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  • Clarocet for Kids
     

    Peak Nothing: Goldman Sachs Advisor Says “Too Much Physical Oil” Could Send Prices Plummetting

    Mac Slavo
    February 12th, 2015
    SHTFplan.com
    Comments (139)
    Read by 6,739 people

    oilprice2015-th

    Goldman Sachs executive Gary Cohn says we could see so much oil, there would be no way to physically store it all, resulting in falling prices, at least in certain locational areas.

    Further destabilization across the globe could, logically, follow.

    Cohn told Bloomberg News:

    “I think the oil market is trying to figure out an equilibrium price. The danger here, as we try and find an equilibrium price, at some point
    we may end up in a situation where storage capacity gets very, very limited. We may have too much physical oil for the available storage in certain locations. And it may be a locational issue.”

    “And you may just see lots of oil in certain locations around the world where oil will have to price to such a cheap discount vis-a-vis the forward price that you make second tier, and third tier and fourth tier storage available.”

    […] “You could see the price fall relatively quickly to make that storage work in the market.”

    And though prices have recently rebounded a bit, that could well mean prices below the $50 per barrel low point that has already shaken the foundation of the geopolitical structure, sending the ruble and other currencies into chaos while threatening new drilling operations and job bases in the United States.

    The big culprit in the oil crash has been an abundance of oil flooding the market. A massive supply shock in the second half of last year accounted for most of the decline. In December and January, slowing demand contributed to the continued sell-off. Goldman was able to quantify these effects.

    The big take-away: “[T]he decline in oil has been driven by an oversupplied global oil market,” wrote Goldman economist Sven Jari Stehn. As a result, “the new equilibrium price of oil will likely be much lower than over the past decade.”

    Here’s a chart to put it into pictures:

    oil-supply-falling-prices

    So much for peak oil, sold to the public since at least the 1970s to justify tighter supply controls and soaring prices.

    Today, it is revealed as something much closer to economic warfare between competing producers, and market manipulation on the global market, in part to provide the backbone for the American petrodollar.

    Back in December 2014, the Wall Street Journal wrote in a piece titled, ‘Peak Oil’ Debunked, Again:

    The latest reckoning with reality is the end of the obsession with “peak oil,” which for years had serious people proclaiming that we were entering an era of permanent fossil fuels scarcity. It didn’t work out that way.

    That’s a central lesson from this year’s dramatic fall in the price of oil, which reached $69.49 a barrel of Brent crude on Thursday from a June high of $112.12. As recently as early November, when oil hovered at $80, OPEC officials warned they would intervene to hold the price at $70. But Saudi officials conspicuously refused to support an output cut at last week’s OPEC meeting, and Saudi oil minister Ali al-Naimi has made clear that he’d be comfortable with lower prices.

    The short-term Saudi calculation is to drive oil prices down to squeeze their geopolitical adversaries and higher-cost producers. That goes especially for their adversaries across the Persian Gulf in Iran, which depends on oil exports for over 40% of its revenues, and where the regime had designed its budget based on $100 oil.

    The Saudis also hope to slow the explosive growth of U.S. production, which, thanks to the tapping of domestic shale resources through the combination of horizontal drilling and hydraulic fracturing, has risen to some nine million barrels a day from five million in 2008. By some estimates, the price of oil needs to be as high as $90 a barrel for oil extracted from “tight” deposits such as shale, though oil market research firm IHS believes most tight oil wells have a break-even cost of between $50 and $69 dollars a barrel.

    Ahead of that story, SHTF warned back in December how falling oil price were being used to ‘cripple’ Russia and push Putin into a posture for war, possibly escalating WWIII.

    The Cold War 2.0 is going hot, and while it may someday be fought with planes, tanks, guns and bombs, the first front is being fought with oil and shale gas.

    The U.S. and European sanctions against Russia will become more severe and crippling in the face of drastically falling oil prices – prices which are falling drastically because of the unprecedented boom of shale gas fracking both domestically in the U.S. and abroad in Ukraine and other locales. The oil & gas giants like Chevron and Exxon Mobil have created revolutionary conditions with now direct consequences on U.S. foreign policy and global war for dominance. Via Bloomberg:

    Oil’s decline is proving to be the worst since the collapse of the financial system in 2008 and threatening to have the same global impact of falling prices three decades ago that led to the Mexican debt crisis and the end of the Soviet Union.

    Russia, the world’s largest producer, can no longer rely on the same oil revenues to rescue an economy suffering from European and U.S. sanctions. Iran, also reeling from similar sanctions, will need to reduce subsidies that have partly insulated its growing population. Nigeria, fighting an Islamic insurgency, and Venezuela, crippled by failing political and economic policies, also rank among the biggest losers from the decision by the Organization of Petroleum Exporting Countries last week to let the force of the market determine what some experts say will be the first free-fall in decades.

    “This is a big shock in Caracas, it’s a shock in Tehran, it’s a shock in Abuja,” said Daniel Yergin…

    The destabilization in Ukraine and numerous spots in the Middle East – including the ISIS-threatened Iraq and Syria – have been mere preludes to what is coming.

    How close are we today to that scenario?

    Click here to subscribe: Join over one million monthly readers and receive breaking news, strategies, ideas and commentary.
    Advanced Tactical Gas Mask
    Please Spread The Word And Share This Post

    Author: Mac Slavo
    Views: Read by 6,739 people
    Date: February 12th, 2015
    Website: www.SHTFplan.com

    Copyright Information: Copyright SHTFplan and Mac Slavo. This content may be freely reproduced in full or in part in digital form with full attribution to the author and a link to www.shtfplan.com. Please contact us for permission to reproduce this content in other media formats.

    139 Comments...

    Vote: Click here to vote for SHTF Plan as a Top Prepper Web Site
    1. falloutboy says:

      sounds like a good time to start filling gas cans for the generators

      • OutWest says:

        Much cheaper molotovs ……

        • What? says:

          Is this the short-term disinflation before the dreaded hyper-inflation?

          Economic collapse novels run this scenario over and over.

          I don’t know. Hmmmmm……..

          What? ………………awaiting moderation……………….yet again.

