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Oil price could fall to $70 in 2012 Warns Shell

The Telegraph -- Oil prices could fall to $70 a barrel during 2012, from current levels above $110, as high volatility in the economy and energy markets becomes "a fact of life", Royal Dutch Shell executives said.

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Submitted Feb 06, 2012 By: TommyTraveler

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SkyWarnTX All-Star Author Texas Posts:945 Points:56,845 Joined:Jan 2012	Message Posted: Feb 10, 2012 10:38:44 AM Ignore SkyWarnTX Report Abuse Evidently, the Price of OIL has No effect on the price of GASOLINE...Are U.S. Consumers are paying the difference for GASOLINE Exported from the U.S. ?? [Edited by: SkyWarnTX at 2/10/2012 10:39:49 AM EST]
hiwayhauler Sophomore Author Texas Posts:192 Points:99,965 Joined:Dec 2011	Message Posted: Feb 10, 2012 10:10:47 AM Ignore hiwayhauler Report Abuse yeah right, i doubt it will get that low
baddog58 Champion Author Texas Posts:1,123 Points:582,575 Joined:May 2007	Message Posted: Feb 6, 2012 7:10:46 PM Ignore baddog58 Report Abuse 1) $70 sounds too low to me. 2) Falling oil prices haven't shown any close relationship to the price at the pumps.
bigmoo63 All-Star Author Kalamazoo Posts:885 Points:56,680 Joined:Nov 2009	Message Posted: Feb 6, 2012 6:53:49 PM Ignore bigmoo63 Report Abuse Won't happen. The dollar is far too devalued. If it falls this far, its because of a worldwide recession. And that may very well happen. But the price wont fall that far. And if it does, gas prices will not.
ToolinIt Champion Author Colorado Posts:1,262 Points:554,110 Joined:May 2010	Message Posted: Feb 6, 2012 5:47:29 PM Ignore ToolinIt Report Abuse It will NEVER happen. Oil prices are like taxes, always increasing but never decreasing.
Night Owl Champion Author Toronto Posts:5,790 Points:1,436,625 Joined:Jul 2004	Message Posted: Feb 6, 2012 5:10:38 PM Ignore Night Owl Report Abuse Will greedy oil speculators allow this to happen?
PathfinderSC Champion Author South Carolina Posts:7,717 Points:1,473,715 Joined:Mar 2008	Message Posted: Feb 6, 2012 5:00:00 PM Ignore PathfinderSC Report Abuse bring it on , We sure need it.
Joeski1 Champion Author New Jersey Posts:7,479 Points:1,381,735 Joined:Dec 2004	Message Posted: Feb 6, 2012 4:12:59 PM Ignore Joeski1 Report Abuse liars.... but if ya don't mind too much, they'll charge ya $4 a gallon till then... more BS from the fossil foolers.... do you believe this BS??? sounds like you're "fossil fooled" [Edited by: Joeski1 at 2/6/2012 4:13:30 PM EST]
gasokie Champion Author Oklahoma Posts:2,709 Points:1,051,730 Joined:May 2007	Message Posted: Feb 6, 2012 3:58:13 PM Ignore gasokie Report Abuse They are probably right and I hope it doesn't go much lower as 70 is a good price ---- in that consumers can accept and get by on that (30% drop) and it's not so bad that the oilies will start shutting down their rigs and dry up supplies. There is, however..looking ahead the next 50 years or so a glut of energy coming up. Be prepared to see even more of those goofy windmill farms your tax dollars are building abandoned and just flapping around with everyone wondering just how that happened.
zeusboy Rookie Author Atlanta Posts:38 Points:138,910 Joined:Feb 2005	Message Posted: Feb 6, 2012 3:53:32 PM Ignore zeusboy Report Abuse BS
investmentdr Champion Author Cleveland Posts:2,365 Points:1,103,935 Joined:Sep 2008	Message Posted: Feb 6, 2012 3:18:40 PM Ignore investmentdr Report Abuse love how only on gasbuddy can a story like tis be viewed negatively
investmentdr Champion Author Cleveland Posts:2,365 Points:1,103,935 Joined:Sep 2008	Message Posted: Feb 6, 2012 3:17:21 PM Ignore investmentdr Report Abuse that's more like it
Dr Gas Champion Author Twin Cities Posts:2,660 Points:315,800 Joined:May 2004	Message Posted: Feb 6, 2012 3:10:46 PM Ignore Dr Gas Report Abuse vtroger - you can be wrong and they have gone in opposite directions many times. With oil and gas DON'T assume the obvious. It'll come back and surprise you by doing the unexpected!
