Bloomberg forecasts that oil may go as low as $10/barrel. Economic disaster for Texas? What are your thoughts?
14 replies (most recent on top)
Everyone can blame the U.S. energy policies. Why the hell did they think they could keep bringing on more and more production with no effect on pricing! Great job Obama we will be self sufficient in oil but it will kill the economy in the process!
Thanks a lot, Obama.
To be able to predict anything, you need to know nature of subject, otherwise its BS. Which is the case here. GoldmanS predicted 70 for 2015 in December of last year, now we near 50 for 2 month. Why? Read my first sentence.
BS! last week they were sayin it will be $200/barrel. Shows no-one can predict it.
10 bucks? Someone at bloomberg should be fired for reporting such crap. OILPOCALYPSE 2015. Just another BS world scam.
Stupid shiiittt $800 will cover 2 car payments (maybe). Or 2 wks for your mortgage. Eco stimulus? U must get stimulated very easily.
Yes , and they also predicted the drop from Jun to Jan
Anonymous69143 If you think that $800 a year in savings will help reduce the GDP, than you must think that the "Economic Stimulus" checks dispersed by the Obama Administration turned around the economy. The money brought into "Energy" states by energy far outweighs the benefits of lower energy prices to the consumer. Ignorance is bliss. You're 2 cents has just been downgraded.
Good analysis right here http://oilprice.com/Energy/Oil-Prices/Why-Oil-Wont-Go-Below-40.html
Dude, that's not gonna happen.
Well, at least here we still get support from Obama government, not at the Communist countries.
It's time to get the hell out of the USA.
It's time to get the hell out of Texas.
Outside of energy states like Texas, OK and ND, these lower oil and gasoline prices are a boon for consumers. Overall, the average family will be saving about $800 this year from lower energy prices. That's a pretty big economic stimulus that will help boost consumer spending. Consumer spending makes up 2/3 of the country's GDP, so go figure, while our sector might get hammered, people will buy more cars, more groceries, more textile, etc. Not bad for Texas in my view. I know this is not an optimal scenario for me as an individual but your question was more geared towards how things will impact Texas, so that's my 2 cents.