Can’t spend our $6 a gallon gas buys fast enough. $7.5B in Q2.
https://www.wsj.com/articles/saudi-fund-spends-oil-windfalls…
They’ve probably spent close to that much again on the LIV golf tour guaranteed contracts.
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Can’t spend our $6 a gallon gas buys fast enough.
The U.S. is a net exporter of petroleum products. Even in absolute numbers, very little of Saudi’s exports (less than 7%) comes to the U.S. Most of their oil goes to Asian markets.
So more accurately, they can’t spend the RMB35 a gallon or the ¥160 a liter gas buys fast enough.
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Over the next two decades as the world moves off oil mostly, SA will learn easy come easy go.
Standing corrected!
Paying the Saudis to buy America to save the world does not make much sense to me.
The Captain
some petrol in Portugal is now under TWO euros per liter (not gallon) – barely.
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albaby1: The U.S. is a net exporter of petroleum products. Even in absolute numbers,
I always find this chart useful, it’s complicated.
https://www.eia.gov/energyexplained/oil-and-petroleum-produc…
Share of U.S. petroleum imports from OPEC and Persian Gulf countries has declined, while the share of imports from Canada has increased
Probably why I like my pipeline guys?
Tim
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Oil will continue to fall as the global recession deepens.
We just do not know where the bottom will be.
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But we expect OPEC to cut production to maintain prices. It is their norm.
Over the 12 months the price of oil has gone down some 10%, but still no deepening global recession.
DB2
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Very true
and I would go on to say we wont get a deep recession later on.
Mixture of I was wrong and a different point of view literally a couple of months later.
The other factor the Western Cartel allowed Russia a better price for oil than I expected. This must have helped our drillers. The Russian central bank still ran out of reserves.
The price of oil has held up well considering the soft economy in China. Demand has been stronger in the rest of the world.
DB2