Oil prices lowest in over half-decade

oil drops below $50 a barrel and the Dow plummets 330 points. OPEC didn't cut production. My uncle in Houston who is in the bidness, said at Thanksgiving this would happen and its gonna get ugly in Texas.

Best thing that could ever have happened with oil prices rocketing down to me, it is making many despotic regimes like Russia and Saudi for example suffer financially.
Too many have been greedy with oil and there is now many other non fossil fuels we can and should use. Our reliance of fossil fuels is completely wrong.

Cass wrote:oil drops below $50 a barrel and the Dow plummets 330 points. OPEC didn't cut production. My uncle in Houston who is in the bidness, said at Thanksgiving this would happen and its gonna get ugly in Texas.

But we are not seeing the market drop, Cass.  The Dow late last year surpassed $18,000, a record.  It's one of the many accomplishments of the Obama administration.  

When the Republicans were about finished with the White House, they were leaving the country on the verge of another Great Depression and had increased the deficit to $17-trillion.  That was in October 2008, and now the Democrats have the country breaking records on Wall Street, and unemployment has gone from 10% to 5%.  (Oh--nudge, nudge--erm, the Democrats also got bin Laden.)  With oil dropping and the US getting out of both Iraq and Afghanistan, plus getting the deficit under control, I don't think we've seen this good a position in our country for over a century.

At least not nearly two decades. I always looked back at that line from The Matrix with chagrin ...

"The perfect world was a dream that your primitive cerebrum kept trying to wake up from. Which is why the Matrix was redesigned to this, the peak of your civilization." - Agent Smith

That movie came out in 1999

UNFORTUNATELY for us down here, out in the regional areas those greedy oil companies aren't passing on the savings at the bowsers...

EVEN THOUGH the international barrel price in $USD$ is less than half of what it was at the peak, retail prices for unleaded petrol around here are barely 10% down on what they were a couple of years ago @ $140->150/barrel;  whilst diesel and LPG prices are still close to their all-time highs..

WHEN next y'all are filling up at the pumps, spare a kind thought for those of us still being screwed_over by Big Oil.      

Cass wrote:oil drops below $50 a barrel and the Dow plummets 330 points. OPEC didn't cut production. My uncle in Houston who is in the bidness, said at Thanksgiving this would happen and its gonna get ugly in Texas.

More on your important thoughts, Cass...the price of oil hit $50/barrel this week.  The reason for the inverse relationship between oil and the stock market is that oil is such an important indicator of economic growth.  When the demand for oil goes down, it often means that on a 'boom-or-bust' scale we are in the bust phase.

However, there are mitigating circumstances for the behavior of oil lately.  OPEC is dominated by the Saudis, and they are in the process of using their power over oil as an economic weapon against Iran.  Some people deny this--CNN, for example, http://money.cnn.com/2014/12/31/news/economy/oil-price-saudi-arabia/): "Those advancing the theory that Saudi Arabia is slashing oil prices to hurt Iran are woefully underestimating the importance of oil to the Saudi economy and to the way the Saudi state sustains itself."  WTF does that mean?!  That argument is weak to non-existent.  Saudi Arabia will inevitable do what is best for themselves, and deployment of their economic power is currently more important than purchasing a second Rolls-Royce for the little woman.

The point is that we are seeing economic high-times, and a decline in oil prices at the same time.  The decline in the price of oil appears not to be associated with economic bad times.  True, the Dow dropped 300+ pts. on Monday, but when we are in the range of $18,000 anyway, that appears to be simple fluctuations in the world economy.  Tell Uncle not to sell just yet.

Anyway, we'll keep an eye on it.

Lone Wolf wrote:

UNFORTUNATELY for us down here, out in the regional areas those greedy oil companies aren't passing on the savings at the bowsers...

EVEN THOUGH the international barrel price in $USD$ is less than half of what it was at the peak, retail prices for unleaded petrol around here are barely 10% down on what they were a couple of years ago @ $140->150/barrel;  whilst diesel and LPG prices are still close to their all-time highs..

WHEN next y'all are filling up at the pumps, spare a kind thought for those of us still being screwed_over by Big Oil.      

