Oil price plunges 3% to $95 US a barrel


mentalfloss
No Party Affiliation
#1
Oil price plunges 3% to $95 US a barrel

The price of oil dropped three per cent Thursday on expectations of higher global supplies and the impact of a strengthening US dollar.

U.S. benchmark oil for February delivery fell $2.98 to close at $95.44 US a barrel on the New York Mercantile Exchange. It was the biggest one-day drop in crude since November 2012.

Oil was lower for the third straight day after closing above $100 a barrel Friday for the first time since October. Oil had risen because an improving U.S. economy lifted consumption and a spell of cold weather seemed to augur higher demand.

The recent retreat follows reports that an end to protests at a major Libyan oilfield could return 300,000 barrels of daily production to the global market. That has raised expectations that supplies will be ample.

"Further improvement in the U.S. economy should be supportive of the U.S. dollar and that will continue to play against oil demand in emerging markets," said Olivier Jakob, an analyst at Petromatrix in Switzerland. He highlighted recent protests in Kuala Lumpur, Malaysia, against rising gasoline prices.

CBCNews.ca - Oil price plunges 3% to $95 US a barrel
 
captain morgan
Bloc Québécois
+1
#2
Iranian supplies will be hitting the market again at full production volumes very soon... More downward pressure on the commodity prices
 
Tecumsehsbones
+2
#3  Top Rated Post
Best time to get cracking on alternate energy sources, before the crisis.

But, between the oil-is-sacred crowd and the if-it-ain't-rainin'-no-need-to-fix-the-roof crowd, I calculate we'll fight a few more wars, including some really serious ones, before we even entertain the notion of alternatives.
 
B00Mer
Libertarian
#4
Quote: Originally Posted by captain morganView Post

Iranian supplies will be hitting the market again at full production volumes very soon... More downward pressure on the commodity prices

Good, but I have yet to see it at the pumps... $4.10 for a gallon of diesel here in Orlando, Fl. this chilly morning. 40F here this morning...

Fukking Cubans down here think they are Gods gift to mankind, rude, pushy and well just a bunch of **** holes.

English seems to be the second language here, if spoken at all.. ask for directions in English they give you a blank look, like where are you from..??

WILL THE LAST AMERICAN LEAVING MIAMI, PLEASE BRING THE FLAG?
 
Tecumsehsbones
+1
#5
Sounds like they're assimilating nicely.
 
B00Mer
Libertarian
#6
Quote: Originally Posted by TecumsehsbonesView Post

Sounds like they're assimilating nicely.

Easterners...

That's why I like Texas, New Mexico and Arizona.. you still get a wave or a good morning...

Now California, if that state would just fall into the ocean already and take all the Libtards with it.. we would have a "REAL" President in power.
 
captain morgan
Bloc Québécois
#7
Quote: Originally Posted by TecumsehsbonesView Post

Best time to get cracking on alternate energy sources, before the crisis.

But, between the oil-is-sacred crowd and the if-it-ain't-rainin'-no-need-to-fix-the-roof crowd, I calculate we'll fight a few more wars, including some really serious ones, before we even entertain the notion of alternatives.

Has been a tremendous amount of time, money and resources poured into alt energy... The tech will eventually come, but it takes time.

One other big issue will relate to the infrastructure requirements and cost/time to develop.

No easy solutions on this one

Quote: Originally Posted by B00MerView Post

Good, but I have yet to see it at the pumps... $4.10 for a gallon of diesel here in Orlando, Fl. this chilly morning. 40F here this morning...

Don't hold your breath Boomer.

PS - better-off down in FLA than YYC.. Snowing today but as the temp is hovering just around zero, will make for nasty roads for the next few days
 
Tecumsehsbones
#8
Quote: Originally Posted by captain morganView Post

Has been a tremendous amount of time, money and resources poured into alt energy... The tech will eventually come, but it takes time.

One other big issue will relate to the infrastructure requirements and cost/time to develop.

No easy solutions on this one


Good. I don't trust easy solutions. I'm minded of back when everybody was looking for the magic bullet to "fix" the Y2K problem. The magic bullet was tens of thousands of programmers going through tens of millions of lines of code and fixing them.

Alt energy will come along. And some of the biggest contributors will be the oil companies. Just wish they'd ramp it up some.

I know, to a great extent they are. I probably spend too much time here and elsewhere listening to people who think oil is the Blood of Christ.
 