          • What? says:

            Your comment is awaiting moderation and should appear within 0 to 2 hours. Your comment has been moderated because our system does not recognize your IP address or email address. If you utilize an email address (even a fake one) when submitting your comment in the future our spam filtering system will eventually recognize you as a trusted user and automatically approve future comments.

            B.S.

            Otherwise, I would not be able to predict the fact that I go through moderation EVERY time I post.

            • Unfortunately our moderation system is automated so the system makes the auto-approval determination based on AKISMET algorithms – there is nothing I can do here – at some point the system should automate comment approvals for you as I see you are using the same IP and email address.

              While I would like to make this process easier, we literally get thousands of spam comments daily hitting our comment sections with millions of spam comments already filtered. The trade-off to getting rid of the AKISMET filter is thousands of spam comments on every comment thread.

              I wanted to explain this so that you and others don’t think that we are micromanaging the comments here – it is, unfortunately, the nature of the beast.

              Thanks for your patience when submitting comments – hopefully yours will start auto approving in the near future.

              Mac

              • What? says:

                Yeah, sorry Mac.

                But EVERY time, for months, it just got on my nerves.

                Aaaaaaaaahhhhhh………..serenity now…………

              • TripodXL says:

                @Mac; Stupid me. Mine are ALWAYS MODERATED. I’ve been coming here off and on for over 2 years I know. I thought it was normal. So what gives then with my posts? Be Well.

              • Meathead says:

                Hey Mac. What’s your take on the Brian Williams deal? Helluva story. I was looking for an article on this site about NBC suspending Williams for 6 mos.
                Keep up the good work Mac, you’re doing fine.

              • Billy Hill says:

                Mac said:

                I wanted to explain this again so that you and others don’t think that we are micromanaging the comments here

                Fissed. We all know this and understand it, Mac. Some of us just can’t accept it.

                Perhaps if you turned off the filter for a week the crybabies here would understand why you do what you do.

              • Warchild Dammit! says:

                Mac,do like your site and a lot of the posters here,but does seem some issues here on site can be resolved.The new thumbs program slows down page loading times to as point were many do not participate as much.I would also think would be good to get known posters the ability to live link without moderation,my personal issue is new people who come here and state prepping hard and expensive(it is and isn’t!),I like to immediately post the feed 4 for a year on 300,give them hope and a start,want them to be able to live link answer quick while here,may get another regular and more folks looking at ads,tis a win/win as understand this site also a business.I do not know if you personally run tech end of site or have someone do it but both these issues easily resolved,enjoy the day all!

                • Billy Hill says:

                  The new thumbs program slows down page loading times to as point were many do not participate as much.

                  If you run the page without allowing scripts from ratings-widget.com and compare it to the load time’s WITH ratings-widget.com allowed, the difference is about double for me. My connection speed is 300kb up and down (very slow) so it makes a difference.

                  I don’t allow ratings-widget.com to run scripts on my browser so it’s not a problem for me.

            • Steve says:

              You too?
              I’ve never NOT been moderated.

              • Steve, use an email addy when you submit your comments ( even a fake one works) and the system should recognize you after several approved posts.

                Thanks!

                Mac

                • javelin says:

                  I had been moderated for quite a while but now my posts are showing immediately after submitting comments. I do use my dummie email account address of course and always enter it.
                  So, there will be an eventual change as Mac says…….

                • apache54 says:

                  OK, I will try to since i am moderated every time as well

                • Billy Hill says:

                  This.

                  I created a trashmail account and use that (at Mac’s suggestion).

                  You crybabies need to put on your big-boy pants and deal with reality. You sound like the worthless eaters we are all here to talk shit about.

                  Get up, go outside and enjoy that bright, yellow orb in the sky for an hour while your post gets moderated. Or better yet, start taking Mac’s advice.

                  • Billy hill…I always put in address and always go to moderation. Got my big girl pants on so you can sock it to me too.

                  • Billy Hill says:

                    I can’t reply to your post but this reply will go right under yours because it posts immediately.

                    When I post from work I have to wait every time to be moderated. But I get it and I don’t cry about it. So suck it up and try a few different things before you rail on Mac for something that’s an unwanted necessity.

                    I’m sure you’d finally get it if you had to sift through thousands of comments offering you a reach around for every blue pill you buy just to get to the content provided by non-spammers, but what ever. You’re a big boy now.

                    Right?

            • Babycatcher55 says:

              So do I and it’s not a big deal . Just be patient! Your comment will get there eventually!

        • WhoWuddaThunkIt says:

          Guess Who is Behind ISIS? Awake People already knew this.

          MUST Watch “UN Finds Credible Evidence Linking ISIS to Israel, US Invasion of Iraq”

      • PO'd Patriot says:

        Topped off my 500 gal skid tank with diesel as well as filled three 55 gallon drums. Got a friend who’s going to give me a couple of spare drums and I plan to fill them too. What I don’t burn in my boiler can use in my tractor. I keep several five gallon gas cans filled with the non-ethanol gas. A little bit more price, but worth it.

        • WhoWuddaThunkIt says:

          Big Banks say Oil could drop to $20 a barrel. Good!! Crush them all including the banks. They have raped us for decades with their fake oil shortages.

          • Arkaden says:

            Won’t happen. Oil is already rebounding, and just topped $60 yesterday. It’s slow, but it’s coming back, which I’m personally happy about because I work in the oil industry and they’ve massively hit the brakes on all expenditures and cut 1,000 jobs from my company alone. Just this week my project (multi-million dollars) is being reviewed to determine its fate. The break even point for my particular company is $40. They literally make no money at all when it hits that price. So you can imagine the panic that sat in when it was dropping.

            • Billy Hill says:

              So at $80/barrel that company is making bank and sticking it to us real good.

              I hope it stays right around $50/barrel.

            • WhoWuddaThunkIt says:

              Wrong Arkafden, Oil is only at $51 Today, not $60. The modest rise in Oil prices in the last few days was Short Covering, and not some magical turnaround. The Saudi’s will continue to crush every body. I see Oil drop to at least Mid $30’s and the Banks say down to $20. You better look for a Backup job. Oil will seesaw back and forth up and down, as it gets crushed in the $30’s thought out the year. Unless the Bankster drop a Nuke Bomb on Saudi, I see this play out to lower oil and gas for all of 2015.

