The saudis want to drop the price of oil for several reasons.
1. They want to "kill" the oil shale and oil sands industry in the US and Canada. They see it NOT as a threat to them but a threat to stable oil. As correctly said by Niky, the "natural" price of oil is in the $80 range. Oil sands and shale producers do not regulate themselves, driven solely by profit. It leads to over supply. Oversupply leads to fluctuating oil price - bad for the industry. What we need is a stable price that will support future investments in the industry and sustainable world economic growth, not up and down prices that leads to booms and busts.
2. Russia. A good part of the russian economy is based on oil profits. The saudis want to limit russias war chest, to help bring down Asad of syria. And maybe even keep them out of the Ukraine.
They are prepared to do this long term. They have in the last 2 years signed several offshore rigs on very long term contracts to develop fully their offshore oil reserves. It is true when the late saudi king said there will never be again $100 price of oil. When the oil shale and sands industry have been taught their lesson they will tow the line or else the saudis will open the floodgates again, maybe next time put them out of business for good. And the russians, with the value of the rubble falling like lead, will learn to keep its business within its borders.
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January 24th, 2015 01:39 PM #2361
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January 24th, 2015 01:51 PM #2362Solar and wind power? Naaah! Just a drop in the big blue sea. Solar and wind power plants are used to produce electricity. Oil burning power plants (or to be more exact, bunker oil and asphalt burning plants) make up a very small percentage of electricity production in the industrialized countries.
Electric cars and hydrogen engines? Just transferring the exhaust from the car to the power plant. Until man learns to produce electric power from fussion the use of electric cars and hydrogen engines will still be a dream. Nilipat mo lang yung power production from the car to the power plant e. Paano kung coal yung power plant e di mas madami pa naproduce na CO2 kesa sa regular car engine.
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January 24th, 2015 10:33 PM #2365Flux capacitance or dilithium crystals for the matter-antimatter power plant..
Last edited by CVT; January 24th, 2015 at 10:36 PM.
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January 25th, 2015 10:29 AM #2366*Yebo
I agree but I think the Saudis want control of the market more than price stability. They don't have anything much that contributes to GDP other than oil. Or anything in the pipeline to change that. Cash strapped oil producing countries will still tend not to follow their quota and overproduce because they need to.
Or utot power! Methane capture in buffets! Hehe
Originally Posted by CVT
Flux capacitance or dilithium crystals for the matter-antimatter power plant..
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January 25th, 2015 05:39 PM #2367The boss of oil giant BP Bob Dudley has said that oil prices could remain low for up to three years. Originally Posted by glenn manikis
BBC News - BP boss Bob Dudley: Oil prices 'low for up to 3 years'
Niky, ano masasabi mo?
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January 26th, 2015 11:45 PM #2368Official movement for the week, effective 12am tomorrow:
+30 cents gasoline
-10 cents diesel
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January 28th, 2015 01:13 AM #2369Back to normal na uli ang price trend for next week - both gasoline and diesel are expected to decrease by around 35 cents as of today. I do think though that the decrease will be sharper as the week progresses.
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January 28th, 2015 02:49 AM #2370Well kakataas lng ng price nila I think it will take couple of days for a roll back
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January 30th, 2015 03:59 PM #2371Turns out the trend is fairly flat this week - only a 12 cents rollback for gasoline and 30 cents for diesel.
Still downward, but not as steep as in December/January.
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January 31st, 2015 08:13 PM #2373Ser jut703, tuloy ba yung rollback? Wala kasi sa news. Originally Posted by jut703
Yung Petron LPG me increase, me konek ba sa fuel price pag gumalaw ang LPG products?
TIA
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February 2nd, 2015 09:59 AM #2376Yes tuloy ang rollback, but most likely only for diesel, tapos mga 30 cents lang. Originally Posted by sp00nman
No announcement yet but as usual it'll be implemented by midnight.
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February 2nd, 2015 10:49 AM #2377ok TY ser.. Originally Posted by jut703
So wala pala for gas at least this week..
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February 3rd, 2015 11:54 AM #2379BIG INCREASE coming! P1.40 for gasoline and P0.70 for diesel ang trend as of today. It could possibly rise higher in the coming days.
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Originally Posted by french
