Posted on 04/01/2020 3:41:07 PM PDT by nickcarraway
Still way too high!
Drill baby drill
SA tried before via Princely Alaweedy to bankrupt US shale oil producers. He managed to bankrupt a few but what he didn’t realize is that most US shale oil producers are also farmers and ranchers. So they just shut off the oil pumps and go back to their mainstay businesses. Turn the pumps back on when the prices come back up.
The drills will stop when there is no profit margin.
Small oil companies in America are Tremendously leveraged more and more by practically junk bonds.
When, since fracking has been done on a large scale, did SA get the price of oil to 20 a barrel?
maybe some small companies are farmers too but the mid cap ones are NOT FARMERS.
And they are VERY heavily leveraged
Make it so that no US refinery can process any oil other than from the US.
The Saudi’s are attempting to break US oil by dumping oil at less than cost of production.
Treat them like any other cheater — out a tariff on imported oil.
Crush them both. Fill the Strategic Reserve to the top. Order a temporary reduction of the Federal gas tax of 50%.
Strongly recommend that the States and localities do the same.
L
Yup. I remember that. I was assigned to Ft. Sill, OK and the wells were just shut off for the time being.
At these prices, can you pump this stuff INTO the ground?
Prince Al-Waleed tried it around 2014 or so.
Yes mid caps are exposed but the vast Bakken are mostly independents.
Al-Waleed failed.
SA will fail again, I’m not worried.
There are no farmers and ranchers in the oil business. Maybe the mineral owners.
I paid .95/gal today.
Middle East upheaval tends to follow low oil prices. Get ready for fireworks.
At some point an American president should have the balls to remind them that their military couldn’t fight it’s way out of a piss soaked paper bag, and they are making their only protector angry.
Tell them our protection is gone unless they knock off their bullshit.
In a perfect world, seize their oilfields and Mecca. And administer Arabia with a MacArthur style absolute governor and the outlawing of islam. Its long overdue
It’s going to put a big hurting on the oil patch, the layoffs have allready begun and the potential job losses coming will be significant.
One of our biggest customers who is a mid size company, but with a global reach, is forecasting a 70% drop in business for this quarter at a minimum.
There layoffs will be in the thousands.
But it’s okay, because us oil and gas folks are just greedy bastards.
Cheap gas and no place to go.
Fracked oil wells slow or stop production when shut down. They have to be re-fracked to come back to productive levels. Expensive and time consuming.
I don’t even need gas at this point.
Even if it was free.
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