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Another Shale-Bubble Bursts: Oil's Plunge Is Not 'Unequivocally Good" For This Group
While Jim Cramer went "all-in on oil stocks" in May 2014 (right before the collapse), it was the fracking sand-providers that were the most-loved stocks on many individual investors buying lists last year... until their worlds caved in. As WSJ reports, for many sand producers, this is their first time on the bucking bronco that is the cyclical energy business—and not all of them are ready for the wild ride. As one CEO exclaimed, "there are a lot of wide-eyed people out there right now in the industry."
Sand is an important ingredient in hydraulic fracturing, or fracking, which has pushed American oil output above 9 million barrels a day, rivaling the production of Saudi Arabia or Russia. Sand companies’ biggest customers used to be golf courses and glass manufacturers, but the oil boom brought energy clients to their door and now roughly 60% of business is tied to fracking, according to PacWest Consulting Partners, which forecasts sand demand.
But as The Wall Street Journal reports, now that oil prices have fallen, many fracking companies are retrenching—and that is bad news for sand producers.
“This isn’t our first rodeo” has become a catchphrase among oil-industry executives who are laying off workers and dialing back spending in the wake of tumbling crude-oil prices.
But for many sand producers, this is their first time on the bucking bronco that is the cyclical energy business—and not all of them are ready for the wild ride, industry analysts say.
...
Earlier this fall PacWest projected sand use would grow by 20% each year in 2015 and 2016. But following the plunge in oil prices, PacWest now expects sand demand to stay flat.
...
Meanwhile, new sand mines could add another 10% on top of the existing pile, creating a glut and pushing down prices, said Samir Nangia, a principal of PacWest.
With their revenue threatened, oil drillers and fracking companies are under tremendous pressure to dial down their spending and the companies they buy sand from will be easy targets, said Karen Nickerson, an energy analyst at Moody’s . “They’re going to push on who they can,” she said.
...
Doug Sheridan, an analyst at EnergyPoint Research, said sand companies ought to take their cues from Halliburton Co. , Schlumberger Ltd. and other oil-field-service companies that have announced cutbacks and workforce reductions.
“Sitting on your hands and waiting isn’t what the veterans do,” Mr. Sheridan said. “There are a lot of wide-eyed people out there right now in the industry.”
“Lower oil prices are a concern. This adds a lot of uncertainty to 2015.”
* * *
So not unequivocally good then after all?
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20,000 Ebola cases later…
Good.
No one likes a worthless blog pimp.
I've been warning people here in Wi for some time. We have the best sand and about 8000 jobs through the various ancillary supports such as fuel and maintanence... all to be effected.
It's not just sand a lot of people have been heavily tied in and are going to have to face the hard choicces.... Welcome to the oil patch where your balls better clank when you walk.....
most them are tough mother fuckers that come from bad ass life situation(s).
needless to say, they are the real survivers over pussy ass keyboard tappers.
New equity lows. Watch it free here:
http://www.investing.com/indices/us-30-futures-advanced-chart
The Saudi's just have to keep the oil going lower for a while ( 8 months) and they'll implode the shale market.
Yah, but you need true grit to play these sand stocks.
Zing!
in addition to pumping oil like it's going out of style, if they wanted to, the Saudis could pump sand. A one-two shale play knockout.
Actually, if they're not selling sand it means there's no fracking going on.
That means there are a lot of question marks arround that "glut" thing.
Astute point, it's been dieing since what, August?
It’s below the 2014 start and 2013 isn’t on the graph but oil was at 100 dollars back than
The Saudi's have a problem because a lot of the smaller OPEC players are getting damn unstable. All we need is for someone like Venezuela to collapse and the rules change.
is it possible to fill up all andevery "capacity" for oil and start to overflow?
SA could run it onto the desert and create oil lakes and let it seep back down for future generations...
Turkmenistan 18% Manat devaluation yesterday may be the start of the energy producing emerging market country bust.
