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Most US citizens seemed to love the idea of an import tax to protect US jobs despite it meaning a higher cost of living for themselves so I cant see oil being any different.
Redial, in the UK most of the price of a litre of fuel is government taxes. I don't know if that's the same in the USA....do you?
I'm not sure you can compare how AMericans use galsoline and view the price at the pump to the UK. Although I do know that the UK government seems very wary of increasing taxes on petrol by using the fuel price escalator (to combat climate change)....I suspect the Americans are even more attune to the price at the pump & any president facing an election in November would be very adverse to artificically increasing the price of oil (at the moment). But of course Trump is unpredictable.
"How much is a gallon of fuel at your local filling station? how much has it dropped in comparison to the drop in oil prices?"
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Redial,
- I don't live in AMerica
- I don't drive a V8 5 litre truck
- I don't vote for Trump
Cant be cheap to hire super tankers. How much do they cost per month---------- VLCC cost @$200,000/day
"Trump just needs to say that US oil is $50pb if purchased within the US and put a tariff on cheaper imported Oil making the US product the cheapest. Then let Russia and the Suadi's slug it out."
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Then how does Trump sell that to his base voters in November?..people who drive around in V8 5 litre trucks, paying gas based on $50 when they could have had it cheaper at $20.
Nope, he is going to put pressure on Saudi & Russia to sort out their differences. Probably say cheap oil is good for the economy at the same time.
Im sure its not that simple bald eagle. Yes they could shut up shop and wait it out but for how long. The consensus opinion seems to be that the russians and saudis are trying to cripple the US shale industry and the big orange guy isnt going to like that esp as theres an election on the way and hes desperate to be seen as a strong man defender of the the good ol USA.
Don't shale producers just invoke chapter 11 and go into hybernation. Then when the price per barrel becomes profitable they restart production. The oil in the ground doesn't go anywhere.
Redial, your theory about 're-inflation' seems a bit of wishful thinking IMO. How can you have inflated prices when the commidity is over-supplied?
Sure, other commodities where there are more buyers than the supply can cope with...ventilators & PPE (at the moment).
Oil requires a sanctioned cartel (OPEC)....but it doesn't quite work when everybody wants a bigger slice of the cake....and in the future the cake will have to get smaller (because of climate change mitigation).
I can imagine someone called caitlin in a room on their own with hands over their ears shouting...lies!..lies!
Like the traders buying up storage and even super tankers to fill with cheap oil and sell on when price increases. Cant be cheap to hire super tankers. How much do they cost per month. They know theyre not going to have to wait years before they sell. Not a conspiracy theorist but something smells a bit off and it wont be the crude in the tankers.
Yes it looks like theres a good possibility of the oil war ending. If not trump has the option of a $20 or $30 per barrel import duty on saudi oil. He wont let the shale industry go under. Us are biggest single producer of oil now but still import quite a lot.
Who knows what the real reasons are behind the oil wars. Politics is a dirty and treacherous business. Someone will be profiting on a much bigger scale than us
Great article from sky news today mentioning Royal Dutch Shell. Looks like talks between America and Russia will go ahead to resolve oil price war.
Coronavirus: 'Green shoots' for stock markets as China data limits doom
Meant per barrel of course. Call the dementia police i need taking away
" showing them my share certificates..saying..phwoar ey!..phwoar..rdsb $150 per share..would you like some sir? Madam?..phwoar!"
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Bloodshot, and madam will point out that oil is $150 per barrel but RDSB share price is 'only'...[think of a number]!!
And call the police!
Might not get my limit order at 13 filled at this rate. Not willing to chase it up any higher than that but would like a few more. Plenty time though.
You probably have to be an older generation monty python fan to appreciate that :)
As for $150 ps in 8 years...well doesnt hurt to dream.
I can imagine myself going around accosting people..opening my trenchcoat and showing them my share certificates..saying..phwoar ey!..phwoar..rdsb $150 per share..would you like some sir? Madam?..phwoar!
I think he means $100 in the future..not sure how far in the future but hopefully im still alive and held onto some of my shares
When was the last time oil was $100 per barrel?
Quite a few commentators mention the oil price crash and SP drops but both SHELL & BP so far defy the warnings, lost SP but it looks like the market is hungry and investments trust the dividend is secure
Had the idea of buying a few more this morning around 12.20/12.25 ps but wasnt quick enough. Big boys beat me to it as usual.
Financial Times this am says that Saudis and Moscow staged this price collapse as a strategy from game theory, forcing small and “expensive” producers to the wall and breaking the the American shale producers at the same time. Question I have is not if the dividend is cancelled but when and for how long. Expect this to tank over next couple of weeks. Storage facilities are nearing maximum level and once full, crude oil becomes a toxic waste product that you will have to pay to get rid of. Not my words (except the last bit), but the FT no less. Get out now and stay out.