THANK YOU!!!
Posted on 12/15/2018 10:35:09 AM PST by DUMBGRUNT
Many U.S. producers say they can turn a profit at $50 a barrel and even as low as $30 in the Permian’s most productive regions. Yet most OPEC members need prices ranging between $70 and $90 per barrel to balance their budgets. The cartel scaled back output in 2016, but shale producers roared back as prices recovered. *** Barack Obama, hilariously, is now claiming credit for the shale boom. “You know that whole suddenly America’s like the biggest oil producer . . . that was me, people,” he said last month at Rice University. But drilling leases on federal land declined 28% during his two terms amid new restrictions on land use. Drilling skyrocketed on private land, despite attempts by his regulators to block pipelines, slow down approvals, and impose higher costs on production. ...Politicians in the past have sought to secure American energy independence with price controls, ethanol mandates and the oil export ban. But they and OPEC should note that America owes its new energy prosperity to industry innovation, private property, and the free market.
(Excerpt) Read more at wsj.com ...
The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters. Gregory Zuckerman
Things looked grim for American energy in 2006, but a handful of wildcatters were determined to tap massive deposits of oil and gas that giants like Exxon and Chevron had ignored. They risked everything on a new process called fracking. Within a few years, they solved America’s dependence on imported energy, triggered a global environmental controversy, and made and lost astonishing fortunes.
No one understands the frackers—their ambitions, personalities, and foibles—better than Wall Street Journal reporter Gregory Zuckerman. His exclusive access drives this dramatic narrative, which stretches from North Dakota to Texas to Wall Street.
Read an article in Bloomberg..there putting eight rig on a spot instead of two and drilling ...eight different depths for the shale and it is twenty five percent cheaper..and a lot more oil faster..
Here is a copy of the article that is not behind a paywall:
https://johnib.wordpress.com/2018/12/15/how-america-broke-opec/
If you do not include the the fracking jobs that were created in Texas, Colorado and North Dakota, the US did slide into a depression during the Obama era.
Obama - The Democrats premier liar
(that will leave Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela)
Just like US!
That right there proves the Russian collusion is bs.
He is hurting them worse than any president since Reagan.
From 1946-1992, the Bretton Woods agreement was a strategic alliance whereby the United States by the guarantor of open shipping lanes, offer finance and agree to reduced tariffs.
Even if the trade did not benefit the US directly, it did benefit it’s associate countries which promoted stability. It was, essentially, an alliance built out of bribes.
Countries who signed on had to “pick a side” (the US), abandon it’s old colonial structures (which resulted in countless wars for resources) and sign up for various trade & military treaties. The result was that old enemies no longer had an incentive to fight openly but instead take their arguments to the courts or negotiating table.
It worked. By 1992, a large chunk of the world signed up to deal the biggest of which was flipping China to the west. Countries rebuilt from their wars and enhanced their standard of living.
But Bretton Woods had outlived it usefulness. The cold war was over and the US realized it was time to reassert itself by slowly breaking away from the compact.
When the current system goes teets up, America will become the “least dirtiest shirt in the hamper”.
1. Protecting the world’s sea lanes
2. Has cheap energy prices...and is now an exporter
3. A history or property rights
4. Rule of law
5. Inputs, through-puts and Outputs
6. A safe place to build your factories, store your assets and safeguard your patents
7. Extensive navigable river systems which are connected to a central port
8. Productive agriculture lands which feeds the world
9. Source of customers, finance and investors
10. A productive demographic which has an upcoming replacement generation (where other places do not).
11. A place where if you want these benefits, you’ll have to offer a “gift”.
“Saudi Arabia has the lowest oil production costs in the world thanks to three advantages: Abundant pools of oil close to the surface and the sea, public ownership and no taxes on production.
Because of that, it can make money in almost any oil price environment. This state of affairs is the prize that the United States has long coveted, and vied with other countries to claim.
The cost is also low in Iran and Iraq ($10), but higher than $19 in Russia and $23.33 in the U.S. There isn’t one generally acceptable estimate of these costs. More recent estimates put the cost of production per barrel to exceed $60 dollars in the United States.”
There really ought to be an impressive statue erected on the Texas Capitol grounds of a roughneck on a drilling rig. Texas should celebrate the phenomenal success of our oil industry, and we certainly should make the point that Obama did everything he could to shut it down.
The same gang operates here, it's called the DNC.
Sorry Barry, but you didn't build that - someone else did.
Drill, baby, drill.
THANK YOU!!!
Obama wouldn’t have done it. Obama must have been buddies with Putin.
Obama’s claim that HE IS responsible for America’s oil resurgence PROVES that he is a reprobate and a liar.
Obama’s claim that HE IS responsible for America’s oil resurgence PROVES that he is a reprobate and a liar.
= = = = = = = = = = =
You have to ‘understand’ the LIB mindset/thought(?) process.
BO figures he was lauded and got by with blaming BUSH for everything that was a little bit awry for 8 years.
So, in his warped mind, he figures he is justified in taking credit for every/anything that is right for the next 20 or so years.
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