"See? My Moves Against
KeystoneXL, Offshore Drilling,
and Fracking,
Are Justified!
oh, and Death to America!"
Posted on 01/18/2016 3:54:46 PM PST by bananaman22
The oil markets are on edge with oil sinking into the $20s per barrel. And last week we reported on one place where oil is already trading in the single-digits. Canada’s bitumen is selling for just $8 per barrel.
But even that rock bottom price is higher than what one oil seller earned for a shipment recently. In a bizarre turn of events, Bloomberg reported that Flint Hill Resources, a refining unit owned by the Koch brothers, said that they would purchase sour crude from North Dakota for $-0.50 per barrel.
That’s right: a negative price. Oil has become so depressed that producers are paying buyers to take oil off of their hands.
(Excerpt) Read more at oilprice.com ...
While cheap oil may be a good thing it will devastate the domestic fracking business....
Which means fewer US jobs...
They make up for it in volume
The gov does not like fraking its a plan
[ The gov does not like fraking its a plan ]
I’ll bet the leftists in power are colluding with the saudis to kill domestic fracking....
Praise allah, obama’s green plans are working. s/
"See? My Moves Against
KeystoneXL, Offshore Drilling,
and Fracking,
Are Justified!
oh, and Death to America!"
The oil business has been a wildly swinging cycle as long as I’ve been around. While it will be painful for those directly involved, cheap oil is positive for so many other industries.
This is a good thing. So many evil perpetrators in the world are funded by their oil money- ISIS, Syria, Iran, the Saudis, Venezuela... It will not kill fracking. If and when fracking becomes profitable again, it will start up right away. In the meanwhile, the US is sitting on huge fracking reserves to insure that energy prices will always remain capped.
Then I wil buy all of the oil, please.
So when is it called “Deflation”???
Or “Great Depression”????
And When will it end, like after the last “Depression”???
After 10 years, and a world war????
Holy smokes
I’ve followed the industry for decades, and it’s mind boggling to me that oil is below $30/barrel.
The Kochs are doing as well in oil as they are in politics.
Love that joke.
Big oil just waiting for the frackers to go belly up, and they’ll swoop in for the fire sale.
The last eight years have been worse than the Great Depression. Check out the annual GDP growth from 1929-1939 next to the annual growth rate from 2008-2015.
Oil does not come free from the ground. Drilling & fracking cost money. There is a price point for many drillers where there is no profit in drilling, so they don’t drill.
Saudi Arabia is trying to drive the US drillers out of business & they are having some success at this. These low, low prices are not good for the US in the long run. Iran’s return to the legal market will not help either.
Happily, the terrorists are mostly dependent, directly or indirectly, on oil profits in the ME which are down substantially.
I don’t disagree. I happen to think that Putin and the Saudis want to destroy us and are in league together to do so
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