Crude Oil drops below 30$ for the first time in 12 years - Polidicks

[url]http://www.bloomberg.com/news/articles/2016-01-12/wti-oil-falls-below-30-for-first-time-since-dec-2003[/url] [QUOTE]Oil dropped below $30 a barrel in New York for the first time in 12 years on concern that turmoil in China’s markets will curb fuel demand. West Texas Intermediate crude tumbled to the lowest since December 2003. Concerns that China’s economic growth may slow has soured investors on the prospects for a quick recovery, turning hedge funds the least bullish in five years. A rapid appreciation of the U.S. dollar may send Brent oil to as low as $20 a barrel, Morgan Stanley said. Oil extended a 70 percent drop since June 2014 as volatility in Chinese markets fueled a rout in global equities and U.S. stockpiles remained more than 120 million barrels above the five-year average. Saudi Arabian Oil Co., the world’s biggest crude exporter, confirmed on Jan. 8 it was studying options for a share sale, including listing “a bundle” of refining subsidiaries. "Psychology has completely taken over," said Stephen Schork, president of the Schork Group Inc. in Villanova, Pennsylvania. "Market sentiment has shifted so far that it’s self-fulfilling. There’s been a big cutback in CFTC positions, which shows that everyone is heading for the exits."[/QUOTE]

Gas prices on the west coast are still slowly going up, it's like a buck more here than in the center of the country now.

RIP CAD

[QUOTE=slayer3032;49518635]Gas prices on the west coast are still slowly going up, it's like a buck more here than in the center of the country now.[/QUOTE] its like 1.88 here checked on gasbuddy.com, lowest is 1.72 [url]http://www.gasbuddy.com/[/url]

[QUOTE=Wii60;49518666]its like 1.88 here checked on gasbuddy.com, lowest is 1.72 [url]http://www.gasbuddy.com/[/url][/QUOTE] Buck 45 where I am. My Crown Vic P71 is [i]loving[/i] it.

[QUOTE=Pandamobile;49518651]RIP CAD[/QUOTE] We dropped below 70 cents to the greenback today. Lowest it's been in 13 years. This is hurting so fucking much.

Been costing me ~$15 at most to fill my tank(15L). Shit's going alright. Not going to pretend I pay much attention though.

According to 8Ch.net/pol/ this could actually be really bad for the global economy or is at least a signifies bad things to come. I was a fool to go read things there, does anyone with a good economics background understand the larger implications?

[QUOTE=MadPro119;49518857]According to 8Ch.net/pol/ this could actually be really bad for the global economy or is at least a signifies bad things to come. I was a fool to go read things there, does anyone with a good economics background understand the larger implications?[/QUOTE] A lot of Head Investors are now saying sell EVERYTHING in the first sign of a rump... And they also say Oil ,may be going down to $10 a barrel... Fuck China.

$1.83 here and loving it [media]https://www.youtube.com/watch?v=Y5qKNlcUwKs[/media]

there's a special place in hell for websites who autoplay full audio volume.

My Land Rover Discovery II and I are crying tears of joy. I dread when it shoots back up, being able to finally fill up for around $35 is amazing, where as it was easily $80 before I graduated college.

Filled up for $1.49/ga here in Texas.

[QUOTE=MadPro119;49518857]According to 8Ch.net/pol/ this could actually be really bad for the global economy or is at least a signifies bad things to come. I was a fool to go read things there, does anyone with a good economics background understand the larger implications?[/QUOTE] The low cost of oil is good for the aviation industry, so thats good. Just dont expect your ticket prices to change due to the already low profit margins of airlines.

[QUOTE=pentium;49518682]We dropped below 70 cents to the greenback today. Lowest it's been in 13 years. This is hurting so fucking much.[/QUOTE] 1.54 CAD for 1 USD is what I recall from my prime days spent in Canada. If it gets to 1.50 I am going into town (Windsor) and enjoying the night at Jason's. Hope that place is still got the hotties!

We had for below $1.60 the last few days. I can't even personally remember a time it was that low.

Suck it OPEC

While the super cheap gas is awesome since I drive 40+ mi every day, this is actually starting to get to the point where it could trigger a major global economic disaster. Granted, countries probably shouldn't put all their eggs in a basket, either.

It's terrible news for the countries that export oil, but pretty good news for those that rely on importing it. India has been sustaining pretty impressive growth rates due in part to falling oil prices.

Thanks obama

Yeah it's just under $3 in the bay area Hate this state

2.57$ here in the bay area/peninsula

$5.77/gallon here. What do I win?

£1 and 7 pence per litre woooo

$1.3/liter in Denmark, I feel like a free man :dance: halleluja!

[QUOTE=Thomo_UK;49520155]£1 and 7 pence per litre woooo[/QUOTE] Cheapest in Southern UK is 99.7 - Never once have I got more fuel than I paid for until now.

[QUOTE=OmniConsUme;49518913]And they also say Oil ,may be going down to $10 a barrel... Fuck China.[/QUOTE] Fuck China? lol. It's mostly because of the Saudi, not China.

It would be cheaper to buy a barrel of gas than it would to go to the gas station and fill up there. I would get enough for one and a half tanks with a barrel, and spend $7 less. :v:

[QUOTE=FlakTheMighty;49520480]It would be cheaper to buy a barrel of gas than it would to go to the gas station and fill up there. I would get enough for one and a half tanks with a barrel, and spend $7 less. :v:[/QUOTE] Not gas, oil. You'd be better off trying to lubricate your engine with it than fill your tank, and that's not saying much. If you own a refinery, on the other hand...

[QUOTE=woolio1;49520504]Not gas, oil. You'd be better off trying to lubricate your engine with it than fill your tank, and that's not saying much. If you own a refinery, on the other hand...[/QUOTE] Well that's true yeah. I forgot about the whole making it usable thing.