42 AMERICAN Oil Companies File for BANKRUPTCY 2016 Oil Crash Has Banks Running Scared

When gas was 1.25 around 1999, the oil companies were happy, they were rolling in the dough. Ok, 17 years have passed and gas is 1.85 a gallon and they are going under left and right. I know my pay hasn't gone up as much of a percentage as fuel has. The problem is they got use to 4.25 a gallon. They paid themselves and bonuses themselves based on that. They are not willing to tighten up the belt now that things are lean (yeah, almost two bucks a gallon is uber cheap to these ass hats. Just like the greedy mortgage companies nearly killing the economy, now the oil industry is doing there part to F things up. Great.

originally posted by: elementalgrove
I take this as a great sign!

The oiligarchy is coming to an end and we will see a technological revolution that will pave the way for a whole new paradigm in which we can get away from a profit driven mindset and move back towards harmony with the earth and humanity as a whole!

I love the idea but those at the top aren't going away without doing serious damage to us all.
Nothing more dangerous than a scared cornered animal.

Nothing more dangerous than a scared cornered animal.

Exon Mobile, Shell, BP, and Total are neither scared nor cornered.


Citgo is pretty damn nervous, though.

originally posted by: machineintelligence

The big banks are seriously exposed to loans to oil companies. The oil industry is taking down the biggest banks. It is like we are in the middle of a huge war and the resource providers are beating the crap out of the big banks. Not sure where this is all leading but it looks grim to me at this point for a lot of the world economy as this unfolds.

The banks were forced at gun point to hand out loans to the oil companies by politicians so we need to bail them out.
Oh wait, that was a different subject

a reply to: machineintelligence

42 AMERICAN Oil Companies File for BANKRUPTCY

Thats funny because all Ive been reading on ATS is that theres no more than about 10 banks left anyway. Obviously somebody has been telling porkies on this site.

originally posted by: Phage
You know, there are some pretty small "oil companies" out there. Small companies fold up on a pretty regular basis. Obviously the decline in oil prices is going to hurt small companies a lot more than large ones.

I agree, and if oil hit 100 bucks a barrel a 100 oil companies would appear over night... so it really doesn't matter unless you owned one of them... crickets chirping....

A year ago I noticed ads for investors to buy oil producing land or oil companies. These ran on conservative talk radio shows. Before that it was invest in gold. Gold dropped although it was high there for awhile. Now oil has bottomed out. Before that it was buy houses and real estate for flipping. That's still going on to a lesser degree but its started up again. But the real estate market dropped and banks got off while home buyers didn't. I don't know whats a good investment anymore, except maybe shotguns and canned food. They're hyping a strong job market but I think that's exaggerated and so is the stock market. Both seem ready to have steep declines again. They hype global warming and seem desperate to convince us we need to stop fossil fuels. I think they'll unveil a new energy( fusion) making coal and gas and oil obsolete except for cars. Then they'll say global warming has stopped when it never existed in the first place. Nice way to get the people believing in your BS. But oil becoming much less valuable for lack of need will mean the Middle East is going to implode and then explode. We're already seeing them preparing for that already. Just look at Saudi Arabias exodus of the royals and Iran's being paid off to go to war. Not to mention ISIS being invented to get Syria ready for occupation.

a reply to: elementalgrove

You forgot to add /sarc note.

I work for a very conservative Bank. I can tell you this; only banks that have enough cash budgeted for potential losses concerning commercial loans will survive this. There are two things happening in the grand scheme of things; 1) Currency Manipulation Wars 2) Oil wars.

1) Currency Wars - China is devaluing their currency to hurt the American Dollar because we printed a trillions of dollars via quantitative easing. This devalued China's holding's in US Dollars.

2) Oil Wars - OPEC has been boosting oil output to kill the Russian Economy and fracking Companies in the US. The main stream of revenue in Russia is oil and natural gas. So, by making increasing their output they can hurt the fracking and Russian economies.

By reason of items 1 & 2 above, OPEC is crashing the micro economy of US fracking companies and the main economy of Russia. The US is fine as far as this is concerned because we are a 85%'ish services oriented economy.

My advice is to buy the hell out of the long time oil stocks and hang on to them. This type of Global maneuvering is what makes millionaires during a recession/depression.

With all that said, I think we might be seeing the beginning of WW3. If goods can't cross borders then armies will. That si my two cents worth to the subject. Hold on tight, it is not over by a long shot!:

a reply to: quercusrex

Citgo is pretty damn nervous, though.

They picked a bad time to turn socialist and nationalize the oil business in Venezuela that's for sure.