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(Reuters)   Financial markets aren't enjoying the news that Iranian oil may flood the market as oil prices spike   (reuters.com) divider line 26
    More: Followup, oil prices, Iran, global economy, Iranians, Iranian oil, East China Sea, floods, stock indexes  
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1526 clicks; posted to Business » on 26 Nov 2013 at 10:43 AM (33 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



26 Comments   (+0 »)
   
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2013-11-26 09:41:22 AM
Do it, Iran. F*ck up oil prices. I would love to watch Charles Koch screaming 'Turn the machines back on! Turn the machines back on!' as David Koch has a heart attack.
 
2013-11-26 10:04:19 AM

bdub77: Do it, Iran. F*ck up oil prices. I would love to watch Charles Koch screaming 'Turn the machines back on! Turn the machines back on!' as David Koch has a heart attack.


Oh please, this will be used as a means of raising gas prices to insane(r) levels. Crude goes up by a nickel? That means gas prices must be increased by $0.35!
 
2013-11-26 10:38:09 AM

bdub77: Do it, Iran. F*ck up oil prices. I would love to watch Charles Koch screaming 'Turn the machines back on! Turn the machines back on!' as David Koch has a heart attack.


Don't worry, either the Israelis will stir some shiat up and get prices high again, or the Saudis will cut back to keep the profits high.
 
2013-11-26 10:54:10 AM
This is the reason the GOP is so against ending negotiating with Iran.
 
ZAZ [TotalFark]
2013-11-26 10:55:06 AM
The dollar value of the easing of sanctions is less than one day of world oil production.
 
2013-11-26 10:55:54 AM

tzzhc4: This is the reason the GOP is so against ending negotiating with Iran.


Hahaha, I was thinking "ending sanctions" and negotiating. Oh well, my point is the GOP doesn't want us to negotiate and end/loosen sanctions because it could cause a drop in the price of oil which hits their big money donors in the wallet.
 
2013-11-26 11:16:47 AM

tzzhc4: This is the reason the GOP is so against ending negotiating with Iran.


While not the only reason, I'm inclined to agree.
 
2013-11-26 11:30:49 AM
Farking reading comprehension, how does it work?
 
2013-11-26 11:55:14 AM

flucto: Farking reading comprehension, how does it work?


Srsly...crude is down again today.
 
2013-11-26 12:00:40 PM

monoski: flucto: Farking reading comprehension, how does it work?

Srsly...crude is down again today.


FA: oil up on concerns there won't be cheap Iranian oil
Submitter: dhurrrr
 
2013-11-26 12:06:34 PM
Oh for fark's sake.  How can we even pretend anymore that anything, literally anything won't be used as an excuse to raise gas prices?  Oh, look, the FREAKING SUN CAME UP, damn that's unsettling to the, um, "markets".  Better get out there and change the sign!

You want to talk about who is flushing the human race straight down the toilet?  Who should be first against the wall?  Petrobarons.  All of them, the Saudi royals, the Koch brothers, BP, the Bushes, the lot.  A couple hundred dollars worth of bullets, burial at sea with a few cinderblocks, and transfer of subsidies to biofuel, algae, nuclear, hydro, solar, and maybe even wind if they can stop messing that up for five minutes.  Instant planet- AND economy-saving 101.

I'm so sick of watching the media and everyone else collectively bite their fingernails over climate change and the global recession while ignoring these vampires as they tighten their grip on all of humanity.  You'd think that a major new source of previously unsellable crude oil would reduce supply pressure and, therefore, prices.  But noooo.  Gotta have some complicated macroeconomic BS reason why it ALWAYS ends up costing everyone more and more and more, conveniently earning more for all those so-called experts.  When are they going to figure out you can only push people so damned far?

And I barely even drive.  If I had an hour-plus commute like some of you, I don't even want to know how pissed I'd be.  I'd probably stroke out every time I fill up...
 
2013-11-26 12:38:12 PM
This is a brilliant move on the part of the oil companies. Cheaper oil means Green Energy won't be able to compete, just when it was trying to get off the ground.
 
2013-11-26 01:25:52 PM

Aar1012: bdub77: Do it, Iran. F*ck up oil prices. I would love to watch Charles Koch screaming 'Turn the machines back on! Turn the machines back on!' as David Koch has a heart attack.

Oh please, this will be used as a means of raising gas prices to insane(r) levels. Crude goes up by a nickel? That means gas prices must be increased by $0.35!


