And our gulf oil production off of southern states? Did Obama successfully destroy it all?
“...Oil & Money Conference” ?
Now, there’s a meeting I’d like to attend.
Wonder if they have free samples...
Cracks emerge in U.S. oil boom
http://money.cnn.com/2015/10/06/investing/us-oil-production-declines-gas-prices/index.html?sr=tw100615us-oil-production-declines-gas-prices0903PMStory&linkId=17731377
U.S. oil production decreased by 120,000 barrels per day in September from August, according to a report released by the Energy Information Administration on Tuesday.
It marks the lowest monthly output in the last 12 months. And it was the fourth in the past five months that U.S. production has declined.
That doesn’t mean that it’s time to call this the beginning of the end of the shale oil boom. The U.S.’s oil output still stands at a robust 9 million barrels per day, nearly double the amount of oil pumped in late 2008.
But it was enough to send oil prices rallying nearly 5% on Tuesday to $48.53 a barrel, the highest level in a month.....
Read the first part of this series for a summary of last week’s crude oil price (USO) movements. The WTI-Brent spread has converged significantly since February of this year, when the differential widened to ~$12 per…
All part of a propaganda ploy to try and move the markets.
Supply and demand works. Always has, always will.
All by plan.
The Saudis saw our domestic oil production rise to the point where they couldn’t blackmail us and they didn’t like losing that power.
The economic recession/depression that we’ve been in for 8 years has reduce the world’s overall oil consumption.
Even though there was a massive glut of oil, the Arabs increased oil production to add to the glut?
Why?
Because our domestic oil producers put a lot of money adding new rigs and drilling sites in order to produce more domestic oil.
The maintenance of those rigs was based upon oil being approximately $90/barrel.
The Arabs increased the glut to assist the already plummeting cost of oil. They did so knowing that domestic oil produces would have to shut down their newer rigs.
Back in the 2007/2008 economic plunge, some web sites that focused on the economy had a weekly bank-closure pool. People gave their best estimates of how many banks closed that week (22, 25, 30). The news was always released late of Friday so that it wouldn’t impact the equities markets.
For the past year, those same sites report on how many rigs closed during the weeks. This news was hardly reported at all. Why? Because Obammie the Commie and his leftist agent provacateurs who hate America and especially hate the oil industry, didn’t want the Americans to know that we were being dragged back into dependency on M.E. oil. So the state-run media kept it even more hush-hush than the bank closures.
Now that a large number of US oil rigs have been shut down (and will not be shut down because the cost to restart a closed rig is prohibitive), the Arabs will cut back on production to drive the cost of oil back above the $90/barrel range.
Once they’ve reached that, they’ll resume their previous tyrannical control over oil production.
So why did Obammie the Commie and Hilary! supply arms to the Syrian rebels (AKA Al Qaeda/ISIS) at the risk of being caught supply arms to people we are at war with and the risk of being brought up on charges of high treason? Because Putin and Assad pose a threat to the demand for oil supplied by Saudi Arabia. Not that I’m a fan of Putin’s or think that he is doing anything other than trying to resurrect the USSR, but he is fighting the bad guys this time (if only for his own gain).
So, after all that the Arabs did to our own oil production. WE are now helping THEM to destroy alternative means of supplying oil and other natural resources.
In a sense, we are tying the noose that Obama and the Arabs will be slipping over our heads.
But who cares? What’s on TV tonight? Are there any cute kitten videos going viral today?
The new world order or globalists what ever you call them are in full greed mode to jack up prices on everything they can and extract as much as they can before they destroy the world economy and raid as many assets as they can. Russia was trying to raise oil prices also.
The new world order or globalists what ever you call them are in full greed mode to jack up prices on everything they can and extract as much as they can before they destroy the world economy and raid as many assets as they can. Russia was trying to raise oil prices also.
When the price goes back up, my dern wells will start pumping again. This is called supply and demand. Fracking tech is so awesome it has totally changed the market. Even if Saudi and Kuwait get shut down, we can make up the difference.
The stupid, it hurts!
Production is down because prices are down. So falling production cannot cause a price surge!