And, top it off, this genuinely good man was an Aggie!
Posted on 12/18/2014 1:16:24 PM PST by Up Yours Marxists
Crude oil production from U.S. wells is poised to approach a 42-year record next year as drillers ignore the recent decline in price pointing them in the opposite direction.
U.S. energy producers plan to pump more crude in 2015 as declining equipment costs and enhanced drilling techniques more than offset the collapse in oil markets, said Troy Eckard, whose Eckard Global owns stakes in more than 260 North Dakota shale wells.
Oil companies, while trimming 2015 budgets to cope with the lowest crude prices in five years, are also shifting their focus to their most-prolific, lowest-cost fields, which means extracting more oil with fewer drilling rigs, said Goldman Sachs. Global giant Exxon Mobil, the largest U.S. energy company, will increase oil production next year by the biggest margin since 2010. So far, the Organization of Petroleum Exporting Countries’ month-old bet that American drillers would be crushed by cratering prices has been a bust.
(Excerpt) Read more at sltrib.com ...
Ping.
Nice chance to build up the oil reserves at garage sale prices.
Never happen with the current administration. Makes too much sense and it would good for the country.
How many barrels of oil do you think the SPR should hold?
How many days of OPEC imports would be the “right” amount?
Debt interest payments don’t go away just because your revenues are down. They kind of have to make it up in volume. Until prices fall below cash costs, oil producers will pump as much as they can to service their debt. For some, dividends will have to be cut or zeroed out. Chapter 11 filings are probably being prepared for some of the ones that borrowed too much money for them to be solvent at $70 oil.
SPR at 95% the last time I checked. Not sure if this is the practical limit or can it go more?
Really thinking about those 55 gal barrels I have sitting in storage.
When prices were >$100, people were starting to worry about too much debt by some producers.
http://fuelfix.com/blog/2014/06/30/shales-junk-debt-at-risk-if-fed-raises-rates/
It is a lot more serious concern with that debt and oil today approaching half that price.
Really think about large storage of flammable material.
Oil and gasoline prices are down, which has allowed me, and undoubtedly many millions of Americans, to drive more to more places where I spend more of the money I’m saving on fuel.
I can’t think of a better stimulus to the economy than the much lower fuel prices of the past year or so.
The oil companies will sell more fuel, and perhaps even make up their losses from the lower petroleum prices. The economy should benefit greatly via the money left in people’s pockets and in businesses’ bank accounts.
This petro-fueled stimulus will make the crapulus from Obama seem like a drop in the bucket. This stimulus could last for many years.
There’s no doubt that the evil trio of hussein/Soros/Buffett are behind these gyrating oil prices in an attempt to disrupt the economies of the energy states, the states that are most reliably Conservative: Texas, Louisiana, Oklahoma and North Dakota. I’m already seeing evidence of the damage inflicted by hussein and his cabal here. The restaurants, normally busy as we approach Christmas, have half-filled parking lots. I can only imagine the even worse suffering in places like Midland and Odessa, Texas. This is all part of hussein’s plan to establish a caliphate in America under the control of his OPEC masters.
Don’t know the answers to your questions, but it would not surprise me to learn that Obama has announced his intention to strategically sell off some oil from the SPR right now while the price of crude is such a bargain!
Exxon is gunning to become the only oil company in the West.
;-)
No problem for me! I've long been a shareholder in XOM and I want them to prosper. But hussein's machinations are making it hard on them. His goal is to destroy America's domestic energy corporations so that our Republic is 100% reliant on his OPEC masters, his fellow mooselimbs. Ted Cruz will right the ship in 2017 but he'll have a tough task ashed to undo the economic turmoil wrought by hussein/Soros/Buffett. The burdensome regulations and kowtowing to unions by that trio are killing profits.
I’m reading the book “Frackers” to get an idea of how this all happened. Exxon and other large companies were not interested in shale for a long time.
Mitchell Energy came up with the idea that the Barnett shale under Dallas-Fort Worth held valuable natural gas. The owner decided to pursue it when he was 63. By the time he was proven correct and became wealthy, he was 79 with a wife with Alzheimer’s. The American dream blossoms when most of us retire. In this case, he helped change the world.
http://en.wikipedia.org/wiki/George_P._Mitchell
George Phydias Mitchell (May 21, 1919 – July 26, 2013) was an American businessman, real estate developer and philanthropist from Texas credited with pioneering the economic extraction of shale gas.[2]
According to The Economist, “few businesspeople have done as much to change the world as George Mitchell.”[3]
Prayers answered, America”s shale boom industry shall survive and become much stronger in the face of those who want to undermine it.
Opecs desission to destroy America’s shale industry to undercut the price of oil did just the opposite, it made the oil rigging and drilling equipment cheaper that off sets any cut in the price of oil.
Take that OPEC and Russia.
The God of Israel lives !
And, top it off, this genuinely good man was an Aggie!
Go Israel go! Go America go! Go FR go! Woo hoo!
A side bonus for the government in high selling volume of oil and gasoline is more revenues being added to the government to pay down debt, service the budget.
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