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Ja, ja... I was hoping that some free-market true believer would step up and explain how this hyar oil thangy does/does not comport with the fantasy of free markets.

One take is that OPEC is simply exercising it's legitimately-earned-through-free-market-principles control over the global oil market, and that the Nawth American fracking and oil tar upstarts are merely gittin' a free market drubbing.

Another take is that the non-Arab oily boys is sufferin', and the weak ones will take it in the shorts (along with their associated national economies) even as consumers get a short-lived windfall. I miss our Mises mentalist.

I know there ain't no free markets, I just wanted some Republican minded economic theorist to weigh in, so's we could torture jerk their chain a little.


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To change something, build a new model that makes the old model obsolete.
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the free market in oil ended when jackbooted gov thugs broke up standard oil


"It's not a lie if you believe it." -- George Costanza
The whole problem with the world is that fools and fanatics are always so certain of themselves. --Bertrand Russel
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OPEC was a creature of Standard Oil. I tend to believe the low prices, with full compliance of the Saudis, has to do with what WE(gov) want. These low prices are wrecking Russia and Venzuela which is, I also believe, just what we want, and The Saudis are doing this for us. One can only wonder what they are getting for this little effort, as its costing them some pretty big bucks too.

Retailers should have a pretty good Christmas season this year. ISIS will also be making a lot less on their pirate oil sales. This is, however, kicking the hell out of the stock market but, hopefully and eventually, the traders will realize the prices are artificially low, and not low because of a worldwide slowdown due to problems in China.

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jgw
Think that's a good start. Bow
Try this on:

In September, Kerry visits the Saudi's...
The win-win scenario:
Saudi's worried about their neighbors Syria and Iran...
Saudi's have virtually unlimited oil..
Russia cozy with Iran and Syria.
US worried about a China collapse.
Saudi's sell oil below market $50 to China.
This destroys Russia and Iran economy.
Stops the Iran bomb threat
Gives China a lifeline.
US wins!

Lots more, but for starters...


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itstarted,jgw, you have done a good job of reading the tea leaves. I have had the same impression. I did a course on strategic global interests, and the read was much the same. Saudis manipulate oil prices to manipulate their enemies, and many of their enemies are our enemies, so's them be our friends. We have mutual interests in this particular manipulation, and "our" oil monopolies will be just fine. The price of oil is almost irrelevant to them, as volatility is what trips their triggers.


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Here, as elsewhere, people are outraged at what feels like a rigged game -- an economy that won't respond, a democracy that won't listen, and a financial sector that holds all the cards. - Robert Reich
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Nice to see that drop in prices....geez....all that shale being fracked does have an economic impact.


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Originally Posted By: keysersoze
Nice to see that drop in prices....geez....all that shale being fracked does have an economic impact.

Yeah...fracking for natural gas translates into lower automobile fuel prices. Who knew? coffee


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Originally Posted By: itstarted

jgw
Think that's a good start. Bow
Try this on:

In September, Kerry visits the Saudi's...
The win-win scenario:
Saudi's worried about their neighbors Syria and Iran...
Saudi's have virtually unlimited oil..
Russia cozy with Iran and Syria.
US worried about a China collapse.
Saudi's sell oil below market $50 to China.
This destroys Russia and Iran economy.
Stops the Iran bomb threat
Gives China a lifeline.
US wins!

Lots more, but for starters...

Hmmm...I like that scenario. smile


Contrarian, extraordinaire


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Originally Posted By: pdx rick
Originally Posted By: keysersoze
Nice to see that drop in prices....geez....all that shale being fracked does have an economic impact.

Yeah...fracking for natural gas translates into lower automobile fuel prices. Who knew? coffee
I just woke up from a long winter's nap... was some idiot claiming that fracking doesn't have economic effects? I think anyone knows that the price of fracked fuel will fall for a while, spurring increased use and dependency, then as a long term effect we will have to build really expensive water treatment plants and treat more folks for cancer and ultimately go all Road Warrior in the global deserts. That's some big goddam economic effects, I'd say. I seen it in the movies! ThumbsUp


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One thing it certainly does: It makes the Keystone pipeline impossible. Getting oil out of tar sands only makes sense at $100/barrel. At $60/barrel there's no way they can make any money doing it. The whole extraction industry may have some momentum still (because some of the players have lots of money), but companies will be bankrupt shortly, and tar sand oil will not come back until prices go back up.

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