When will oil prices go back up

Problem is oil goes up and people suffer. 2-4 bucks a gallon. WTF !!!! No reason fuel should be over 1.50

 

Hmm. I'm from the planet that was here before the last several spikes in oil. But more recently. I haven't seen anything go up in price since oil fell. In fact my families grocery bill has decreased. Still higher than it was before the oil boom, but no longer climbing every week when oil was high. And I've also got more dollars to spend since my gas and fuel bill has been cut in half.

 

I can't help but take issue with your hyperbole. I live in the middle of oil country and during the height of the boom my grocery bill did NOT increase every week. Rents increased steadily, but not groceries and other sundries. So if my grocery bill in the largest land based oil field on the continent was steady, how is it that your bill was so drastically affected by the oil boom when you're 1500 miles away in Florida????

 

Are you actually saying you pay the same for groceries today as you did before the price of oil sky rocketed about 10 years ago?

A little bit of researching will show to anyone that the price of beef, chicken, pork, dairy, fish, grains and produce have all gone up drastically in price since oil went up. Lots of contributing factors, but the have one thing in common, oil. cost of shipping for one, cost of producing for another. Farmers burn a lot of fuel planting crops. Also the cost to feed animals that are destined for my dinner table went up a lot...mainly due to the increased cost of producing grain. Compounded by the fact that more and more fields stop being planted with food crops, and got planted with biofuel crops...due to the increase in oil prices driving up the demand in biofuel crops.

When oil goes up in price, the cost of everything we buy goes up. For those of us not working in the oil industry(the vast majority of the human race), we have the end result of less buying power with our dollars. It's called inflation.

 

Perhaps you should work on your critical reading skills. I was calling you out on your ridiculous claim that your grocery bill increased weekly because of the oil boom. I live in the heart of oil country where price gouging is a way of life and my bill staid the same from week to week. Yes, prices have increased over the last ten years just like everything else. Yes that's called inflation, but inflation is driven by many things besides oil.

 

Heck even with sub $40 oil I haven't seen a decrease in costs on anything. Even at the pumps in most places regular gas and diesel are still around the $1/liter mark. At the height of the boom we only ever seen fuel hit $1.25ish/liter. Still I'd like to see the oil price up around $75. Things are getting slow around here. I've only had maybe 20 hours of O/T since mid 2014.

 

I'm still getting a lot of over time due to dumb luck. The moment OT dries up, I no longer have a reason to be in west Texas. Where are you ?

 

Northern Alberta. OT has become a little more common in the last month or so but only because our manpower is down about 50% from 2014. So when a rush job comes up they don't mind shelling out a few extra hours to keep the customer happy.

 

Been eye balling oil ETFs and thinking its time to jump on board. The bulls have been beating down the bears the last few weeks, Wouldn't be surprised to see 50s by summer on crude

 

Same here. I'm kicking myself for not buying up Canadian Oilsands stocks when they were at $6-$7. They're at $10 now and at their peak 2 years ago they were hovering around $25.