feh...
Posted on 10/11/2017 1:45:59 PM PDT by bananaman22
The best is yet to come for US oil production—but it will be a short-lived hurrah, according to Ian Taylor, head of oil trading giant Vitol.
US oil production has steadily increased throughout 2017 as US drillers regained their footing after the oil price crash. What started out at 8.946 million bpd of crude oil production in the first week of January has now reached an average of 9.561 million bpd as of September 29, according to the EIA.
(Excerpt) Read more at oilprice.com ...
Peak oil? Again?
Deja vu, all over again.
People who gain influence with science rely on the ignorance of others.
Oil price.com repeatedly publishes oil analysts, and other so called experts to pimp for higher oil prices and stock market speculation to drive up prices. One day they will go with much higher prices coming, tomorrow an article that oil will fall to 20$. In other words, not a lot of credibility.
Completely agree with you. We have lots of oil waiting recovery and if US production drops it will be because there is cheaper oil overseas not because we don't have it.
Seems like I've heard that before...
“Peak oil? Again?”
This article (and this site), are more pragmatic than that. They focus on legitimate factors effecting oil price, for those people in the business.
The argument made in the article, is that the current rapid growth in American production is facing some factors that will likely slow down this growth. There is plenty of oil to produce, but only at the right price.
The main point is that right now, there is big difference in price for American oil (West Texas Intermediate), as compared to the London price (Brent) that most of the rest of the world currently pays.
American oil is currently selling $7 per barrel cheaper, so foreigners want to buy a lot more, but producers are not making much money. That huge gap is under pressure to normalize. As the price gap narrows, the EIA predicts less rapid growth in American production (not shrinking production, but slower growth).
A lot of things could change though, so oil forecasts are always a SWAG. Global growth rates(demand), OPEC actions, and war/peace conditions are all major factors.
They holler “peak oil” as profit margins start to get squeezed, then demand peaks a bit and they holler about a new glut, then demand and price pick back up, and on that news new exploration commences, new wells go into production, supply surges and then we hear “peak oil” and the cycle starts all over.
Oil wells & gas wells run 24/7 no matter the wheather as do their distribution nets. Solar only works in the day time, and wind only works if there’s enough wind. Oil and gas do not have to be “renewed” in the daylight or when the wind picks up. Which is more “reliable”?
feh...
At least he got to the front of the “Peak Oil” line this time around.
Wrong, at least if the operator knows what he is doing, but I guess they don't have many oil wells in New Jersey. http://www.ogj.com/articles/print/volume-97/issue-37/in-this-issue/production/timer-controlled-beam-pumps-reduce-operating-expense.html
don’t kill my useful meme with facts - LOL
Oil price accepts articles from anyone. Credibility and qualifications are not required.
They will be right one day though.
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