Down to $41.64.
Wait till we cross the $40 handle! That should be fun.
RE
Fun isn't a proper description of something that will bring join and discretionary income to so many. But for those of us who use these liquid fuels to explore the world, see new sights, expand our horizons, well….a picture describes our feelings best.
Even a cursory look at the operating costs of exploring for and extracting fossil fuels shoes BLATENTLY that the cost of the fuel for the machines does not even reach 10%. Sure, it would be a LOT HIGHER IF you fine fellows did not "EXTERNALIZE" the pollution from burning that fuel on your machines.
But you do. And the gooberment you bought helps with your welfare queen creative accounting. Crookedly offloading real costs is not the same as not having them, pal!
The oil companies that are not being hurt as badly by low crude prices are the DOWNSTREAM (gougers 'R' US
) oil predators. They DO NOT explore for, or extract, fossil fuels. Downstream companies will not tend to be hit as hard, since they profit by purchasing crude and selling the refined products at a premium. These profit margins should remain fairly stable even with fluctuating oil prices.
The GOOD part, for people like me
, is that today, most of the big oil companies have both large upstream and downstream operations and are referred to as integrated oil companies.
So most of them are getting HAMMERED! Your claim that an UPSTREAM (i.e. fossil fuel exploration and extraction corporation) operation is happy about low crude prices is B U L L S H I T.
Upstream oil producers are hardest hit as their costs to produce oil exceed the market price and they end up operating at a loss. Integrated oil companies, while negatively impacted from their upstream operations, find the blow dampened a bit by their downstream component.
Mking, you get more math challenged every day. Good!
"Analysis of historical data shows that over the past seven years eliminating the fossil fuel sector from a global benchmark index would have actually had a small positive return effect. Furthermore, much of the economic effect of excluding fossil fuel stocks could have been replicated with 'fossil free' energy portfolios consisting of energy efficiency and renewable energy stocks, with limited additional tracking error and improved returns."
IMPAX Asset Management Report on the Case for Fossil Fuel divestment.
The Fossil Fuel Industry has given us Degraded Democracy and Profit over Planet PollutionFossil Fuels are going the way of the Dodo Bird. Live with it!
http://www.scientificamerican.com/media/inline/how-to-power-the-world_sidebar.jpgOne more thing, Mking: DON'T MAKE ME PULL OUT SOME GRAPHS, PIE CHARTS AND/OR cost/benefit data SHOWING THE FUEL PERCENTAGE OF various fossil fuel EXPLORATION AND EXTRACTION OPERATING COSTS. I understand managerial accounting reports quite well. I am familiar with the two accounting approaches your pals use: "successful efforts" (SE) method and the "full cost" (FC) method.
With EITHER one, the cost of fuel is PEANUTS among ALL COSTS involved (i.e. Acquisition Costs, Exploration Costs, Development Costs and Production Costs).
You have already embarrassed yourself quite enough for today.