Crude oil is $86 today.... beginning of the end?

This was in The Huffington Post today.

"In an interview with the Middle East Economic Survey this week, the Saudi energy minister, Ali al-Naimi, indicated a fundamental rethinking by OPEC, saying that it needed to focus on keeping its market share rather than trying to raise prices by slashing production. “We have entered a scary time for the oil market,” he said."

As long as they focus on keeping their market share the price of oil will go down. At least until we cut production. And it doesn't look like we will cut it too much until we achieve our political goals of undermining Russia, Iran, and Venezuela's economy.[FONT=georgia, times new roman, times, serif] [/FONT]

 

The last thing they need to do is put a tariff on anything. Cheap oil is a good thing. I hope it drops to $10 a barrel and stays there a long time. And could give a rats rear less if it is all.imported or not.

 

I was born and raised in Northern California. I wouldn't want to live anywhere else! I admit, our politicians are screw balls and we have some problems, but its a beautiful place, has incredible weather, and offers something to everybody who moves here. Yes, things got bad after the recession and housing crisis, but the economy is recovering by leaps and bounds lately. Spring is going to be huge. The state has invested billions of dollars in infrastructure and road improvements, and projects that have been on hold for years are finally kicking into gear. The lyrics of a song by Timbuk 3 said it best, "The future is so bright, we'll have to wear sunglasses"!

 

Or until demand increases. If China ramps things up the oil glut will be depleted and prices will climb

 

You realize you're posting in the oil field forum, right. It's not a good thing for the hundreds of thousands of people working in the oil industry. You can stick your sentiment up your .......

 

Frackers bow down to your Muslim overlord Ali Al-Naimi.
Iron ore prices at 5.5 year lows, some mines not breaking even. Demand from China not seen picking up for the next 1-2 years.
US oil demand peaked in 2005.
Vultures are circling.
Happy New Year!

 

Will an excess of drivers losing jobs in the oil field cause a lowering of trucking rates and driver pay throughout the country? I think flat bedding will take a hit.

 

There's a lot more people who long ago got sick and tired of $100 fillups in their F150's and $60 fillups in their Nissan Altimas than there are people working in oil fields.

 

Welcome to globalization ......ask any factory worker !