Big banks are cringing as crude oil is crumbling

Get ready to bail out the banks again.

Kinda makes me wonder why just last month congress finally passed measures for the U.S. to export crude oil again. Shipments to China and Europe have already begun.

There's a lot more involved in the oil & gas industry than a lot of you posters understand.

BTW the "gas" in "oil & gas" is not gasoline, its natural gas. And that sector is exploding right now. (pun unintended)

Here's a little bit of insight for you. The big outfits in the O&G business can afford to mothball crude for the moment and rake in tons 'o cash down the road with NG.
When Gazprom finally tanks, which it will, the U.S. will be primed to supply Europe with all of its natural gas. This is why there are billions in new construction of LNG export facilities happening right now on the gulf coast. Petroleum is a long term business, they're just riding the next wave.

ferc.gov

Today’s Headlines:

Peter Schiff: This Bubble is Bigger than the Previous Two Combined
ALERT! Stock Market Technical Breakdown May Lead To Total Meltdown – Gregory Mannarino
CHINA ORDERS BANKS TO STOP PURCHASING U.S. DOLLARS
The Global Economy Has Come To A Screeching Halt, Collapse Inevitable
“Fasten Your Seatbelts” – UBS Warns Of “Record Spikes In Volatility”
2016 – The Year Of Panic?
Financial Avalanche Will Bury Most

a reply to: quercusrex

Cool.

Maybe that's why the perpetual war in the ME continues.

Those conflicts prevent any pipeline from there to Europe !!

a reply to: xuenchen

I'm no expert in M.E affairs but I know a little about oil money. Nail on the head.

a reply to: xuenchen

Oh Well.

or is it "Oil Well"

Don't you love it!

originally posted by: Discotech
It's a funny old world, we've gone from "oil is running out we're not going to have any left so we must increase the prices" to "we've got too much oil in the market, we're all going to go broke"

I hope it keeps falling and I hope the global economy dies a well deserved death so that we can start again

The Census Bureau says there are close to 330,000,000 million of us now.
All dependent on an economy that must grow by leaps and bounds each year just to keep us fed, clothed, and housed.
Not to mention all the trappings of society we convince ourselves we must have to keep from being bored and miserable.
I dare say when the economy does collapse that within a year there will be less than half of us left.

The people will be in the streets, Martial Law will be declared, an invading army will come in from the shores, the Southern Border, or both, and it is game called lets see what happens next, one day at a time

originally posted by: Informer1958
a reply to: xuenchen

Oh Well.

or is it "Oil Well"

Don't you love it!

Oils well that ends well.

originally posted by: madenusa

originally posted by: Discotech
It's a funny old world, we've gone from "oil is running out we're not going to have any left so we must increase the prices" to "we've got too much oil in the market, we're all going to go broke"

I hope it keeps falling and I hope the global economy dies a well deserved death so that we can start again

The Census Bureau says there are close to 330,000,000 million of us now.
All dependent on an economy that must grow by leaps and bounds each year just to keep us fed, clothed, and housed.
Not to mention all the trappings of society we convince ourselves we must have to keep from being bored and miserable.
I dare say when the economy does collapse that within a year there will be less than half of us left.

The people will be in the streets, Martial Law will be declared, an invading army will come in from the shores, the Southern Border, or both, and it is game called lets see what happens next, one day at a time

San Francisco featuring the worst of Babylon. Detroit and Chicago will represent hell on earth.

originally posted by: amicktd
Sounds like Karma!

What sucks is that karma will just get pushed to us lowly people.

We were not here, in this type if situation, when our ancestors revolted against King George.

Nuclear weapons weren’t here either and neither were the welfare groups, union mentalities of more for less, ICBMs were not pointed at us from 10,000 miles away with thirty minute to impact trajectories, and probably inflation was minimal, just to name a few differences that worked in the favor of the Founding Fathers, and every other crisis we have had since 1776.

Some of you think the economy can collapse, then rebuild, and society emerge from the ashes.

In June 2015 WTI Crude per barrel was $62.00... It has now more than halved to $29.42

Yet

The cost of fuel at the browser in June was between $1.36per liter and $1.40 per liter.... It is now $1.20 per liter



I'd say the petrol companies are doing just fine.

With all the billions of dollars the oil companies made off the populations, hiking up prices due to political events around the world, fleecing the consumers out of every penny they can get.

I say it's about time.

The Bankers can afford to take a lost, we paid them billions in profits, yet did the oil companies put any of their profits in rebuilding roads and bridges, no.

a reply to: xuenchen

Trump will bail em' out.

Seems like just what Saudi Arabia wanted. Keep production high despite an oil glut. Crash the price of oil so shale companies in the US go broke. Goodbye competition.

We really shouldn't be allies with them anymore.

a reply to: asmall89

I'm sure the government is subsidizing shake quietly to keep them in production.

a reply to: asmall89

The US is however, the number 1 refiner of gasoline. So the lower the oil is per barrel the better they're doing. I think that's why we see gasoline has dropped but not by much. It's actually getting significantly cheaper for them to get the oil to refine. Lowering the price a bit just gets us to loosen the purse strings and spend more freely. That in the end will make them more profit than ever before.

originally posted by: madenusa

originally posted by: amicktd
Sounds like Karma!

What sucks is that karma will just get pushed to us lowly people.

We were not here, in this type if situation, when our ancestors revolted against King George.

Nuclear weapons weren’t here either and neither were the welfare groups, union mentalities of more for less, ICBMs were not pointed at us from 10,000 miles away with thirty minute to impact trajectories, and probably inflation was minimal, just to name a few differences that worked in the favor of the Founding Fathers, and every other crisis we have had since 1776.

Some of you think the economy can collapse, then rebuild, and society emerge from the ashes.

What????

a reply to: RickyD

Gasoline is a bid/ask commodity too.

check RBOB Gas

i couldnt care less about some big bank ceo that will just get a bail out from obama. what about the middle class that lost many jobs and will continue to lose jobs because of this? screw the banks, they are too big to fail anyway. its the middle class we should be worried about.