OPEC ditches quotas. While Obama was busy losing the Middle East and destroying U.S. sovereignty, free enterprising oil producers, just naturally doing what capitalists do, have managed to ruin OPEC. We could see oil prices plummet to $20 a barrel.
- J.P. Travis in News New Format
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Lower oil prices will be a boon to our economy in so many ways I can't list them all.
For example lower fuel prices mean lower cost to the farmer who grows our food or feed for livestock. Lower costs for the farmer means lower costs for the green beans we eat or the corn that feeds the livestock.
Lower oil prices also means less cost to process that can of green beans then truck it to the grocery stores. If it cost less to grow the wheat, process the wheat, bake it into a loaf of bread then deliver the bread to the stores, the less we will have to pay for that loaf of bread. Simple economics tells us that the lower the cost to produce and ship any product will result in a lower price to the consumer.
The immediate effect will be felt at home. Less money needed to fill the gas tank every week means more money to pay bills, buy something the family needs, eat steak instead of hamburger once in a while, take the wife out to dinner when you are in the dog house.
The world runs on petroleum, that is a fact, and the lower the cost for that petroleum the lower the cost to the consumer for almost everything we need and use every single day. If a few investors or speculators get hurt by the drop in price, tough shit. There are over 300 million Americans who don't really care.
It may be the time to invest in oil. When the price starts to languish and not move more than a dollar, either up or down, is when the prices are going to be getting ready to go up again.
Oh, I don't know...I could so return to .20 or .25 a gallon again. Those were the good ol' days!
Yep. Back then $20 would fill up my pickup, buy a couple packs of cigarettes and a case of Carling Black Label beer. I would have enough left over to take my girlfriend to the drive-in on Saturday night too!
awwwww couldn't happen to a nicer bunch of douche bags--after all the years they have been scalping us--choke on your oil you slobs
OPEC could only thrive when they have a corner on market. Their monopoly is gone, so they can longer control prices to benefit themselves. The only shortages of oil were contrived by them to raise the price.
Just as US emissions of CO2 have gone down in the past few years despite the Government, not because of it.