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US hit another post-1973 oil production record and oil storage space is shrinking worldwide

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posted on Jan, 29 2015 @ 11:55 PM
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So much oil and nowhere to store it, so it seems. Looks like Peak Oil kind of has more deflation than a Superbowl football. In terms of price going down to $20 a barrel it seems we have not the capacity to store it, tankers will be sitting offshore in holding patterns, good news for the price and for a variety of other important economic outcomes.




posted on Jan, 29 2015 @ 11:57 PM
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a reply to: bubbabuddha

Can they not slow down the production or is it already at it lowest and still overflowing storage?



posted on Jan, 30 2015 @ 12:05 AM
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When is the price of commodities going to drop now that the energy costs to produce and transport them are in half?



posted on Jan, 30 2015 @ 12:08 AM
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a reply to: bubbabuddha

A "buddy" of mine told me that when it drops below $40 a barrel, it might be a good time to be ready to get the hell out of the cities. Now he could be wrong, maybe the Saudis aren't collapsing the petrodollar, destroying the tar sands and killing fracking, maybe there is some fantastic new energy source coming soon and they are trying to get enough money in to either get control of it or sell off soon-to-be-outdated oil product. Or maybe they are just collapsing the economies so they can buy cheap land in the west and take over. Caliphate by design through a global economic and financial crisis?

Cheers - Dave



posted on Jan, 30 2015 @ 12:24 AM
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a reply to: Forensick
Yes they could but that would result in less profits, less income, they cannot have that, especially in Saudi Arabia, unless they want a new Arab Spring in the spring or summer. Nobody want to cut their own profits, plus they want to drive the Shalers out and the US doesn't complain cause they want to crash Russia, everybody wins or at least we do. Plus you did notice all those riots recently in America? Those were before the price crashed, notice how much less noise maybe being made now? It reminds me of the food riots in the middle east that led to the Arab Spring. I also think they want to go back to war....the excess supply also happens when you don't have a war in Iraq or Afghanistan....most oil maybe used by the govt to fund the globetrotting armies.



posted on Jan, 30 2015 @ 12:38 AM
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a reply to: bobs_uruncle
I think one has to factor in the cost of wars as well.....On September 10th, 2001, the price for a barrel of crude oil was below $30. So in that respect this maybe like after the War bubble burst, like the housing bubble as well. I'd be shocked if the market minds didn't already see this coming. Notice how much information has been flowing into the media about international threats and terror attacks have been escalating, well that Terror War bubble just popped and we pumped shale like there was no tomorrow while that war was going on, we might be heading back to war in a couple years or sooner so the price might go back up, but not until everyone decides they can live without their cut of the pie, and for the Sauds I don't see how or why they would want to take an even bigger cut in their profits, they like having control of the markets, right now they are being made to feel the pinch of US production, imagine if we got really busy and created more capacity to store and transport more oil, we'd have total control over the market, no more beggin the middle east to pump oil, no more bowing to Islam, this resets the game, it should have happened a long time ago, but we were at war and blowing through oil like crazy over the past 13 year run.



posted on Jan, 30 2015 @ 04:58 AM
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a reply to: TinfoilTP It takes a while to work through the system. From food products, and even worse, manufactured goods, the final products on the 'shelf' are based on at least 6 month old oil/transportation costs.

Having said that, everyone and their third cousin are taking advantage of the oil prices and lowering their own as slowly as possible....it'd been a while since most businesses could actually post profits...other than the big boys..LOL



posted on Jan, 30 2015 @ 06:07 AM
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A demonstration on how that much of pricing is just based on speculation by traders and outrageous money grabbing.

Guess it is now time to start reducing refining to run up gasoline prices again, as in to 70s crisis.



posted on Jan, 30 2015 @ 08:21 AM
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So why aren"t we payning .48 cents a gallon like we did in 1973? Because Big Oil has been ripping us all off for decades. It is time to switch to an alternate clean fuel and let these parasites wither, drop off our jugular and turn to dust.



posted on Dec, 31 2015 @ 06:01 AM
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a reply to: bubbabuddha

I'm beginning to think that the world economy is slowing down so much that it is about to collapse, thus the huge spike in oil reserves. If that's true, get ready for a really big war after Hillary or Trump gets voted in on January, 2017. This could be the last year of peace for a very long time.



posted on Dec, 31 2015 @ 06:33 AM
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Looking for patterns in the complex interdependent global economy gets confusing very quickly, they probably expect us to fairly quickly correlate peak oil prices and peak inflation.

inflationdata.com...

Peak inflation was 4.1 percent for all of 2007 just short of the last peak in oil prices.

Of course this might be why the US Federal Reserve and the euro ministries raised interest rates prematurely, knowing it would set the stage for global deflation.

Gary Mckinnon hacked some of the top military bases for Middle East Ops and found evidence of zero point energy production technology at the ready, thus one might conclude the 27 year cycle will evolve a little less predictably.



posted on Dec, 31 2015 @ 10:27 AM
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Gas still seems expensive compared to the price of oil, doesn't it? I mean it's lower, but not that much compared to how it was when oil was like $100 a barrel. Shouldn't a gallon of gas be about one fifth of what it was then? IMO it should be less than a dollar a gallon right now.
edit on 12/31/15 by peskyhumans because: (no reason given)



posted on Dec, 31 2015 @ 09:30 PM
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a reply to: peskyhumans

Even near Ellington AFB the gasoline tax is 38.4 cents a gallon, and they used to guard the US strategic oil reserve.
The current situation with net export of US oil should mean low prices indefinitely, but what if there is some agency that has ultimate control over production and flow?



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