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91 comments on DrumBeat: November 23, 2008

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Nowhere on November 23, 2008 - 10:22am Permalink | Subthread | Parent | Comments top

The President of Iran said Iran could survive at $5 per barrel.
The rest of the world would not survive. He is blowing smoke anyway.
Russia, Mexico, Iraq, Venequela and others support most of their government operations with oil profit money. If profits drop, then their governments will collapse.
Low oil prices are good for the US since we are a 65% importer.
However, when the imports go to zero, the US will come to a standstill.
When we have other fuel sources in place, then we can survive on $5 per barrel.
If it really went to $5 now, consumption would increase substantially, which would cause shortages.
Prices would then rise back up.

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Geckolizard on November 23, 2008 - 12:45pm Permalink | Subthread | Parent | Comments top

RE: Gas prices continue to fall

Gasoline prices continued to sink, falling for the 67th day in a row, according to a national survey of gas station credit card swipes released Sunday...

Prices at the pump have been falling along with the price of crude oil, the main ingredient in all petroleum fuels. Crude investors have been concerned that as the global economy slows, demand for fuel will fade worldwide.

Oil prices on the open market have fallen more than 60% since mid July. On Friday, oil futures settled at their lowest levels since May 2005.

Thank God I did the responsible thing and bought a Prius. Gonna save me a ton of money (not).

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TrueKaiser on November 23, 2008 - 2:16pm Permalink | Subthread | Parent | Comments top

you at least have a vehicle that is somewhat gas optional.
the price drop may be good for people who can afford it, but the reason the price dropped is not a good thing. it dropped because people are liquidating their energy holdings to pay bank margin calls on other things, though this doesn't change the fact that we still have the same supply situation as we did at $150~ oil so as the demand starts to rise watch the prices not only skyrocket but also have shortages.

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Xav on November 23, 2008 - 11:25pm Permalink | Subthread | Parent | Comments top

Wasn't Iran pushing for cuts to keep oil around 100 us$ range a few weeks back?
Considering that most of the 'rainy day fund' has been depleted for populists policies, Iran would be in a very bad state with 5$ oil.
Mr. Ahmadinejad is a bit like Mr. Chavez in that they built their support at home on spending (quite wastefully) the benefits of expensive oil. Since neither of them bothered to have a functioning economy, when oil goes down, they go down too.

Even the usual sabre-rattling isn't working any more to push prices up.

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91 comments on DrumBeat: November 23, 2008

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