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[Vanillalite]

CNBC

Oil prices reached a 2003 low below $28 per barrel on Monday as the market braced for a rise in Iranian exports after the lifting of sanctions against Tehran over the weekend.

The United States revoked sanctions that had cut Iran's oil exports by about 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd.

Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), issued an order on Monday to increase production by 500,000 bpd, the country's deputy oil minister said.

Worries about Iran's return to an already oversupplied oil market drove down Brent crude to $27.67 a barrel early on Monday, its lowest since 2003. The benchmark was down 23 cents at $28.71.

U.S. crude was down 41 cents at $29.01 a barrel, not far from a 2003 low of $28.36 hit earlier in the session.

 

[BeEatNU]

I need those savings to make its way to CA

 

[Amir0x]

oil prices need to stabilize and quick. As much as I like these crazy low gas prices we're starting to get, the overall market is going to be severely hurt (even more) if this keeps up.

 

[DirtyManos]

I need those savings to make its way to CA

But the refinery is under maintenance/shut down for the holiday/blew the fuck up.

 

[shadowsdarknes]

I want my $1.50 per gallon gas.

 

[Vanillalite]

I want my $1.50 per gallon gas.

I'm about 10 cents away where I live. So I'm getting reeaaallllyyy close to that number.

 

[Miles X]

Sure as fuck not feeling the effects in the UK.

 

[gcubed]

I'm glad we confirmed that $120 oil was speculative bullshit

 

[BradleyUK]

Sure as fuck not feeling the effects in the UK.

Because they use the excuse of they brought their oil time ago so you won't feel the effect of the prices of today.

 

[1.21Gigawatts]

oil prices need to stabilize and quick. As much as I like these crazy low gas prices we're starting to get, the overall market is going to be severely hurt (even more) if this keeps up.

What are the consequences of the low oil prices?

 

[Syrus]

What are the consequences of the low oil prices?

Destroys US Oil economy , thousands of jobs lost , less people buying homes in oil states and communities which means those working in construction will have layoffs and slow times

 

[av2k]

What are the consequences of the low oil prices?

About five members of my family lost their jobs.. and a few friends laid off from oil based jobs.

My hours have been slashed from 60 to 32 hours.

 

[davepoobond]

Destroys US Oil economy , thousands of jobs lost , less people buying homes in oil states and communities which means those working in construction will have layoffs and slow times

So exactly what would happen if we went to 100% clean energy.

Strange how that works.

 

[Bregor]

What are the consequences of the low oil prices?

In the US, lower transportation costs for most of the economy (businesses and consumers). It will hurt the oil industry, but for most it is beneficial.

 

[thefro]

I'm glad we confirmed that $120 oil was speculative bullshit

Probably wouldn't have been nearly as much fracking, etc without the expensive oil prices. That basically broke OPEC.

 

[Foxix Von]

I paid 1.99 for gas this morning. I nearly flipped my shit.

 

[tearsintherain]

Destroys US Oil economy , thousands of jobs lost , less people buying homes in oil states and communities which means those working in construction will have layoffs and slow times

We're long past that point, for oil to be profitable in most of US/Canada it needs to be above $50/barrel. We aren't going to see that for a couple years barring a war in the middle east.

Both countries are going to have to mothball their production and keep it on standby until oil rises above $60, could be 2 years could be 10 years.

Since the US is mostly a consumer society overall lower oil prices help us far more, it definitely hurts the oil-production areas of the country but vastly helps everyone else and also helps China a lot.

 

[aygomyownroad]

Sure as fuck not feeling the effects in the UK.

99.8p a ltr at the supermarkets.

When I passed my test it was 77.6!!!

It's getting there but worry about job loses especially in Aberdeen where some of my friends are braced for more cuts soon

 

[Maitiú]

So exactly what would happen if we went to 100% clean energy.

Strange how that works.

Apples and oranges. Clean energy is creating new jobs and is a slow gradual shift. The current oil prices are in an acute deflationary crisis.

 

[perfectchaos007]

I want my $1.50 per gallon gas.

Taken from one of the other many oil threads as of late

Took this picture a week or so ago.

 

[NYCmetsfan]

oil prices need to stabilize and quick. As much as I like these crazy low gas prices we're starting to get, the overall market is going to be severely hurt (even more) if this keeps up.