Venezuela or Brazil might be next.
on serious note:so think about it-oil is like hard currency and it just got devalued 50 percent and is dragging all the oil dependant economies right down the shitter following the main turd. dollar appreciating (painting fed into another corner)and exporting inflation to compound this problem. oh you say what fed? (you dumb mother fuckers)-did you see this coming? yea, didn't think so. raising rates this year you dumb bitch? didn't think so. starting qe 5, yup, thought you would...
What would a collapsing Venezuela do to the oil price?
The oil field workers will still go to work and the national oil company will pay them to continue to produce oil. It is the only source of cash for the military.
Only if they are paid and can buy things at the market. A civil war or insurrection and that oil goes away.
LOL, flat? At $53/bbl, a lot of drilling is not going to get done, and at 60% of your volume, flat?
Yes. As in flat on their back.
At $52/bbl, a lot of drilling is not going to get done
Fixed it for you.
Similar charts to this shows costs of production...
http://www.businessinsider.com/markets-chart-of-the-day-december-29-2014-12
Completion design is using a lot more sand and for longer latterals for a well.
The drop off in sand useage will be a whole lot less than the decline in wells drilled.
Possible collapse taking place here.
+1 Excellent discussion on what constitutes a depression.......= growth below trend. Buddy thinking negative growth knew that what he had just said was wrong. good on Rickards for calling him out.
J. Hendrix
Looks like sand will crash harder.
J. Hendrix built castles of rocks.
Problem was it was crack rocks.
Crack Cocaine really did not exist in 1970. It was first marketed in Los Angeles in the early 1980s, thanks to the US CIA and Oliver North's smuggling using his diplomatic immunity to bring it across US Boirders.
From Wikipedia...
http://en.wikipedia.org/wiki/Crack_cocaine
I do not believe that Hendrix' drug of choice was Cocaine. He was an Acid Head and a Pot Head who also liked amphetamines. It was Barbies....barbituates that killed him. That is the drug which was used to come down from a speed high.
From Wikipedia
http://en.wikipedia.org/wiki/Jimi_Hendrix
And as for Crystal Meth, another drug mistakenly called "Crack", it was not prevalent in the 1960s and early 1970s. (Hendrix died in September, 1970.) In fact the smokable forms were introduced in the early 1980s.
From Wikipedia...
http://en.wikipedia.org/wiki/Methamphetamine_in_the_United_States
Now you can "joke" about the tragic death of a poet and musical artist if you please.
However it does not detract from any of the poetic truths which Hendrix expressed.
But it is you who appears foolish when you have no clue about that which you are writing about.
Or are yoiu just jealous that you have not contributed to society in the profound way that Hendrix did?
Are you in any Hall of Fame? Is there a Wiki page written about you? No?
I know. You were "just joking".
But tragic lives, shortened by early deaths because of drug overdose, of productive artists whom harmed no one is just not a joking matter.
That is not an excuse.
I may hate drugs. IT IS SORCERY. But I hate the war on drugs even more.
Those mother fucking evil speculators
MUWAHAHAHAHAHAHA!!!!!
Everybody knows the evil speculators will be blamed when this whole thing goes poof!!!!!
Maybe, but you can bet it's the pros who bailed early with the lemmings left holding the bag now going off the cliff.
Greed is profitable if the timing is right (pump-and-dump).
The Great oil price war : Saudi Vs USA!
It is my opinion that the price of oil is down mainly because it is all about the country/group which controls the highest supply of oil and hence dominates/controls it's price and thus we have this rift between 2 of the world's biggest oil producers today being Saudi vs USA!
The price of oil will go lower to USD 30-40 at the minimum (could even go below USD 30) and will not go up for at least the next 12-18 months until US oil production does not come down and increases the market share of OPEC/Saudi. So, we have a long way to go, before US/Canada/UK/Norway etc oil production (but mostly US) actually reduces.
