Current Oil Price

3rdRock · Post by **3rdRock** » 08 Dec 2014, 19:23

Latest from the Beeb:

http://www.bbc.co.uk/news/business-30379956

Oil keeps sliding on oversupply fears

raspberry-blower · Post by **raspberry-blower** » 08 Dec 2014, 19:37

BP to slash hundreds of UK jobs

I suspect there will be a period of "consolidation" in the hydrocarbon energy sector coming up and that there will be a high probability of at least one UK company being involved in a takeover bid.

biffvernon · Post by **biffvernon** » 09 Dec 2014, 17:58

Price Change
2014.12.08 - $ 63.05 -$2.79 -4.43%

There's been talk of a suggestion that BP and Shell might merge for a while and now we have Shell buying BP!

http://www.ibtimes.co.uk/tv/money-talks ... y-bp-13006

PS_RalphW · Post by **PS_RalphW** » 10 Dec 2014, 10:47

Lots of voices are now calling this an oil crisis - a crisis for the oil industry. Not many are joining the dots, but Umbardo as usual sees the bigger picture.

http://www.resilience.org/stories/2014- ... neca-cliff

Oil is still the largest single source of primary energy on the planet. Industrial society runs on cheap energy. However, it will not sustain oil demand at $100 a barrel, so the oil supply and by extension the global economy will contract until it uses oil more efficiently, so that that $100 barrel generate enough economic activity to fund its own extraction.

However, the economic signal is low oil prices, so the reaction is to buy less efficient cars, wind back on expensive investment in renewable energy, give subsidies to fossil fuel companies to bail them out, and dig ourselves deeper into economic collapse.

Limits to growth writ large.

Brent below $66

3rdRock · Post by **3rdRock** » 11 Dec 2014, 07:10

http://www.bbc.co.uk/news/business-30426253

Asian shares fell again on Thursday as plunging oil prices continued to fuel global growth fears.

Crude oil prices fell as much as 5% overnight on weak US demand and Saudi Arabia reaffirming that it has no plans to curb output.

http://www.bbc.co.uk/news/business-30417154

Stocks on Wall Street tumbled on Wednesday, with energy shares seeing some of the biggest falls as the oil price slid to a fresh five-year low.

The price of Brent crude fell to $65.24 a barrel - its lowest since September 2009 - before recovering slightly.

The Dow Jones dropped 268 points to 17,533.15. Among oil stocks, Exxon Mobil slid 3%. and Chevron fell 2%.

Oh look, there goes another wagon wheel.

biffvernon · Post by **biffvernon** » 11 Dec 2014, 09:53

Our ticker just dropped another couple of dollars to just under $61.

PS_RalphW · Post by **PS_RalphW** » 11 Dec 2014, 10:02

Small rebound this morning. Over at

http://peakoilbarrel.com/opec-november- ... n-numbers/

the horse's mouth is starting to talk of US shale drilling rigs being mothballed. This will feed through to declining production in 3-6 months.

Post by **kenneal - lagger** » 11 Dec 2014, 19:07

I was going to fill my disco up with about 90 ltrs of diesel yesterday at 122.9p/ltr but didn't get round to going out. I notice today that it's now down to 121.9 so I might wait until tomorrow just in case!! That's a big difference from the 132.9 that the last fill up cost me.

Bye bye shale and oil sands but just wait for the price increases when the recent shale wells need refracking in about 18 months! Hopefully the price will stay low for a year or so so that the oilcos really feel the heat and a few go bust.

PS_RalphW · Post by **PS_RalphW** » 12 Dec 2014, 11:17

First shale drilling company goes broke.

Won't be the last.

http://www.abc.net.au/news/2014-12-11/o ... gy/5962020

Brent $63 and WTI $59

Post by **kenneal - lagger** » 12 Dec 2014, 13:58

According to that article we could be looking at a banking collapse again. More expense for us taxpayers then!!

I'm waiting a few days before filling up my Disco. Could make enough difference to buy a couple of pints with WTI now below $60!!

3rdRock · Post by **3rdRock** » 12 Dec 2014, 14:31

kenneal - lagger wrote:According to that article we could be looking at a banking collapse again. More expense for us taxpayers then!!

Definitely.

kenneal - lagger wrote:I'm waiting a few days before filling up my Disco.

So dancers prefer petrol fumes to MDMA these days, do they?

Post by **kenneal - lagger** » 12 Dec 2014, 14:33

Shortfall wrote:So dancers prefer petrol fumes to MDMA these days, do they?

You're not a farmer then.

3rdRock · Post by **3rdRock** » 12 Dec 2014, 14:38

kenneal - lagger wrote:
Shortfall wrote:So dancers prefer petrol fumes to MDMA these days, do they?
You're not a farmer then.

I know what you mean, I was just being facetious (and childish).

biffvernon · Post by **biffvernon** » 13 Dec 2014, 09:32

Going down.
WTI: $ 57.81 -$2.14 -3.70%

Potemkin Villager · Post by **Potemkin Villager** » 13 Dec 2014, 13:56

Shortfall wrote:
kenneal - lagger wrote:
Shortfall wrote:So dancers prefer petrol fumes to MDMA these days, do they?
You're not a farmer then.
I know what you mean, I was just being facetious (and childish).

Discovery just like a Range Rover at a fraction of price

Land Rover Discovery

Key facts

Five-seater; from €55,120 (including VAT); delivery, related charges extra; 3-litre V6 (2,993cc) diesel 210bhp; 4x4; 207g/km; torque 520Nm, maximum torque between 1,500 – 2,500rpm; towing capacity 3,500kg; air suspension.

Standard equipment:

Includes 8spd automatic gearbox, Hill-start assist, Stop/start technology, electric park brake, Hill-Descent Control, rear park sensors, DAB radio, Bluetooth connectivity with audio streaming, leather seats, steering wheel with audio/telephone controls, 19in alloys, heated electric mirrors, automatic climate control and cruise control.

Driven

This is a mammoth. There is no other way to describe it. You don't get in – you climb in. The cabin is enormous and you feel like you are in a Range Rover.

Indeed many have asked why you'd bother with the latter when you can have this for tens of thousands less.

I have not been a major devotee down the years because I am aware that in previous guises, Discovery have had their troubles.

However, over the past number of years they have made significant and substantial improvements and upgrades. It's a totally different animal now.

I've driven this off-road abroad. I've had it up to its neck in thick mud, and deep water. I experienced that strange sensation of either panicking or trusting the car when it felt like a submerging submarine.

Without exception I opted for trust. It never wavered. I've driven it over rocky outcrops at angles that, I thought, defied gravity and balance. It is a serious package.

With five big seats and a driving position that is not properly described by the word 'elevated' it also benefits from a sprucing up this year. The 'Discovery' name is now across the bonnet (it used to have Land Rover) and there is a new light cluster. The diesel engine has great low-end pulling power.

There is an 8spd automatic transmission in this and its 'intelligent' system takes care of coping with the prevailing underfoot conditions. It is a powerful drive on the tarmac and instils total confidence off-road.

The only thing against the Discovery is the legacy of former models. Funny how these things linger but this is now a mighty impressive machine and a big, big seller.