I guess we have to brace ourselves for what is coming as a nation if what this Prince say should come to pass.

The days of $100 oil prices may be gone forever.

At least that's what Saudi Prince Alwaleed believes about oil, which plunged below $46 a barrel on Monday for the first time since March 2009.

The well-known billionaire investor recently told USA Today he's positive we're "never" going to see $100-a-barrel oil prices again.

"There's less demand, and there's oversupply. And both are recipes for a crash in oil. And that's what happened. It's a no-brainer," Alwaleed told the paper.

The comments from the prince mirror ones by Ali al-Naimi, the Saudi oil minister who said $100 oil may be a thing of the past in December.

Cheap gas here to stay? If those predictions are accurate, it could also mean gas in the U.S. might not go above $3 again. Thanks to the oil meltdown, the national average price of gas has plunged to $2.13, compared with $3.31 a year ago, according to AAA.

Back in 2008, oil broke through the $100 level for the first time, leading some to predict prices would spike to $200 due to surging demand from China and India. Then oil plummeted to $34 during the Great Recession before rebounding sharply.

Crude bounced between $90 and $110 over the past three years, trading above $100 as recently as late July. But that's when prices collapsed under the weight of a supply glut caused by North American production, including U.S. shale companies that need higher prices to be profitable.

Related: Big Oil loses $200B from oil crash

Shale is feeling the pain: Alwaleed said one "positive side effect" of the oil crash is it will allow Saudi Arabia to see "how many shale oil production companies run out of business."

Already, U.S. energy companies have dialed back their spending plans, cut dividends and laid off workers. Analysts believe some shale companies won't survive the drop in prices.

Now there are signs shale companies are cutting back on drilling. During the first week of 2015, oil companies reduced horizontal drilling for oil for the first time in the Bakken, Eagle Ford and Permian shale plays, according to Rystad Energy.

"'Rigs that count' have been resilient until now, but now these rigs are also being idled," said Per Magnus Nysveen, head of analysis at Rystad.

Now what? Investors continue to guess where oil is going next. After showing signs of stabilization last week, oil tumbled another 4% on Monday to $45.90. Some oil watchers believe prices could plunge as low as $30 due to oversupply and sluggish demand.

Goldman Sachs said on Monday oil may need to trade near $40 a barrel for most of the first half of 2015. That would keep capital on the sidelines and slow down supply growth to rebalance the global oil market, the bank said.

Once oil finds a bottom, Moody's senior economist Chris Lafakis thinks the black stuff could surge all the way back to $80 by the end of the year.

Alwaleed concedes a rebound may happen eventually. He just doesn't think it'll carry oil all the way back to $100.

http://money.cnn.com/2015/01/12/investing/oil-prices-saudi-prince/index.html?iid=TL_Popular

...

Hope Nigeria never enter one chance like dis o?

Oboi no be Nigeria enter one chance ooo but nah GEJ enter ooo and dem go sell im part if e no smart!
By may 29 Nigeria would have a good and competent leader in Buhari/osinbajo to fully diversify the economy to reduce the dependence on oil.

This is good news

From the information above, oil prices can be likened to FOREX: It hits support and resistance lines and bounces off or breaks through it. Its unfortunate that it has currently broken through its support level. Sorry if my illustration above sounds like swahili to you.

"Cheap gas here to stay? If those predictions are accurate, it could also mean gas in the U.S. might not go above $3 again. Thanks to the oil meltdown, the national average price of gas has plunged to $2.13, compared with $3.31 a year ago, according to AAA."


The price of oil in the outside market has dropped and, correspondingly, the price at which the citizens of the US buy gas has dropped from 3.13USD to 2.13USD. a whooping near-35% reduction! Unfortunately, this is not the case in Nigeria. We produce the oil, the price drops much more than our national budget anticipates in the foreign market, but still, we the citizens, buy exactly the same price we used to when the prices were high. Its pitiable.

Left to me, i would suggest that the price keeps falling and consequently our naira currency. CBN shouldnt deplete our foreign reserves by trying to boost the USD/NGN rate. It is just a futile attempt towards delaying the inevitable.

The United Arab Emirates forsaw this fall in oil prices, so they invested in their tourism sector, erecting magnificent 5-star hotels and creating conducive environments for tourists. Nigerian leaders are not proactive. in our time of bloom, we dined and wined and never prepared for the rainy day. Now it has happened!

Our problems arose as a result of our total dependence on oil revenue. Other sectors of the economy should be revived. The Agricultural sector, if efficiently harnessed and honed, can turn our economy around for the better.

The problem of Nigeria is a case of MAN THE CAUSE, MAN THE SOLUTION

odimbannamdi:
From the information above, oil prices can be likened to FOREX: It hits support and resistance lines and bounces off or breaks through it. Its unfortunate that it has currently broken through its support level. Sorry if my illustration above sounds like swahili to you.

"Cheap gas here to stay? If those predictions are accurate, it could also mean gas in the U.S. might not go above $3 again. Thanks to the oil meltdown, the national average price of gas has plunged to $2.13, compared with $3.31 a year ago, according to AAA."


The price of oil in the outside market has dropped and, correspondingly, the price at which the citizens of the US buy gas has dropped from 3.13USD to 2.13USD. a whooping near-35% reduction! Unfortunately, this is not the case in Nigeria. We produce the oil, the price drops much more than our national budget anticipates in the foreign market, but still, we the citizens, buy exactly the same price we used to when the prices were high. Its pitiable.