Until now, Saudi and US were great friends but due to the rapidly rising production of oil from US and the lack of dependence by US on ANY country for their oil demand, we have arrived at this juncture, where Saudi/Middle East had no other option but to wipe out the privately owned US shale oil production by any means possible else Saudi/Middle East would lose the only main reason why they are still relevant on a global scale and part of G-20 etc and move into oblivion over the coming years.
US used to depend on Saudi and Middle Eastern oil but ever since 9/11 this dynamic has changed twice. Immediately after 9/11, US reduced oil purchases from Middle East, removed their army base from Saudi and started buying majority of their oil from Canada. However, since 2009, US oil production has risen by 100% and if US dependence on Saudi / UAE / Kuwaiti / Iranian / Nigerian / Iraqi / Libyan oil is reduced and Chinese influence keeps growing then we will see more unrest in the Middle East than it already is in 2014. US has reduced oil purchases from Nigeria too by over 90% and from Canada as well and is energy independent and has now become a net energy exporter by virtue of the gas that they produce and if Saudi had not played this card of price reduction to increase/retain their/OPEC market share then US would keep dominating global markets and end up controlling the price of oil in years to come.
There can only one king in the jungle as far as the oil supply is concerned.
We will see below that the pressure points and collapses in the last 3-4 months have all exclusively been in US, UK, Norway, Canada etc i.e. in the western world. The world's 3rd largest fuel oil supplier, OW Bunker, has gone bankrupt last month in Norway. Shale oil stocks in US have declined by over 90%. US and UK oil companies are cutting costs, firing employees before Xmas time and stopping production. http://www.hellenicshippingnews.com/how-ow-bunkers-bankruptcy-bares-150bn-industrys-perils/
"Less than a week later, the company filed for bankruptcy in Copenhagen; it will be liquidated, undone by a client that it says didn’t pay a $125mn bill and by an ill-timed bet that oil prices would rise, Bloomberg Businessweek reports in its December 15 issue."
If we forget everything else and just see who has gone bankrupt or who is firing employees or whose stocks are down or where the banks are in trouble, we will see one picture that this crisis (due to oil price decline) is having the greatest impact in US, UK, Norway, Denmark, Canada etc (and not in Saudi/Russia/Iran/Iraq/Venezuela/UAE/Kuwait/ Angola etc).
This proves the point that Saudi and OPEC are bringing oil production down in order to hurt the US oil production and everything else (including Russia, Venezuela, Iran etc) is a by product of the same. None of them will hurt as much as the oil sands and other producers in USA or Canada.
This is the great oil price war of 2014-2015 and is aptly titled Saudi vs USA!
This collapse is just the beginning, it will get a lot more worse after Jan 2015 for the next 6 months.
The chart below compares Saudi and US oil production and it is clear that US oil production has already grown to more than Saudi Arabia. This is the main thing that Saudi does not like. This is a 30 year chart since 1983 and US is producing more oil than Saudi since this year which confirms my thesis above. This is a very important chart purely because it shows that US has produced more oil than Saudi for the first time since at least 1990.
http://www.tradingeconomics.com/united-states/crude-oil-production
You can see the same chart of US oil production from Deutsche Bank issued end of Nov 2014 which Bloomberg reporter called the 'Time Person of the Year' and some have called it the Chart of the Year. http://www.businessinsider.com/us-crude-oil-production-the-chart-of-the-year-2014-11
This chart indicates that US is producing more oil since at least 1985 that is almost 30 years!
We should have oil below USD 50 by end of Jan 2015, then below USD 40 by end of Mar 2015 and then below USD 30 before end of June 2015.
Since 2008, Saudi's net available exports dropped because their own consumption increased 0.7 mbd during this period. Their exports today are 0.2 mbd less than in 2008.
Just a quick review says that higher domestic output and fall in US demand is bringing down global prices. Saudi has decreased its net exports since 2008. Russia has had neglible impact. China and India continue to pull in higher oil imports.
Slowdown in Europe + Japan + China is contributing to lower oil consumption which portends lower prices. US supply will be forced to adjust to the new reality. Please avoid brinkmanship by blaming one country or the other without knowing the facts. My data is sourced from net and may be incorrect as I sourced 2013 values. Please do your own research with your source of truth and you will come to the same conclusion.
