Re: OT the downside of low oil prices

Posted by Bill(Wis) on December 18, 2015 at 18:46:22 from (216.46.173.36):

In Reply to: OT the downside of low oil prices posted by David G on December 18, 2015 at 16:07:52:

The so-called "experts" were predicting $100+ per barrel oil for as far as the eye could see a few years ago. Now, these same "experts" are saying that Saudi Arabia is selling oil as fast as they can because they (who have lots of oil) see the price tumbling even further in years to come due to many factors. Such as: natural gas (particularly in the US, the world's largest user of energy) wind farms; solar farms; more efficient motor vehicles. Iran will soon be releasing lots of oil to markets, Russia relies heavily on oil revenues to prop up its economy, China is slowing down or, at least, taking a pause. Economy in many leading countries is faltering causing a reduction in oil use or, perhaps, lack of growth in oil use. One energy sector in the US that is doing OK is the coal industry. Even though the US is trying to eliminate the use of coal most of our electric power is generated from coal fired plants and the world loves our hard coal. Germany is buying it as fast as they can. History never repeats itself so precisely that one can predict the future based on past events. The world and its economy evolve. Sometimes fast, sometimes not so fast. We, as farmers, love high prices for our products. So does, Deere, CNH, AGCO, etc. But, in spite of the predictions of the "experts" we are feeding about 7 BILLION people and we still manage to produce too much to keep the prices up. In fact, we produce enough in the US to allow wasting a high percentage and still eat way too much to be healthy. $8 corn is great for a corn farmer but not so great for a cattle feeder or to someone who buys tortillas. And, what if a new, almost free, source of energy comes on line. Oil fields will go the way of harness shops. Which, when you stop to think about it, we've only been on this oil kick for about 100 years. When I was a kid we had 2 harness shops in our town and another in the next town 7 miles down the road. They only were able to stay open due to WWII (THE BIG ONE). And, we could see another World War. That would change a lot of things. Real fast. Oh, and another thing. There has always been less than 10 cents worth of corn in a box of corn flakes. (;>))

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