Royal Bank of Scotland to investors: 'Sell everything'

Oil is crashing and burning today. WTI is down to $29.50 per barrel. Hasn't been that low since 2004. Sounds like lots of room for it to fall, too.

 

If you take all the sales of all the companies in the S&P 500, what comes from China is less than 3 percent. So while I can understand China's impact on this "global economy," to me, it's overblown as it relates to American companies.

I guess I can't argue with those people who say Saudi Arabia's No. 1 goal in all this is to put a major hurt on the oil industries in the U.S. and Canada. I love low gas prices as much as the next person, but it appears our energy strategy is to sit back and do nothing.

 

A policy of "oil prices must go up" would not be very popular with the motoring public.

 

You're right. I didn't think I could detest OPEC any more than I did when gas was $4 a gallon. Maybe I was wrong.

 

I wonder at what point the big oil companies decide to seriously diversify into alternate forms of energy. Or maybe invest in the lottery or something.

 

No one will ever be able to come back and say Ragu was right or wrong cuz tl;dr

 

For a long time I've thought that 50 years from now, long after I'm gone, there wouldn't be a need for the corner convenience store because the cars wouldn't be running on gas. It's never made any sense to me that the fuel we needed in 1910 would still be used 150 years later.

 

Our local grocery store gives 1% of your sales as points towards gas at Shell. $100 = 100 points = .10 cents off each gallon on a fill up. Due to medicine we've had to buy and groceries I had 600 points. Bought gas for $1.26 yesterday 16.5 gallons for less than $21.00.

Consumer wins, car dealers may win but everyone else loses. Revenue down. Oil exploration is getting killed. Gas companies need gas near $3.00 a gallon to make drilling (drill baby, drill) feasible.

I remember the gas shortage of 73-74 and the second one a few years later. Rationing, near hyper-inflation that accompanied huge spikes in gas prices. We were told everything was made with petroleum products so everything was going up in price. Nixon's wage and price controls and OPEC was our new overlord. The beginning of the Republican Party being a wholly (holy?) owned subsidiary of the House of Saud. I remember the Saudi Princes gleaming with joy telling Americans that our time was over, it's all over for the USA. Then came Japan, Inc. And we were told that the Japanese were going to be leading the world, they had management figured out and we now worked for them. Then China came along and we were told that 1.6 billion can't be wrong, learn Chinese or perish.

'Murcia, we're still here, at least until November