Logically, you are right.
But you will have to appreciate that the demand of oil is not down by 50%, but the price of oil is!
This indicates that there are other factors at play than just demand decline of oil due to weaker growth or energy conservation etc.
Iran too has asked Saudi not to cut and has admitted that Saudi does not wish to lose market share which is why price is down.
http://oilprice.com/Latest-Energy-News/World-News/Saudis-Cut-Oil-Prices-...
Not only Saudi has lost its US army base but US imports very low oil from countries such as Saudi and Nigeria etc.
Except for 2009 recession, US has not imported such less oil from Saudi in over 2 decades. This is not what 'friends' do especially when they are collaborating!
http://www.eia.gov/dnav/pet/pet_move_impcus_a2_nus_ep00_im0_mbbl_m.htm
I agree with the Iranian oil minister that Saudi/OPEC do not wish to lose market share and hence IMHO will back each other through these tough times.
And thus far, I stand by my views that this has been brought upon purely by Saudis/OPEC to protect their market share as well as stay relevant in the years to come.
I do not believe it is in the interest of Russia, Venezuela, US, UK or Norway to reduce the price so dramatically in so short a period of time.
The growing unrest in Saudi, Syria, Iraq, Libya etc is also a factor at play here which is tending to cause troubles in Saudi and the rest of GCC. This is one more reason Saudi wants the troubles to slow down by bringing oil price down which is where they have had disputes with the US.
The only players who have cash cushion as well as the incentive i.e. to hold market share are the OPEC led by the Saudis who can withstand this carnage longer than most. Russia is suffering and I appreciate the view that US/Saudi wish to to bring this upon Russia but why would US inflict so much damage on its fragile banking system and its energy complex by itself just to hit back at Russia? Sanctions and Ruble decline have been doing the job.
This should provide some perspective as well. http://www.mercenarytrader.com/2014/12/the-saudi-oil-war-means-structura...
Russia has low foreign debt, majority Govt owned banks and energy companies, USD 400bn in cash reserves, deals (with advances paid) with Turkey and China and some more on the anvil with India and Pakistan, billionaires transferring assets/company holdings from Cyprus and elswehere back to Russia, yuan swap deals with China which were not there 5 years ago, Putin's ratings at a massive high among Russians and among many Americans too plus Rosneft just paid USD 7bn last week on schedule and Gazprom bought the entire South Stream pipeline project from EU companies by paying them, then why would bringing oil price down by US (via collaboration with Saudi) would be in ANY interest of the US?
If this is done by US, then they have grossly misanticipated the collateral damage that this price collapse will cause, when oil further declines by another 50% in the coming months! But I do continue to believe that this is not in the hands of the US but affecting adversely to the US because the US debt ponzi can get avalanched with this kind of massive price movement in oil!
"But you will have to appreciate that the demand of oil is not down by 50%, but the price of oil is!"
I am no expert in oil pricing vs dynamics between WTI and Brent. I have observed that at times there was upto $15 difference, when WTI price was 85 - Brent was more than 100. i have been following a few articles that Shale oil can be exported?
http://www.reuters.com/article/2014/12/31/us-usa-crude-exports-analysis-...
This means that excess US oil is now available for export - which brings down gap between Brent and WTI to WTI + shipping. Please correct me if I am wrong. All this points to US being root cause of global imbalance and the only way out is for shale oil production to drop with pain ahead in oil patch. Fed cannot buy oil contracts nor absorb bank losses - so this market play is the blackswan which nobody foresaw and fails to see even now.
Looking at currency action, USD is going much higher. We have global shortage of USD now because of lesser trade in USD and lesser available dollars from oil rich sovereigns. Oil Sovereigns will now start selling their investments to bridge their fiscal gaps. Devaluation remains the easiest option and this portends higher USD. But, you can see where this leads in near term and Saudi is powerless to fix this mess. We are in the early stages of a deflationary spiral measured in USD strength.
