Saudi oil facilities attacked by drones

[Johnny Dangerr]

Yemen’s Houthi rebels admitted to doing it. Bad move on their part............

[deerplanter]

The oil companies dont raise the prices....the markets do.

True but supply and demand control the market and the oil companies control that. The chemical industry has been soft all year and now it's effecting the oil industry. A lot of chemicals use petroleum products for feed stock. Saudi Aramco just purchased a controlling interest in SABAC a Saudi chemical company.

[rut-ro]

My uncle is stuck in Saudi right now (his own fault). He is actually dual citizen ship between New Zeland and USA. While over there his USA passport expired and his New Zeland is at home here. He is dealing with all kind of drama trying to get home form being over there. He is safe and making about 325 dollars an hours while out of the country. Just sucks to be in this part of the world while stuff like this happens.

[stickerpatch59]

Don't worry, the prices will go up. Seems like the oil companies are always looking for a reason to raise prices.

YEP!

[160class]

True but supply and demand control the market and the oil companies control that. The chemical industry has been soft all year and now it's effecting the oil industry. A lot of chemicals use petroleum products for feed stock. Saudi Aramco just purchased a controlling interest in SABAC a Saudi chemical company.

And the oil company’s in America have been producing record numbers this year.. it’s mot like they’re just sitting there waiting for the supply to drop so they can “raise prices”

[Matt_C]

My uncle is stuck in Saudi right now (his own fault). He is actually dual citizen ship between New Zeland and USA. While over there his USA passport expired and his New Zeland is at home here. He is dealing with all kind of drama trying to get home form being over there. He is safe and making about 325 dollars an hours while out of the country. Just sucks to be in this part of the world while stuff like this happens.

Hey may be making $975.00 an hour when they get the fires out and start rebuilding the facility. Also, wonder who provided the drones to the rebels? Uh, surely not Iran.

[tps7742]

Probably get roasted for saying this, but this may be a good thing for us oil guys.

And you wonder why some folks say the things they say about “ the oil workers.”

[Grumpy1911]

Probably get roasted for saying this, but this may be a good thing for us oil guys.

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[glen]

I don’t blame the oil guys for looking at an opportunity to make $$$. Not mad at them. They go make money when it’s available to make. They feast when times are good for them. The ones that know how to plan for bad times do well. The ones that spend it like it’s not going to change struggle.

[AlaskaFlyerFan]

Yemen’s Houthi rebels admitted to doing it. Bad move on their part............

They may have taken credit for the attacks but I find it hard to believe that the Houthi rebels would have drones. Obviously, someone else is supporting them.

[Pedernal]

They may have taken credit for the attacks but I find it hard to believe that the Houthi rebels would have drones. Obviously, someone else is supporting them.

Iran is behind the Houthi rebels.

[sir shovelhands]

True but supply and demand control the market and the oil companies control that

You act as if oil companies are a friendly conglomeration. There's OPEC (which control more than 70% of oil reserves), Russia, and China which all have state owned oil, making their goals different than the maximized profits of Western oil companies.

Saudi tried to flood the market in order to drive prices down and crush the US shale boom. They failed, and then tried to convince the rest of OPEC to cut production to bring the price up. But places like Venezuela are selling as much as they can because they're broke. With the widespread use of fracking, US land drillers can now profit at much lower oil prices, so they've been producing like crazy.

On top of this has been China's economic slowdown, increasing the supply glut.

So this idea that the "oil companies" all get together and decide on production for a set price to maximize profits is, frankly, ludicrous.

Lastly you forget one of the most important components dictating the price of a publicly traded resource. Speculation. This has a huge effect on the price of oil.

[Traildust]

And you wonder why some folks say the things they say about “ the oil workers.”

What do "they" say?

[Traildust]

Probably get roasted for saying this, but this may be a good thing for us oil guys.

Not by me! Hopefully refineries start running at full rates and start breaking stuff!

[Jspradley]

They may have taken credit for the attacks but I find it hard to believe that the Houthi rebels would have drones. Obviously, someone else is supporting them.

ISIS has drones. They arent star trek technology.