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/biz/ - Business & Finance

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958370 No.958370 [Reply] [Original]

Crude oil is headed to the $20s. Goldman Sachs was right.

>> No.958434

Hope so

>> No.958435

Wouldn't this just make it unprofitable to extract, thus lowering the supply and leading to skyrocketing prices in the future? Or are OPEC nations too fiscally desperate to ever decrease production?

Please respond

>> No.958461

>>958435
Yes and yes

>> No.958469

>>958435
They didn't flood the market out of desperation. They knew exactly what would happen, e.g. dozens of competing oil companies running out of business and massively down sizing so they can't compete anymore.

They're going to keep it up until there's no more competition, then they'll price gauge everyone

>> No.958472

>>958469
Nah, the CIA is in complete control of Saudi Arabia. This is all to fuck with Russia. Domestic American oil production is just collateral damage.

>> No.958474

>>958370
Blankfelin is literally the smartest business man ever. He has predicted many things that were all true. Oil, Tech bubbles etc.
He said something interesting when it first started to go down. "when it was $105 a barrel everyone wanted it to be $30, but now that it is everyone wants it to go up."

>> No.958477

>>958474
Yeah it's not hard to predict what will happen when you're in the small group of people who dictate what will happen.

>> No.958503

>>958435
>Wouldn't this just make it unprofitable to extract, thus lowering the supply and leading to skyrocketing prices in the future?
>>958474
>"when it was $105 a barrel everyone wanted it to be $30, but now that it is everyone wants it to go up."

SUPPLY
AND
DEMAND
EVERYBODY

>> No.958597

>>958370
Could it become a commodity like gold and such in the future?
Dragging around actual psychical barrels isn't very practical but it seems like a sure thing since the price will inevitably go back to 100 at some point, the stuff doesn't spoil either.
I realize this is probably a bad idea but fail to see the reason why people aren't doing this.

>> No.958659

>>958597
>Could it become a commodity like gold and such in the future?
It is a commodity. Hundreds of millions of barrels are stored around the world and on ships at sea as I type.

Oil in its natural state is a dangerous commodity. Lots of deadly gases and chemicals like arsenic. So, don't carry any on you in a McDonald's coffee cup.

>> No.958692

>>958659
probably healthier than what mcdonalds serves

>> No.958704
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958704

>>958692

>> No.958707

>>958370
I'm really not fussed at all about losing money short term and I am able to not get nervous at all.

Is it a good idea to look in to buying oil influenced stocks and holding for decades until it reaches "normal" levels again.

Buy in a crisis?

>> No.958764

>>958707
Yes