B00Mer
Libertarian
#9
Quote: Originally Posted by captain morganView Post

Don't hold your breath Boomer.

PS - better-off down in FLA than YYC.. Snowing today but as the temp is hovering just around zero, will make for nasty roads for the next few days

Yeah, just chill'in in a Walmart parking lot, using their free WiFi... considering going to Magic Kingdom, they have Big Rig parking there and going into Disney World and taking the weekend off...

However, I still have 25 hrs left this week.. just drove from Los Angeles, CA to Orlando, FL with a hot load.. 25hrs is about $1200.. so you can see my difficult decision.
 
captain morgan
Bloc Québécois
+1
#10
Quote: Originally Posted by TecumsehsbonesView Post

Good. I don't trust easy solutions. I'm minded of back when everybody was looking for the magic bullet to "fix" the Y2K problem. The magic bullet was tens of thousands of programmers going through tens of millions of lines of code and fixing them.

Alt energy will come along. And some of the biggest contributors will be the oil companies. Just wish they'd ramp it up some.

I know, to a great extent they are. I probably spend too much time here and elsewhere listening to people who think oil is the Blood of Christ.

Yeah, Y2K was a big-nothing in the end. i recall that society as we know it was going to grind to a halt at midnight on the day.

In terms of oil, at present, it is a necessary evil and until something else comes along (and can be integrated into the system(s)), we have to deal with it.

As a side note, I speculate that you will see the use of a lot more gas-fired electricity plants in the next years, possibly even co-gen with coal. The infrastructure is already in place (for the most part) and it does/can burn very clean.

Quote: Originally Posted by B00MerView Post

Yeah, just chill'in in a Walmart parking lot, using their free WiFi... considering going to Magic Kingdom, they have Big Rig parking there and going into Disney World and taking the weekend off...

However, I still have 25 hrs left this week.. just drove from Los Angeles, CA to Orlando, FL with a hot load.. 25hrs is about $1200.. so you can see my difficult decision.

Hot load?

.. And I sure do see your problem on this... Gotta make hay while the sun shines
 
taxslave
No Party Affiliation
#11
Quote: Originally Posted by B00MerView Post

Yeah, just chill'in in a Walmart parking lot, using their free WiFi... considering going to Magic Kingdom, they have Big Rig parking there and going into Disney World and taking the weekend off...

However, I still have 25 hrs left this week.. just drove from Los Angeles, CA to Orlando, FL with a hot load.. 25hrs is about $1200.. so you can see my difficult decision.

Not nearly enough money to run on. By my calculations you need a minimum of $85/hr. 10hr a day to operate a truck.
 
tay
#12
I still remember when a couple of summers before it happened they were predicting 80 cent a litre at the pump and thinking WTF.


Now we long for that price...........






N. America to Drown in Oil
 
taxslave
No Party Affiliation
#13
Quote: Originally Posted by tayView Post

I still remember when a couple of summers before it happened they were predicting 80 cent a litre at the pump and thinking WTF.


Now we long for that price...........






N. America to Drown in Oil

It still could if not for all the taxes. Which is the real reason almost everyone is broke. Taxes consume aprox 53% of your gross income.
 
damngrumpy
No Party Affiliation
#14
The strengthening US dollar surprise some on this board are saying
Obama is running the economy into the ground yet the dollar is gaining
strength. Oil goes up and down its a game the greedy buggers play to
make us think there is competition nothing more. Iran will be putting oil on
the market more competition is good right even Albertans must agree
with that,
 
taxslave
No Party Affiliation
+2
#15
Quote: Originally Posted by damngrumpyView Post

The strengthening US dollar surprise some on this board are saying
Obama is running the economy into the ground yet the dollar is gaining
strength. Oil goes up and down its a game the greedy buggers play to
make us think there is competition nothing more. Iran will be putting oil on
the market more competition is good right even Albertans must agree
with that,

SUre competition id good. Unfortunately the greenies don't want us to have any way of competing in the world market so our oil must be sold at a discount to the only customer we can service.
Lets get the pipelines to both coasts built now.
 
damngrumpy
No Party Affiliation
#16
We should not be selling oil to foreigners for subsidised prices period
I agree we need pipelines east and west. I am also not fond of selling
any resources to China as they provide unfair competition.
I still think we should have one price for Canadians and one for the world
 
captain morgan
Bloc Québécois
+1
#17
Subsidized prices?
 
cj44
No Party Affiliation
#18
Without petroleum there would be no chapstick.
 

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