The US oil price has fallen below the symbolic threshold of $50 a barrel for the first time since April 2009.

[scottcarter]

Thats a pretty self centered opinion you got there.
That would be like me hoping it would go up to 300

not sure self centered is the correct term. More like, calling it how I see it or expressing my honest opinion even though if might go against yours. You are free to hope they do go to 300.

Oil prices went up like mad the last few years. Politics and greed. Airlines started charging extra for luggage to supposedly offset the cost of the extra fuel luggage will burn and cost the airlines .... errr shareholders. Food prices have raises significantly as a result also. Almost everything has increased because of the oil prices skyrocketing. Except most people's income of course. The dramatic increase was nuts many will agree. Hopefully this time, the increases (when they will happen again) will be gradual like most things.

 

[CHOPTALK]

not sure self centered is the correct term. More like, calling it how I see it or expressing my honest opinion even though if might go against yours. You are free to hope they do go to 300.

Oil prices went up like mad the last few years. Politics and greed. Airlines started charging extra for luggage to supposedly offset the cost of the extra fuel luggage will burn and cost the airlines .... errr shareholders. Food prices have raises significantly as a result also. Almost everything has increased because of the oil prices skyrocketing. Except most people's income of course. The dramatic increase was nuts many will agree. Hopefully this time, the increases (when they will happen again) will be gradual like most things.

I did not say I hope oil goes up to 300. I said you hoping it goes below 50(which it already is) is just as self centered as if I would hope it goes up to 300.

I don't want it to be 300 because I'm not self centered.
If I was self centered I would pay 9 a gallon for gas with a smile on my face.

I think 100 is a perfect place for both the producer and the consumer.

More then 30% above or below that figure under current conditions hurts people.

 

[MantisToboggan]

I hope it goes lower than 50

That would be bad for the US economy.

 

[scottcarter]

That would be bad for the US economy.

I am not so sure about that. Less money being spent of fuel means more disposable income for other things. Also, people on fixed incomes would benefit. Like the elderly.

Annual Average Domestic Crude Oil Prices (in $/Barrel) Inflation Adjusted to November 2014
1946-Present
Year	Nominal Price	Inflation Adjusted Price
1946	$1.63	$19.41
1947	$2.16	$22.81
1948	$2.77	$27.21
1949	$2.77	$27.48
1950	$2.77	$27.19
1951	$2.77	$25.20
1952	$2.77	$24.64
1953	$2.92	$25.72
1954	$2.99	$26.30
1955	$2.93	$25.80
1956	$2.94	$25.56
1957	$3.14	$26.38
1958	$3.00	$24.55
1959	$3.00	$24.30
1960	$2.91	$23.26
1961	$2.85	$22.52
1962	$2.85	$22.25
1963	$2.91	$22.46
1964	$3.00	$22.84
1965	$3.01	$22.55
1966	$3.10	$22.56
1967	$3.12	$22.09
1968	$3.18	$21.56
1969	$3.32	$21.38
1970	$3.39	$20.63
1971	$3.60	$21.00
1972	$3.60	$20.33
1973	$4.75	$25.06
1974	$9.35	$44.71
1975	$12.21	$53.55
1976	$13.10	$54.37
1977	$14.40	$56.08
1978	$14.95	$54.16
1979	$25.10	$80.90
1980	$37.42	$107.37
1981	$35.75	$92.98
1982	$31.83	$77.95
1983	$29.08	$68.97
1984	$28.75	$65.37
1985	$26.92	$59.10
1986	$14.44	$31.10
1987	$17.75	$36.89
1988	$14.87	$29.73
1989	$18.33	$34.91
1990	$23.19	$41.79
1991	$20.20	$35.03
1992	$19.25	$32.40
1993	$16.75	$27.39
1994	$15.66	$24.94
1995	$16.75	$25.96
1996	$20.46	$30.79
1997	$18.64	$27.43
1998	$11.91	$17.26
1999	$16.56	$23.42
2000	$27.39	$37.55
2001	$23.00	$30.69
2002	$22.81	$29.92
2003	$27.69	$35.55
2004	$37.66	$47.05
2005	$50.04	$60.45
2006	$58.30	$68.28
2007	$64.20	$72.99
2008	$91.48	$100.01
2009	$53.48	$58.76
2010	$71.21	$77.11
2011	$87.04	$91.39
2012	$86.46	$88.95
2013	$91.17	$92.41
2014 (Nov)	$89.08	$89.08

I'd like to see it at 2000/01 levels

 

[PatsFan1283]

Scott I'm not saying you are wrong as I'm sure plenty of people have the same opinion as you. Especially since most feel they've been overcharged for fuel over the last 12-13 years and this is a "makeup" for that

But wouldn't you rather the industry/consumer find a better equilibrium that is good for all parties? Without that you are going to get massive contraction in 1 of America's most important and flourishing industries. Perhaps this is worth the 200+ billion tax break for consumers that will overwhelmingly benefit middle and low tier income earners.

