Posted on 10/13/2015 6:58:56 AM PDT by Lorianne
I believe as many Freepers have speculated this is designed to weaken US producers so Buffet or his ilk swoop in to buy up their finds and gain control over US production
I have family in the oil business. Cheap oil is costing lots of jobs in the industry.
So the oil is still there just not profitable right now? With the way things are going in the middle east it might be a good investment at today's rates.
Yeah, I was thinking that all it would take would be a shooting war .... oh, wait.
Oil pumped out of the ground in Saudi Arabia was around $20-30/barrel to produce, while oil sands are closer to $70/barrel to produce - and that’s with fracking technologies that made it cheaper.
Yes, it is better to buy from Canada than the Middle East, but customers prefer lower prices in general.
Only hoping this does not result in the election of that leftist butthead Justin Trudeau.
Oil sands do not use fracking, as the sludge do not flow; they strip-mine the oil-soaked dirt with massive scoops and conveyors.
Wait till the first Russian plane gets shot down, thanks to Bamster arming his buddies al-Qaeda ...oil prices will shoot up again.
“Our Friends” the Saudi’s are pumping oil at the same rate. They have decided they can drive the price of oil down and with a little help from the Greens, put fracking out of business.
That would be correct. It costs more to extract the oil than it will sell for.
Petroleum extraction in the Arctic region shows the highest breakeven price of $75 per barrel. On the other hand, Middle Eastern countries have the lowest price at $27 per barrel. US shale oil producers have a breakeven price of $65 per barrel.
Saudi is like China, their labor costs are nothing compared to us.
And yet why would it need to be just Buffett, why not someone like Trump. Trillionaire anyone? And it would be in friendlier hands.
That may be true but oil sands extraction is completely different from fracking ... much more expensive.
The Oil will still be there when price goes up ,money in the Bank
As much as he has done and with all that is on the air how would he do that??
Besides, when he is Prez all of his assets go into trust, he has nothing to do with them...
If he were through them to somehow become that which he is not, your point may be valid...
Unfortunately I feel the real nature of your comment is envy at his success as you measured in Trillions...
What does that have to do with this?
Please, Envy is a major sin...
The greens don’t like oil sand either. The are waiting on unicorn milk.
I don’t think the Greens have anything to do with this. These are business decisions.
Temporary only. Those resources are not going anywhere, and will be ready when prices return or added technology is begun.
Yes when oil price is high enough it will make good business sense to pursue those resources. It doesn’t make sense right now.
It really does not matter what “greens” or anyone else thinks. It is simply a business decision.
it was just my opinion.
time and the Saudi output will prove me right or wrong.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.