There is an oil glut, no two ways about it. Oil prices always overshoot, both upwards as well as downwards, which is what is going on currently.
But I believe Saudis are upset about something because they threw Obama out from a dinner and they removed a long standing pro US, top Royal family member from his very strong position, being Prince Bandar. Please look up both these.
Also, if US is collaborating to hurt the world and firstly the Russians, then how does one explain this? http://www.bloombergview.com/articles/2014-12-31/inside-obamas-secret-ou...
And what would you say, when oil price goes to 20-30 dollars, from over 100 dollars just 6 months ago?
Brent and WTI pricing is not just about shipping but also about long term contracts that all exporting countries sign with buyers just because oil is so important for each country. If some countries sign a lower price (like Iran has been doing due to sanctions for years now) then it is their situation but if someone (because they are stable supplier and will sign an extra long multi decade contract) could actually even extract a slightly higher price than the market, then this is how the market works. We can keep reading whatever we want for the diff between WTI and Brent but it is like selling Swiss chocolates sitting next to any other kind and discussing their price difference! These bankers love to tell a story and get paid a million dollars for telling a nice story and as someone calls them anal-cysts here, they actually deserve this moniker!
This is not purely about demand or supply dynamics or difference between WTI and Brent but there is more to it than meets the eye else Kuwaitis and Saudis would not be openly discounting to market prices even today. They need to maintain their market share at any cost.
Do you think that the Saudis might be angered that the USA is burning Domestic Oil which just happens to be a direct violation of the agreement that Kissinger and King Faisai struck in 1973?
Do you think that Saudi anger might just be justified?
From http://www.virginianewssource.com/editors-messsage/972-a-deal-made-by-henry-kissinger-decades-ago-responsible-for-current-problems
Lindsey Williams called me and explained what is going on in the Middle East...Now I understand why the regimes there are being removed.
Very briefly as background, Henry Kissinger made a deal with the Middle East some decades ago that we would make them wealthy beyond their expectations by buying their oil. In return, they were to take a portion of their income from oil sales and buy our debt by purchasing Treasury securities, T-Bills, etc..
We would then produce but a pittance of oil in this country although we have literally enough oil in this country to last us 200+years. Now the elite are going to double cross the M. E. and OPEC.
The current crisis was initiated by the CIA using paid agitators in Egypt. The crisis will spread to the ENTIRE Middle East. Although they did not initiate current events, the Muslim Brotherhood is being supported by the elite in the crisis areas in the aftermath. Once Iran and Saudi Arabia fall, oil will soar.
BUT I DO KNOW ABOUT THIS 1973 DEAL FROM OTHER SOURCES..
Let's see if I can find another source....Hmmmm....
How about Anthony Perkins "Confessions of an Economic Hit Man: The Shocking Story of How America Really Took Over The World"
If someone defaulted on a deal made with you, wouldn't you be pissed?
Saudi economy cannot handle lower prices. Their currency is tied to USD @3.75 Riyal and has been constant for the last 10 years.
http://www.zerohedge.com/news/2014-12-30/saudi-facing-largest-deficit-it...
Their budgets are going to be massively hit and they will start selling their investments pretty soon. This is not a question of market share since like you mentioned- these contracts are long term and they are ideally placed to export their oil to Asia. Even if they drop their exports by 1mbd/2mbd it will adjust to lower global demand. However, the excess supply of shale oil will continue to cause imbalance in world markets.
This suggests that the easiest way out is to overthrow the Saudi regime by keeping oil prices low and then stir up more conflict in the middle east to bring them back up. All this under the guise of "Evil Saudi " - " More Beheadings " - "National Airline seggregation" -- I already notice the trend in articles and the direction they want to lead their readers.