              • WWT is right. Wishful thinking for oilman Arkalden. Your days are numbered Arkalden for being in a business that screws us with over inflated prices. It costs a dollar, in the middle east, to pump out a barrel. Join the millions of Americans in the unemployment and bread lines.

        • PO’d Patriot
          I’m curious how that works. Do you have a company come out to fill that 500 gal tank and is the red/pink diesel strictly for agricultural use? If so, how much cheaper? And, is there any way for “them” to determine if it’s used in a non farm vehicle, lets say a diesel vw? And, diesel stays stable (more or less) indefinitely, yes? And, do you use the non-ethanol strictly in your “small” 2 cycle type engines? And, what is the “boiler” of yours?

          • TripodXL says:

            @EA; Since I was there (post down below you) I can answer it. Yes, red diesel is farm diesel. If you buy it you have (in most states)a “farmer number” that you have to use to buy it, whether they deliver it or you pick it up. It is cheaper by the tax amount, which is significant depending on state. Yeah, the state tax people just stick a siphon down your tank and pump a few pumps and if it’s red, better be a tractor, farm equipment or farm truck. While I’ve gone out into the yard at my unit and cranked up equipment that’s sat there for months, diesel that is stored can grow a fungus, it is hygroscopic and may need the water sucked out of the bottom (why diesel tanks have a low spot) and it should be treated. If you know you’re going to use it in a years time, yahhhh! If not it should be treated. I treat mine anyway, just because I don’t have a crystal ball and nothing ever goes the way I envision it. I personally go buy it at the pump. But it’s not like the tax people don’t have your address. Also the people that deliver it are an OPSEC ISSUE IMHO. Hope this is helpful. Be Well.

            • THank you, Tri. How do you treat it, for prolonged periods of it just sitting there, in the tank of the farm equip?

              • TripodXL says:

                Just add the treatment to it. I have an 11 gal tank on my tractor. I would put enough in for 11 gallons and then fill it up and drive it around some. Hit the brakes and slosh it around and let it run about 5 more minutes and the treatment should be in everything. What causes most probs is water. Keep tractors covered or under cover. If in a vehicle don’t let it be exposed to temperature extremes as best you can. Be Well.

          • Skeptic says:

            Euro American;
            Didn’t see a response to your question so hope you don’t mind my butting in.
            I just had an oil company deliver 250 gallons of off road, red diesel to one of my tanks at home. Under 1.80 per gallon delivered. It is off road or red diesel. The only difference is the red dye. The price difference is there is no road tax on the off road diesel. You probably wouldn’t get caught running it in an auto unless you take it in for repairs. The shops are obligated to turn you in if they find dye in your filters etc. They might also check if you have mandatory safety inspections in your area.
            As for shelf life, most of the new off road diesel has to have a blend of biodiesel mixed in. Shelf life is way down due to this. I have a barrel of diesel from 1998 that is still ok. I am told that the new stuff would be getting weak at 2 years. They have some treatments available but I don’t know how it works.

            • Tri and Skep
              I’m not intentionally planning on running farm diesel in my auto, however, having a 500 gallon tank on the property (as well as a diesel tractor) and filling it while fuel is rather cheap at the moment and semi-storing it “just in case” someday fuel is close to impossible to get or off the charts in price, then I might consider going for it. My auto gets up, and slightly over (depending on how I accelerate, top speed and going over hills), 50 mpg, so, a 500 gal tank could keep me going for quite a few miles, if, traveling in the future remains relatively safe.

              Either of you two making biodiesel?

              • TripodXL says:

                @EA; I don’t do biodiesel, just don’t have the time. As far as doing what has to be done, yeah, I rant a little (ha) but you do what you have to do. If I had to use it, oh well. If they catch me and give me a ticket fine. If they want to make is something worse, you do what you have to do. Not a boy scout…a vampire boy scout from hell maybe… I’ve been trying to find a diesel truck circa 1987 but no luck. Diesel will store for years and years. Gasoline, even non-ethanol, will only store for 2 years, if treated every 6-8 months and octane booster is added. Course, small engine crap needs gasoline. Be Well.

        • PO'd Patriot says:

          Diesel fuel used to designated years ago as high sulfur(off road, i.e. agriculture/ construction machinery use) and low sulfur (on road truck use). For those who burned fuel at the time in their homes, they received off road which was untaxed. Then the government stepped in and mandated all low sulfur diesel across the board but broke it down into three categories: On road (non-dyed and taxed) Home heating fuel: (dyed and taxed), Off Road (dyed-untaxed). Where I’m at the tax between Off Road fuel and Home heating fuel was around 25 cents per gallon. All that was required of me to get Off Road fuel delivered to me was to have some type of pump affixed to my 500 gallon tank, which I did to get around paying the home heating fuel tax. All three diesel fuels are the same (less dye) in ppm of sulfur.

      • TripodXL says:

        Should have a diesel generator.

    2. Anonymous says:

      GOLDMAN SACHS??! Head of the one percent class??! Psychopaths are not exactly trustworthy. THEY LIE!!

        • Plan twice, prep once says:

          Oil prices are completely artificially manipulated. The price has nothing to do with supply and demand.

          This is oral excrement coming from the mouths of professional liars.

          • TripodXL says:

