OPEC: Lower Oil prices here to stay.

[GAMES]

I paid $1.89 a gallon just few hrs ago. Thats the cheapest i have seen here.

http://news.yahoo.com/opec-likely-wont- ... nance.html

[CigaalSHiiDaaDCFC]

[GAMES]

Sorry dude, i know couple of Somalis who lost their jobs in the Midwest after the Shale crash.

And for ALL the Somalis who lost their $90k -$100k jobs while most of us were just making enough to survive and paying $3.95 a gallon.

[Hararboy]

OPEC are scum. They pretty much control the most important commodity in history. They need to figure out how create fusion energy,im getting tired funding these saudi based terrorist groups

[GAMES]

Don't worry about the scummy Saudis and other gulf states. They have had their fun while it lasted.

You would never have to worry about Oil prices returning to $100 a barrel for a very long time.

They should have invested their windfall in something that would sustain and in other industries. But they blew all their LACAG in buying Lambos, Bentleys, Villas, women and drinking.

[Rambie]

Gulf states and generally the conventional oil exporting countries
are in bad situation right now. From a point, if they raised the output
of oil and flooded the market it will become cheaper and thus cash in less money
for every barrel. From another point, if they cut back on production the oil went up
it will revive the shale oil industry in the US & Canada and as a result, more competition in the global market.

[GAMES]

Exactly, they are caught up in a hard place and a rock. And not only that, the need for OIL is decreasing everywhere.

New cars now get a better mileage and there are even vehicles now that run on pure electricity. No need for gas at all. You just plug in and charges.

Iran is coming off sanctions and that means they can sell their OIL in the global market, further flooding the market.

And if that wasn't bad enuff, technology has moved so far ahead, that they can recover OIL from places that were very hard to reach or difficult 10yrs ago.

If Somalia and Kenya settle that sea dispute, u can look forward to more oil coming online.

LooL most of these Arab countries depends on revenue from OIL for 90% of their budget.

They should have invested and diversified in other industries. Dumbasses.

[LiquidHYDROGEN]

Exactly, they are caught up in a hard place and a rock. And not only that, the need for OIL is decreasing everywhere.

New cars now get a better mileage and there are even vehicles now that run on pure electricity. No need for gas at all. You just plug in and charges. Electric Cars are more expensive and harder to maintain. Not to mention time consuming. Most people will still be driving petrol/diesel cars for the next 20-30 years.

Iran is coming off sanctions and that means they can sell their OIL in the global market, further flooding the market.

And if that wasn't bad enuff, technology has moved so far ahead, that they can recover OIL from places that were very hard to reach or difficult 10yrs ago. Still cheaper to buy from fat arabs

If Somalia and Kenya settle that sea dispute,There is no "dispute". Kenya is just claiming things that don't belong to them. Something they wouldn't even dream of back when Somalis had any measure of self-respect and pride. u can look forward to more oil coming online.

LooL most of these Arab countries depends on revenue from OIL for 90% of their budget.

They should have invested and diversified in other industries. Dumbasses.

[Rambie]

lol Games.

Oil is an important commodity not
just because it's run cars. Oil is an important
part in many goods. Oil produces important substances that
is used to make textile,furniture plastic, asphalt, chemicals all have
have oil elements in it.

Though it's a major blow to OPEC cartel,
their optimal price for oil is around 100$ per barrel, today it's like
40-50$ per barrel. I think they're trying to kill the Shale oil industry but
it's bound to come back when they can no longer flood the market to retain shares.

[GAMES]

You could be right, but Wall St. is saying oil prices won't rebound until 2020, which is a good thing for the average consumer.

And OPEC can't kill Shale, because as soon as the prices start to rise again, Shale OIL would be in the market again.

Those wells arent gone, they they are plugged and just waiting to be restarted when companies see a profit.

[Itrah]

It's pretty sad that it is 2015 and we are still relying on fossil fuels.

So much for all those bullshit predictions they made 10 years ago.

[LiquidHYDROGEN]

It's pretty sad that it is 2015 and we are still relying on fossil fuels.

So much for all those bullshit predictions they made 10 years ago.

Oil companies pay a lot of money to keep new emerging technologies under wraps. Our only hope is Nuclear Fusion and Hydrogen fuel. Thank god Somalia is sitting on top of huge Uranium Reserves (allegedly).

This footballer, Matthieu Flamini has started up a business to develop Levulinic Acid which could potentially replace many oil/gas products. How much do you want to bet ExxonMobil or Shell will "buy" his company a few years down the line?

http://www.standard.co.uk/sport/footbal ... 27046.html

[GAMES]

https://www.rt.com/business/324762-opec ... ision-oil/

[Basra-]

I paid $1.89 a gallon just few hrs ago. Thats the cheapest i have seen here.

http://news.yahoo.com/opec-likely-wont- ... nance.html

I like it! Low gasses are really helpful walaahi--in these times. Its like the world has reverted back to the simple olden days of low gasses and lower paying jobs.

[NoAngst]

Unfortunately, it's not all up to OPEC. The whole world economy is in the doldrums. Demand is depressed and there are no signs that increased demand for oil is in the offing. But if world demand picks, prices will ineluctably shoot up with or without OPEC intervention. You don't believe, just go listen/watch any business news outlet. They're constantly talking about reserves and demand and very little about OPEC.