BofA: The oil crash is kicking off one of the largest wealth transfers in human history

[WeAAsles]

A new note from Francisco Blanch at Bank of America Merrill Lynch, however, puts the oil move into a much bigger perspective, arguing that a sustained price plunge "will push back $3 trillion a year from oil producers to global consumers, setting the stage for one of the largest transfers of wealth in human history."

https://finance.yahoo.com/news/bofa-oil-crash-kicking-off-024933523.html

Do they mean that they're giving back the money that they've stolen from me for over a decade now?

 

[delldude]

BOHICA with a  smile...........

 

[townpete]

A new note from Francisco Blanch at Bank of America Merrill Lynch, however, puts the oil move into a much bigger perspective, arguing that a sustained price plunge "will push back $3 trillion a year from oil producers to global consumers, setting the stage for one of the largest transfers of wealth in human history."

https://finance.yahoo.com/news/bofa-oil-crash-kicking-off-024933523.html

Do they mean that they're giving back the money that they've stolen from me for over a decade now?

 
Let me know when you get the check...

 

[WeAAsles]

Let me know when you get the check...

Every time I'm filling up my gas tank today from what I was paying last year is like an extra check.

A $25.00 tank fill up 6 times a month instead of a $50.00 fill. You do the math.

 

[townpete]

Every time I'm filling up my gas tank today from what I was paying last year is like an extra check.

A $25.00 tank fill up 6 times a month instead of a $50.00 fill. You do the math.

 
You fail at simple humor.
 
And why is these news to you now?
 
Where you been for these last few months?
 
Hibernating?

 

[WeAAsles]

 
You fail at simple humor.
 
And why is these news to you now?
 
Where you been for these last few months?
 
Hibernating?

If someone is sending me a check for 3 Trillion dollars, I'll pay to have that hand delivered. I bet they spell my last name wrong though.

 

[delldude]

Every time I'm filling up my gas tank today from what I was paying last year is like an extra check.

A $25.00 tank fill up 6 times a month instead of a $50.00 fill. You do the math.

 
Think of all the goods bought on oil/gas revenues when they were $3 and above, all the cars, houses, loans to drilling companies, all the businesses dependent on that revenue, now expand it globally .......we in for a rough ride when the oil bubble collapses.

 

[WeAAsles]

 
Think of all the goods bought on oil/gas revenues when they were $3 and above, all the cars, houses, loans to drilling companies, all the businesses dependent on that revenue, now expand it globally .......we in for a rough ride when the oil bubble collapses.

I think there are far more businesses in the world that benefit from lower oil and gas costs then there are those who don't. Of course if your local economy is not diversified and relies heavily on oil, you're scewed. 

Saudi Arabian can learn to eat sand for all I care. And the profits of the industry I work in don't seem to be unhappy about this predicament.  

 

[WeAAsles]

I live in Florida. Not Texas.

https://www.youtube.com/watch?v=cUc84P8Vyco

 

[delldude]

I think there are far more businesses in the world that benefit from lower oil and gas costs then there are those who don't. Of course if your local economy is not diversified and relies heavily on oil, you're scewed. 

Saudi Arabian can learn to eat sand for all I care. And the profits of the industry I work in don't seem to be unhappy about this predicament.  

 
I'm referring to oil dependent, like you said, they be screwed. What you have to consider, even with S.A. and other oil states, is their loan floats and so on, globally, could cause Humpty Dumpty to fall off the wall. Monetarily, we now have what used to be the nuke MAD scenario. Everything is connected economically/monetarily, one way or another. Don't forget, the global 'Kumbahyah' gig has been pushed since the 70's and 80's.

 

[WeAAsles]

BTW What was the price of oil on the day Russia invaded Crimea?

 

[Glenn Quagmire]

The crash of oil prices is not good for the fight against extremists. The oil economy in the middle east has kept people employed and also allowed the oil rich countries to keep the masses down.

Take that away, and socioeconomic conditions are ripe for young and unemployed to stir hatred.

History is our guide.

 

[WeAAsles]

The crash of oil prices is not good for the fight against extremists. The oil economy in the middle east has kept people employed and also allowed the oil rich countries to keep the masses down.
Take that away, and socioeconomic conditions are ripe for young and unemployed to stir hatred.
History is our guide.

Good point. But also another reason we should be energy independent. Stay out of Middle Eastern affairs, issues and countries. We need to decouple once and for all. Radicals won't bother us if we leave there nations.

The Middle East has been at war for over 1000 years and that will never change.

 

[Traymark]

BTW What was the price of oil on the day Russia invaded Crimea?

Benchmark US was $98 and Brent was $106, what's your point?

 

[Traymark]

Good point. But also another reason we should be energy independent. Stay out of Middle Eastern affairs, issues and countries. We need to decouple once and for all. Radicals won't bother us if we leave there nations.
The Middle East has been at war for over 1000 years and that will never change.

Yes, we need to continue to work towards energy independence, that's fracking, offshore drilling, exploring Alaskan oil, expanding Solar( which has made really good progress on their technology), all of that needs to continue and expand, but...

You make the same mistake that a lot of folks do with ME when you say they will "not bother us" if we leave them alone. I'm all for staying out of their affairs as much as possible, but that will never make them hate us less.

The Radicals will always want us dead, period.

The first World Trade Center bombing was Feb, 1993, we were pretty decoupled from them at the time and yet, they fully expected to drop the towers that day and kill thousands of Americans.

The Clinton Administration was as hands off the ME as any Administration had been and yet, they attacked and then planned the 911 attacks during his two terms.