Thank big oil. As Obama and Biden mocked the republican plan of “drill baby drill,” and threw every bit of their weight towards pie-in-the-sky “renewables,” the oil and natural gas companies are poised to drag us out of this relentless Obama-era stagnation.
We should see the prices of food come down, which will give families more disposable money, and the trickle down effect will kick into gear.
Of course, Obama will spike the football, and his media asslappers will allow him to do it.
Story at NRO
Thank fracking god.
My understanding from someone in the industry is that we are only fracking for natural gas and not for oil. So how can fracking for natural gas bring about the lowered price of oil?
Me thinks there is something else at play here.
Still screwing us over keystone.
Of course if feels good for all of us to have lower oil prices. If they stay that way, we will all benefit over the long term. In the short term (into 2015), we will see a lot of layoffs (retail in the 1st Qtr) and oil industry layoffs as we move into the spring and summer.
the Dallas FED in estimating minimally 250k job losses at current oil prices. Permits for new rigs have already dropped double digits. Industry estimates put it at 400k job losses.
http://www.zerohedge.com/news/2015-01-02/low-prices-lead-layoffs-oil-patch
I’m sorry. I’m thinking about nothing but red sweaters, today.
Joe Biteme (the Number One Observatory Circle Jerk):
“See! I told ya Recovery Summer was right around the corner!”
The Clintonistas will love this. This could get Hitlary and other demorats elected. There goes the country.
You can frack for oil or natural gas.
http://www.voanews.com/content/falling-gas-prices-impact-us-oil-extraction/2528898.html
Plus, the OPEC attempt to flood the market and drive US frackers out of business. My guess is some small fries will be bought out by bigger ones who can withstand the onslaught.
But all those kingdoms depend on high gas prices too so they probably don’t have the balls to keep this up for years. The cartel will break and the cracks are already there from this last meeting that decided against a slow down.
I don’t think a recovery is possible with out manufacturing. During the Reagan years manufacturing was 35% of the economy. The most current figure I could find was 8.9% and those were 2009 number and that was GNP not GDP. Some economist was on a couple weeks ago addressing the impact of the Sony hack on our economy. He said the largest chunk of our economy is now Intellectual Property. Data Storage.There’s not a lot of Blue Collar jobs created by Data Storage after the media is in place. Back in the day Econ 101 class taught that you weren’t creating wealth unless you added value. I don’t see us doing that anymore, we are just printing money. George W started the spiral and Obama accelerated it. Maybe his biggest crime against us.
I posted an article in the bullpen about the conflicting stories you hear about why gas is cheap.
All I know is that having gas below $2 here is like a weight off the shoulders.
So, the recovery is right around the corner? That must be one hell of a corner because we’ve been turning it since 2009.
Color me skeptical.
God still answers prayer!
All I know is that gas is down to a somewhat normal level for three weeks and commies are all “Thanks Obama!”
Which naturally leads to the question, “So he was the one responsible for the last 7 years too, right?”
I filled up for $27 as opposed to $52 yesterday so it definitely is a relief. Unfortunately we do not do a lot of driving, so the wallet impact for us depends on the price of food and other goods dropping.
OPEC is trying like hell to stop is from being self sufficient. I hope and pray those greedy bastards turn on each other before our guys give up. I do expect oil prices to go back up, but they should stabilize at a reasonable level.