Good news, Bee...if only temporarily. The price of oil just dropped below $50/barrel this week. Oil companies don't have the power that Saudi Arabia does. And The Saudis are still producing, where in the past they would have quit under the same conditions. It appears there's a little geopolitical warfare going on, and we and Oz are the beneficiaries.

well with my shoppers card I finally paid $1.99 a gallon yesterday - shazam!

Original Quill wrote:

Lone Wolf wrote:

UNFORTUNATELY for us down here, out in the regional areas those greedy oil companies aren't passing on the savings at the bowsers...

EVEN THOUGH the international barrel price in $USD$ is less than half of what it was at the peak, retail prices for unleaded petrol around here are barely 10% down on what they were a couple of years ago @ $140->150/barrel;  whilst diesel and LPG prices are still close to their all-time highs..

WHEN next y'all are filling up at the pumps, spare a kind thought for those of us still being screwed_over by Big Oil.      

Good news, Bee...if only temporarily.  The price of oil just dropped below $50/barrel this week.  Oil companies don't have the power that Saudi Arabia does.  And The Saudis are still producing, where in the past they would have quit under the same conditions.  It appears there's a little geopolitical warfare going on, and we and Oz are the beneficiaries.

Not quite
Resources are dropping therefore so is the Aussie dollar meaning we are not seeing as much of a discount (but if oil hadn't dropped it would have risen at the bowsers so still good)
Plus Wolf is right their is an 'Australia tax' and an additional 'Regional Australia Tax' (near monopolistic trading)that most international corps try to rape as much as they can.

veya_victaous wrote:

Original Quill wrote:

Good news, Bee...if only temporarily.  The price of oil just dropped below $50/barrel this week.  Oil companies don't have the power that Saudi Arabia does.  And The Saudis are still producing, where in the past they would have quit under the same conditions.  It appears there's a little geopolitical warfare going on, and we and Oz are the beneficiaries.

Not quite
Resources are dropping therefore so is the Aussie dollar    meaning we are not seeing as much of a discount (but if oil hadn't dropped it would have risen at the bowsers so still good)
Plus Wolf is right their is an 'Australia tax' and an additional 'Regional Australia Tax' (near monopolistic trading)that most international corps try to rape as much as they can.

I don't know much about the structure of taxes in OZ, I admit. But, in all events, it can't be bad news that the international price of oil has dropped so low. Whatever impediments that the government there throws in the way, it's still better to start with a lower price worldwide.

"Australia tax" is the name we give the price hikes/fixing that occurs due to limited competition and 'traditional' import costs(that are largely void now) it is not a Actual tax just a Scam ran largely by US corporation to get the Maximum profit out of Australians. It will literally cost me 50% more to legally buy downloaded music for example for no apparent reason, I will even be paying in US dollars and covering the cost of 'import' through my own ISP.

The other part is Oil is dropping but so is Iron and Coal (our major exports) so the fall in oil prices is getting cancelled out by the fall in the Aussie dollar value against the US dollar value

although it is still the cheapest i have seen it in like 10 years in Sydney, I suspect wolf will have to wait a couple more weeks until the prices out his way fall by the same percentage.

serves your right for standing on your head all the time....

veya_victaous wrote:"Australia tax" is the name we give the price hikes/fixing that occurs due to limited competition and 'traditional' import costs(that are largely void now) it is not a Actual tax just a Scam ran largely by US corporation to get the Maximum profit out of Australians. It will literally cost me 50% more to legally buy downloaded music for example for no apparent reason, I will even be paying in US dollars and covering the cost of 'import' through my own ISP.

Sounds like you need some restraint of trade legislation.  Veya, you don't explain much here, and are so quick to condemn that I'm not following you.  What are "'traditional' import costs(that are largely void now)."  You go to condemning things as a "Scam" and leave off any explanation.  We don't all have the same Oz experience that you and wolf have.

veya_victaous wrote:The other part is Oil is dropping but so is Iron and Coal (our major exports) so the fall in oil prices is getting cancelled out by the fall in the Aussie dollar value against the US dollar value
although it is still the cheapest i have seen it in like 10 years in Sydney, I suspect wolf will have to wait a couple more weeks until the prices out his way fall by the same percentage.

