A Quote by Rex Tillerson
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.
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The fact is I look at what's happening to this country, I look at the way China is just ripping us off, I look at OPEC the way they are ripping us off with the oil prices. I mean, people are gonna be paying six and seven dollars a gallon for gasoline very, very soon; and you're gonna be up to $150 a barrel; and they wouldn't even be there if it weren't for us.
Every barrel of oil that we produce around the world benefits Americans because it keeps prices down. We can talk more later about American energy independence, but the facts are, every barrel we produce helps Americans because it keeps prices down.
I don't think anyone can speculate what will happen with respect to oil prices and gas prices because they are set on the global economy.
If global oil prices or commodity prices are high, then it is bound to create inflation. So, we should not be too worried if the inflation is created by global commodity prices. When they come down, inflation will automatically come down.
You could pay a fair market price for a barrel of oil and cut 50 cents a barrel or a dollar barrel off what you're going to pay Mexico and use that money and put it towards to the building a wall. If they don't like it, too bad we're go buy the oil.
Every barrel of oil that comes out of those sands in Canada is a barrel of oil that we don't have to buy from a foreign source.
There are no military options for Iran. Attack them, and they will destroy the Gulf States oil industries, rain hundreds of missiles onto Israel, close the Arabian Gulf, and shoot oil prices to $300 per barrel, which could cause our own economic downfall.
This morning, prompted by increasing concerns about terrorism, oil prices reached a record high as the cost of a barrel of crude is a whopping $44.34. Wow, it seems shocking that a product of finite supply gets more expensive the more we use it. Now the terror alert means higher oil prices, which oddly enough means higher profits for oil companies giving them more money to give to politicians whose policies may favor the oil companies such as raising the terror alert level. As Simba once told us: "It's the circle of life."
Russia does not have a modern economy: it's a petro-power. The only thing it sells that the world wants to buy is oil and natural gas. When was the last time anyone bought a Russian computer? A Russian car? A Russian cell phone? Russia is so dependent on high energy prices that if oil falls below $100 a barrel, the Kremlin can't meet payroll.
If oil prices will go too high, it will slow down the world economy and would trigger a global recession.
I stick to stuff I'm pretty sure of and I know this: when the price of a barrel of oil is under $80 a barrel and you build a pipeline, you are driving up greenhouse gases.
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.
Oil prices jumped to well over $100 a barrel, and analysts say it's due to tension in the Middle East. So, luckily, it's just a temporary thing.
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.
What's new is high oil prices and the economy hates high oil prices.
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.
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