the price at the pump is still higher than when obuma took office
Nop, what the bast*rds are going to do, republicans also, is raise the taxes on the gasoline.
Why can’t they let the f..ing oil set it’s own market price? Leave it go where it should go. I don’t care if it goes to $5...just let it go whereever it wants.
I’m so sick of the idiots in Washington, esp the jerk in office. How much more can we stand from these people?
In the year 2000, average pump price was $1.51.
I think it’s reasonable to note that consuming the Saudi oil now leaves more of ours in the ground for future use. The oil isn’t going to go away.
That said, one of the few government interventions in the market I might consider justified would be a bounty on US-produced oil. It is arguably a highly effective defense strategy to make the US more energy independent.
But but but... profits will only be 6 Billion instead of $10 Billion for the oil companies now. The first thought that came to mind after hearing all this “woe is me” the U.S. economy is going to hell because the price of an barrel went down to $68 was how much HAVE they been manipulating the markets all these years. I can actually afford to fill my tank now for a change; haven’t in years.
A Republican Congress can defund EPA.
A Republican Congress can defund EPA.
A Republican Congress can defund EPA.
A Republican Congress can defund EPA.
A Republican Congress can defund EPA.
A Republican Congress can defund EPA.
A Republican Congress can defund EPA.
A Republican Congress can defund EPA.
A Republican Congress can defund EPA.
A Republican Congress can defund EPA.
A Republican Congress can defund EPA.
A Republican Congress can defund EPA.
A Republican Congress can defund EPA.
A Republican Congress can defund EPA.
A Republican Congress can defund EPA.
Having said that, it's closer today than it has ever been. The Saudis have every intention of driving the price downward in order to halt US production and they think this "strategy" is going to work. Unfortunately for them, the oil is here and it's not going away. Their days of 130/barrel oil are almost over. What they WILL accomplish is disruptive and will cause wild fluctuations for the foreseeable future, but in the end, the market is going to win over. They can't play the monopoly game very long without going broke doing it. I read somewhere a while back that 70-80 dollars was the threshold for profitability on shale oil, not sure how accurate that is. In the meantime, even more reachable oil will be discovered in US/Canada, further eroding the sustainable price. At least that's my possibly misguided theory of things to come...
It’s better than people think. When it’s said that fracked oil in such-and-such a formation is only profitable at $xx a barrel, it depends on drilling costs. For the past few years drilling costs have been through the roof. First, fracking is a new technology, so lots of learning had to be done. Second, supplies of fracking equipment have not caught up with demand, so drillers have been paying outrageous amounts for equipment.
With the froth out of the market, the existing equipment will be dedicated to the more productive formations, and the equipment market will be able to grow supply more affordably.
Fracking knowledge and technology continues to accumulate and improve, making future fracking cheaper and more profitable.