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Breaking News All | Religion | Society | Tech | Choice | SA Newsroom
FRONT PAGE  |  10/1/2020
FRIDAY, JAN 2, 2015  |  5 comments
Collapse in Oil and Natural Gas Prices Hitting OPEC the Hardest

As prices for crude oil and natural gas continued their precipitous fall over the last five weeks, most commentators have been focusing on the impact — real or predicted — on the oil and gas industry in the United States. Little noticed, however, was the report from the U.S. Energy Information Administration (EIA) about how those declines are likely to affect OPEC.

OPEC’s total revenues, which hit an all-time high of $900 billion in 2012, are expected to decline by half next year, to just $446 billion. And that projection is based on the assumption that oil prices will average $68 a barrel in 2015. In the futures market on Friday, December 26, crude oil closed at $55.14 a barrel.

Last week alone, crude prices fell 4.2 percent. Over the last five weeks, crude cratered 28 percent — a breathtaking decline. Meanwhile, natural gas prices have dropped to $3 per million British thermal units (MBTU), a ...


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· Page 1 ·  Found: 5 user comment(s)
News Item1/2/15 2:18 PM
Jim Lincoln | Nebraska  Find all comments by Jim Lincoln
Mike wrote:
Oil prices should never have gone as high as they did in the first place. Remember all the reasoning behind the increases? Mideast instability? Terrorism? etc? What has changed in those areas? Nothing. Here's a question. Why would lower oil prices, which reduces revenue for OPEC and ISIS, be a bad thing?
Most of what you said is true, Mike of N.Y., [URL=http://www.fool.com/investing/general/2014/10/26/read-this-before-you-celebrate-lower-oil-prices.aspx]]]Read This Before You Celebrate Lower Oil Prices[/URL] Did you read this? It gave several reasons, such as making electric and hybrid cars harder to sale, but more importantly killing off jobs in the American oil industry. They need an over $80 a barrel oil. By the way, Motley Fool is a (free?) investment service which I pay little attention too, on the whole, but as far as I know it has no political axe to grind. If you know more about them, pass it along. But no, giving OPEC and Russia a hard time is a good thing, which the Fool pointed out.

For those who need a religious comment, how about this? [URL=http://www.sermonaudio.com/sermoninfo.asp?SID=919081222110]]]http://www.sermonaudio.com/sermoninfo.asp?SID=919081222110 (The Roman Road)[/URL]

5

News Item1/2/15 1:01 PM
Barry from KY | Northern KY  Find all comments by Barry from KY
Delivered, I see your going from thread to thread with this message. This is the News page of SermonAudio. News articles are posted here for Christian brothers and sisters to comment upon. If you don't wish to respond to a particular news item then perhaps there are other message sites you can happen upon.
4

News Item1/2/15 12:35 PM
Delivered | The Word of God  Contact via emailFind all comments by Delivered
Let's get on with exalting the Lord Jesus Christ and his sovereignty. Men need to be draw to him for peace and comfort. Men need to rest in his promises.
Messages and articles such as this instills fear in our spirit.
God is still in control. Not OPEC or governments. Therefore we should prepare to meet our God. So help us keep our eyes on Him.
3

News Item1/2/15 10:56 AM
Mike | New York  Find all comments by Mike
Jim Lincoln wrote:
Before everyone starts standing up and cheering, lower oil prices aren't an unalloyed blessing, q.v., [URL=http://www.fool.com/investing/general/2014/10/26/read-this-before-you-celebrate-lower-oil-prices.aspx]]]http://www.fool.com/investing/general/2014/10/26/read-this-before-you-celebrate-lower-oil-prices.aspx (Read This Before You Celebrate Lower Oil Prices)[/URL].
Oil prices should never have gone as high as they did in the first place. Remember all the reasoning behind the increases? Mideast instability? Terrorism? etc? What has changed in those areas? Nothing. Here's a question. Why would lower oil prices, which reduces revenue for OPEC and ISIS, be a bad thing?
2

News Item1/2/15 1:05 AM
Jim Lincoln | Nebraska  Find all comments by Jim Lincoln
Before everyone starts standing up and cheering, lower oil prices aren't an unalloyed blessing, q.v., [URL=http://www.fool.com/investing/general/2014/10/26/read-this-before-you-celebrate-lower-oil-prices.aspx]]]http://www.fool.com/investing/general/2014/10/26/read-this-before-you-celebrate-lower-oil-prices.aspx (Read This Before You Celebrate Lower Oil Prices)[/URL].
1
There are a total of 5 user comments displayed | add new comment |Subscribe to these comments
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