Posted on 08/01/2016 10:08:35 AM PDT by Hojczyk
Excellent news!!!
I thought the EPA made them seal off idle wells.....
trump and putin should split the oil in ME, defund ISIS and pay off our debt.
I hope to see the day when the Saud family are forced to herd goats from oasis to oasis to feed their family.
It usually only takes 2-3 generations of poor decisions to destroy “daddy warbucks” wealth. i.e. Vanderbilt family
They do, sort of. But what is underground doesn’t cease to be functional. The old tech wells when sealed were pretty much finished. The newer ones not so much.
That is the very reason gas prices are still low.Saudis are in trouble.3 biggest customers and China has other resources,Russia is set and NOW US has enough shale for many ,many generations to come.From what I`’ve been reading ,the low gas prices are starting to hurt Saudi Arabia.2-3 years from now,the winners on oil will look very different..Annnnnd Venezuela will probably be obliterated.It will probably be called little China.
“Consultants Rystad Energy say that 90pc of the 3,900 drilled but uncompleted wells - so-called ‘DUCs’ - are profitable at $50. This implies an overhang of easy supply waiting to hit the market.”
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