Plummeting oil prices a bad thing?

[Deleted]

The OPEC pushes the exports so hard to get fracking out of bussiness which is a good thing to begin with but OPEC will get their moneys worth once fracking is done for. Expect steeply rising oil prices in the future.

[Pterodactylus]

This is just a short little fun time with gas prices. Oil will be $300/br by 2018 and whoever the next president is will be a 1-termer on account of our terrible economy. You heard it here first.

[Fuiking]

I need someone much smarter than than myself to explain why all the news sites are talking a out oil prices dropping as if its the end of the world. Let me explain it how I see it and you can call me stupid and tell me how it really is.

1. Oil prices go down due to huge supply of crude outpacing demand
2. As a result, gas prices go down, causing huge savings for the average American and a loss of profit for shitty money grubbing oil companies
3. Americans turn around and pump extra money into the economy or start to save a little more.
4. Economy grows. Oil execs make a little less profit (probably not enough to hurt their business. But maybe enough to only get a 5 million dollar bonus instead of 10 million)
5. More spending across the economy leads to higher wages and more jobs in non energy sectors


Obviously I'm missing something cause the doom and gloom seems really stupid to me. Can someone explain how all of america saving a little dough is the end of the world?

Excuse my grammar and spelling errors. Typing on a small phone screen.

Heh, but your gas and oil prices arent exactly close 2dollars a litre....(1,60 in euros) So for my country it might do good, however lowering gas and oil prices are Deflation signs too. Which can be bad if taking too long

[Tradewind]

Heh, but your gas and oil prices arent exactly close 2dollars a litre....(1,60 in euros) So for my country it might do good, however lowering gas and oil prices are Deflation signs too. Which can be bad if taking too long

They use Gallons....which makes it even more hilarious that anyone could cry about even the old gas prices down there

[obdigore]

The OPEC pushes the exports so hard to get fracking out of bussiness which is a good thing to begin with but OPEC will get their moneys worth once fracking is done for. Expect steeply rising oil prices in the future.

And when they rise fracking will start again. It isn't as if OPEC has unlimited oil at a price lower than fracking.

[belfpala]

Heh, but your gas and oil prices arent exactly close 2dollars a litre....(1,60 in euros) So for my country it might do good, however lowering gas and oil prices are Deflation signs too. Which can be bad if taking too long

I saw $1.89 per gallon today. So that would be almost exactly $0.50 per liter. Yes, that's cheap. Wasn't it over 2 Euros per liter recently? That's like $9/gallon with currency conversion.

There would be anarchy.

[Fuiking]

2 euros? no. between 1,70 and 1,80, they said if the oil prices would rise further it would hit that. But then my country keeps those darn prices up by using high taxes
So, yes im jealous of countries with lower gas and oil prices!

[Sunseeker]

I saw $1.89 per gallon today. So that would be almost exactly $0.50 per liter. Yes, that's cheap. Wasn't it over 2 Euros per liter recently? That's like $9/gallon with currency conversion.

There would be anarchy.

The basic difference between Europe and America is that Americans on average commute further and have less public transportation. This puts the burden of getting to work on the worker, hence why Americans complain about what Europeans see as very cheap prices.

Gas in Cheyenne Wy was 1.739 when I was there over the weekend. I also had .40c off a gallon through Safeway points making my gallon cost $1.239

[Vyxn]

when a countries economic growth is based on commodities like oil instead of what that oil is used for yes it is a bad think