Bad news Oil price rises to $64
Global oil benchmark, Brent crude, hit a 28-month high on Monday as Saudi Arabia’s crown prince cemented his power over the weekend with an anti-corruption crackdown.
Brent, against which Nigeria’s crude oil is priced, rose by $2 to $64.07 per barrel as of 8:03pm Nigerian time, more than $19 higher than the country’s oil price benchmark of $44.5 per barrel for this year’s budget.
Heads are flying in Saudi.
No really, literally.
November 7th, 2017 7:38pm
November 8th, 2017 2:11am
Wow. Could this be the start of the crash?
Oil prices rise. So Energy prices rise. So costs of everything that requires energy rises. Therefore, Inflation!
Meanwhile, the Fed has interest rates very low. They may have to raise them to fight inflation.
Meanwhile, the Treasury has about 20 TRILLION dollars of T-Bills outstanding, at around 2% interest. That's 400 BILLION dollars just for servicing the debt.
Double the interest rate to a mere 4%, and all of a sudden "Servicing the debt" jumps to 800 BILLION dollars a year, and becomes even bigger than the Military budget.
What to do, what to do.
Oh, I know, let's put 5 TRILLION dollars MORE into the deficit with a tax-cut, yes, that's a sane thing to do. Not.
November 8th, 2017 8:03am
Not long ago all you idiots were spouting how energy prices were going to permanently drop. "Oil'a days are numbered".
I told you then the price of oil would skyrocket. This uptick is only the beginning.
November 8th, 2017 8:29am
Prices go up->developers invest->supply goes up->prices go down->developers stop investing->supply goes down
November 8th, 2017 10:11am
Naw, this is oil we're talking about.
Prices go up, people use the same amount. Prices go down, people use the same amount. It's called "Inflexible demand".
November 8th, 2017 12:40pm
They don't though, if prices go high enough watch people stop buying SUV's.
November 9th, 2017 5:43am