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| Economy |
| Oil price falls below $28 a barrel - less than cost of an actual barrel |
| 2016-01-21 |
 [MIRROR.CO.UK] Oil prices affect our daily lives, as consumers, drivers and commuters - but the new 12-year low in the cost of a barrel is an unusual situation.With the lifting of sanctions against Iran, the market, already oversupplied, is expected to be flooded. It's the anticipation of this which pushed the price of Brent crude down below $28 - or £19.60 - on Monday. Bizarrely, that makes the cost of the oil inside a barrel less than the cost of a barrel itself. |
| Posted by:Fred |
| #6 Glenmore: I had hoped to get a decent job to be able to pay off debts and taxes associated with The Company but now I'm on unemployment and even that's running out. The only jobs available seem to be with big retail firms and I seem unable to burst through the bubble the national corporate types live in. |
| Posted by: Thing From Snowy Mountain 2016-01-21 11:33 |
| #5 Barrel of oil is 42 gallons, a drum is 55 gallons. Just sayin' |
| Posted by: AlmostAnonymous5839 2016-01-21 10:39 |
| #4 We lost $10 per barrel produced in North America last year & looking much worse this year. Lots of smaller companies are not able to pay their bills. Lots of layoffs (looking towards 40%). Horrible for us & for investors/banks heavily involved in the industry. Should be great for the rest of the economy. For now. But history shows the faster & farther an energy downturn, the faster & bigger the rebound, with all the pain it inflicts on the rest of the economy. Rockefeller's big contribution was stability, which created the oil economy. |
| Posted by: Glenmore 2016-01-21 08:42 |
| #3 How much compared to a Buffet train car (versus just pumping down a pipeline)? |
| Posted by: Procopius2k 2016-01-21 08:39 |
| #2 New ME indeed. |
| Posted by: g(r)omgoru 2016-01-21 04:44 |
| #1 How trite. There is a reason why oil is handled by bulk, and not shipped around in actual 55 gallon drums. |
| Posted by: Nguard 2016-01-21 01:02 |