Left to me, i would suggest that the price keeps falling and consequently our naira currency. CBN shouldnt deplete our foreign reserves by trying to boost the USD/NGN rate. It is just a futile attempt towards delaying the inevitable.

The United Arab Emirates forsaw this fall in oil prices, so they invested in their tourism sector, erecting magnificent 5-star hotels and creating conducive environments for tourists. Nigerian leaders are not proactive. in our time of bloom, we dined and wined and never prepared for the rainy day. Now it has happened!

Our problems arose as a result of our total dependence on oil revenue. Other sectors of the economy should be revived. The Agricultural sector, if efficiently harnessed and honed, can turn our economy around for the better.

The problem of Nigeria is a case of MAN THE CAUSE, MAN THE SOLUTION

our leaders are so so so so so daft. Their ideas are so so so so crude. They are not innovative...

Front page mod.


And when he had opened the third
seal, I heard the third beast say, Come
and see. And I beheld, and lo a black
horse; and he that sat on him had a
pair of balances in his hand.

Wow, ds is bad news

lalasticlala, please front page

Space booked. This land is not for sale. Please beware of my son emeka. He can sell this land without my approval.

hmm

Ok

Bad for Nigeria's economy,if we don't act fast in 6yrs coming,we all will feel the bad impact of an economy depending solely on oil.

I hope dem APC dey read this, wey their daft buhari say he wan stabilize world oil prize

Ok

And from the days of John the Baptist until now
the kingdom of heaven suffereth violence, and the
violent take it by force.

Heaven is real!

Let's go beyond oyel

Great news. Maybe d imprudent rascals whom we call our leaders can now finally stop reasoning with their a$$esss.

good one , now back to the farm everyone, enough of oil and gas noise

the smart saudi prince invested heavily in APPLE and other blue chip companies when it was raining

for guys like me, it does not affect me even if its 2$ per barrel, past governments did not diversify so we have to pay for it now

It is the truth, the whole truth and nothing but the truth.

Modified at 10.54 am

Nigeria must get off oil dependency, and also must get rid of the idea that selling raw materials.....be it cocoa,oil palm,groundnut, cassava,oil, etc...and sharing the money via budget ....is the way to prosperity.

What will save us now...is the manufacture of radios, cars,computers, tablets, furniture, etc...and the continued promotion of innovative changes in such things,and technical education,and increased investment in power....so that we can have a GDP that would be the envy of most countries.

I hope it does not affect the prize of a cup of garri in the market





Obasanjo refuses to see Jonathan, sneaks out of Ogun state immediately Jonathan arrived
Source: http://www.e reporter.com.ng/index.php/political-news/item/2542-hostility-between-obasanjo-and-jonathan-worsened-as-obasanjo-refuses-to-see-jonathan-sneaks-out-of-ogun-state-immediately-jonathan-arrived

WHAT IS REALLY BAFFLING ME NOW IS, ONLY IN NIGERIA WILL PRICE OF COMMODITY GO UP AND WILL NEVER COME DOWN.
PETROL HAS BECOME VERY CHEAP IN MOST COUNTRIES RECENTLY AS A RESULT OF FALL IN THE CRUDE OIL PRICE...
.
.
WHY IS EVERYTHING THAT WILL BE BENEFICIAL TO THE COMMON MAN ALWAYS DIFFICULT FOR OUR GOVT TO DO?
- WE PAY N750 AS SERVICE CHARGE TO NEPA MONTHLY EVEN IF WE DONT HAVE POWER FOR 10 MONTHS
- NIGERIA PETROL, DIESEL AND KEROSENE PRICE IS THE MOST EXPENSIVE IN THE WORLD COMPARED TO OTHER COUNTRIES THAT PRODUCE CRUDE OIL.
- NIGERIA IS THE ONLY COUNTRY IN THE WORLD THAT PRODUCES LARGE AMOUNT OF CRUDE OIL WITH NO FUNCTIONAL REFINERY.
.
SONEKAN INCREASED PETROL PRICE BY 600 PERCENT
OBJ BY 700 PERCENT
JONATHAN INCREASED TOO
REMOVED SUBSIDY
PUT IT BACK
REMOVED IT AGAIN
PUT IT PARTIALLY AGAIN
- 1 TRILLON NAIRA KEROSENE SUBSIDY LOOT STILL ONGOING...
- 20 BILLION DOLLARS DISAPPEARED INTO THE THIN AIR.
.

WHYYYYYYYYYYYYYYY!!!!!!!!!!!!!!!!
.
.
GOD!!!
WE NEED CHANGE.
WE NEED REVOLUTION.
WE NEED YOU TO HELP US KILL ALL THESE CORRUPT POLITICIANS AND CIVIL SERVANTS THAT ARE EMBEZZLING OUR COMMON WEALTH.

We hope so

Vicotex:
I hope dem APC dey read this, wey their daft buhari say he wan stabilize world oil prize

Well, any OPEC member nation, by getting a quorum to force Saudi to cut oil production quotas could stabilise free falling oil prices.

[size=60] I just come book space[/size]




S.ban chairman

Noted

hmmmmmmm

what is the benchmark for our budget again?

rozayx5:


good one , now back to the farm everyone, enough of oil and gas noise

the smart saudi prince invested heavily in APPLE and other blue chip companies when it was raining

Farming won't work anymore. We are still far behind Asia....and besides...it is resource dependency by another name...because prices of farm products fluctuate...plus there is that thing called the blight....and famine.

Industrial development is the answer.

But you Nigerians love ready, shareable money. You don't want to work for it.