Saudis Cut Oil Prices to U.S., Which Pressures Domestic Oil Industry
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Saudis Cut Oil Prices to U.S., Which Pressures Domestic Oil Industry

This is a discussion on Saudis Cut Oil Prices to U.S., Which Pressures Domestic Oil Industry within the News & Links forums, part of the General Discussion category; Oil prices tumbled to their lowest point in more than two years after Saudi Arabia unexpectedly cut prices for crude sold to the U.S., likely ...

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Thread: Saudis Cut Oil Prices to U.S., Which Pressures Domestic Oil Industry

  1. #1
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    Saudis Cut Oil Prices to U.S., Which Pressures Domestic Oil Industry

    Oil prices tumbled to their lowest point in more than two years after Saudi Arabia unexpectedly cut prices for crude sold to the U.S., likely paving the way for further declines and adding to pressure on American energy producers.

    The decision by the world’s largest oil exporter sent the Dow industrials DJIA, +0.11% into negative territory for the day amid concerns about the pace of global growth.

    The move heightened worries over the resilience of the U.S. oil industry, which has expanded rapidly in recent years. But that growth, driven largely by new production technology used to extract oil from shale-rock formations, has never been tested by a prolonged slump in prices. See: Oil slides on speculation about Saudi’s pricing strategy

    While lower crude prices generally help consumers by reducing the amount they pay for gasoline, analysts said falling energy prices will squeeze profit margins at many U.S. energy companies, particularly smaller firms or those with large debt loads.
    Saudi oil-price cut takes market by surprise - MarketWatch

    The prices are falling at the gas pumps, but our own industry will suffer.

    Mixed emotions on this.
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    Also mixed about this, but I've gotta say I'm having a hard time feelin' bad for the big oil companies who've been rear-ending us for all these years. I do feel bad for the small guys with a few dozen pumps rockin' in the south forty... they're going to hurt some on this.
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    Quote Originally Posted by whoppo View Post
    Also mixed about this, but I've gotta say I'm having a hard time feelin' bad for the big oil companies who've been rear-ending us for all these years. I do feel bad for the small guys with a few dozen pumps rockin' in the south forty... they're going to hurt some on this.
    Average profit margin of 5.2% is hardly rear-ending us. That is especially true when you consider the government is making several times that in oil and gas taxes.

    http://www.beg.utexas.edu/energyecon...%20margins.pdf
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  5. #4
    tks
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    Opec is scared sh#tless.We are still their largest, by a wide margin, customer. Between fracking and domestic oil production, we are within a few years of independence from them. If we opened up the oil fields in ND and AK, they'd be screwed and they know it. They are dropping prices in a desperate attempt keep that from happening.

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    The oil cartel is pissing on each other trying to drive the prices down as a response to the US oil companies..... The U.S companies can wait them out, we will still have our oil as they deplete theirs!
    Fok them towel heads!
    Last edited by Urinal Cake; 11-04-2014 at 05:55 PM.
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    I completely agree with tks. OPEC is nothing more then a world monopoly on crude oil. OPEC can no longer say, "this is the price, take it or leave it". OPEC countries were getting rich when oil was $50 per barrel so why did they raise it to $100 per barrel other then greed.

    And the companies doing the fracking & off shore here are making plenty of money also.

    The bottom line is the price at the pump.
    Slippy, tks and Box of frogs like this.

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    Not only is it having an effect on the raggies, it is also putting HUGE pressure on Russia which makes me VERY happy. The Russian economy is still heavily dependent on selling oil and gas to Europe. If prices go down too much, they collapse.
    Last edited by Inor; 11-04-2014 at 03:24 PM.
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    rest in peace Corporal Bradley Coy 06/08/92-10/24/14

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    It is also messing with Russian production. This revolves around Syria, pipeline from the oil rich Arabs to send gas to Europe and Russian gas as well as US concerns. Quite a mess. All the big boys are involved.
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    Revelation 6:6
    We do live in interesting times.
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  11. #10
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    Quote Originally Posted by Boss Dog View Post
    Revelation 6:6
    We do live in interesting times.
    Hmmm...I'm sure it was Olive Oil

    No, not associated with Popeye!
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