaja, Mar 8, 2020.

  1. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Lets be realistic Australia produces jack stuff of oil.

    So this is great news that Russia and Saudi are increasing oil production to go mid $30 per barrel
     
  2. alor

    alor Well-Known Member Silver Stacker

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    they could be working together to kill oil shells competitors
    remember when oil was above $150 fall to $50...we heard not much about oil companies going buzz
    this move is the second bullet on the head of oil companies
     
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  3. Jason1

    Jason1 Well-Known Member

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    yer we gave up allot of self reliance with the closure of our refineries.
    But imagine the protests from the greenies if we opened a few new ones up.
    Although maybe a big recession where these greenies find the value of their trust funds have dropped down in value big time and as result put them back in the real world where they will find out what its like to struggle with every day issues.
    As a result They may Just get a chance to find out what its like to live in a country running with out fossil fuels. I bet they wont like it very much and finally shut up about it.
    30 years with out a recession is a long time to forget what one feels like, so it will be interesting to see how quickly this Green craze lasts once People feel the pinch from a recession.

    As for gas in cars, it was great when it was cheap eg 30cents when Petrol was $1, but these days the price of the shit is just stupid.

    it would be fine, if you believed once they killed the competition they wouldnt just jack the prices to stupid levels once they have a full blown monopoly.

    short term might be fine, long term you have to be very suspect on it
     
    Last edited: Mar 11, 2020
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  4. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    They can jack it up to $100, but the US shale production will sky rocket above $60. So Saudi and Russia could coordinate to keep oil at $55.
    US banker won't invest at $55 break even, once they have learned their lesson, they are not stupid

    As for 30c petrol, this would be great
     
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  5. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    50% US shale breaks even at $50
    25% US shale breaks even at $35

    If fundamentals were at play US should be pumping 5 to 6 million barrels not 13 million at 50 usd oil
     
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  6. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Oil might be in the $20s in two week
     
  7. alor

    alor Well-Known Member Silver Stacker

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    $10 is not a surprise
     
  8. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    US shale oil producers need $73 per gallon to break even.
     
  9. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Surely that is the number for the least efficient producer not an average.
     
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  10. alor

    alor Well-Known Member Silver Stacker

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  11. sterling-nz

    sterling-nz Well-Known Member

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    I thought it was like $55 but im most likely wrong.
     
  12. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    Could be $55. Between there and 73.
     
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