Posted by wisbaker on November 25, 2014 at 08:16:48 from (173.26.84.185):
In Reply to: OT Low Gas Prices posted by Steve@Advance on November 25, 2014 at 05:51:32:
I'm looking at the Saudis and wondering what is up? I hadn't thought about them allowing the price to fall to drive the low profit producers out. Basic economic theory is that the higher the price is (or profit) is the more product will be generated. This would indicate that if the price spikes up say $30 operations and wells that weren't profitable may suddenly be. Kind of like when corn shot up all of a sudden land that wasn't profitable with $4.00 corn was with $6 or $7.
What I wonder is are the Saudi's looking at ISIS and perceive them as a threat? Is the dropping of prices simply some of the established Arab countries trying to make nice so we'll bail them out if ISIS comes knocking on their door (much like we did for Kuwait)? Or is it that oil rich Arab countries have funding needs and they can't afford not to produce? Are they looking at China and what a world with China as the dominate economy be like and thinking it wouldn't be good for them? Yes radical Islam portrays us as the Great White Satan and infidels but maybe some of the more astute Arab leaders realize our policies about religion and Islam are a lot more tolerant than China's will be.
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