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Fri Nov 23, 2018, 01:32 PM

Oil prices slump to their lowest level of 2018 even as OPEC considers cuts

Source: msn.com

Oil prices slumped to their lowest levels of 2018 Friday, ramping up the pressure on OPEC ahead of a much-anticipated meeting between the influential oil cartel and its allied partners in early December.

The latest wave of energy market selling comes amid escalating concerns about an increase in global supply and a slowdown in economic growth.

The value of a barrel of oil has tumbled approximately 20 percent since the start of the month, adding to a seven-week streak of consecutive losses. It has been one of the biggest declines in crude futures since a price collapse in 2014.

On Wednesday, the U.S. president publicly thanked Riyadh for helping to keep a lid on oil prices but again called on the de-facto leader of OPEC to push prices even lower over the coming months.

Read more: https://www.msn.com/en-us/money/markets/oil-prices-slump-to-their-lowest-level-of-2018-even-as-opec-considers-cuts/ar-BBQ1gjC



Trump is a confused soul. Check that - he has no soul.

What I mean is, he says wants to help the oil industry in the US. But, lower oil prices puts American oil out of business. There was advertising by all sorts of right-leaning groups here in California against ballot propositions that would limit fracking and oil extraction here in favor of renewable energy. One of their talking points is that we have to continue to produce oil here so we don't have to import from Saudi Arabia.

But, now, the cons' figurehead wants the Arab states to keep oil prices low - which will put American oil out of business and will require we import from the middle east.

Republicans are so fucked up in their reasoning that I can't even figure it out.

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Reply Oil prices slump to their lowest level of 2018 even as OPEC considers cuts (Original post)
SpankMe Nov 23 OP
ansible Nov 23 #1
TexasBushwhacker Nov 23 #3
safeinOhio Nov 23 #6
FBaggins Nov 23 #5
ansible Nov 23 #7
duforsure Nov 23 #2
SunSeeker Nov 23 #4

Response to SpankMe (Original post)

Fri Nov 23, 2018, 01:48 PM

1. Doesn't seem to help us much here, gas is still over $3 a gallon

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Response to ansible (Reply #1)

Fri Nov 23, 2018, 01:58 PM

3. It always goes up fast, comes down slow n/t

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Response to TexasBushwhacker (Reply #3)

Fri Nov 23, 2018, 02:11 PM

6. Google Speedway Effect.

I worked for them once. That is Speedways(Marathon) business plan.

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Response to ansible (Reply #1)

Fri Nov 23, 2018, 02:05 PM

5. You must live in Hawaii or one of the big cities

I filled up for less than $2/gal in SC.

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Response to FBaggins (Reply #5)

Fri Nov 23, 2018, 02:19 PM

7. I'm in the Central Valley in California

Just filled up yesterday at $3.29 in Arco. And that place was jammed-pack with cars because it was the cheapest place to gas in town, took me 10 minutes waiting in line until there was a free pump.

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Response to SpankMe (Original post)

Fri Nov 23, 2018, 01:48 PM

2. Stock market following it

And its drop will increase a lot more because of trump and republican policies. Just like under W bush , but worse.

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Response to SpankMe (Original post)

Fri Nov 23, 2018, 01:59 PM

4. So the drop is due to a "slowdown in economic growth."

Who could have predicted that would happen with Shitler in charge?

Oh, right, 60% of America did. Alas, thanks to our undemocratic Electoral College system and Putin's strategic intervention to help Trump win, the ignorant 40% got their dotard in the White House.

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