            @Plan; What you say about supply and demand is true, sorta. My son buys and sells crude and gasoline. While the DIRECT supply and demand doesn’t affect it, the long term demand (which isn’t real demand, it is PERCEIVED DEMAND, which is just a guess). For instance, you own an airline, and your biggest cost is fuel. Pretend it’s August, right when oil started to slide (look at the chart, end of Aug.), and you haven’t seen oil that low for a while. You hop out and LOCK IN a 6 month price of the price on 1 Sep. man you think you’re hot shit….till two weeks later. So to save your ass you re-negotiate (pay a premium) and lock in 6 months at 1 Oct prices. Hot shit again, for about two weeks. Well, what do you do? You can’t lose (too much) money, so you find someone looking for a deal, discount it 10% and sell it to some other hedger. At some point the futures expire and it can’t be sold for less than what is owed. It is sold at that price and put in storage. Now THAT OIL isn’t sold/made into gasoline/diesel until the price comes back up to that level(that’s how it’s supposed to work, but this is based on fairly stable prices that stay in a certain range). Of course that particular oil isn’t really saved until then. They just keep track of how much oil at what price has to be sold and they do that…..UNLESS too much time goes by. They only have so much storage space. If they need oil storage, it would cost money, lots, to transport it to the tier2 storage. So they make a deal to purchase a LOT of oil at the low price and put it in 2nd tier storage at the high price and they will sell it later. There is no manipulation. It is simply a very complex business and there may be 6 months (standard contract)supply “in the supply pipeline” that has to be gone through before prices, higher or lower, can be adjusted. I worked at the Kroger store in HS. I was a bagger before I was a stocker. I got to be a stocker and the first day I was wiping off the ink (that’s how old I am) prices on the cans and the other guy was re-stamping the price on the cans. I asked why we were doing that and he said “because the price is higher”. Every business in the world does that, always has. If you have a bazillion barrels of oil in 2nd tier storage (which is cheap but transportation isn’t) and the price shoots up to $95 a barrel and you have $82 a barrel oil, and you are producing gasoline as fast as you can, when you get to the $82 oil, WHAT PRICE ARE YOU GOING TO SELL IT AT??? REALLY? YOU WILL SELL IT AT $95 A BARREL AND DON’T TELL ME OTHERWISE. That is the way the world HAS ALWAYS WORKED. It’s not manipulation, it’s business. All adults should understand that. Nowadays the grocery stores do it by computer…they just put the price in and it’s done. Don’t even have to touch the cans. You should go to the grocery stores and complain and see what they say. Be Well.

            • Plan twice, prep once says:

              Customers like airlines can’t manipulate oil prices, but anyone that can legally generate an oil contract can.

              They use round trip trades. The normal legal use of round trip trade works like this, Exxon needs a 100k barrels of oil in Dallas and Sunoco needs 100k barrels in VA. Each has what the other needs in the pipeline, they create a contract, the oil changes hands at an agreed on price and it’s done.

              In a price manipulation, company X enters into a contract with Company Y, they may both be owned by Saudi Arabia, Iran, or be US Treasury Dept. shell companies. They create contracts to exchange 100k barrels of oil, but at 5 cents above the current market price of oil. The contracts cancel, no oil is actually exchanged, no money exchanges hands, and the contracts just cancel each other out. The only cost is a few bucks in commission. In fact the oil doesn’t even need to exist, but they just ticked the world price of oil up 5 cents! 80% of the contracts traded on the world markets are round trip trades created only to manipulate the world price of oil. It is all a sham.

      • WhoWuddaThunkIt says:

        The new Sec of Defense Ash Carter’s previous position was at Goldman Sachs. So you can see who’s running the war show.

        Ashton B. Carter – United States Department of Defense
        Ashton B. Carter served as the Deputy Secretary of Defense from October 2011 to December 2013. … MITRE Corporation and the Advisory Boards of MIT’s Lincoln Laboratories and the Draper Laboratory, and an advisor to Goldman Sachs.

        • TripodXL says:

          @WWTI; Not to be completely pissy, but who would you want to do the job? The shift manager from McD’s? Who would you pick to do the job, that has some idea of how to run a multi-bazillion dollar organization and do a good job? Seriously, give me a name, that you would be comfortable with, running Sec Def. Any public figure that wouldn’t assault your sensibilities and smack of some nebulous conspiracy. I’m sure there are others that would be legitimately interested in who would be a good non-conspiratorial Sec Def.

          • Stolz Vorfahren says:

            TripodXL: we just need to have your tribal brothers and sisters to run everything and to control and kill everyone. Shit…they already do.

            • TripodXL says:

              @stiff old fart; Look, I asked a legitimate question. Really, who would he genuinely like to see there. No smart ass, no nothing. You just can’t let it go can you, esel-clown? First I’m not an Indian so I don’t have a tribe. Second, if you want it that way…then consider der panzerhandschuh wird unten schwein geworfen. Guten abend scheiße für gehime stolz. You are such a douche…which is of course insulting to douches.

          • WhoWuddaThunkIt says:

            Id like to see the entire US Dept of Offense and Illegal Invasions dissolved completely. Yeah that’s my point. Not some banker and his insider buddies to profit off War, terror, and killing with perpetual hate, carnage and destruction.

            • TripodXL says:

              @hammerhead; Ha, yeah, I wish. A nice trailer mounted Miller would be nice, but I just can’t swing it right now. Trying to find a decent PTO gen for my tractor, but they’re all Chinese POSs. You can find the better gen sets but then you have to DIY and I was kinda lookin for outa the box. Be Well.

    3. Them Hogs says:

      Interesting article, especially the last part about oil prices leading to a World War.

      According to what I heard on Mark Levine’s radio show yesterday, none of us will know about WW3 starting as the FCC is set to take control of the internet at the end of February.

      Watch out fur them hogs

    4. eppe says:

      Ever feel like we are being played???

      • PO'd Patriot says:

        Everyday, article by article, news flash by news flash.

      • Sgt. Dale says:

        EPPE
        It is real funny, The American people conserve fuel and the prices go down. Now they are telling us if we don’t use more it will make the economy collapse! Now that we are not really dependent on foreign oil the world is going to blow up. WW3 will start, WTH
        The way I see let it blow! The soon the better. I’m tired of all the B.S.
        Sgt.

        • FreeSlave says:

          Sgt. Dale: “I’m tired of all the B.S.”

          No time to get tired Sarge. You must eat more B.S., much more, and you must eat it faster. Slurp happily after each bite, chew, and swallow. This is what the Libs do. Mimic the Lib.

        • TEST says:

          I think, SD, that the issue is that the frackers need a higher oil price to survive. If it stays low, they will go belly up. So what, you say? Well, you are right… that is capitalism. However, the concern is that there are TRILLIONS in “junk” bond issues out there that will go south if the prices stay low. Think derivatives. Thank banks. Think everyone that has exposure to these loans going bad. I.e, this could be another housing bust a la 2008.

          I’m not saying what is right or wrong here – rather, just explaining why a seeming godsend – low oil prices – has a number of people concerned. They could also be signaling a deflationary bust as well – just as stock markets, or “Dr. Copper” tell us what the economy thinks the future holds, so do the oil prices, possibly.

