One rant for the day. This whole oil thing really gets me.
When oil "crashed" on a Sunday night and markets went limit
down. We heard the next day how this is good for the US,
cheap gas prices, etc... and I agree to that 100%. Then two
weeks later we are going to broker the deal between Russia and
OPEC, suddenly low oil prices are bad. The tweets are
getting bought up on this news cycle now just like last year with
the China deal, I haven't heard anything new on the China deal?
at the end of the day I just have to be on the right side of
the trade. but these types of things bother me as I
try to teach my children to be good stewards in life.
Thoughts from the oil patch --- $30-35 oil makes the world
livable without bankruptcies. Sub $30, thousands of good-paying
jobs vanish, companies go bk, banks get bruised badly on
non-performing, etc. $30 just seems to be the psychological
spot.
I understand all that but I am capitalist and industries die and
new ones emerge. I understand jobs will be lost in that
industry but that is the nature of life and business cycles.
Auto industry is perfect example. Darwinism.
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One rant for the day.
Posted by ssaffer on 9th of Apr 2020 at 03:03 pm
One rant for the day. This whole oil thing really gets me. When oil "crashed" on a Sunday night and markets went limit down. We heard the next day how this is good for the US, cheap gas prices, etc... and I agree to that 100%. Then two weeks later we are going to broker the deal between Russia and OPEC, suddenly low oil prices are bad. The tweets are getting bought up on this news cycle now just like last year with the China deal, I haven't heard anything new on the China deal? at the end of the day I just have to be on the right side of the trade. but these types of things bother me as I try to teach my children to be good stewards in life.
Thoughts from the oil patch
Posted by profmel on 9th of Apr 2020 at 03:07 pm
Thoughts from the oil patch --- $30-35 oil makes the world livable without bankruptcies. Sub $30, thousands of good-paying jobs vanish, companies go bk, banks get bruised badly on non-performing, etc. $30 just seems to be the psychological spot.
I understand all that but
Posted by ssaffer on 9th of Apr 2020 at 03:11 pm
I understand all that but I am capitalist and industries die and new ones emerge. I understand jobs will be lost in that industry but that is the nature of life and business cycles. Auto industry is perfect example. Darwinism.