One thing I don't understand is how gas prices among gas stations is so similar.  Does this mean that the supply chain to gas stations is so similar in an area that the market decides, or is there some nice price fixing going on?
 
2013-11-26 01:49:00 PM

Brontes: Aar1012: bdub77: Do it, Iran. F*ck up oil prices. I would love to watch Charles Koch screaming 'Turn the machines back on! Turn the machines back on!' as David Koch has a heart attack.

Oh please, this will be used as a means of raising gas prices to insane(r) levels. Crude goes up by a nickel? That means gas prices must be increased by $0.35!

One thing I don't understand is how gas prices among gas stations is so similar.  Does this mean that the supply chain to gas stations is so similar in an area that the market decides, or is there some nice price fixing going on?


In game theory I believe it's called tacit collusion, but I wouldn't be surprised if it was outright collusion.
 
2013-11-26 01:49:47 PM
The invisible hand...
 
2013-11-26 02:23:06 PM

Brontes: One thing I don't understand is how gas prices among gas stations is so similar. Does this mean that the supply chain to gas stations is so similar in an area that the market decides


I think yes.

How many gas stations are there compared to how many refineries?
 
2013-11-26 02:57:54 PM

jaytkay: Brontes: One thing I don't understand is how gas prices among gas stations is so similar. Does this mean that the supply chain to gas stations is so similar in an area that the market decides

I think yes.

How many gas stations are there compared to how many refineries?


In a given city where prices have a low std. dev. hundreds.  In a few block area where there may be n < 5 and the std. dev. is virtually 0.   I don't know much about the supply chain for a gas station, but the simplest explanation is that either the supply chains are matched or there is collusion.

Does a gas station get gas from the refinery direct, is there a middleman, does a Shell station only get Shell gas, does Exxon only get Exxon gas?
 
2013-11-26 03:25:04 PM

AngryDragon: The invisible hand...


faps
 
2013-11-26 04:47:47 PM

Brontes: does a Shell station only get Shell gas, does Exxon only get Exxon gas?


Nope.

This was brought up when people were wanting to boycott BP stations during the BP spill. BP stations aren't necessarily selling BP gas.
 
2013-11-26 05:09:41 PM
How about we stop fixating on every 1-2% drift in oil prices and calling it "prices rocketing" or "prices plummeting"? It's a couple farking percent on a commodity with a very complex set of real world issues, the Iran situation actually not being the biggest.

Looking at long term trends, well, let's just say oil is unlikely to be "cheap" again anytime soon. High demand from developing countries plus increasingly difficult to produce oil (fracking, deep water, and oil sands development aren't cheap) means that yes, you should probably by that hybrid instead of a pickup an maybe buy a bicycle while you're at it.

As much as we would like to return to the 60s or the 80s, it's not gonna happen.
 
2013-11-26 06:46:23 PM
y'know what's really farked up? Iran apparently doesn't have a functioning refinery, or at least not with enough capacity for local demand. They import gasoline there, while exporting crude oil.

If these financial markets people were so keen on keeping Iranian oil off the global market, they would be financing refineries in Iran.
 
2013-11-26 10:48:09 PM

bdub77: Do it, Iran. F*ck up oil prices. I would love to watch Charles Koch screaming 'Turn the machines back on! Turn the machines back on!' as David Koch has a heart attack.


Your a complete idiot.
 
2013-11-26 11:34:15 PM

bdub77: Do it, Iran. F*ck up oil prices. I would love to watch Charles Koch screaming 'Turn the machines back on! Turn the machines back on!' as David Koch has a heart attack.


Yes do it. The oil crisis of the seventies was when we finally got the Alaska Pipeline after the environuts had blocked it for years. Another crisis will convince the country that we need all the fracking and domestic supply possible. Nothing clarifies things in the public's mind better than enormous lines at the gas pumps and closed stations.
 
2013-11-27 02:38:51 AM

jjorsett: Yes do it. The oil crisis of the seventies was when we finally got the Alaska Pipeline after the environuts had blocked it for years. Another crisis will convince the country that we need all the fracking and domestic supply possible.


Frack all you want, it's wont do much for global oil supply.
 
2013-11-27 06:09:02 AM
...Well, let's see:  A potential war avoided and a couple million barrels a month of oil coming back online...so gas jumps twenty cents a gallon here.  Yep, makes sense to me.
 
2013-11-27 06:14:40 AM

jaggspb: AngryDragon: The invisible hand...

faps


Exactly, but only if your net worth exceeds a certain amount.
 
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