L
lowbudgetjunk
Guest
Re:
China, the second largest consumer of Petroleum Products, had cut down on a lot of their manufacturing. Couple this with almost all producers of oil being online at the same time, the market has been flooded for a while. The Saudis got together and decided to rock on with 100% production to drive out high cost producers of oil, see fracking, offshore drilling. The Saudis reasoning stems from a loss of market share the last time this happened. Since the Saudis are keeping production at 100%, so is everyone else. Currently, gas should be under a dollar, but greedy big oil has found a sweet spot ($1.50-2.50) where the gas guzzlers are all back online and the Prius' and electric cars are for sale or parked in the garage. Instead of *****ing, we are all happy about their record profits....oh wait, no we aren't, we are just happy gas and diesel prices aren't $4-5. All this while having, at times, record low crude oil prices.
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China, the second largest consumer of Petroleum Products, had cut down on a lot of their manufacturing. Couple this with almost all producers of oil being online at the same time, the market has been flooded for a while. The Saudis got together and decided to rock on with 100% production to drive out high cost producers of oil, see fracking, offshore drilling. The Saudis reasoning stems from a loss of market share the last time this happened. Since the Saudis are keeping production at 100%, so is everyone else. Currently, gas should be under a dollar, but greedy big oil has found a sweet spot ($1.50-2.50) where the gas guzzlers are all back online and the Prius' and electric cars are for sale or parked in the garage. Instead of *****ing, we are all happy about their record profits....oh wait, no we aren't, we are just happy gas and diesel prices aren't $4-5. All this while having, at times, record low crude oil prices.
Sent from my SM-S920L using Tapatalk