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All-TigerNet [10171]
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Joined: 11/30/98
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US Oil Headed for Steep Drop to $75: Pro
Mar 12, 2013, 5:40 PM
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Source: CNBC
The price of West Texas Intermediate crude oil is set to plummet to $75 per barrel as increased use of shale oil in the U.S. blots out demand for WTI, one expert told CNBC.
Andrew Su, CEO of Sydney-based commodities trading firm Compass Global Markets, gave a bearish forecast for WTI on CNBC's "Asia Squawk Box" on Tuesday. He said its value would drop around 18 percent by the end of the second quarter and even further beyond that time.
"Shale oil is the reason why oil prices fell last year and the reason why it will continue to fall in the next few years," said Su.
"Shale oil will reshape the way that the entire oil industry is run, and the U.S. will become an exporter of oil in next five to 10 years. That will have a significant impact on the U.S. and the global economy," he added.
(Read More: California's Monterey Shale, the Next Oil Boom?)
http://www.cnbc.com/id/100480051
. . .
Read more: http://www.cnbc.com/id/100544785?__source=yahoo%7Cheadline%7Cother%7Ctext%7C&par=yahoo
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Oculus Spirit [83625]
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thanks Bush!***
Mar 12, 2013, 5:47 PM
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CU Guru [1319]
TigerPulse: 100%
Posts: 1991
Joined: 10/25/06
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Yeah, fracking..... good luck with that in CA.***
Mar 12, 2013, 5:50 PM
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All-TigerNet [11654]
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Re: US Oil Headed for Steep Drop to $75: Pro
Mar 12, 2013, 6:00 PM
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You do realize that Dems loathe Shale Oil, right?
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All-In [26646]
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Joined: 10/12/08
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Re: US Oil Headed for Steep Drop to $75: Pro
Mar 12, 2013, 6:09 PM
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Why, as a Communist, are you posting this. Your comrade Obama wants oil to be banned or taxed out of existence, and his buds to produce algae.
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All-TigerNet [10171]
TigerPulse: 79%
Posts: 17654
Joined: 11/30/98
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Hopefully now your Neo-Nazi PUBS won't have to create
Mar 12, 2013, 6:15 PM
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a Blood for war scenario again
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Oculus Spirit [97956]
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Joined: 7/13/02
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It doesn't matter if it's $10 a barrell
Mar 12, 2013, 8:59 PM
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if we can't refine it to the 32 different EPA mandated regional and seasonal blends with no new refineries built in the last 30 years...it doesn't really matter.
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Orange Blooded [2281]
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Re: It doesn't matter if it's $10 a barrell
Mar 13, 2013, 7:42 AM
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Probably true, but I would be more likely to blame it on the oil company hugely obscene profits(ie. Mobile/Exxon making the largest profit by any corporation worldwide ever, in September 2008 when the gas prices were the highest ever at the pump in the US). And I still get pi--ed off that a .10 rise in price per barrel reflects at the pump immediately but a $10 drop takes weeks to filter down.
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All-TigerNet [12269]
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Re: It doesn't matter if it's $10 a barrell
Mar 13, 2013, 7:50 AM
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LOL...
You guys are too much
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Oculus Spirit [97956]
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I don't know how many times I have to repeat this...
Mar 13, 2013, 12:35 PM
[ in reply to Re: It doesn't matter if it's $10 a barrell ] |
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Here's how profit works. You have expenses first. Exxon is the largest company on Earth and they spend around $110,000,000,000 a year digging up oil to put in your car. They in turn sell their oil and make $120,000,000,000 in revenue for an OBSCENE profit of $10 billion. The profit is the difference between revenue and expenses. It's around 8%.
If little Suzy spends $110 on her lemonade business and makes $120 selling lemonade, she has a net profit of $10. Again around an 8% profit margin.
In my own personal business, if I make $120,000 a year in selling my product and spend $110,000 on marketing, gas, time, hotels, airfare, paper, computers, electricity, phone, etc., I make a $10,000 profit. AGAIN, 8%. I actually have a much larger profit margin for my business and quite frankly I would probably go out of business with a 8% profit margin because it is so small.
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Orange Blooded [2281]
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Re: I don't know how many times I have to repeat this...
Mar 13, 2013, 1:48 PM
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Mobile/Exxon must be running a hell of a lemonade stand, they have the 6 largest quarterly profits in US history, even after paying ongoing $290 million per quarter from the Exxon Valdez oil spill. And their profits in 2008 were over 40% over the year, not 8% like you and "little Susie"so your point is?PS Worldwide their quarterly profits have been surpassed by the Russian Conglomerate "Gazcom" oil company which is a monopoly with virtually no competitiuon.
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110%er [7077]
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The thing that I have never understood
Mar 13, 2013, 12:42 PM
[ in reply to Re: It doesn't matter if it's $10 a barrell ] |
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Is how can the same gas from the same underground tank now be worth .10 cent more than it was an hour ago?
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110%er [7980]
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someone else is willing to pay .10 more***
Mar 13, 2013, 12:43 PM
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Oculus Spirit [97956]
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Retailers base their gas prices on the cost of their
Mar 13, 2013, 1:10 PM
[ in reply to Re: It doesn't matter if it's $10 a barrell ] |
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next gas delivery. So when the market is trending up, they have to stay ahead of the curve so they can afford their next delivery. So prices immediately go up.
Now when the market curve is downward, they know their next tank will cost less, but again they are only guessing how much less. So they err on the side of caution, lowering prices only slightly.
Gas stations run on a razor thin profit when it comes to their gas. It's literally pennies on the dollar that they make on gas. Sometimes as little as 3-4 cents. They make their real money selling stuff inside. The gas is just to get people there. So they always have to be sure the price they charge will at least cover their next delivery. That's why prices shot up so fast with Katrina. And the down slide in prices takes much longer because, again, they want to be sure they can cover their next delivery.
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Orange Blooded [4098]
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Re: It doesn't matter if it's $10 a barrell
Mar 13, 2013, 12:57 PM
[ in reply to It doesn't matter if it's $10 a barrell ] |
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obama, the demos/libs, EPA, communist,tree huggers will never allow us to be that smart!!these groups just have to ruin the USA!!
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Orange Blooded [4098]
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Joined: 7/1/97
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Re: US Oil Headed for Steep Drop to $75: Pro
Mar 13, 2013, 12:54 PM
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not if osamaobama can stop it!! that goes against his goal to ruin and destroy the USA
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