Texan you are right we use oil in so many product we make as well as the machines that make it. I personally think we are a long way off of renewable energy as a source for electricity.
But that is for a different board. Prices here are up a bit but even with the rig out I do not think that all the reserves have been used up it is just an excuse to jack up the pump price.
International Level: Senior Politician / Political Participation: 188 18.8%
Oil prices have started to pick up a bit but they will probably level off at $60, at least that's my prediction until some major oil disaster or war breaks out.
International Level: Politics 101 / Political Participation: 5 0.5%
GCC exporters to lose $300bn due to falling oil price, IMF warns:
Of the GCC countries, only Kuwait will manage to maintain a budget surplus this year, the IMF said. All other countries including oil-rich Saudi Arabia, Qatar and the United Arab Emirates will sink into deficits. Ref. Source 9
Oil prices on U.S. Market hit a six-year low to around $43 a barrel
Markets react to the devaluation of the Chinese yuan and a report of higher Iranian oil production. Ref. USAToday
Oil sinks to $40, logs longest weekly losing streak in 29 years:
U.S. Oil prices dived again on Friday, threatening to dip below $40 a barrel for the first time since the financial crisis and notching their longest weekly losing streak since 1986, as a drop in Chinese manufacturing rattled global markets. Ref. Source 1u
China intends to oust dollar from oil trade:
China is planning to launch its own oil benchmark in October, similar to Brent and WTI, striving for a more important role in establishing crude prices. Unlike the Western benchmarks, the Chinese contracts will be nominated in the yuan, not the US dollar. Ref. Source 8i
Guess What Happened The Last Time The Price Of Oil Plunged Below 38 Dollars A Barrel?:
The last time the price of oil was this low, the global financial system was melting down and the U.S. Economy was experiencing the worst recession that it had seen since the Great Depression of the 1930s. Ref. Source 5w