OPEC is meeting September 9th.
They have stated they will take action to “defend the price of oil”.
$111 a barrel is not enough, I guess. They will be making cuts in production.
As for the wonderful oil companies…oil is down 25% since the July high. Yet gasoline prices are down only 10% since the July high.
It is hard to bend over and take it in the a** when they are nailing you from both sides.
If we don’t do something like the “Pickens Plan”, we are going to be bent over for a long time.
Ralph
Not that you usually agree with what’s written in this rag, but just a heads-up:
http://www.ibdeditorials.com/IBDArticles.aspx?id=305334694968242
Among other things, could be one of the reasons I like her.
Ken Brunt said:
Not that you usually agree with what's written in this rag, but just a heads-up:http://www.ibdeditorials.com/IBDArticles.aspx?id=305334694968242
Among other things, could be one of the reasons I like her.
Thanks for the link, Ken.
I keep an open mind and appreciate any and all factual information.
Ralph
I thought Pat Paulson did a pretty good job of explaining the price of oil 30 odd years ago. He had a long list of expenses the oil companies had to pay for on a big card and started explaining at the top of the list. As he worked down, the explanations got shorter, “Then they have the derric…”
And lastly, he said, “And the customer gets the” and the last item on the list was “Shaft.”