All things are relative.  Wouldn't you rather have lower prices at the pump as an off-set to the low yield of iron and coal?  At least that's better that having oil prices rising while iron and coal revenues drop.  Or are you saying that the markets are so manipulated there, that the two are interconnected in some nefarious causal relationship?

traditional import costs I.e Actually moving a physical object to Australia
voided over the internet and hugely reduced do to production of just about everything being moved to China that Sends empty boats here to pick up materials (thus cost very little to get something shipped from china since the boat will be coming carrying something or not)

the explanation is there is none, other than Us Corporation can get away with it.

http://www.news.com.au/technology/online/netflix-tight-lipped-on-geoblocking-at-consumer-electronics-show-in-las-vegas/story-fnjwmwrh-1227177699678

the company refused to address the concerns initially raised on TorrentFreak with Australian media at CES, instead instructing journalists not to ask questions about the alleged crackdown, and handing out copies of a news article refuting the claims.

The company also issued a statement saying “virtually crossing borders to use Netflix is a violation of our terms of use”.

The statement continued, “We have not recently made any changes.”

The movie giant is due to launch its service in Australia this March, but many of its popular shows including Orange is the New Black and Better Call Saul, are unlikely to screen on the local service due to licencing agreements, potentially providing little incentive for existing subscribers to switch.

look netflix is now starting geoblock Aussies to force us to pay twice as much for half the content in the Aussie store. they literally say "we the big US business gets to take advantage of the free cost of crossing digital Boarders but Since they would allow you to pay the same as a US citizen we have made it against our terms and conditions"


The Aussie dollar is directly related to the Price of Beef Coal and Iron they go up or down and so does the dollar. If Our Dollar goes down we need more of them to buy the same about of Oil (which is valued in US dollars)
Yes it is better than having Oil rise but if we had this happened last year we'd have seen a massive drop in price at the pump. We have gone from 97c to 83c compared to the US dollar (yours has been going up at the same time as our has gone down )

veya_victaous wrote:traditional import costs I.e Actually moving a physical object to Australia
voided over the internet and hugely reduced do to production of just about everything being moved to China that Sends empty boats here to pick up materials (thus cost very little to get something shipped from china since the boat will be coming carrying something or not)

the explanation is there is none, other than Us Corporation can get away with it.

http://www.news.com.au/technology/online/netflix-tight-lipped-on-geoblocking-at-consumer-electronics-show-in-las-vegas/story-fnjwmwrh-1227177699678

the company refused to address the concerns initially raised on TorrentFreak with Australian media at CES, instead instructing journalists not to ask questions about the alleged crackdown, and handing out copies of a news article refuting the claims.

The company also issued a statement saying “virtually crossing borders to use Netflix is a violation of our terms of use”.

The statement continued, “We have not recently made any changes.”

The movie giant is due to launch its service in Australia this March, but many of its popular shows including Orange is the New Black and Better Call Saul, are unlikely to screen on the local service due to licencing agreements, potentially providing little incentive for existing subscribers to switch.

look netflix is now starting geoblock Aussies to force us to pay twice as much for half the content in the Aussie store. they literally say "we the big US business gets to take advantage of the free cost of crossing digital Boarders but Since they would allow you to pay the same as a US citizen we have made it against our terms and conditions"


The Aussie dollar is directly related to the Price of Beef Coal and Iron they go up or down and so does the dollar.  If Our Dollar goes down we need more of them to buy the same about of Oil (which is valued in US dollars)  
Yes it is better than having Oil rise but if we had this happened last year we'd have seen a massive drop in price at the pump. We have gone from 97c to 83c compared to the US dollar (yours has been going up at the same time as our has gone down    )

I see your point. Fookin' bitch. You sell in a brick and mort0r world, but buy in the ethereal virtual world. But aren't you lucky to have no brick and mortar needs to have to pay for?

As far as Netflicks is concerned, you need a good liberal political party. They are fookin' you over with endless contract restraints. Maybe a start-up in the same business, located in OZ, would be a great opportunity for someone. Don't tell me Netflicks wouldn't be on the doorsteps of the legislature right now! You guys need to beat them at their own game, and less with the whining and po lil me stuff.

