Friday, December 11, 2015

Oil Prices Too Low!

This is something of a flashback to the days of my dad when
he was a Petroleum engineer. The last time oil prices tanked in the 90's he
ended up getting laid off. It was that bad at the time everything hurt and a
engineer got axed! 

Now? Oil is at $36 a barrel after I posted a comment on 12-10-15
http://walmartramen.blogspot.com/2015/12/half-of-oil-junk-bonds-could-default.html

Oil is too low it's effecting the stock market and overall the prices are too low.  
Something is going on! Anyway you see it this can't keep going on!
Oil prices going low effects the oil business right down to innovation,
like it has in the past!

~~~~~Dow falls 310 points as oil plunges below $36 a barrel
Stocks plunged Friday. The Dow fell 310 points, a nearly 2% decline.
It finished the week 3% lower. The S&P 500 and Nasdaq have now
dropped more than 3% this month.

The continued collapse in oil prices was clearly putting investors in a foul mood.
Crude fell 3.5% to a new seven-year low and dipped below $36.

Investors wouldn't touch big energy stocks with a 39-and-a-half foot pole.
Chevron (CVX) fell 3%. Natural gas companies Chesapeake (CHK) and
Southwestern Energy (SWN) plunged 9% and 14%.

Weaker-than-expected retail sales for November didn't help ether.
http://money.cnn.com/2015/12/11/investing/stocks-oil-santa-claus-rally/index.htm

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