The misallocated capital from QE has caused excess capacity and boom in the oil patch. Fed is the source of all this pain but it feels good to bait Saudi for the source of all this pain. The mispriced risk will be corrected and the drilling treadmill will have a stunning crash. Crashes like this cannot be recovered from when oil prices come back higher since depletion rates of existing wells have to be accounted for and new credit will be available at much higher rates. Nobody knows how long this correction will last. For sure, the Market has brought the day of peak oil much sooner than expected with this market correction. There was not infinite oil available at a given price - the breakeven prices have now gone much higher for the next cycle which will have much lower demand.
This will be the perfect platform for US military to enter Saudi Arabia and manage their oil infrastructure. This will be timed for Jeb Bush to be the new president. The legacy of plundering oil rich nations for personal gain and supporting USD will continue. Bush & Pentagon will now have another 7 mbd of export capacity at their fingertips to manipulate prices.
Deficit in Saudi is complete propaganda! They have nothng to worry. Fixed currency with a dollar peg is like a marriage, for better or worse! However, if oil is not sold in USD but sold in gold or in yuan, then why have the petrodollar?
Saudis have USD 740bn in cash and USD 150 billion in pension assets lying around as change plus have billions invested overseas.
Plus, all oil wells are Govt owned and they have almost no debt and nor are the future oil supplies securitised, all of these 3 options exist and are a fact. No one else aside from GCC nations is as resilient to the oil price decline. Private sector guys who depend on bank loans and are new entrants to the game of oil require a lot of experience and just like the real estate crash in US and parts of EU, many will learn it the hard way.
This is a very good read: http://www.petroleumworld.com/editorial14120301.htm
I dont think the capital of QE or from the bank lending just found its way to energy assets. Banks had no other choice. Real estate is dead, stock markets are heavily regulated and risky, most nations do not want US banks to expand and dozens have let US banks leave (for whatever reasons i.e. Japan, India, Spain, UAE, across Middle East, Latam, Russia etc).
Most other sectors like consumer goods like GE or Whirlpool are not expanding nor are Unilevers of the world. Pepsi and Coke are saturated as are Starbucks or McDonalds. Hilton and Marriott dont expand in the West anymore and in China and Middle East they use local funding. Not to mention that Verizon, Apple and Microsoft have issued their own bonds thus reducing their borrowing from banks.
The banks had nowhere to go but lend to energy complex or smaller 'risk free' companies until now.
Since 'risk free' has become a crisis with a massive unanticipated 50% decline in oil price, we are entering a new crisis.
I do not believe US has orchestrated it. US may have tolerated it, but it does not have things under its control just like they dont control Russia or China and their deal making.
Thus far, all bankruptcies, lay offs, bank loan data, high cost of extraction etc have all come from the west, nothing, not even a murmur except for some silly opinion pieces of western writers that Russia is dying or Venezuela will default have come or that Iran is in trouble. Unless we hear bankruptcies in these countries or massive lay offs, I will not buy the story line that US/Saudi are doing it to hurt the rest of the world especially Russia. Russia is a very large country and a very resilient country with very low foreign debt. They are used to fighting and surviving and thus far, over the past 12 months, except from Western media, no factual news has come that Russians are revolting or hurting or protesting.
Everyone is hurting. But those who hurt the lowest will last the longest.
This is another good overview. http://www.equedia.com/secrets-bank-involvement-oil-revealed/
I don't understand how driving the price down helps Saudi...Sure, maybe they corner the market for a brief window in time, but then the prices go back up, and all the fracking shit starts right back up again with new well owners. Then they are right back where they were, with less oil in the ground to sell the next time around.
It really doesn't make sense, not long term. Only to someone who sees only the next 6 months ahead does this make sense.
I STILL say the Saudis are responding to lower demand, NOT 'manipulating' the market. I think investors would LIKE to think it's manipulation, because that implies the price can go right back up again. But if it IS a demand-thing, those investors are screwed.
The Saudis may not appreciate how quickly the shale wells can be drilled and completed. Much of the international oil market is in the hands of state controlled companies. Negotiation. Negotiation. Negotiation. Payoffs. Payoffs. Payoffs. All of those actors have to be satisfied. Shale operators on private lands can get it going from zero to making hole in a month. There are 10's of thousands of locations already identified on existing leases.