It is an interesting discussion of the free market and how there are winners and losers.

 

[MantisToboggan]

I am not so sure about that. Less money being spent of fuel means more disposable income for other things. Also, people on fixed incomes would benefit. Like the elderly.

Annual Average Domestic Crude Oil Prices (in $/Barrel) Inflation Adjusted to November 2014
1946-Present
Year	Nominal Price	Inflation Adjusted Price
1946	$1.63	$19.41
1947	$2.16	$22.81
1948	$2.77	$27.21
1949	$2.77	$27.48
1950	$2.77	$27.19
1951	$2.77	$25.20
1952	$2.77	$24.64
1953	$2.92	$25.72
1954	$2.99	$26.30
1955	$2.93	$25.80
1956	$2.94	$25.56
1957	$3.14	$26.38
1958	$3.00	$24.55
1959	$3.00	$24.30
1960	$2.91	$23.26
1961	$2.85	$22.52
1962	$2.85	$22.25
1963	$2.91	$22.46
1964	$3.00	$22.84
1965	$3.01	$22.55
1966	$3.10	$22.56
1967	$3.12	$22.09
1968	$3.18	$21.56
1969	$3.32	$21.38
1970	$3.39	$20.63
1971	$3.60	$21.00
1972	$3.60	$20.33
1973	$4.75	$25.06
1974	$9.35	$44.71
1975	$12.21	$53.55
1976	$13.10	$54.37
1977	$14.40	$56.08
1978	$14.95	$54.16
1979	$25.10	$80.90
1980	$37.42	$107.37
1981	$35.75	$92.98
1982	$31.83	$77.95
1983	$29.08	$68.97
1984	$28.75	$65.37
1985	$26.92	$59.10
1986	$14.44	$31.10
1987	$17.75	$36.89
1988	$14.87	$29.73
1989	$18.33	$34.91
1990	$23.19	$41.79
1991	$20.20	$35.03
1992	$19.25	$32.40
1993	$16.75	$27.39
1994	$15.66	$24.94
1995	$16.75	$25.96
1996	$20.46	$30.79
1997	$18.64	$27.43
1998	$11.91	$17.26
1999	$16.56	$23.42
2000	$27.39	$37.55
2001	$23.00	$30.69
2002	$22.81	$29.92
2003	$27.69	$35.55
2004	$37.66	$47.05
2005	$50.04	$60.45
2006	$58.30	$68.28
2007	$64.20	$72.99
2008	$91.48	$100.01
2009	$53.48	$58.76
2010	$71.21	$77.11
2011	$87.04	$91.39
2012	$86.46	$88.95
2013	$91.17	$92.41
2014 (Nov)	$89.08	$89.08

I'd like to see it at 2000/01 levels

The problem is you are completely ignoring the effect $40 oil has on US GDP.

 

[scottcarter]

Scott I'm not saying you are wrong as I'm sure plenty of people have the same opinion as you. Especially since most feel they've been overcharged for fuel over the last 12-13 years and this is a "makeup" for that

But wouldn't you rather the industry/consumer find a better equilibrium that is good for all parties? Without that you are getting to get massive contraction in 1 of America's most important and flourishing industries.

I am not sure how to answer your question. What do you say?

I wont bitch at $50 oil. But if it doubles again over a 3 year period then I will. Doesn't make me or anyone self centered but I certainly ain't gonna get hung up on words like that. $100 is nuts.

 

[scottcarter]

The problem is you are completely ignoring the effect $40 oil has on US GDP.

which is what exactly? Not being argumentative, just asking your opinion.

 

[CHOPTALK]

Scott says fuck the world. Give me my .79c a gallon gas.

