Ciaran

iTrader: (16)

The oil price appears to be crashing at a tremendous rate when will it ever stop?
Working in the industry it's a worry for a long term career.

It makes no sense for any oil producing company for the price being so low.
I wonder why the don't just close the taps a bit and drive the price up?
Basically everybody could produce a smaller amount at a higher oil price for longer.

Ciaran

iTrader: (16)

Oops

dpb

https://www.scoobynet.com/non-scooby...il-prices.html



http://www.telegraph.co.uk/finance/p...s-unravel.html

ditchmyster

iTrader: (7)

Got to say I disagree with your 2nd article about house prices, they've moved pretty slowly and been down for some time now, if you take into consideration that historically house prices double every 10yrs then we are actually somewhere within that ball park (certainly for my UK property) Also a few other simple facts remain, increased population, lack of housing stock in desirable areas with employment available, and the simple fact that we have not been building enough houses for the shortages of the past, let alone the current increased population, and that's before we talk about the expected population increases of the next 5/10yrs.

So in short, buy buy buy.

scoobysteve1983

ciaran, mind if i ask what you do in the industry? from what ive read, it seems like the saudis are deliberately keeping the prices low in an attempt to flush out smaller oil producing companies. they are taking a financial hit in the short term in order to gain a bigger slice of the market once they have bankrupted the smaller producers. i have an investment in an oil exploration company so this is of particular interest to me. to date this company have hit all of their targets in terms of their exploration drill but one of the factors keeping the share price down is IMHO the low oil prices. i saw an article where it showed that the saudis can only do this until around 2018 or else they will financially ruin themselves. i personally hope it doesnt last that long!

WUZ

iTrader: (14)

So do I, working as a Senior Toolpusher for one of the Drilling Contractors, based out in Angola - it is hitting us all where it hurts....

There have been pay cuts
There have been lay-off's
Bonuses have been scrapped
Cheapest flights booked with long layovers in foreign airports - all to say $100 on a flight ticket.

Everyone is suffering but that's the way it goes in the tough times in the Oilfield........ head down, **** up and stay below the radar until the Oil price rises

In all honesty, expect it to bounce back to $50-55 in Q1 of 2017........ but the days of $100/barrel are gone, never to return.

Ciaran

iTrader: (16)

No bother. I work in automation and control on the Curlew FPSO for Shell.
The North Sea is hugely expensive to produce due to taxes and man power etc

ditchmyster

iTrader: (7)

Saudi's are already struggling, there have been some major spending cutbacks there recently and the price of fuel at the pumps is rising for them.

andy97

iTrader: (1)

Long may it continue. Cheap fuel, will be here for years. The major users eg vehicles and industrial are moving away from oil for other sources, pure electric, hybrid and hydrogen fuel cell tech for vehicles. Can't wait for hydrogen to catch on. By then auto driverless vehicles will be on the roads. The next 10 years are going to be exciting in vehicle development

boosted

Where do you expect this electricity to come from?
Renewable's? Where does the energy and resources come from to manufacture and maintain the renewable's?
Nuclear power? powered by Chinese reactors?

boosted

I've been on both the Gryphon and GP3 FPSO's, many moons ago.

dpb

i think the solar powered domestic vehicle is more than 10 years off

dpb

And the solar powered heavy goods transporter a large way off

^Qwerty^

Electric cars are zero emissions didn't you know

It says so on the back of the Datsun ones anyway. I wonder what they run on, fairy dust?

stilover

The lower the better. Will make driving around a lot more affordable. People will visit places, and spend money when they get there.

alcazar

iTrader: (2)

What amuses me is the HOLE the Jocks would now be in if they had voted to go, and even more amusingly, that they are still denying it!!

Torquemada

Probably Daily Fail fear-mongering....: http://www.dailymail.co.uk/news/arti...oil-price.html

neil-h

The thing is that is factually correct, the car itself produces zero emissions.

guinnessman2001

Too true.

That's why myself and the majority up here voted to remain in the union.
The possibility of this happening was always likely so fortunately common sense prevailed.

ditchmyster

iTrader: (7)

Interesting, good time to buy if you ask me.

boomer

...at least, not until the big f*ck-off emission when the knackered battery needs replacing

mb

Torquemada

Other reports are saying that further middle east turmoil/wars will possibly cause barrels of oil to go to 300 to 500 dollars. So confused....

Tidgy

i bet that came from the express or daily mail, which as usual is talking total bollox

Torquemada

Think it was Evening Standard or something. Either way, yes it all sounds like it has a testicular flavor.

8ulldog

iTrader: (4)

This. Look at the pressure being put on smaller production / exploration companies. Fairly common practice in business to squeeze out the competition with short term pain, then whack the prices up once you have market share.

BoozyDave

iTrader: (8)

The price at the pump is still about 20ppl higher than it should be, all the garages are making more profit saying 'they bought it at the higher price'. But as soon the price of a barrel goes up their prices will go straight up too

Shell have announced 4,00 jobs at risk worldwide, 600 in the UK. The news announce it like it's a massive amount, but how many jobs have been lost around yorkshire in the steel and coal industry in the last year?