dgerst Champion Author South Carolina Posts:1,041 Points:225,265 Joined:Aug 2008	Message Posted: Feb 6, 2012 1:59:06 PM Ignore dgerst Report Abuse So when oil prices go down and gasoline prices rise, the only winners are the big oil companies.
vtroger Veteran Author Vermont Posts:282 Points:292,405 Joined:Mar 2011	Message Posted: Feb 6, 2012 1:26:15 PM Ignore vtroger Report Abuse Ok. Correct me if I'm wrong. Oil prices go up...gas prices go up. Oil prices go down...gas prices go up. Yup sounds about right.
acvw74 All-Star Author Illinois Posts:545 Points:341,125 Joined:Apr 2011	Message Posted: Feb 6, 2012 1:23:55 PM Ignore acvw74 Report Abuse And gas will be over $4 as predicted...
db60 All-Star Author Indiana Posts:982 Points:211,255 Joined:Oct 2011	Message Posted: Feb 6, 2012 12:30:08 PM Ignore db60 Report Abuse Yeah, right!
md11capt Champion Author Denver Posts:1,797 Points:389,195 Joined:Mar 2011	Message Posted: Feb 6, 2012 11:48:11 AM Ignore md11capt Report Abuse Also, a huge pure gold meteor could land in your back yard.
RNCII Champion Author Michigan Posts:1,795 Points:333,915 Joined:Jun 2011	Message Posted: Feb 6, 2012 11:43:37 AM Ignore RNCII Report Abuse Jeff4U and LEGION57 I have to agree 100%
LEGION57 Champion Author South Carolina Posts:1,497 Points:249,700 Joined:Mar 2011	Message Posted: Feb 6, 2012 11:35:48 AM Ignore LEGION57 Report Abuse yeahhhhh
Jeff4U Champion Author Atlanta Posts:6,573 Points:1,493,220 Joined:Nov 2004	Message Posted: Feb 6, 2012 11:23:14 AM Ignore Jeff4U Report Abuse I don't mind hearing this kind of speculation.
Nicoalbum Champion Author Ottawa Posts:4,121 Points:829,950 Joined:Jan 2010	Message Posted: Feb 6, 2012 11:23:00 AM Ignore Nicoalbum Report Abuse Kind of an opposite prediction. Well, this may happen if economy will keep going weak.
doctorindyj Champion Author Santa Fe Posts:2,266 Points:510,405 Joined:Nov 2009	Message Posted: Feb 6, 2012 11:21:32 AM Ignore doctorindyj Report Abuse Warns? That would be good news. In fact if it fell further that would be even better. This is definitely a switch they usually try to convince us that the price will skyrocket by three or four dollars.
graceman Champion Author Baltimore Posts:3,751 Points:917,820 Joined:Jun 2008	Message Posted: Feb 6, 2012 11:10:18 AM Ignore graceman Report Abuse Sounds good to me!
TripleHs Champion Author Austin Posts:1,847 Points:599,405 Joined:Oct 2009	Message Posted: Feb 6, 2012 11:10:16 AM Ignore TripleHs Report Abuse "could, could", and who cares about those "could" estimates anyway? i can probably make a more accurate "estimate". lol
WalkingWV Champion Author West Virginia Posts:2,379 Points:510,120 Joined:May 2008	Message Posted: Feb 6, 2012 10:53:36 AM Ignore WalkingWV Report Abuse "..warns Shell"? Sounds like what an industry rag should say. Pump price won't drop anyway.
FPLREP Champion Author Virginia Posts:6,382 Points:2,091,520 Joined:Oct 2005	Message Posted: Feb 6, 2012 10:52:24 AM Ignore FPLREP Report Abuse Edpap wrote"Will Obama do anything to lower the price at the pump, or will he continue to be invisible like he is now? ". He is hardly invisible, everytime I turn around he is on one channel or another blubbering about why he can't get anything done! Stop whining! BTW I would like more warnings like this from Shell.
furbud1957 All-Star Author York Posts:763 Points:153,405 Joined:Sep 2011	Message Posted: Feb 6, 2012 10:47:34 AM Ignore furbud1957 Report Abuse Heck, that would be like getting a raise for the working people who commute!
leraar2 Champion Author Massachusetts Posts:1,965 Points:432,795 Joined:Mar 2011	Message Posted: Feb 6, 2012 10:46:39 AM Ignore leraar2 Report Abuse that's such a crying shame, a down right crime! why don't we just blame "supply and demand"? guess it works on the way down too.