It will hurt the Texas and other oil producers but its in essence a raise for everyone else.

How much does the US rely on gas production vs. Consumer demand

 

[mdubs]

What are the consequences of the low oil prices?

The ongoing collapse of Alberta

 

[Frozenprince]

oil prices need to stabilize and quick. As much as I like these crazy low gas prices we're starting to get, the overall market is going to be severely hurt (even more) if this keeps up.

Yeah, that's not happening. People wanna jump on that gravy train! Fuck the consequences.

 

[darkazcura]

99.8p a ltr at the supermarkets.

When I passed my test it was 77.6!!!

It's getting there but worry about job loses especially in Aberdeen where some of my friends are braced for more cuts soon

99.8p?! If I'm doing my math right, that's like the equivalent of ~$5.40 a gallon, right? Crazy. I shouldn't be too shocked. Sometimes I forget, but the few times I've left the country, I realized I should never really complain about gas prices, heh.

 

[hokahey]

Yeah, that's not happening. People wanna jump on that gravy train! Fuck the consequences.

There are also negative consequences to high oil prices. Part of the reason the economy went to shit in late 2008 was oil prices.

 

[Nakazato]

Got send .78 photo from Michigan from a friend tiday

 

[Tal Shiar Agent]

Time to ramp up construction of solar and wind farms to recover jobs lost in the oil industry, right?

 

[HeySeuss]

I hate to see people lose their jobs but this is one of those cases where the greater good outweighs a few thousand jobs.

Its better for America as a whole to have cheaper gas.

 

[BlueTsunami]

$20 fills the tank. THE 90S ARE BACK

 

[ItWasMeantToBe19]

So exactly what would happen if we went to 100% clean energy.

Strange how that works.

Well, except for the fact that in the clean energy scenario, we would actually limit climate change whereas the cheap oil scenario increases the expected damage from climate change.

 

[Nakazato]

$20 fills the tank. THE 90S ARE BACK

Took 17 to fill up yesterday it was amazing

 

[Facism]

Sure as fuck not feeling the effects in the UK.

that 5p drop that took months to happen what a time to be alive

99.8p a ltr at the supermarkets.

When I passed my test it was 77.6!!!

It's getting there but worry about job loses especially in Aberdeen where some of my friends are braced for more cuts soon

74.2p when I got my full license and first car. Again, what a time to be alive

99.8p?! If I'm doing my math right, that's like the equivalent of ~$5.40 a gallon, right? Crazy. I shouldn't be too shocked. Sometimes I forget, but the few times I've left the country, I realized I should never really complain about gas prices, heh.

Are you accounting for the difference in US liquid Gallon and our Imperial Gallon? 3.79 litres versus 4.55 litres, or thereabouts? I've not checked because i'm too busy being in a time to be alive.

;3

 

[linkandzelda]

99.8p?! If I'm doing my math right, that's like the equivalent of ~$5.40 a gallon, right? Crazy. I shouldn't be too shocked. Sometimes I forget, but the few times I've left the country, I realized I should never really complain about gas prices, heh.

Yeah, you guys have absurdly cheap petrol. I guess you need it though as there are quite a lot of space between settlements in many parts of the US.

 

[pestul]

Here in Canada, we're flipping our lids filling up at $3 per US gallon (80 cents/ltr). Of course more people are talking about the loss of jobs and effects on the economy. NL was just becoming a shining example of economic growth and recovery in Canada, and just as fast we'll be back to suckle the teet of Ottawa.

 

[shintoki]

So exactly what would happen if we went to 100% clean energy.

Strange how that works.

This is going to hurt our progression towards clean energy. Just like fuel efficient vehicles back in the 90s. More oil drops, it will be drastically cheaper and Natural Gas is already cheap enough as it is. So Nuclear, Wind, Solar, and others will all be taking some hits.

 

[darkazcura]

that 5p drop that took months to happen what a time to be alive



74.2p when I got my full license and first car. Again, what a time to be alive



Are you accounting for the difference in US liquid Gallon and our Imperial Gallon? 3.79 litres versus 4.55 litres, or thereabouts? I've not checked because i'm too busy being in a time to be alive.

;3

US Gallons so I used 3.785 liters to 1 gallon as my conversion. Difference is crazy.