          • Sgt. Dale says:

            Test.
            I agree Fracking has to have higher prices, Now What I think (for what it worth) is that the Mid East has dropped the prices so that fracking will go bust. Only thinking of themselves they want that, and they don’t care who gets hurt.

            A couple of years down the road gas will be back at $4.00 a Gal. I have a feeling that it was planned to cause things to go to hell.

            As for the housing bubble in 2008 this will be a lot worse! So I we are Damned if we do or Damned if we don’t.
            Sgt.

      • Orion says:

        Like a cheap Chinese guitar…

      • slingshot says:

        Are we dead yet?

    5. Anonymous says:

      If there was a lot of oil, do you think oil companies would be resorting to unconventional methods of extracting it, which is much more energy intensive and costly? (off shore drilling, shale rock, tar sands, etc.)?

    6. Northern Reb says:

      Right now nothing would surprise me.
      War or peace, high gas or low gas prices, low or high food prices, riots, peaceful marches, day light or night time.
      SHTF IS ABOUT TO HIT!!!! So you better get ready..
      Good luck to all: I hope after the smoke clears I can see you standing PROUD!!!! If I don’t see you then I’ll catch you on the other side knowing we went down fighting!!!
      S.T.S.F.P. N.R. N.S. N.Reb.

    7. WhoWuddaThunkIt says:

      I was trying out my new Short Wave Antenna yesterday, Flipping channels and Boom!!! Up came the Alex Jones Show live. Free Airwaves for the Taking- No Internet bill, No Cable Bill, Short Wave Radio. Get your Coms in place now people, while you still can.

      • John Stiner says:

        What was the frequency?

        • WhoWuddaThunkIt says:

          John I think it was 12.160 Mid day 4pm time. Short wave comes and go for optimum frequency times. Go to Prison planet or they have have a link below and times for his show.

          Yep link:
          GCN SHORTWAVE SCHEDULE Updated: Nov 2014 Shortwave Carrier: WWCR http://www.gcnlive.com … The Alex Jones Show 11:00am-2:00pm CST 12.160 mHz host Alex Jones Monday-Friday The Alex Jones Show 4:00pm-6:00pm CST 9.350 mHz host Alex Jones Sunday Call to Decision 8:00pm-9:00pm CST 7.520 mHz host Butch …

          Check this pdf link with all the times of the shows and frequencies. http://gcnlive.com/assets/forms/shortwaveSchedule.pdf

      • the renegade braveheart says:

        WWTI, I’m an old shortwave fan myself. What type of antenna?

      • hammerhead says:

        WWTI-
        Interesting timeing, last night i was listening to
        WRMI outta Ocachobi FLA (SPELLING?)
        brodcasting :Radio Prague news @9950 around 8:30 est.
        I found it intersting.
        Also i found a station (didnt get call letters) broadcasting more or less Radio China @ 9580 about 8.00 EST

        I ran a small diameter wire all through my attic space , not very profesional , but it works great.

        • hammerhead says:

          If anyone cares , I have tried alot of radios for listening , but my best performer is a tecsun 660.
          Relatively cheap , but not junk.
          Good AM reception as well.

        • WhoWuddaThunkIt says:

          Caught Free Radio Cuba one time, they were talking about how Cuba supported Viet Nam when the US invaders raped their country back when. You see there is more than one point of view besides the ZOG’s MSM.

    8. Kevin2 says:

      I’m trying to think through the cause and effect of much cheaper oil over a period of time in relation to the USD and Oil Peg / Reserve Currency.

      The less the cost of oil the less USDs needed. The less USDs needed the less to dilute into. The greater fracking worldwide the greater oil / gas production which depending on location may substantially reduce the current demand of consumers.

      It seems rather interesting that once we went off the Bretton Woods agreement and on to the oil peg the price of crude oil tripled thereby substantially increasing the demand for the USD. This scenario is the reverse of that.

    9. Hammerun says:

      I remember back in 1973 when the oil embargo was happening. Gas went to $.73 from $.35 in less than a week. Oil was at something around $12 a barrel and American oil companies claimed they couldn’t get it out of the ground and make money. Plus there was a mindset to burn their oil before we burned ours.
      The last I heard Exxon Mobil was the second largest Co on earth worth somewheres around $400+ billion.
      Its hard to believe that an oil glut is a problem for Exxon.

      • the renegade braveheart says:

        Hammerun, I was 16 and bought my first car that year. The “embargo” was nothing more than the Big Oil hoarding the product to jack up prices and make the biggest killing they could. Remember the long lines at the gas stations? Remember when you could only go fill up on an “even-numbered day” or an “odd-numbered day”, depending on your tag number? Also, who could forget the fights that used to break out in those lines? I remember because I was in a few of those fights. When I bought my Nova in March that year, gas was at .29 cents a gallon for regular and hi-test was at .33 cents per gallon, no mid-grade anything, and the gas was LEADED. When unleaded came out in 1974 for the 1975 models coming out, that was a helluva change and took awhile to get used to.

        • Jim in Va. says:

          RB; I traded my 340 Duster in on a Nova that year to save gas! My buddy and I would trade license plates to get gas. Good ole days!

          • the renegade braveheart says:

            Jim, my Nova was a 64 2-door post coupe with straight six and 3-on-the-tree I got for only $300. I had to give it a tune-up and rebuild the carburetor when I first got it. I used to get 25 MPG on the highway, which was good gas mileage in those days. I was going to change it to a 327 with 4-speed until it got totaled by a damn U-HAUL truck in the rear and blew up right after I broke down at a stop sign. Doors wouldn’t open but the driver’s window was open so I climbed out the window not 3 minutes before the car caught on fire.

    10. Copperhead says:

      Just another tool used to break America’s back. The RUG is moving more and more every day. Again are you prepared to die?

    11. pit brenner says:

      Do you really believe this guy’s permit a marked for anything, they have been manipulating the markets forever… there are no prices for nothing not for gold, not for currency’s ..

      they put the numbers in their computers and tell you there are fluctuations. They robbed the masses again and again and the bobos believe it’s just bad luck.. but next time I will win. Yeah right
      They want to kill you.. open you eyes .. they are for sure not eager that you will keep your money .. don’t you get it ?

      This people invented the stock and the bond marked in the seventeen hundreds, for getting all the power and all the money in conjunction with their central banks .. who providing the powder for them ..at least stop acting that there is a free marked .. it never has been.

