Oil Slick Stuff

Sort by newest Sort by date
Note- Halliburton posted much better than expected earnings today- as a result of laying off 9,000 oil field related U.S. workers and cutting expenses.

Halliburton profit surges past expectations as cost cuts pay off - Yahoo Finance

It now looks like the number of active drilling operations has dropped by more than 40% over a year ago.

So...that old "Drill-baby-drill" is NOT happening- not because of any government push back, but simply because of MARKET FORCES.

Since the price of oil is down, there is no longer the same demand for new wells, and therefore the number of new wells is falling.

With the decline in U.S. Consumption (due in large part to much higher EPA fuel economy standards), and the lowering of the price of oil- it jsut makes more economic sense right now to LEAVE IT IN THE GROUND.


At least until demand/production balance out again, and prices begin to climb.

See how that free market thing works?

No need to open new East Coast off-shore rigs, eh? When thousands of leases issued by the Federal Government in the Gulf of Mexico lie idle and unused.
 
When Gasoline is cheap DEMAND should be HIGH, and supply needs to follow suit or the price will rise. So someone wants price to go up, who could that be? The Government gets more taxes when demand is high and more is pumped. Federal Tax is around 18% a gallon States vary but really I don't want to live in Taxafornia!
 
Oil retreats off 2015 highs, Iraq exports hit record
By Ron Bousso
LONDON (Reuters) - Oil prices edged lower on Friday, easing off 2015 highs after Iraq said its crude oil exports hit a record in April, keeping Middle East production well above demand.
The two crude global benchmarks rose between 20 and 25 percent in April, helped by a weaker dollar and bets that a supply glut would ease, following the June-to-January sell-off that halved prices from above $100 a barrel.
But signs of an increasing supply glut are growing.
Iraq's oil exports rose in April to a record 3.08 million barrels per day (bpd) from 2.98 mln bpd in the previous month, the oil ministry said on Friday.
[more]
Oil retreats off 2015 highs, Iraq exports hit record - Yahoo Finance
 
$2,69-.79 here in Pahonicks. Up over $.50 in three weeks but still over a buck cheaper than to the west. Excuse is a fire in the Torrance, CA refinery.
 
PessOptimist said:
$2,69-.79 here in Pahonicks. Up over $.50 in three weeks but still over a buck cheaper than to the west. Excuse is a fire in the Torrance, CA refinery.
Click to expand...
It's been headed up everywhere mainly due to the decline in the DOLLAR. That should turn around because of the EU following our tail and printing money (QE) like it's going out of style like we did, But it really hasn't taken hold at this point in time, when it does EU currencies will drop like a lead balloon and the DOLLAR will spike to new highs causing the price of oil and gas to drop probably below $40 a barrel for crude. Who said that? I said that!oilrig.gifgaspump2.gif
 
E10 averaging $2.44 a gallon in BPGA, I can deal with that but if it gets over $2.50 a gallon I'm PISSED!MASSAGE.gif
 
You must log in or register to reply here.
Back
Top