Posted on 01/12/2015 10:26:11 AM PST by blam
Portia Crowe
January 12, 2015
Prince Alwaleed bin Talal, the eccentric Saudi billionaire once labeled the "Arabian Warren Buffett," predicted that oil would never again reach $100 a barrel.
"The price of oil above $100 is artificial," he said. "It's not correct."
That's in an interview with Maria Bartiromo for USA Today, in which the business magnate blamed oversupply and weak demand for the recent drop in oil prices.
He also predicted hard times ahead for America's shale-oil and gas industries.
"No one knows for sure what price is the breaking point for shale," he said. "Wells have a higher production cost. And very clearly these will run out of business, or at least not be economical."
Back in November, OPEC announced its controversial decision not to cut oil production despite falling prices. This was seen as a call made by Saudi Arabia, despite objections from other OPEC nations that are losing money at current price levels. Some speculated this was Saudi Arabia going after Iran and Russia. Others speculated that it was a move to take market share from US shale producers, which have relatively high breakeven drilling costs.
(snip)
(Excerpt) Read more at businessinsider.com ...
They think about fracking morning noon and night.
Obama has got to make a move to shut it down.
Just what politicians want to hear.
Time to raise energy taxes.
A real shame if it doesn’t. We won’t drill here in TX until at least $70.
The journ-0-lists certainly accept that premise now.
I saw a column in our Gannett generipaper that said:
Republicans liked to talk about “drill baby drill” but Obama made it happen.
Sadly a significant percentage of voters will believe that.
What’s poor Venezuela going to do?
****hard times ahead for America’s shale-oil and gas industries. ***
More reason to build more REAL natural gas and oil fired power plants!
And a few coal plants!
In my area south of Boston, our increased electric bills from National Grid are picking up the savings.-Tom
Good.
OPEC and other oil producing countries are trying to destroy the growing US oil industry. Once they do that, oil prices will rise.
Venezuela And Iran Tried And Then Failed To Change OPEC's Mind
Well if Baraq can send enough aid to Cuber, maybe they can help the Venezuelans out
Exactly. Just like Verizon FIOS... they offer “introductory” offerings well below cost (and for OPEC, their costs are very low) to knock out Comcast, DirectTV, and others... and when they go under, BAM!
How many times - how many - did the liberal plutocracy ridicule, “Drill, baby, Drill”? A million? More?
So I guess Conservatives were right, again, and Liberals, as usual, don’t know anything above bumper-sticker thinking.
Good? Once they break the back of US oil production by making it uneconomical for us to produce oil, they will regain control over the price of oil, The Saudis and other OPEC countries are content to flood the global oil market to take out the competition. It is economics 101. This is the way monopolies destroy the competition.
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