    12. White Fox says:

      Seems to be headed for world war, and this one could go nuclear. As Gerald Celente always says, “when all else fails they take you to war”. Currency wars, trade wars, real wars.

      After a nuclear exchange, food and water from sealed or packaged containers with no fallout in it will be safe. For water this could be from stored water, bottled water, water tanks, water from a fire truck, or an underground well if it was covered. Some of these sources will still need to be purified if it’s non potable. Reverse osmosis and distillation will remove radioactive particles from contaminated water, but the problem is that mineral-depleted distilled water isn’t healthy for long term consumption and can be dangerous.

    13. Or build a wood gassifier.

    14. overthecliff says:

      Don’t trust anything coming out of Goldman Sachs. They are just playing the markets.

    15. There’s no freakin’ conspiracy here.

      Easy zirp money from the Fed blew a fracking bubble that flooded the market with oil…same as the housing bubble that preceded it.

      Tight oil and tar sands are not profitable at these low prices and you will now see the bubble pop. Many jobs will be lost and companies bankrupted and assets bought up.

      Enjoy the low prices while you can. Yes, this is most likely the peak of world production. Worldwide conventional oil production has been flat or falling for the last ten years. The only production that was rising was light tight oil here is the US. That production was unaffordable at cost. It may never receive financing again.

      Would anyone squeeze oil from rocks or wash tar from sand if there were so much oil available?

      • PO'd Patriot says:

        Probably some front man for the Chinese will come in and plunk down the cash for those fracking companies gone bust.

      • TEST says:

        You are mostly right. However, your very point that there is oil in sand (Alberta has an estimated amount equal to that of Saudi Arabia… and they haven’t even started in yet on Saskatchewan’s!) and in rocks (fracking) means there is oil out there – at the right price. Of course, that price is relative to the *technology* to get it out… which keeps dropping every year.

        Once oil get’s back to $80, there will be people lining up to loan them money… think all those countries that went bankrupt and are now back in the game… Russia, Mexico, Iceland, etc. People forget…. and if the price is right, people take a risk for the return. In a ZIRP world, you have to

        • “…estimated amount equal to Saudi Arabia…”

          I wonder how much Saudi Arabia has left. They sure aren’t telling. They have been infill drilling for ten years whereby they flood the field with salt water to force the oil up (oil floats on water) and drill shallower wells that eventually flood out themselves with salt water. Rinse and repeat.

          Much like rust, depletion never sleeps.

        • He is all the way right. The oil resources you mention are there but extracting the oil from them takes more energy and more time.

          Even if we work at extracting that oil it won’t grow world oil production any further than it is now.

          Even with $100+ per barrel for 5 years global production of ACTUAL crude oil has been flat EVEN with the surging North American production.

          If $100+ can’t keep global production going up then $80 will likely lead it down.

          Yes it might be produced but it won’t prevent a peak in global oil production.

          Additionally the technology and the techniques used for shale oil extraction have been around for decades. It only took off recently because oil was so high priced. It was a bubble and it is now popping.

      • Just lost mine Monday in Williston ND. Back home now looking to do the taxes and loading the van for the next op. I tell you, when it went to 45 a barrel the highways went empty. It was amazing how fast it went from insane truck traffic to the occasional water/oil tanker. The company announced that their last and only pipeline job we were working had to trim 20%. Next week 2 of the highest paid operators (Russ and I) were let go. Like the wife says tho, one door opens as one door closes. It was 62 here yesterday, it will be 28 below windchill in ND next week. I will miss the money, but the living conditions suck bigtime there.

    16. monkeywrench says:

      This also is very simple…two fold…

      With Saudi help, hammer the Russian economy… no brainer…

      and give us all a false sense of prosperity…

      spend spend spend…

      However, I recommend, only buying bbb and FUEL… as much as you can store…

      my tc…

    17. swinging richard says:

      Sorry but I am not that torn up about cheap gas. These clowns are going to crash the economy regardless of the price of oil. At least now we can drive to the poor house.

    18. There stocking up on oil for WAR.When it starts,oil will go back up.Look for the Ukraine war to escalate.Look for Israel to be attacked.Terrorist attacks here in the U.S.,especially against jews.Israel will shoot off a couple of nukes at Syria and Iran.which pisses off Putin,and the rest of the world.

      • TEST says:

        Well, they just signed a pretty positive accord today in Ukraine. You may still be right eventually, but right now things are starting to ratchet down again in Ukraine. I’m not sure the US has the bandwidth right now to conduct another full scale war in yet another locale, nor is the public game for it (yes, I know they passed a billion dollar funding bill to help, but throwing money at it is one thing; bringing home a thousand men in body bags would be another. Personally, my suspicion is that this will just simmer for a long time – much to the detriment of the people living there.

        BTW, for those of you interested in a very, very insightful, cogent article on the Just War Theory from a Judeo-Christian perspective, see http://www.equip.org/article/say-want-revolution/#christian-books-1 Not too long, extremely informative. When, if ever, is war just? What does the apostle Paul mean when he says to obey the government? What of the Revolutionary War? Lots of interesting stuff.

    19. The Old Coach says:

      Bravos Sierra. High-sounding doublespeak from people whose agendas require them to fool you into thinking they’re smarter than you are. Which is most of the so-called financial analyst set these days.

      It’s a PRICE WAR little people. How obvious does it have to be? Just like the railroads used to do to each other in the 1870s. As soon as enough production capacity is forced to shut down, the Saudis will slow down their pumps and the price will be back to $150 a barrel again. They hope. Of course, a nice mid-east WAR would help, too. I’m sure they’re hedging their bets with that possibility.

    20. RICH99 says:

      Prices won’t be plummeting anymore !!!

    21. sixpack says:

      I was just thinking last night, about the possible reasons why countries allied with the west would go along with the demands of the west, even when it isn’t in their country’s best interests. Installed puppets is one explanation, bribery is another, but blackmail might be the key to understanding current world issues.

      I believe Hollande and Merkel may be blackmailed into submission. Someone brought up the point of the Charlie Hebdo being possible retaliation/false flag to get France to stand down about loosening sanctions on Russia, a position they are now silent about. I know the globalists don’t miss a trick. We know the NSA has had world leaders under surveillance for years, and I’m sure the globalists have put that illicit info to good use.