Original Quill wrote:

veya_victaous wrote:traditional import costs I.e Actually moving a physical object to Australia
voided over the internet and hugely reduced do to production of just about everything being moved to China that Sends empty boats here to pick up materials (thus cost very little to get something shipped from china since the boat will be coming carrying something or not)

the explanation is there is none, other than Us Corporation can get away with it.

http://www.news.com.au/technology/online/netflix-tight-lipped-on-geoblocking-at-consumer-electronics-show-in-las-vegas/story-fnjwmwrh-1227177699678

the company refused to address the concerns initially raised on TorrentFreak with Australian media at CES, instead instructing journalists not to ask questions about the alleged crackdown, and handing out copies of a news article refuting the claims.

The company also issued a statement saying “virtually crossing borders to use Netflix is a violation of our terms of use”.

The statement continued, “We have not recently made any changes.”

The movie giant is due to launch its service in Australia this March, but many of its popular shows including Orange is the New Black and Better Call Saul, are unlikely to screen on the local service due to licencing agreements, potentially providing little incentive for existing subscribers to switch.

look netflix is now starting geoblock Aussies to force us to pay twice as much for half the content in the Aussie store. they literally say "we the big US business gets to take advantage of the free cost of crossing digital Boarders but Since they would allow you to pay the same as a US citizen we have made it against our terms and conditions"


The Aussie dollar is directly related to the Price of Beef Coal and Iron they go up or down and so does the dollar.  If Our Dollar goes down we need more of them to buy the same about of Oil (which is valued in US dollars)  
Yes it is better than having Oil rise but if we had this happened last year we'd have seen a massive drop in price at the pump. We have gone from 97c to 83c compared to the US dollar (yours has been going up at the same time as our has gone down    )

I see your point.  Fookin' bitch.  You sell in a brick and mort0r world, but buy in the ethereal virtual world.  But aren't you lucky to have no brick and mortar needs to have to pay for?

As far as Netflicks is concerned, you need a good liberal political party.  They are fookin' you over with endless contract restraints.  Maybe a start-up in the same business, located in OZ, would be a great opportunity for someone.  Don't tell me Netflicks wouldn't be on the doorsteps of the legislature right now!  You guys need to beat them at their own game, and less with the whining and po lil me stuff.

Sadly Netflix is still the lesser of the Evils

Owner of most media with a monopoly on 'cable TV'


the Liberal party (RW party here) was bought by Rupert and Gina before last election, we did have laws limiting Lobbyists but US lobbyist convinced our politicians to get rid of them
there is no Maybes about it the Australian Government does not work for the Australian People. Particularity the current one which is why we are seeing a lot of really shitty legislation being introduced. As part of the 'Free' trade agreement for literally absolutely no gains (your now not even going to pretend to meet the targets you agreed to under last trade agreement) US corporation are now allowed to Sue the Australian Gov't and people if we Vote in legislation that reduces their profitability???!!!!???

Yeah...y'all need some heavy hitters down there.  Canadians take some of that shit from the US, but then they hit back if you get 'em mad enough.

I mean...so does ole mummy Britain.  WTF was Blair doing kissing the collective ass of Bush and Cheney??  That was disgusting.  I mean, up to that point liberals could always depend on the UK to say, you're fucked, US...knock it off!  It worked...not because the US was afraid, but because it was outta respect. But then, here on Iraq with Bush/Cheney, we (liberals) were like, 'hey Britain, tell 'em they are off their ass.'  And...like, silence...Nada. Deep down, Britain lost a lot of street cred there.

Well, ya know, we (US) didn't get there by holding back.  One thing I've noticed about appeasers...they are always looking up at someone else.

that's part of the reason I blame Rupert so much
he has acquired so much media down here (and the UK too) that politicians sort of have to pander to him or half or more of the media outlets will be out for their blood.

Julia Gillard did stand up and was attacked so relentlessly by Murdoch media that some say she is the worst PM even though by any measurable factor Abbott is worse. including approval rating.

You have 'the FOX channel' we have FOXTEL he literally runs the entire cable TV distribution down here. the amount of idiots he can convince is stupendous