A Quote by Austan Goolsbee
When Texans suffered from the collapse of the oil market in the 1980s, they could rely on the fiscal union to help them. When Texas boomed with rising oil prices in the 2000s, it contributed to the union to help harder hit regions.
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High prices can be the result of speculation, and maybe plunging prices can be attributed to the end of speculation, but low prices over time aren't caused by speculation. That's oversupply, mainly by Saudi Arabia flooding the market with low-priced oil to discourage rival oil producers, whether it's Russian oil or American fracking.
You oil field workers, come and listen to me I'm goin' to tell you a story about old John D. That company union made a fool out of me. That company union don't charge no dues It leaves you a-singing them Rockefeller blues. That company union made a fool out of me. Takes that good ole C.I.O., boys To keep that oil a-rollin', rollin' over the sea. Takes that good ole C.I.O., boys To keep that oil a-rollin' over the sea.
I do not remember when I said this [oil production would collapse ], maybe in the heat of the moment, but I do not think I even said it, but I may just not remember it. I was saying that at a certain level of oil prices new deposits will not be explored. That is what is actually happening. However, surprisingly, our oil and gas workers [mainly oilmen] continue to invest.
It is easy in ministry or in life, to begin to rely on acquired knowledge instead of fresh knowledge revealed. We must maintain our union with Him to enjoy fresh oil and then there is no old oil. The life of God or presence of God can't be stored, it has to be current. It is a well of life, continually outflowing.
You know, oil prices from 2007, on the strength of a very robust global economy and a very robust emerging China, many of you will recall, ramped up to near $150 a barrel. Then we had the financial - U.S. financial collapse. Oil prices collapsed all the way down to $40 a barrel.
Speculation in oil stock companies was another great evil ... From the first, oil men had to contend with wild fluctuations in the price of oil. ... Such fluctuations were the natural element of the speculator, and he came early, buying in quantities and holding in storage tanks for higher prices. If enough oil was held, or if the production fell off, up went the price, only to be knocked down by the throwing of great quantities of stocks on the market.
In the Soviet Union I was the head of all oil production. And you know in the Soviet Union, you didn't get that job unless you were really worth it.
The union of lakes--the union of lands-- The union of States none can sever-- The union of hearts--the union of hands-- And the flag of our Union for ever!
If I were a factory employee, a workman on the railroads or a wage-earner of any sort, I would undoubtedly join the union of my trade. If I disapproved of its policy, I would join in order to fight that policy; if the union leaders were dishonest, I would join in order to put them out. I believe in the union and I believe that all men who are benefited by the union are morally bound to help to the extent of their power in the common interests advanced by the union.
Asia is rising economically - and is thirsty for oil. The price pressures on oil and oil price shocks, due to Asia's economic rise, mean that all steps made now to reduce oil dependence will protect us from pain and volatility later.
Almost all of the demand for oil that suddenly pushed prices up was speculative demand. People began to speculate not only in stocks and bonds and real estate, but also in commodities. The market went up for old tankers, which were used simply to store oil in. A lot of the oil was simply being stored for trading, not used.
Lower oil prices won't, by themselves, topple the mullahs in Iran. But it's significant that, historically, when oil prices have been low, Iranian reformers have been ascendant and radicals relatively subdued, and vice versa when prices have been high.
My paramount object in this struggle is to save the Union, and is not either to save or to destroy slavery. If I could save the Union without freeing any slave I would do it, and if I could save it by freeing all the slaves I would do it; and if I could save it by freeing some and leaving others alone I would also do that. What I do about slavery, and the colored race, I do because I believe it helps to save the Union; and what I forbear, I forbear because I do not believe it would help to save the Union.
It costs governments money to keep fuel prices low. Oil-rich Yemen, for instance, devotes 9 percent of its GDP to making sure its people don't riot when oil prices rise.
It's estimated that about 30 percent of the increase in grain prices could be attributed to the decision to embrace biofuels, particularly corn-based ethanol. It has done nothing for climate change and the business is in real trouble now with the collapse of oil prices. It's completely dependent on a dollar subsidy and tariff from the government.
Government experts have estimated that ANWR reserves would only provide enough oil for six months of U.S. oil consumption. In addition, the oil industry itself has estimated that it would take 10 years to bring this oil to the market.
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