      OTOH, those leaders who are not engaged in crimes against their people, and aren’t easily accessible to assassinate, CAN STILL SPEAK OUT FREELY.

      The more I think about it, the more I believe Putin is one of those leaders who can’t be bought or blackmailed or assassinated. The west has tried to exploit everything they can find to make Putin look bad, but they have really failed. I envy the Politician who has no skeletons dark enough to be used as blackmail, and every time the globalists try, they get their butts handed to them. They tried to put words in Russian leaders mouths, so Russia was going to publish the entire conversation to correct the context issues. I admired that tactic, hit them with the truth, the whole truth and let them be sorry they ever went there.

      I imagine they’d assassinate Putin if they could, but they probably can’t get their man on the inside. I don’t think Russian security services will allow another incident like our own President John F. Kennedy to occur. Our “security forces” just stood back and watched, as the globalists assassinated our president in front of the entire world. Cuba could speak on the west’s methods, I’m sure.

      What I’m getting at, is that I admire Putin, because he seems to be globalist-proof. Threats don’t work on a man who isn’t afraid, blackmail bounces right off and they don’t seem to have enough money to get him to turn on his own country. He’s smart and tough. He’s everything I wish my country had in a leader.

      Heck, we here in America aren’t even sure what our president’s real name is, or where he was actually born. We’re not even certain he is an American. Actually, the only thing we do know for sure, is that Obama is a liar and a muslim, and that he is destroying our country from within.

      It has been asked why I often believe RT over our own MSM. The way I see it, if ordinary citizens start easily debunking RT with real facts, not opinions, like they do our own lying media, then I won’t believe RT either. Until then, I really enjoy a different perspective.

      • WhoWuddaThunkIt says:

        Six, Yes of course that why the NSA is hacking world leaders cell phone calls and etc. so they can control these people at will. Just think how much Blackmail crap they have on Obama? Wonder why he does the UnAmerican things he does.

      • eppe says:

        Six; I agree with you on Putin, he does have balls. Talking to one Russian co-worker and he asked if saying “go fuck yourself” was proper. I replied ‘if your looking for a fight’. Then I told him that ‘fuck’ was just an acromyn For Unlawful Carnal Knowledge.
        Tomorrow I am going to tell him about ‘SHIT’…

        • slingshot says:

          Include Fucking Shit. Lots of it going around lately. ;0)

          • eppe says:

            Sling; these Russians have a hard time with our English language and it’s slang. I am just trying to help them to get used to it. This one guy asks me things all the time.

            Anyone out there want to let me know of different acronym for ‘dirty’ english?

            WWTI, Congratulations on your sale, and being able to go set up your own ‘Ponderosa’….
            Iowa; if you are out there, hit us back, some of us are worried about you…

            • eppe says:

              How about an oil joke, not to dis anyone in the field, but it was funny, and since this all revolves around oil in one degree or another…

              This old boy from South Louisiana was working the derrick in Brazil.

              Every day on his tower he would see this monkey watching him from a tree, so he started bringing up bananas and feeding the monkey.

              It didn’t take long and that monkey was in the derrick with him and he taught the monkey how to rack pipe. After a few days the derrick hand didn’t have to do anything. The monkey was doing it all.

              Well the rig hand got laid off. He went home to South Louisiana. He sat home for 6 months then the phone rang. They wanted to know if he wanted his derrick job back in Brazil.

              Right away he said” Uhuh Y’all finally figured out that I was better than that monkey huh?” They said” No sir, the monkey made toolpusher, he’s the one said to call you.”

      • monkeywrench says:

        I certainly respect your opinion sixpack and quite a bit can be said for it…however…

        please… don’t think for a moment dear Vlan doesn’t have his own agenda… and a varied one at that…

        Albert Lamorisse, even though he was French, he understood psychopathy.

        😉

        • sixpack says:

          Of course Putin has his own agenda, I just don’t believe that “dominating the world” is it. I’ve seen no reason to believe he has any evil intentions towards the rest of the world…the evil intentions are clearly from our own U.S. government.

          At any rate, WE have little room to talk about others, especially given the conduct of OUR govt in the world.

          • vtfree2 says:

            AH, the freewill of the human mind, a slippery rock indeed.

          • The Old Coach says:

            Remember that there’s a little bit of Hun in every Russian. The only parts of Russia that didn’t get over-run by the Huns was Novgorod, up around where St. Petersburg is today, and…..(wait for it)….central Ukraine, around Kiev. Both areas were heavily populated with Scandinavian Vikings. The very name Russia derives from one of the names the Vikings called themselves: Rus’. That’s why you see so many hot blonde Ukrainian girls.

    22. Satori says:

      Bill Would Require Schools To Teach Students ‘Appropriate’ Way To Interact With Police

      http://www.blacklistednews.com/Bill_Would_Require_Schools_To_Teach_Students_‘Appropriate’_Way_To_Interact_With_Police/41799/0/38/38/Y/M.html

      anybody think we’re not living in a police state?

      anybody ???

    23. vtfree2 says:

      Oil: Abiotic, meaning replenishes naturally from the earths natural reactive heating core, not a fossil fuel.

      Can anyone answer how dinosaurs died 20 miles under the earths crust or how the earliest dinosaurs were trapped and died in tar pits (basically oil pits).
      How much crude oil is there? Shouldn’t it have already exhausted itself with the amount of modern consumption?

      You have been manipulated and lied too concerning corporate controlled energy for decades.

      • TEST says:

        Dr. Jane Orient, MD, head of Doctors for Disaster Preparedness, has commented on abiotic oil, too. I haven’t looked into it, bu she is one highly educated person who at least thinks that is plausible.

        The key thing is that the world is being driven by Malthusians now – the same people who know ZERO about the Julian Simon/Paul Ehrlich famous wager (google it), and who have no idea who lost the bet, and more importantly, WHY. Man is not omniscient; however, we have been granted by providence enough intelligence to make enough gains relative to our population. That is, human capital is perhaps THE most important variable.

      • The Old Coach says:

        Yes, I can explain how the oil got down there. Subduction zones in the earth’s crust. Places where one plate is being driven under another. West coast of the USA is an active subduction zone today. And what is now oil wasn’t dinosaurs. It’s decayed and heat treated plant matter. Chemical composition bears this out.

