|
Replies: 12
| visibility 264
|
Oculus Spirit [97671]
TigerPulse: 100%
Posts: 64809
Joined: 7/13/02
|
$1.98 gas today.
Feb 9, 2020, 1:25 PM
|
|
Not shure if that's good or bad
|
|
|
|
 |
All-In [30804]
TigerPulse: 100%
Posts: 22858
Joined: 11/1/03
|
lol 87 octane***
Feb 9, 2020, 6:06 PM
|
|
|
|
|
|
|
|
All-TigerNet [11019]
TigerPulse: 100%
Posts: 12358
Joined: 7/5/03
|
$1.85 here in Austin.***
Feb 10, 2020, 10:03 AM
|
|
|
|
|
|
|
|
Oculus Spirit [75676]
TigerPulse: 100%
Posts: 108831
Joined: 10/26/03
|
Probably bad, but not so bad as
Feb 10, 2020, 10:05 AM
|
|
like $1.38 would be. Assuming no magical changes that make it easier to make and last longer.
|
|
|
|
|
|
CU Medallion [59974]
TigerPulse: 100%
Posts: 22471
Joined: 5/24/17
|
Question for all you smart folk
Feb 10, 2020, 10:14 AM
|
|
Boomers are dropping like flies.
Cars are more efficient than ever.
US is basically energy independent.
Then wouldn't demand be far lower than what we have seen in the past?
|
|
|
|
|
|
Oculus Spirit [97671]
TigerPulse: 100%
Posts: 64809
Joined: 7/13/02
|
Psst. There's this thing called "supply", and it's just as
Feb 10, 2020, 10:20 AM
|
|
important as demand.
We count on China buying our oil. Other oil producing countries count on China more to buy their oil too. When China basically cuts its use of oil by 50%, 80%, who knows at the moment, that's a lot MORE oil on the world oil markets. So prices drop. Our oil industry, particularly fracking, relies on a certain price point to be profitable. China stops using oil, supply skyrockets, prices tank, our oil industry folds.
|
|
|
|
|
|
Oculus Spirit [75676]
TigerPulse: 100%
Posts: 108831
Joined: 10/26/03
|
This is why OPEC keeps production high.
Feb 10, 2020, 10:31 AM
|
|
Sure, they can profit way more at $140/barrel but so do the US folks. They hope to keep stuff suppressed here so we don't advance technology and such.
|
|
|
|
|
|
Oculus Spirit [97671]
TigerPulse: 100%
Posts: 64809
Joined: 7/13/02
|
That worked well for them until we ended up with more
Feb 10, 2020, 11:21 AM
|
|
reserves than they have.
|
|
|
|
|
|
CU Medallion [59974]
TigerPulse: 100%
Posts: 22471
Joined: 5/24/17
|
|
|
|
|
|
Oculus Spirit [97671]
TigerPulse: 100%
Posts: 64809
Joined: 7/13/02
|
Not that much overall considering China's size.
Feb 10, 2020, 11:31 AM
|
|
BUT, oil is a worldwide market. Everyone needs it. Not everyone produces it. That's why our oil prices still fluctuate over fears of Iran. Not because we import Iranian oil, but MANY others do. If Iran goes offline for them, they shop elsewhere, and prices climb over a shrinking supply worldwide.
There is perhaps no better example of globalism and a global economy than oil. Below $2/gal our domestic oil production hurts. There's a price point in the oil market where domestic fracking is profitable. If prices dip below that, you lose money fracking for oil. So wells shut down. People are laid off. Supply drops, prices rebound, and so on. It's a beautiful thing how oil regulates itself. But the oil market is probably one of the first places China's reduced demand will show up. It's not just their supply of happy meal toys and electronics. Whatever China consumes a lot of, prices will drop if their use curbs. Whatever China exports, as the supply from China goes down, THOSE prices will climb. You may see dirt cheap oil and gas in 5 months, but pay twice as much for a smartphone. One comes from China's decreased demand, the other comes from a decrease in China's supply.
|
|
|
|
|
|
All-In [29076]
TigerPulse: 100%
Posts: 15470
Joined: 4/14/11
|
Filled up the rental prius for $1.94 in Greenville yesterday
Feb 10, 2020, 11:44 AM
|
|
with my 4% costco cash back that equals $1.8624
|
|
|
|
|
|
Heisman Winner [105443]
TigerPulse: 100%
Posts: 65159
Joined: 12/2/02
|
TOTAL?????***
Feb 10, 2020, 11:50 AM
|
|
|
|
|
|
|
|
All-In [29076]
TigerPulse: 100%
Posts: 15470
Joined: 4/14/11
|
Pretty much. Give or take a few dollars***
Feb 10, 2020, 12:07 PM
|
|
|
|
|
|
|
|
Replies: 12
| visibility 264
|
|
|
50
