{"id":14656,"date":"2015-11-22T09:12:13","date_gmt":"2015-11-22T14:12:13","guid":{"rendered":"http:\/\/olduvai.ca\/?p=14656"},"modified":"2015-11-22T09:12:13","modified_gmt":"2015-11-22T14:12:13","slug":"oil-may-plunge-to-20-signalling-economic-disaster-the-numbers-are-dreadful-and-unprecedented","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=14656","title":{"rendered":"Oil May Plunge to $20, Signalling Economic Disaster: \u201cThe Numbers Are Dreadful And Unprecedented\u201d"},"content":{"rendered":"<h3><a href=\"http:\/\/www.shtfplan.com\/commodities\/oil-may-plunge-to-20-signalling-economic-disaster-the-numbers-are-dreadful-and-unprecedented_11202015\" target=\"_blank\">Oil May Plunge to $20, Signalling Economic Disaster: \u201cThe Numbers Are Dreadful And Unprecedented\u201d<\/a><\/h3>\n<div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-27150\" src=\"http:\/\/shtfplan.com\/wp-content\/uploads\/2015\/01\/oil-sinking.jpg\" alt=\"oil-sinking\" width=\"500\" height=\"259\" \/><\/p>\n<p>The price of oil has long been a key indicator of economic health and stability. And that index is tanking fast.<\/p>\n<p>In the last few years, dramatic overproduction of oil has become a major tool of geopolitical conflict.<\/p>\n<p>As\u00a0<a href=\"http:\/\/www.shtfplan.com\/headline-news\/peak-nothing-goldman-sachs-advisor-says-too-much-physical-oil-could-send-prices-plummetting_02122015\" target=\"_blank\"><strong>prices have plummeted<\/strong><\/a>\u00a0from $110\/barrel to $40, Americans have tapped huge sources of fracking and flooded the market; OPEC and the Saudis have continued pumping despite dropping prices; Russia, dependent upon oil for its economy, has been under siege via sanctions and bottom-level prices; ISIS and other terror organizations are undercutting everyone with illegal oil sales and China remains large in the whole affair.<\/p>\n<p>Proxy wars and threats and rumors of world war have accompanied bitter economic warfare over currencies and energy. Now, oil is at a record level of glut, and nearly every storage facility in the world is filled past capacity.<\/p>\n<p>The\u00a0<strong><a href=\"http:\/\/www.telegraph.co.uk\/finance\/oilprices\/12006554\/Goldman-eyes-20-oil-as-glut-overwhelms-storage-sites.html\" target=\"_blank\">London Telegraph<\/a><\/strong>\u00a0reports:<\/p>\n<blockquote><p><strong>The world is running out of storage facilities for surging supplies of oil and may soon exhaust tanker space offshore, raising the chances of a violent plunge in crude prices over coming weeks, experts have warned.<\/strong><\/p>\n<p><strong>Goldman Sachs told clients that the increasing glut of oil on the global market<\/strong>\u00a0[\u2026]\u00a0<strong>could send prices plummeting to $20 a barrel, the so-called \u2018cash cost\u2019 that forces drillers to abandon production<\/strong>. \u201cRisks of a sharp leg lower remain elevated,\u201d it said.<\/p>\n<p>[\u2026]<\/p>\n<p><strong>It is estimated that at least 100m barrels are now being stored on tankers offshore, waiting for better prices.<\/strong>\u00a0A queue of 39 vessels carrying 28m barrels is laid up outside the Texas port of Galveston, while the Iranians have a further 30m barrels offshore ready to sell as soon as sanctions are lifted.<\/p><\/blockquote>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oil May Plunge to $20, Signalling Economic Disaster: \u201cThe Numbers Are Dreadful And Unprecedented\u201d The price of oil has long been a key indicator of economic health and stability. And that index is tanking fast. In the last few years, dramatic overproduction of oil has become a major tool of geopolitical conflict. As\u00a0prices have plummeted\u00a0from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[130,184,236,376,446,6489,1775,4044,600,694,6490],"class_list":["post-14656","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-china","tag-crude-oil","tag-economic-collapse","tag-goldman-sachs","tag-isis","tag-mac-slavo","tag-oil-price-collapse","tag-oil-storage","tag-opec","tag-russia","tag-shtfplan-com"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14656"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14656\/revisions"}],"predecessor-version":[{"id":14657,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14656\/revisions\/14657"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}