      • talon1776 says:

        I commend you VT…
        I have been screaming this very fact for over 20 years..
        Nice to know someone else is screaming with me!

    24. Chantilly Lady says:

      Some days I am so aggravated with this place that I raise my hands up and scream “Beam me up Scotti.”

      But then I ask, is Scotti really his name? Is he going to be beam me up or do I need to find a way to levitate up (or down, or diagonally) to him? Or maybe, Scotti is really just inside me and I haven’t figured out how to communicate and be one with him.

      And what is point of getting to Scotti anyway? What is Scotti going to give me? How do I know that Scotti is going to give me anything? What does Scotti really expect me to do to get these unbeknownst goodies? And this all assumes that Scotti, or whatever the hell its name is, exists and has the power to do any of the aforementioned things.

      Ah, hell, its easier for the drone to come and vaporize me. At least I won’t have to hear people bickering about above said issues among others..

    25. Warchild Dammit! says:

      Hmmmm….,one day oil shortage,next day market glut,ports shut down,hmmm…..,less foreign goods(mostly junk)being shipped in,will make a exception for good foreign arms and ammo.Get killed for throwing rocks,seems whole thing out of control,hell,Merrimac N.H. police have issued a arrest warrant for ground hog Phil due to snow,of course case of mistaken identity with perhaps disastrous if not deadly results as they used a pic from caddy shack,that is a gopher,not a ground hog!How about at least getting the right suspects pic,is that too much to ask!Been busy in Cali. working,hope all are doing well here and prepping for tomorrow while enjoying the day/the smalls adding up/plenty of Goldfish crackers and fed ammo,you get the idea,take care all and will be back later,Warchild out!

    26. TheGuy says:

      Ok look.

      First you all said it was going to keep going down. Well guess what. It’s up $0.30. Just like I thought it was going to be. There is no substitute for it. They can charge what they damned well please for it as long as all of the oil producing nations collude. If they don’t (and I can’t for the life of me see why they’d be stupid enough NOT to, because let’s face it, what the hell are you even going to do without it)…

      Then this is a really easy “problem” to solve.

      Divert shit tons of it to the SPR. Hell, open up another SPR as a back up to the back up.

      Guess what happens? Less available supply. Prices go up. Ta-fricking-da. That was easy.

      I would rather have THIS problem than the alternative (which I was convinced was going to happen… the alternative I mean).

      You can actually wave a magic wand and FIX this problem.

      The other one not so much.

    27. TEST says:

      Well… despite all the economic difficulties, unemployment, etc. there IS still opportunity if you look in the right place. There are PLENTY of jobs if you wish to work as a travel agent for Michelle-Marie Antoinette Obama, or as a private eye helping to find that $1.6 billion dollars Obama crony Jon Corzine “lost”; or perhaps to function as a greens-keeper for any of the golf courses Obama frequents.

      You could also start a cleaning company to clean the zillion room mansions of all the Hollywood hypocrite socialists, or I hear there is a glaring need for Air Force One pilots to ferry our Vacationer in Chief to his latest outing to who-knows-where. There are a gazillion Learjet leftists in NY who need drivers, and no doubt the BIG GREEN MONEY scam artists behind faux global warming are hiring like mad… using YOUR tax dollars. (BTW, for those of you who fell for it, that “2014 was the warmest ever” was a scam just like the fake hockey stick, ClimateGate, or “hide the decline.” Turns out they reported thermometer, not the zillion times more accurate satellite data; and even then, the former was not statistically significant. If you still believe in the trillion dollar AGW scam, you’ve been had

    28. Asshat says:

      We go from talking about oil prices to nuclear exchange people nuclear war has never happened what’s the chances the amount of nukes has been reduced greatly . Economic collapse does not mean the bomb is gonna hit. This way of thinking is not normal you got too much time on your hands to mull over all these thoughts or did your momma instill paranoia in you as a child. Nuclear war is not gonna happen folks . Focus on things that can really happen leave the tin foil hat.

    29. Billy Hill says:

      Gee, didn’t see THIS coming… Obama’s Amnesty scam is a back door to let illegals VOTE.

      http://www.washingtontimes.com/news/2015/feb/12/obama-amnesty-creates-loophole-for-illegal-immigra/?page=1

      And “We the Sheeple” will let it go down hook, line and sinker.

    30. No-Forest-Just-Trees says:

      Earl? We don’t need no stinkin’ Earl!

    31. possee says:

      Goldman Sachs

      The modern day horde that conquered the world without firing a shot..

      by..

      imploding economies worldwide..one nation state at a time.

      with weapons of mass financial destruction..

      possee

    32. swinging richard says:

      Note that the article said COULD cause a price drop.

    33. monk says:

      Peak oil is still taking place.

      U.S. shale oil is still being used because conventional production worldwide peaked several years ago. U.S. shale oil is also expected to peak in only a few years.

      Oil production and marginal costs are still high, and producers are still saddled with high capital expenditures and debt.

    34. Asshat says:

      Golden sack I bet . Why is there so much worry over things ordinary folks have no control over we can’t control the price of anything so why worry people . I don’t need more stress I have three youngns every day is a challenge so whatever

    35. another jay says:

      the sheeple will believe anything in order to keep the party going. “No more peak oil”. “It’s all been a manipulation by the oil companies”. The comments on this thread indicate that most folks are math challenged.

    36. Ponder this for a moment…

      The US still imports over 6 million barrels of crude a day.

      Q: Why is all this LTO going into storage if the US still needs imported crude oil?

      A: It is mostly condensate…too light to make diesel and most of the world runs on diesel and heavy fuels. Sure, there is some gasoline that can be cracked out of it, but mostly it is feedstock for plastics, etc and to mix with bitumen (tar sands) to make it fluid enough to flow in the pipes. Junk. This is why they want the export laws changed. The US refineries don’t want or need it.

    37. Woogie says:

      There should be no excess of oil with no place to store it in the US–ship it to the EU since Russia cut off their oil. Why have these articles that make no sense?

    38. ripinandatearin says:

      If the Republikans would quit stalling the Keystone pipeline and get it built like Pres. Obama wants we would be a lot better off.

     
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