Edpap Champion Author Pennsylvania Posts:1,582 Points:153,000 Joined:Oct 2011	Message Posted: Feb 6, 2012 10:45:02 AM Ignore Edpap Report Abuse Will Obama do anything to lower the price at the pump, or will he continue to be invisible like he is now?
kx250 Champion Author Michigan Posts:1,426 Points:771,925 Joined:Oct 2008	Message Posted: Feb 6, 2012 10:43:16 AM Ignore kx250 Report Abuse Welcome news for the economy, but it's gonna make it harder to get rid of the socialist in chief.
BurntOrange Champion Author Austin Posts:6,696 Points:1,230,680 Joined:Nov 2007	Message Posted: Feb 6, 2012 10:33:39 AM Ignore BurntOrange Report Abuse johntxx wrote: "Something to key on in this article, "Mr Voser said Shell used "conservative ranges" in its assumptions about oil prices to assess risk when planning projects, to ensure they break even – even if prices fall. "We plan inside a $50-$90 range for oil," he said." And you wonder why the profits for oil companies are so high with a "break even" at as low as $50/bbl. I guess it would be illegal to put a bounty on energy speculators? " --------------------------------------------------------- I don't think you understand the oil business. For the most part, very little of the oil extracted from a well belongs to the oil companies. Oil Reserves by Country Most oil reserves are owned by countries. You have to go #17 to find a company (Exxon), and Shell comes in at #22. Oil companies make most of their money by extracting the oil, refining it, and selling it to consumers. Oil companies get a temporary benefit from oil price jumps, because the value of the inventory that they hold jumps as well. On the other hand,they can lose money when prices drop. This is why oil company profits can swing so dramatically, and what gets consumers fired up. When profits are good due to a recent jump in oil prices, you hear lots of complaining.
portlandcat Champion Author Tennessee Posts:1,837 Points:330,370 Joined:Apr 2011	Message Posted: Feb 6, 2012 10:31:44 AM Ignore portlandcat Report Abuse o.k. I'm totally confused now....who do you believe?
MustangRacing Champion Author Virginia Posts:1,143 Points:337,650 Joined:May 2011	Message Posted: Feb 6, 2012 10:28:57 AM Ignore MustangRacing Report Abuse One can only hope to see $70 barrel crude.
ziyulu Champion Author Oklahoma City Posts:6,668 Points:1,267,525 Joined:Aug 2007	Message Posted: Feb 6, 2012 10:26:32 AM Ignore ziyulu Report Abuse I thought the same executives said we would see $5 gas? I'm really confused now.
Goatroper Champion Author Dallas Posts:5,189 Points:1,013,450 Joined:Apr 2004	Message Posted: Feb 6, 2012 10:23:37 AM Ignore Goatroper Report Abuse tea leaves, friggin tea leaves.
johntxx All-Star Author Texas Posts:708 Points:257,950 Joined:Aug 2011	Message Posted: Feb 6, 2012 10:23:30 AM Ignore johntxx Report Abuse Something to key on in this article, "Mr Voser said Shell used "conservative ranges" in its assumptions about oil prices to assess risk when planning projects, to ensure they break even – even if prices fall. "We plan inside a $50-$90 range for oil," he said." And you wonder why the profits for oil companies are so high with a "break even" at as low as $50/bbl. I guess it would be illegal to put a bounty on energy speculators? In Texas we have them on other varmints like coyotes. [Edited by: johntxx at 2/6/2012 10:27:43 AM EST]
MontanaMac Champion Author Washington Posts:1,088 Points:279,975 Joined:May 2011	Message Posted: Feb 6, 2012 10:21:04 AM Ignore MontanaMac Report Abuse Wait, the Kuwaitis (in an article below) are claiming it will run to 160.....
Dr Gas Champion Author Twin Cities Posts:2,660 Points:315,800 Joined:May 2004	Message Posted: Feb 6, 2012 10:14:48 AM Ignore Dr Gas Report Abuse Yep, First predict that gas will be $4, then $5, and oil will go above and stay above $100 - then say oil will fall to very low levels. It all about keeping us little guys confused! But we know, yet the ones who should know turn a blind eye to, the fact that if we took speculation in oil futures out of the equation, like before 2000, then supply and demand would drive the market, and we'd all be paying less then $3 for gas!!