Exactly, it's not like the wells 'go away'...they just get decommissioned. Everything is still there, ready to be started up again with new investors. And oil at 90-100 a barrel gets those investors interested.
The Saudis aren't stupid, they know this. Only 'investors' are dumb enough to think this is some kind of master plan, and oil will go right back up again.
The Saudis will continue to sell what they need to sell to keep peace in the Kingdom. They'll sell less when the price is high, more when it goes down, to maintain their income streams at the necessary level to keep their people quiet. THAT'S the supply/demand equation that matters to Saudi production, and THAT is what will keep prices down for a long time to come.
Saudis are not worried about fracking. They are worried about Wahabi unrest at home.
Oil prices can very quickly reverse once again if done soon through output reductions. If the current situation persists however, it will spawn so many industry related downturns and crashes that this will soon morph into a domino effect across the whole economy.
Me thinks that someone is having an attempt at controlled chaos. I dn't like their chaces of success though. Controlled stock markets did not give us prosperity either and it is likely that we could be launching a flock of black swans.
You can bet your ass they are doing exactly what you stated. Using their god of chaos to control the world.
how can i get into the 'sand demand' forecasting game?
oh frack
There goes some of the best paying jobs in the New Rome.
"Clean out the sewing room, get the trundle bed out of storage, and clean the bathrooms because we're going to have some company come and stay for a while."
'Therefore anyone who hears these words of mine and does not put them into practice is like a foolish man who built his house on sand.' Mathew 7:24-27
Jesus Fracking Christ!
You can say that again!
Jesus Fracking Christ!
Well if you mix that sand with some Portland Cement you can some really good foundations actually.
Ironic folks are freaking out over credit being overextended. Dollar is still the world's reserve currency and has been surging for over two years. Commodities have been slaughtered two years running now. "The economics profession is vindicated." There is no such thing as a "jobless prosperity" or "a world run by robots.". So prices correct to reflect the fact that the money printers only created more debt and not a recovery....bailed out there cronies but didn't bail out " growth" (let alone speculators.).
Wanna spend 13 billion on your first Ford Class Aircraft Carrier? No problem.
Is that just for the keel?
Yeah, but the strong dollar is coming on the heels of an enormous debt binge and a beggar they neighbor monetary policy. We are damned if we do and damned if we don't. It's a real fine pickle we've worked ourselves into.
Is Ocean Acidification also part of the pHraud (Fraud) on Global Warming?
I got going on Global Warming a while back, after analyzing the real data. Bottom line, Global warming has paused for 18 years.
Then the climate alarmists indicate that the heat is just going into all the place that we haven't been measuring.
Ocean surface temperatures are pretty well know from satellite, and Ocean temps at depth are pretty well known by floating buoys, although the coverage in geographical area is not that great.
Here is original stuff by Nukepro....chart of combined ocean temperatures and land temperatures, using exact NOAA data. Hmmmm.....looks like that temperature has stalled out also.
http://nukeprofessional.blogspot.com/2015/01/is-ocean-acidification-also...
Read it before you jump to your pre ordained judgement
Does that mean I don't have to keep holdin' back my farts?
We fracked some folks...
Whenever someone makes a given Argument on any given Issue, I Immediately ask myself if we're having the RIGHT Argument.
In this case, I conclude once again, that we are NOT (having the right argument).
If Russia were to have pulled this stunt, the US and its oil lobby would have called it an Act of Economic War, and promptly acted to counter the Russian move.
So... the real question and real issue is... why Obama and the oil industry are not calling for blood. Saudi blood. That is the only thing that people/folks need to focus on. And stay focused on.
When I was living on the sea coast the local council had to spend 5 million on sand to prop up the shoreline and stop houses crashing into the sea. With that amount of money they couldn't call it sand so they renamed it to beach nourishment material instead.