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05-19-2017, 12:47 PM | #1 | |
Scooby Specialist
Member#: 1654
Join Date: Jun 2000
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NWIC
Location: Seattle, WA, USA
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Full tanks and tankers: a stubborn oil glut despite OPEC cuts
http://in.reuters.com/article/us-glo...-idINKCN18F0EO
Quote:
Long live the V8.
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05-19-2017, 01:21 PM | #2 | |
n00b Moderator
Moderator Member#: 4263
Join Date: Feb 2001
Chapter/Region:
SCIC
Location: Encinitas
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Full tanks and tankers: a stubborn oil glut despite OPEC cuts
Quote:
http://mobile.reuters.com/article/idUSKCN18E06K Researching oil price articles is frustrating. If it goes up in early trading, it seems like that's where it's going to stay. By end of day, if it drops, the same news source will say oil is on a decline. And long term forecasting is a SWAG. Last edited by Skylab; 05-19-2017 at 01:26 PM. |
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05-19-2017, 01:32 PM | #3 |
Scooby Specialist
Member#: 198376
Join Date: Dec 2008
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MAIC
Location: Delaware
Vehicle:23 RAM 1500 diesel BMW ///M4 23' C8 23' |
They really want these prices higher as many countries like Russia, Venezuela depend for bulk GNP and countries like Norway, Sweden use to fund social programs,
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05-19-2017, 02:04 PM | #4 | |
Scooby Guru
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NESIC
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Quote:
Should be in the $1.30-$1.40 range. --kC |
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05-19-2017, 03:01 PM | #5 |
Scooby Specialist
Member#: 21293
Join Date: Jul 2002
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MWSOC
Location: Oak Park, IL
Vehicle:05 OB Black Bean 1969 W-30 |
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05-19-2017, 03:20 PM | #6 |
Scooby Specialist
Member#: 11349
Join Date: Oct 2001
Vehicle:2016 Mustang GT Blue |
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05-19-2017, 03:52 PM | #7 |
Scooby Specialist
Member#: 213825
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South East
Location: Greenville, SC
Vehicle:2013 BRZ |
$1.85 down here in SC. I think our gas tax is something like $0.17 a gallon.
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05-19-2017, 05:29 PM | #8 |
Scooby Specialist
Member#: 1654
Join Date: Jun 2000
Chapter/Region:
NWIC
Location: Seattle, WA, USA
Vehicle:2019 GoCycle GX MV Agusta Brutale S |
https://en.wikipedia.org/wiki/Fuel_t..._United_States
We have a 49.40 cents/gallon tax in Washington. California is 38.13 South Carolina is 16.75 US average is 31.04 lowest is Alaska @ 12.25 |
05-19-2017, 05:31 PM | #9 |
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AKIC
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And we're over $3 a gallon for premium.
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05-19-2017, 06:16 PM | #10 |
Scooby Specialist
Member#: 161333
Join Date: Oct 2007
Chapter/Region:
NWIC
Location: snoco wa
Vehicle:135i vert fast leaf |
glad I got out of my oil etf when i did... it's a funky market with so many things in the air, almost impossible to keep up-to-date on it all as a hobbyist.
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05-19-2017, 10:31 PM | #11 |
Scooby Specialist
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Vehicle:2016 Step 2 Push Buggy GT |
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05-20-2017, 01:52 AM | #12 | |
Scooby Specialist
Member#: 1654
Join Date: Jun 2000
Chapter/Region:
NWIC
Location: Seattle, WA, USA
Vehicle:2019 GoCycle GX MV Agusta Brutale S |
On the subject of "additional costs added to gasoline" I found this gem.
tl;dr there is a lot of graft going on in the complex arrangement that adds ethanol to our fuel. ignore the political elements of this article, please. the key parts are the existing system that was put into place under Bush and expanded under Obama. http://thehill.com/blogs/pundits-blo...standard-swamp Quote:
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05-20-2017, 07:35 AM | #13 |
Scooby Guru
Member#: 73805
Join Date: Nov 2004
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I have
Exxon Royal Dutch BP marathon Luk out Russia Total Etc etc etc..You want talk about losing money, I have been through a lot oil crap through out my life, but this one caught me off gaurd. chevron 5000 shares at 133 crashed to like 75 I think..losses 300K alone on that one. Eh what's a couple million bucks. aThen July 2016 things where looking good made a lot of my losses back three quarters at least. Then it crashed again. Soon as price goes, US FRACKERS come online flood surplus , it will never be the same. Should got out in July even Dec, wasn't to bad. Not to mention short term bond vanguard crashed with rates increase. I have a Suncor my oil sands was taken over by Suncor too. That was a nice loss. |
05-20-2017, 11:04 AM | #14 |
Scooby Specialist
Member#: 161333
Join Date: Oct 2007
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NWIC
Location: snoco wa
Vehicle:135i vert fast leaf |
I was in for a whole lot less than that... I deal in peanuts. I lost a bit, but was able to trim losses.
