Oil, the lifeblood of many countries that produce and sell it, appears to be rapidly turning into an ever-cheaper economic curse.
A year ago, the international price per barrel of oil was about $103. By Monday, the price was about $42, roughly 6 percent lower than on Friday.
In oil-endowed Iraq, where an Islamic State insurgency and fractious sectarian politics are growing threats, a new source of instability erupted this month with violent protests over the government’s failure to provide reliable electricity and explain what has been done with all the promised petroleum money. In Russia, a leading oil producer, consumers are now paying far more for imports, largely because of their currency’s plummeting value. In Nigeria and Venezuela, which rely almost completely on oil exports, fears of unrest and economic instability are building. In Ecuador, where oil revenue has fallen by nearly half since last year, tens of thousands of demonstrators pour into the streets every week, angered by the government’s economic policies.
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$42 a barrel? And we are paying how much for gas? Are we the only suckers left in this world?
ReplyDeleteWhen your economy is a one trick pony and relies only on oil you should have been the good squirrel and put extra nuts away while oil was over the top and us Americans were getting banged at the pump. The gouging is over and now its time for others to feel the result.
ReplyDelete1:37 The spot market for gas was $1.556 per gal last week, according to the Weekly Petroleum Status report issued by the DOE. We are being bilked by the local distributors that refuse to lower their prices in accordance with cost. It is collusion, as they all are holding on to the higher prices without competing with one another with their lower cost for product inventory.
ReplyDeleteThe trucking companies are the worst. They are clinging to 21% fuel surcharges while the spot market last week for diesel was $1.42. All of the end sellers of petroleum products are making windfall profits, at the expense of the consumers.
Not to worry, necessity and greed will soon kick in and the long drawn out gasoline/petroleum house of cards is about to topple. There's only so much $$$ coming in, every major oil company needs the same $$$ as they took in last month to exist, but that's not going to happen. Once crunch time hits, necessity of income $$$ will be the words of the day. One will sell for whatever the market brings and # 2 will follow. Down comes their collusion agreement and then it's every dog for himself. The most corrupt of the bunch is the politicians of our federal government, they agreed to allow collusion to keep gasoline fuel taxes at their highest incoming levels. Crooks at every turn and we (Americans) suffer their collective corruption. They (the lot) put the final nail in our economy and the Great Democratic Black Leader championed their collective actions. Collective being both Democrats and Republicans. We have NO representation in Washington, D.C., NONE!
ReplyDeleteOil and gas prices have been falling lately and I get my next bill for trash pick up and letter stating to the price of fuel they are raising our bill. I have yet to see a bill reflecting a drop in the monthly rate to falling gas/oil prices. Chesapeake Waste what gives?
ReplyDeleteRight on Anon 2:55 PM, same thing here!!
ReplyDeleteTRUMP FOR PRESIDENT!!
ReplyDeleteYou guys must know that the OIL PEOPLE must make money...Golly Days....you want them to fail like Obama has?
ReplyDelete