 

[TyrantII]

oil prices need to stabilize and quick. As much as I like these crazy low gas prices we're starting to get, the overall market is going to be severely hurt (even more) if this keeps up.

Which says nothing of the climate.

Meanwhile governments sit on their hand when they should be increasing gasoline and energy taxes while prices are dirt low. With energy so low and interest rates still low, it be a good time to get those infrastructure projects done.

 

[Pancakes]

About five members of my family lost their jobs.. and a few friends laid off from oil based jobs.

My hours have been slashed from 60 to 32 hours.

I feel you man. Petroleum Engineering went from the money maker major to being near worthless.

 

[Quick]

Are oil prices dipping due to Iran's output increase a good thing? Outside of Canadians suffering from job loss, of course.

I like the lower gas prices, but is this something I shouldn't be enjoying due to long-term repercussions?

 

[pestul]

Which says nothing of the climate.

Meanwhile governments sit on their hand when they should be increasing gasoline and energy taxes while prices are dirt low. With energy so low and interest rates still low, it be a good time to get those infrastructure projects done.

I agree 100%. They should be taxing the shit out of this in both the US and Canada right now. I wouldn't even be opposed to a price freeze on gasoline at 99cents a Litre here with the rest stimulating the economy and promoting cleaner alternatives. Of course that will never fly on either side of the border with most..

 

[Lonely1]

oil prices need to stabilize and quick. As much as I like these crazy low gas prices we're starting to get, the overall market is going to be severely hurt (even more) if this keeps up.

We need a war. Aren't you in the defence industry?

 

[Little Old Man]

99.8p?! If I'm doing my math right, that's like the equivalent of ~$5.40 a gallon, right? Crazy. I shouldn't be too shocked. Sometimes I forget, but the few times I've left the country, I realized I should never really complain about gas prices, heh.

To be fair, a large element of that price per litre derives from taxes levied on fuel:

For every litre of unleaded petrol bought in the UK, 61 per cent of the pump price goes to the government as fuel duty and VAT along with 59 per cent of every litre of diesel.
The research – published as George Osborne prepares to deliver his budget later this month – shows that Britain taxes its drivers more heavily than any other EU nation despite the government having frozen fuel duty since March 2011.

 

[RandomExpletive]

$20 fills the tank. THE 90S ARE BACK

Prius has been enjoying ~ $24 -> full tank for the past year or so

 

[GSG Flash]

Are oil prices dipping due to Iran's output increase a good thing? Outside of Canadians suffering from job loss, of course.

I like the lower gas prices, but is this something I shouldn't be enjoying due to long-term repercussions?

If we're talking about Canada specifically, the money you're saving at the pump is being spent on the higher cost of other stuff(food, games, clothing etc.), so in the end you're not saving all that much.

Thanks to Harper, a strong Canadian economy is now reliant on oil being expensive, so unless we find another high priced resource to tie our economy to, low oil prices is definitely gonna hurt Canadians :/

 

[Ziltoidia 9]

Its below 1$ in Michigan.

http://www.foxnews.com/us/2016/01/18/gas-prices-fall-below-1-in-michigan.html?intcmp=hplnws

 

[NoblesseOblige]

Its below 1$ in Michigan.

http://www.foxnews.com/us/2016/01/18/gas-prices-fall-below-1-in-michigan.html?intcmp=hplnws

Not really. It's just below $1 at a couple places having a local price war. I'm in Mid-Michigan and it's average of $1.53 in a tri-county area. Which is still cheap, but not this purported <$1.

 

[cruets]

Meh I'll take low prices over fracking and wasting our water. Go lower, no one wants to live in north Dakota anyway

 

[Roland_Gunner]

It will hurt the Texas and other oil producers but its in essence a raise for everyone else.

How much does the US rely on gas production vs. Consumer demand

As someone who lives in Texas, we're fine for the most part. Very diverse economy and all of the refineries around Houston are busier than ever. Oklahoma is getting killed though. Its almost mathematically impossible for them to pass a 2016 budget without raising taxes.

 

[Culex]

I've said this before but in Connecticut, the last time oil was this price (around 2001) gas was 99 cents a gallon.

It's about 80 cents higher right now. I don't get it.

 

[Dragon]

My 401K is going down as oil prices go down. It's lost 10% over the last month. What the fuck.