Posted on 06/22/2018 8:40:12 AM PDT by Proud White Trump Supporter
BREAKING: OPEC countries give in to President Trump's demands, agree to increase oil production by almost 1 million barrels a day - AP
WINNING! @ThomasWictor says the Saudis have been friends with Trump for a while.
Permian basin is giving up $25 bbl for lack of transportation to market. Average cost production is far less than $65 bbl. 1 million bbl is similar in effect to the swing vote deciding an election. Some of the crude oil that has been tucked away for later delivery, anticipating a higher future price based upon a prior supply/ demand trend, will now also appear on the market.
And the price of oil went up.
You think. The shutdowns are beginning to change to "summer blends" so I really doubt this amount will make a dimes difference.
A measly million added barrels? Are you kiddin Red. This added one more drop to a 5 gallon bucket.
It’s got to be the latter.
Any earthquakes going on in Oklahoma? More oil wells per square mile than any state. I hope your economy is booming.
Now, get on John Smith to get after than next NCAA wrestling championship.
1 million bbl meets 1% of the world’s demand.
We have earthquakes but they are getting fewer and fewer. It has been determined that they are not caused by the oil wells and fracking, but by salt water disposal wells in the Arbuckle formation which is the deepist sedimentary formation on Oklahoma just above bed rock. To much water disposed in this formation near falt lines causes premature release of stress in the faults thus causing earthquakes.
The Oklahoma Corporation Commission has taken steps to reduce volumes and in some cases shut down disposal into the Arbuckle and it is haviing a very marked effect on the number and intensity of earthquakes. I suspect it will take a while to rid us of all of them but it is obvious that we are going in the right direction.
The days of Spindletop are gone, sadly. Volume wise, is their really much difference between salt water injection and fracking? The water injection has been done for many decades and people, I mean media idiots, seem to think it is something new.
Huge difference, as most saltwater injection is produced water that is many times greater over the life of a well compared to the amount of water used to frack it.
Also there is no fracking currently done in the Arbuckle formation which is a fractured limestone. The wells that are being fracked are in different formations that are a thousand feet or more above the Arbuckle and pose no danger to the faults in the bedrock.
Some of the formations that are currently being drilled horizontally produce high ratios of water to oil and this has lead to increased use of the Arbuckle for disposal because it readily takes water without much pumping which means less energy and less cost.
Much of the older disposal was done in depleted oil wells in formations that do not contact the bedrock.
The price has gone up since this announcement!
Vermin speculators and billionaires.
“They have plenty of spare capacity: they don’t have the pipelines to deliver it, thanks in part to Warren Buffet, who profits by oil having to be shipped by train.
Vermin speculators and billionaires.‘
So now Warren Buffet is delivering OPEC oil by train? My comment was about OPEC spare capacity.
“US gasoline consumption is 60% of what it was in 2004”
Meanwhile the consumption in the developing countries continues to climb. As a result the world daily demand for oil has increased from 85 million barrels a day to over 99 million barrels a day since 2005. There are a lot of people in China and India that are riding motorcycles and driving cars now instead of riding bicycles.
That will lower gas prices, and the media WILL NEVER give Trump credit for it! The same media slobs who camped out all night, waiting for the gas sign to change to a number starting with 3 so they could blast it all over the news, with a reminder that it was Trump who did it with the ending of the iran deal.
Past my bedtime when I read/posted.
Gas prices dropped by about 10% already and this is Chicago highest priced gasoline in the country. The lowest current price that I have seen is in the $2.50s.
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