Oil bulls are too greedy; very high prices hurt too

Since the beginning of this year, I’ve been commenting incessantly that I hoped oil would average around $65. That’s my best guestimate of a Goldilocks price – not too high to hurt the global economies, and not too low to hurt oil companies and oil service providers.

The oil bulls have been on a rampage recently, still pushing for triple digit oil prices, warning about the consequences of oil prices being to low.

THEY ARE GETTING TOO GREEDY.

There are also negative global consequences if oil prices climb too high.

Please have a read of this article, foreshadowing what may happen to the global economy, if certain oil producers artificially pump up oil prices too high.

FROM THE THREAD

Tom's notes 2

  1. Tom Kirkman

    A link to my comments from a couple days ago. Including a gentle admonition for moderation from the Halliburton CEO.
    ================================

    Plunging oil prices are rattling the oil markets, but that doesn’t worry Jeff Miller. He’s CEO of Halliburton Company (HAL), one of the world’s largest oil field service companies. Miller feels good with oil prices now trading around $70 a barrel, saying “the industry is healthy in that price range.”

    ... “Supply and demand look like it’s back in balance,” he explains. “What you see is a little bit of reaction to, at least today, of unrest globally, but the fundamentals are what seem to be in place. And that’s encouraging and gives me a lot of comfort that we trade in this sort of $60 range, $60 to $70.”

    https://community.oilprice.com/topic/2340-so-about-my-ad-nauseum-comments-hoping-for-65-oil-this-year-halliburton-says-60-to-70-is-comfortable/

  2. Tom Kirkman

    A link to my comments from a couple days ago. Including a gentle admonition for moderation from the Halliburton CEO.
    ================================

    Plunging oil prices are rattling the oil markets, but that doesn’t worry Jeff Miller. He’s CEO of Halliburton Company (HAL), one of the world’s largest oil field service companies. Miller feels good with oil prices now trading around $70 a barrel, saying “the industry is healthy in that price range.”

    ... “Supply and demand look like it’s back in balance,” he explains. “What you see is a little bit of reaction to, at least today, of unrest globally, but the fundamentals are what seem to be in place. And that’s encouraging and gives me a lot of comfort that we trade in this sort of $60 range, $60 to $70.”

    https://community.oilprice.com/topic/2340-so-about-my-ad-nauseum-comments-hoping-for-65-oil-this-year-halliburton-says-60-to-70-is-comfortable/

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