Oil dropping like a rock $69.37 down over 5% in last few hours

[safeinOhio]

http://www.marketwatch.com/investing/future/crude%20oil%20-%20electronic

Saudi's go at price war to put U.S. and Canada fracking out of business. No pipe line when the cost of tar sand oil is $80.

[CanonRay]

1. Say goodbye to North Dakota's new found wealth

Because $70 a barrel doesn't cut it for shale.

[aspirant]

7. Maybe this is where their weaknesses are

Saudi's are exerting global pressure on USA global and domestic corps. If the people can boycott globally, billions of $'s can be lost in corporate bottom lines. Peaceful corporate revolution, Hmmmm.

[shenmue]

2. Yay!

I can't wait until we all transition to hybrid or electric vehicles. I wish I could now, but I can't afford it.

[safeinOhio]

3. The repubs and koch brothers

will start screaming for ME war. With out that to prop up oil they'll go broke.

[shenmue]

4. True

but investment in cleaner energy will grow. Things will change.

[TheKentuckian]

16. I'm not sure the current hybrids are worthwhile at least compared to the highest efficiency 4

cylinders and especially the diesel cars Europe has.

I think it maybe ends up a net negative once you account for the extraction required to make the batteries, especially if you need two or maybe three for the life of the vehicle.

I favor the basic idea, I'm just not sure that efficiency is enough to overcome the less considered aspects. Maybe it is but it has to be fairly close at best.

[kentuck]

5. BBC had a story on this last night.

Dubai and others in the oil-producing countries are very concerned with the drop in oil prices. They want the Saudis to withhold oil from the market starting in January.

[BumRushDaShow]

6. But in a follow up story This morning

they opted not to do it....

http://www.cnbc.com/id/102222286

[HereSince1628]

9. Suppose that will save 40K Masai from being thrown off their land?

The Dubai royal family wants the land in Tanzania for a hunting preserve.

[FLPanhandle]

8. The Saudi's want to kill both fracking and alternative energy at the same time.

Right now, it's hard to make either economically viable in a time of cheap oil.

[JaneyVee]

10. PAID $2.90/GALLON IN NYC. WHAT SORT OF WITCHCRAFT IS THIS?!!!

[olddots]

11. karma

The oil game needs to end .

[Odin2005]

12. Gas in $2.80 here in Fargo.

[CanonRay]

13. Could any of this be part of

trying to punish Russia for invading Ukraine? I know the price drop is killing their economy.

[Sen. Walter Sobchak]

14. There is a lot of hot air built-in to unconventional costs

The costs associated with Canadian tar and American shale have a lot of hot air built-into them. From labor to equipment, everything is a bidding war and that cost inflation is an assumption built into the models as they exist.

Fracking isn't new.

As marginal producers fold and new investment is sapped the real break-even price should plunge.

[Comrade Grumpy]

15. I've been in California five years. First time I've seen it under $3 a gallon.

Happy days are here again!

I know that's short-sighted, but still...

[grahamhgreen]

17. Not to mention they're in competition with electric vehicles...

[quaker bill]

18. The Saudis have done this before

The reason there was "no exploration" going on in the US for decades was that the price per barrel was driven low enough to prevent new development.

"Pump baby pump" has crushed "drill baby drill" over and over again. The Saudi's low cost of production suggests that they could tolerate a price environment far lower than US production can sustain. We could be in for a year or more of low prices while they drive some of the competition out of the market.

On another dimension, the US dollar is currently quite strong, all predictions of economic and currency collapse proved wrong by 180 degrees.

[madokie]

19. We went on a 313 mile drive round trip to family thanksgiving dinner and get together

it took 8.316 gallons of gas. We got 37.63 mpg, 12.98 miles per dollar. Drove down at 70 mph as there wasn't much traffic but coming back much more traffic and everyone was traveling at 75 mph so I had to drive at that speed also to keep from being in the way.
This isn't in an econobox either, a 2014 focus hatchback 6 speed automatic