General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsIt appears cheap oil is here to stay
Found this in my morning news digest. It appears that the Saudis want cheap oil to drive out the higher cost producers. Good bye tar sands?
"Mr Naimi said: cutting production was no longer in the interest of Opec producers; the price of oil may never reach $100 a barrel again; even if non-Opec producers come to an agreement on cuts, the cartel would not now change tack; high-cost producers may try and hold out but the financing would sooner or later dry up."
http://www.ft.com/intl/cms/s/0/2e46c53c-8f2d-11e4-b080-00144feabdc0.html#axzz3NI5XR5kW
belzabubba333
(1,237 posts)levels and beyond
Hoppy
(3,595 posts)belzabubba333
(1,237 posts)n2doc
(47,953 posts)Judging from the number of giant SUV's and trucks with new temp license plates on them
Adrahil
(13,340 posts)sendero
(28,552 posts)... they could not because their own supply of cheap and easy oil peaked a long time ago.
But, this particular price scenario could easily last for years I believe.