 

[PatsFan1283]

What about the question is unclear? Like at $80 the oil industry is healthy and gas is $3 a gallon. At $35 the oil industry has tons of layoffs, project cancelations, wells going untapped, etc.....All of that a generatalization, give or take with those #s

Also @Mantis...Pretty sure most studies show lower fuel costs = higher GDP but I could be wrong on that if it gets to levels that cause massive contraction in the industry (read $35 a barrel)

 

[scottcarter]

What about the question is unclear? Like at $70 the oil industry is healthy and gas is $3 a gallon. At $35 the oil industry has tons of layoffs, project cancelations, wells going untapped, etc.....All of that a generatalization, give or take with those #s

Also @Mantis...Pretty sure most studies show lower fuel costs = higher GDP but I could be wrong on that if it gets to levels that cause massive contraction in the industry (read $35 a barrel)

ok so $70 is where it should be?

 

[CHOPTALK]

I am not sure how to answer your question. What do you say?

I wont bitch at $50 oil. But if it doubles again over a 3 year period then I will. Doesn't make me or anyone self centered but I certainly ain't gonna get hung up on words like that. $100 is nuts.

$100 is not nuts.
Because it went up that high it introduced all kinds of new technologies that is partially responsible for this glut we have now.

Oil is now below it's intrinsic value.

100 is more then fair for everyone.

Anyone who wants it to be much more or much less then that is just plain greedy.

 

[PatsFan1283]

I am not sure how to answer your question. What do you say?

I wont bitch at $50 oil. But if it doubles again over a 3 year period then I will. Doesn't make me or anyone self centered but I certainly ain't gonna get hung up on words like that. $100 is nuts.

If your thought process is "It is a free market, when supply was constrained and gas was $4 a gallon the oil companies got to do fine...Now that there is oversupply and the price has collapsed so that is there problem, not mine" I don't think that line of thinking is necessarily wrong, I was just asking. I'm sure a lot of people that have no profit ties to the industry would rather fuel costs be cheaper so they can save 3-5k a year on gas, food, airfare, home heating costs.

 

[PatsFan1283]

ok so $70 is where it should be?

It should be where the free market thinks it should be I guess? Cant really answer that question.

$70-80 right now seems to be the "best of both worlds" for producers/consumers from what I see.

 

[scottcarter]

Scott says fuck the world. Give me my .79c a gallon gas.

lol. nice try Chopper. I venture to guess that the exact opposite is true.

 

[scottcarter]

If your thought process is "It is a free market, when supply was constrained and gas was $4 a gallon the oil companies got to do fine...Now that there is oversupply and the price has collapsed so that is there problem, not mine" I don't think that line of thinking is necessarily wrong, I was just asking. I'm sure a lot of people that have no profit ties to the industry would rather fuel costs be cheaper so they can save 3-5k a year on gas, food, airfare, home heating costs.

all I am saying is it doesn't only affect the price at the pump for people who drive. Nearly everything on the planet hinges greatly on oil prices. Food, clothing etc. Am I wrong?

 

[Michelangelo]

Selfish?

The vast majority of consumers, manufacturers, growers and shippers would benefit greatly by a reduced price in oil. The groundwork would be laid for a strong economic upturn. More jobs and more taxes would result as well as an improved purchasing power for lower income and middle income peoples.

When the vast majority is served, i's called the benefit of supply and demand. The wheels of capitalism have just been greased by production inspired by entrepreneurship, innovation, and private capital in the form of fracking. It's a beautiful thing.

Selfish to let markets set prices? Hardly.

 

[akphidelt]

Ak are you in production or drilling

The main company I do contract work for now is O&M. Basically setting up and moving temporary camps and helping with the permanent camp. $100mm+ contract.

 

[scottcarter]

Selfish?

The vast majority of consumers, manufacturers, growers and shippers would benefit greatly by a reduced price in oil. The groundwork would be laid for a strong economic upturn. More jobs and more taxes would result as well as an improved purchasing power for lower income and middle income peoples.

When the vast majority is served, i's called the benefit of supply and demand. The wheels of capitalism have just been greased by production inspired by entrepreneurship, innovation, and private capital in the form of fracking. It's a beautiful thing.

Selfish to let markets set prices? Hardly.

thank you. Glad someone thinks along the lines as me. While I have my moments ( I like to think) you definitely express yourself much better.

 

[akphidelt]

I am not sure how to answer your question. What do you say?

I wont bitch at $50 oil. But if it doubles again over a 3 year period then I will. Doesn't make me or anyone self centered but I certainly ain't gonna get hung up on words like that. $100 is nuts.

You should stop being selfish and buy a hybrid! Global Warming enabler!!!