[nascarnation]

Great post Thack.
You are the FR authority on petroleum.

This is very positive news, if the global warming nuts will actually let us burn the stuff.

[IMR 4350]

This can’t possibly be true, our dear leader told us so.

It must be because people are following dear leaders instruction to air up their tires.

[E. Pluribus Unum]

All this means is that the misanthropes who want to reduce the population of other people by 6.5 billion have to come up with a "scientific consensus" that the production of shale oil is bad.

[ClaudiusI]

Isn’t this what Obama is planning to do away with a second term?

[mountainlion]

There is still a built in hidden tax that the EPA is “Fining” gasoline producers for not putting in alcohol made form cellulose.

[Erik Latranyi]

US producers of shale oil need crude to be priced only above US$50 to $65 a barrel for their operations to remain profitable.

This number is declining as the experience levels in extracting oil from various shale plays rises.

Of course, investment in R&D is lowering this price.

With the right leader, we could return to $30 per barrel prices within 10 years.....a price that would be far more stable than today's prices due to the reduction of imports from unstable countries.

[econjack]

My goodness...imagine that: more supply and prices fall. Man, is Obozo going to be PO’ed. By closing off ANWAR, off shore and deep water drilling and killing the Keystone project, he’s keeping the price of oil high so his OPEC friends can squeeze us dry. This hopey-changy thing kinda sucks.

[OrioleFan]

US producers of shale oil need crude to be priced only above US$50 to $65 a barrel for their operations to remain profitable.

I remember driving across Texas and Oklahoma years ago thinking about the wells that were pumping and those that were not. Then it hit me: that one is a $30 dollar well and that one is a $40 well.

That being said, I can see Obama cutting a deal with Saudi to increase OPEC production/lower oil prices in order to 1) make US shale production unprofitable, and 2) increase business activity due to cheaper fuels.

[lgjhn23]

Good post, Thackney.
I’m in the Eagle Ford right now and some of our original facilities that were built only a year or so ago are at full capacity and we’re now going back in them adding additional stabilizers, coolers, storage capacity, etc.
Now...if we can just keep the communists in DC at bay and let us do what we do best, then yeah, we can drive that price down, especially as more experience comes into play, especially on those newer trends out there. There’s more oil right here in the USA than most people realize, but you’ll never hear about it out of DC on the lame stream media.

[painter]

Bump

[cuban leaf]

I tell anyone that will listen that we are in the biggest oil boom in the history of the world and prices should start reflecting that, dramatically.

I’m asking your honest opinion: Am I full of sh**?

[ncfool]

Keep on drilling and Fracking...... Its a good thing for America. oBummer hates anything that is good for his aMerIka. But we need to take the White House back in 2012.

[driftless2]

Yes, more oil will drive prices down, but that doesn’t mean the Obama admin and his leftist flunkies are happy. They’ve painted themselves into a corner...an ideological one. In 2008 they blamed high gas prices on the Bush admin which caused distress for the middle class. But all the while the Obama team was for destroying oil-based economies and replacing them with that “wonderful” green technology. Which doesn’t exist or can’t work on a large scale. So now they have to pretend to be happy with lower gas prices while in reality they’re cursing all the shale-oil and frackers who’ve disproved the “peak oil” fallacy once again.

[Freedom_Is_Not_Free]

"Contrary to what most people believe, oil supply capacity is growing worldwide at such an unprecedented level that it might outpace consumption," wrote Mr Maugeri, who is also a former senior vice president for corporate strategy and planning at Italy's Eni. "This could lead to a glut of overproduction and a steep dip in oil prices."

PEAK OIL!

Where are the sky-is-falling Peak Oil idiots now? Nowhere to be found. For sure.

If we can EVER get the general public to understand that twin facts that we are awash with oil and than man can't impact global climate very much, it would just crush the ability of the New World Order elites to implement Agenda 21 in the USA.

In the meantime, the MSM continues to brainwash the masses, even in the face of these facts: copious oil supplies and an world climate generally unaffected by man's impact.

Thank you for a most informative and timely post!!!!

[RegulatorCountry]

I am pro business and am not at all fond of interference, but there's a “but” coming: we cannot allow OPEC, the EPA or any other entity to derail the success of domestic production. It is critical to national security and I am absolutely sick of having to kowtow to Middle Eastern terrorist states in order to continue to have fuel.

Put a floor on the domestic price, at $70.00 per barrel. Do not allow OPEC to undermine domestic production via lowballing as occurred in the eighties oil bust. If there is excess then sell it spot on the world market. If spot on the world market rises above this floor, manage the increase to minimize market disruption. This wild seesawing is horribly counterproductive, calm it down.

“Fungibility” and rampant speculation has wrecked our economy just as badly as excessive regulation has. Allow this to take root and the economy benefits.