I have a private investment that has been returning 30+% in dividends a year, let alone share value, so hard to put money elsewhere right now. |
05-20-2017, 12:38 PM | #15 |
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Member#: 9264
Join Date: Aug 2001
Vehicle:2016 BMW M235i 6MT |
I work in the environmental consulting field and much of my work is with the oil and gas industry. I knew this oil glut was coming years ago when the extraction technology improved dramatically and we started finding more and more large O&G plays across the US and aboard. Also, reserves in many cases had been underestimated and/or the technology now allows us to extract more than once thought possible. There are massive reserves throughout this country; far more than anyone could have imagined just 5 years ago. This goes for many other countries as well and for places like Russia, the Middle East, and South America, it scares the crap out of those countries because they loosing their oil-controlling power. I can see wars being manufactured solely as a way to dramatically boost oil prices.
All this oil teamed with improved efficiency has been a perfect storm. 5-7 years ago, oil exploration companies in the US were making massive amounts of money and it was drill baby, drill. Our business was booming as well with the associated environmental permitting and compliance these companies had to adhere to. I kept thinking to myself, do these companies not understand that they're going to oversupply the market and crash prices? I guess not. They kept making money and they kept giving us business with little question about our pricing. I saw the writing on the wall and started taking on work in other industries because I didn't want to be without a job when the market tanked. Right now, my private equity clients aren't terribly interested in oil. They're going gangbusters over natural gas. I'm not sure why, but the acquisition activity has been quite high for NG over the past 3 months. |
05-20-2017, 07:38 PM | #16 |
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Vehicle:Dura ngo 95 horrorshow |
****ing OPEC. Got damn cartel that makes Fidel and Escobar look like Saints.
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05-20-2017, 10:45 PM | #17 |
Scooby Specialist
Member#: 1654
Join Date: Jun 2000
Chapter/Region:
NWIC
Location: Seattle, WA, USA
Vehicle:2019 GoCycle GX MV Agusta Brutale S |
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05-21-2017, 07:17 PM | #18 | |
Scooby Specialist
Member#: 11349
Join Date: Oct 2001
Vehicle:2016 Mustang GT Blue |
Quote:
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05-22-2017, 06:43 AM | #19 |
Scooby Guru
Member#: 73805
Join Date: Nov 2004
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I'm in PA..where you at. My main house Harvey's Lake PA..I have two Wells on our land in Tunkhannock,
http://stateimpact.npr.org/pennsylva...unicipality-2/ The other wells where flops..Noxen and behind the restaurant near Ricketts. They drilled, but the burn wasn't commercially feasible. That's when they learned that the shale going west was to hot and was burning the gas off, in simple turns. So two of the four made my family money, and a lot enemies too. When you drill and jeopardize the wells of your neighbors wells for their farm and lively hood wellll...but many many years latter, it's all cool no contamination, I did it in aTunk. Because if it wasn't me, the next guy would of. This was interesting Does The Permian's Sweet Spot Hold 8 Times More Oil Than Predicted? http://oilprice.com/Energy/Crude-Oil...Predicted.html As far as the crash, I inherited all my oil crap from my family, it's always boom to bust..You never sell, that's what I was instructed. It might be a whole Presidential Term before things bounce, but this one was historic. As for Chevron... In the US http://marcellusdrilling.com/2011/09...rs-in-the-u-s/ In the Word http://www.investopedia.com/articles...-xom-ogzpy.asp Last edited by AVANTI R5; 05-22-2017 at 06:56 AM. |
05-22-2017, 11:58 AM | #20 |
Scooby Specialist
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Vehicle:2021 Supra 3.0 Prem. Nitro Yellow |
So I'm good to get a Durango or Jeep SRT is what yer sayin?
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05-24-2017, 11:45 AM | #21 | ||
Scooby Specialist
Member#: 1654
Join Date: Jun 2000
Chapter/Region:
NWIC
Location: Seattle, WA, USA
Vehicle:2019 GoCycle GX MV Agusta Brutale S |
OPEC nearing deal to extend oil output cut to March 2018
http://www.reuters.com/article/us-op...-idUSKBN18K0W9
OPEC nearing deal to extend oil output cut to March 2018 Quote:
Quote:
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05-24-2017, 12:24 PM | #22 |
Scooby Specialist
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MAIC
Location: Delaware
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Unless a war oil will stay low. The frackers and tar sands have substantially lowered their cost to put push out oil and make profits at low barrel prices. Oil permits at big increase to drill.
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07-03-2017, 12:00 PM | #23 | |
Scooby Specialist
Member#: 1654
Join Date: Jun 2000
Chapter/Region:
NWIC
Location: Seattle, WA, USA
Vehicle:2019 GoCycle GX MV Agusta Brutale S |
North America Is Making OPEC Irrelevant
https://www.the-american-interest.co...ec-irrelevant/
North America Is Making OPEC Irrelevant Quote:
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