• SAUDI OIL MINISTER: I Don't Care If Prices Crash To $20 — We're Not Budging
    120 replies, posted
[QUOTE=aydin690;46782498]That'd be saudi arabia. Oil proceeds only represent about 20 percent of iran's GDP.[/QUOTE] Isnt Venezuela like 70-80% GDP is oil?
[QUOTE=~Kiwi~v2;46782320]$2.27 a liter Fucking christ help.[/QUOTE] $1.20/Litre at our servo's around town, fucking amazing
[QUOTE=aydin690;46782498]That'd be saudi arabia. Oil proceeds only represent about 20 percent of iran's GDP.[/QUOTE] GDP =/= exports/revenue [URL="http://atlas.cid.harvard.edu/explore/tree_map/export/irn/all/show/2012/"]Oil makes up nearly three quarters of Iran's exports.[/URL]
1.96 at Costco :quagmire:
Hasn't been 80 cents a liter in a long time, Suck it oil companies
The lowest I've seen prices go in my area of California is $2.53, which is way better than what we've had in the past few years. However, my decision still stands for my next vehicle to be an EV.
I'd feel worse for oil companies if they didn't boast their multi billion profits each quarter; maybe they need to trim some fat
[QUOTE=Shogoll;46782077]norways always on top of their shit [editline]24th December 2014[/editline] hard to believe just how insanely dependent those countries have become on oil though over $100 a barrel to stay in the black? seriously?[/QUOTE] The oil industry composes 90% of Venezuela's GDP. If anything this means that the current Venezuelan government will collapse and there will be some small hope that I can return to my homeland (all this while I fill my tank with cheap-as-fuck gas!).
[QUOTE=Deng;46782129]How can the Iranians fuck up this bad? They're going to end up falling to bits again at this rate.[/QUOTE] Because Iran is dependent on foreign countries to refine their oil, since they lack the refineries; So basically what happens is they have to sell their oil to China to refine, then buy back the Gasoline and Diesel.
It feels like increasing the output of oil may bring us closer to running low before we have better alternative measures in place. How long is this oil going to last at this rate? It might be good in the short term, but how will this affect us long term?
$1.86 here in Dallas
Never thought I'd see these prices again. The lower the better.
[QUOTE=Mr.Goodcat;46782313]Saw 1.98$ My mind nearly imploded. Also, can someone explain to me why OPEC dropped prices so rapidly, and why the minister said the world may never see 100$ a barrel again?[/QUOTE] My understanding is that oil prices are driven by speculators. Investors see demand for oil going up, because China's economy is growing for example, so they start buying oil. More buyers=more demand=higher prices. So oil producers increase production to cash in on the demand. If something happens to reduce demand, let's say China's economy starts to cool off and the US starts producing shale oil, the speculators get scared and stop buying so much oil. Demand falls, and prices start falling. Meanwhile other things happen, such as sanctions against Russia, that also impact the oil market. Now what? Well, now some oil producers want to cut production, because the same amount of countries competing for less oil means prices will go back up. Saudi Arabia is saying "Meh, we're good thanks" because they can outlast this oil price crash. They are smugly looking at their competitors and figuring their competition will brought to their knees, which suits them just fine. It's not like the Saudis are in a hurry to save Iran's economy.
Gas is $2.08 right now at the Circle K closest to my house in west Richmond... Apparently sam's club has it at $1.90
Were at 2.98 here in LA!... yeah... woo... fuck this city and all it's people :( I want under 2$ gas
Drill baby drill!
I'm at $1.49 where I live get fucked [sp]Tulsa, Oklahoma. Oil capital of America.[/sp] [editline]a[/editline] Wait it's $1.44 at Sam's Club, which is literally right fucking next-door to my highschool!
-snip i'm late-
[QUOTE=circuitbawx;46783144]-snip i'm late-[/QUOTE] -snip- son of a bitch I did it too
I was driving down the road with my wife and saw gas for 2.67 where about a year ago the same station was charging 5. I said, "OMFG that's cheap! Holy shit 2.67? I don't think it could drop any lower than that!" Immediately after I said that the sign changed to 2.53. I would be jelly of all you guys with your sub 2 dollar gas but I don't even care, it costs me less than 20 to fill up my tank now, I'm in heaven already.
Fuck I love low priced gas but fuck I hate the reason why its low. "fuck everyone and everything, we need our market share." This could slope into them having even more control of the market.
Gas is under $0.90/L in some places here :D
Don't be fooled into thinking this means we can become complacent regarding our energy futures. We still need to move forward as fast as we can. The price will dip down, and then it'll fly right back up. It may stay low for a prolonged period, but during that period we need to keep up the push forward.
I do like this move, but I am curious as to what caused this sudden change of heart? What do they get out of it?
I'm loving how cheap petrol's been because of this, $1.16/Litre here. Took the opportunity to completely fill my tank for the first time Edit: Only a month ago, it was $1.55+/Litre
I'd be happy if fuel prices stayed at $2 a gallon. Its a good price in my opinion. Not gouging the shit outta the companies and not too harsh on the wallet.
Saudi-Arabia is pushing an inverse oil crisis. What kind of black magic is this?
[QUOTE=viperfan7;46783505]Gas is under $0.90/L in some places here :D[/QUOTE] Heh, awwee yyeeahh. It's currently 81.4c by my house.
[QUOTE=redBadger;46782159]Gas was $2.37 today. Filled a near empty tank for only $30 and had .50 cents of change because the tank almost overflowed on me.[/QUOTE] $1.99 where I live. I filled my tank for $20.
[QUOTE=Vlevs;46783842]Saudi-Arabia is pushing an inverse oil crisis. What kind of black magic is this?[/QUOTE] they want to kill american/canadian production, that's basically it.
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