Your dreams have no basis in reality. The cheap easy oil is mostly gone.
Pre-FID oil projects: global breakeven analysis {50% @ $60/bbl}
http://www.freerepublic.com/focus/f-news/3387033/posts
Posted on 01/22/2016 7:09:41 AM PST by thackney
...the pain of more than a year and a half of falling prices is forcing increasingly desperate measures.
Nigeria's top oil official used a panel at the World Economic Forum in Davos, Switzerland, to bluntly plead for an emergency meeting of the Organization of the Petroleum Exporting Countries. Other member states of OPEC, a cartel of some of the world's biggest producers, have quietly lobbied for such a meeting for months.
But on Thursday, Nigerian Oil Minister Emmanuel Ibe Kachikwu made one of the strongest, public calls yet by an OPEC member. He asked the group to convene, in part to help convince other producing countries to join forces and throttle back on production to bolster prices.
There is a "lot of energy around trying to meet earlier...obviously some of that is a panic reaction," he told a panel in Davos.
"Do we just sit back and watch," he asked, "or do we put more efforts in talking to countries, like Russia, to try to get some consensus of what we need to be doing?"
OPEC, which controls more than one-third of the world's crude oil supply, historically has used its production level to move prices up or down--typically up--in times of crisis. But over the past year, Saudi Arabia, the group's largest producer by far, has abandoned that role, opting to pump record levels of crude in 2015 to maintain market share. Near-record output in the world's two other big producers, the U.S. and Russia, and surging production in Iraq, have all created a global glut that has helped send prices down to levels not seen in more than a decade....
Nigeria, the government has imposed capital controls to arrest the fast depletion of foreign reserves... The Russian ruble on Thursday hit a fresh, all-time low against the dollar....
(Excerpt) Read more at wsj.com ...
*blink*
OPEC loses that round.
Ha Ha. Go ask Iran to stay out of the oil market.
Oil at this point..including all the oil on Federal lands, offshore, and other places we haven't been able to touch; shouldn't be any higher than $18.00 a barrel.
We can throw the mid-East chains aside forever. And be done with them all. The one-worlders are not happy. And that makes me happy.
:-)
Your dreams have no basis in reality. The cheap easy oil is mostly gone.
Pre-FID oil projects: global breakeven analysis {50% @ $60/bbl}
http://www.freerepublic.com/focus/f-news/3387033/posts
“We can throw the mid-East chains aside forever. And be done with them all.”
Absolutely! And it will be fun to watch the “sand monkeys” and their African buddies go under in the process. This payback is hopefully going to be a hurtful bitch for these countrys who have been making ruining the world economy their lifes work. It’s fun to watch their gravy train crash. Now, have some sand for lunch MFers!
the market is the throttle
if the offer is too low, don’t sell
Most cannot survive without the cash flow.
At these price, many are not surviving with the cash flow, not for much longer anyways...
What is dying off is investment for future production. If it last long enough, the coming spike when stocks draw down far enough and faster than can be replaced will be painful.
Over supply....even if untapped is on its own a driving force in the market place to bring the price down.
And rapidly.
Yep, sometimes the free market works for American people too. And gasoline under a $1.00 is not that far away. It will be great for the economy in the long term. Look at it as a massive tax cut for everybody in the country.
And do everything in your power to help drive the price down. Hurts our enemies...helps our people and grows our economy. TRIFECTA. The sooner the prices come down the better. Lets push it!
And drill baby drill....even in your own backyard if need be. The country needs it. Badly.
JEDI
You are dreaming of cheap oil that isn’t there.
Abundant resources doesn’t equal cheap resources.
While the US government puts significant land/water our of production, it is rather small compared to the world. Prices are global; oil is too fungible.
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