crude oil closes under $60. Continues to move lower... - DFWstangs Forums
 
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post #1 of 10 (permalink) Old 11-12-2008, 08:41 AM Thread Starter
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crude oil closes under $60. Continues to move lower...

I know a lot of us are as happy as pigs in shit over this news... But what does this mean for our economy? How does the sharp drop in commodities reflect upon the global market in this stage of the game?

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post #2 of 10 (permalink) Old 11-12-2008, 08:50 AM
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I spend a lot of time out in west TX with people from all parts of the oil and gas industry, from field techs to company presidents. I can tell you that, out there at least, between the dropping price of oil and the new president-elect there are some people very anxiously holding their breath right now.


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post #3 of 10 (permalink) Old 11-12-2008, 08:54 AM
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It'll cost us later, but for now the lower prices have got to be a positive for most people when everything else is going to hell. Could you imagine the current economy AND $4/gallon gas?
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post #4 of 10 (permalink) Old 11-12-2008, 08:55 AM
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Quote:
Originally Posted by mikeb
It'll cost us later, but for now the lower prices have got to be a positive for most people when everything else is going to hell. Could you imagine the current economy AND $4/gallon gas?
Seems everything else though that increased in price due to $4 gas has stayed in their new price ranges. Ex. food mainly
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post #5 of 10 (permalink) Old 11-12-2008, 09:01 AM
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Originally Posted by Skidmark
Seems everything else though that increased in price due to $4 gas has stayed in their new price ranges. Ex. food mainly


I think you might be misunderstanding what's going on.


While food did increase a little due to high gas prices, that's not where the bulk of the increase came from.


Take chicken for example. Chicken went up, because cost to feed the chickens went up. Why? Ethanol additives in gas. Everyone that is growing corn, is doing so and selling at premium to the govt. This makes feed harder and more expensive to obtain, for ranchers. Thus driving the price of livestock up.
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post #6 of 10 (permalink) Old 11-12-2008, 09:10 AM
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I can understand how the lower the price goes the worse it can affect us but I also see things such as :

More consumer use of gas, increasing driving around again...shopping, etc
Cheaper costs increase all types of distribution/transporation...Truckers, Airlines, Ships, Etc

I would think these would help out quite substantially

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post #7 of 10 (permalink) Old 11-12-2008, 09:18 AM
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Quote:
Originally Posted by bcoop
I think you might be misunderstanding what's going on.


While food did increase a little due to high gas prices, that's not where the bulk of the increase came from.


Take chicken for example. Chicken went up, because cost to feed the chickens went up. Why? Ethanol additives in gas. Everyone that is growing corn, is doing so and selling at premium to the govt. This makes feed harder and more expensive to obtain, for ranchers. Thus driving the price of livestock up.
Ah shizzle... for a Cheddars hater, you are right.
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post #8 of 10 (permalink) Old 11-12-2008, 09:19 AM
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Ah shizzle... for a Cheddars hater, you are right.


I'm always right, my little Asian friend.
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post #9 of 10 (permalink) Old 11-12-2008, 09:29 AM
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Quote:
Originally Posted by mikeb
It'll cost us later, but for now the lower prices have got to be a positive for most people when everything else is going to hell. Could you imagine the current economy AND $4/gallon gas?
Are you speaking in terms of alternative energy development slowing?

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post #10 of 10 (permalink) Old 11-12-2008, 09:39 AM
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Originally Posted by Sean88gt
Are you speaking in terms of alternative energy development slowing?
When oil prices go down investment in exploration as well as in alternative energy technologies slows way down. So, this decline in prices is paving the way for the next oil spike. Remember just a few months ago there was great debate about offshore drilling? Now not so much. And since there is no money in it nothing will be done, making the next spike that much worse. Pickens even put his wind energy plan on hold.
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