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[speculawyer]

They want the small time frakers to go bust and they will at this rate its a very risky and expensive method of extracting oil that yields far fewer barrels and wells dry quicker. Don't get used to to cheap gas the Saudis are just trying their hardest to turn back time in their direction.

But this just doesn't work. Sure, you might be able to bankrupt some current companies. But as soon as the oil price rises, there will be new investors ready to fund more drilling.

 

[Boom Boom Pow]

But this just doesn't work. Sure, you might be able to bankrupt some current companies. But as soon as the oil price rises, there will be new investors ready to fund more drilling.

which is why this is more about harming Iran & Russia than most likely US shale production

 

[East Lake]

Yours are monthly barrels Drake his are daily, and both are in thousands, so multiply by 1000 to get the real number. 6.24 million barrels per day net import.

 

[Boom Boom Pow]

Yours are monthly barrels Drake his are daily, and both are in thousands, so multiply by 1000 to get the real number. 6.24 million barrels per day net import.

No, take a look at this

http://www.eia.gov/dnav/pet/pet_move_wkly_dc_NUS-Z00_mbblpd_w.htm

7 million crude import per week so about 1 million net per day. 6 million export. 7 million import

 

[nephilimdj]

Care less about who is stabbing who in the back

But happy to see petrol finally come back down, last 15 years have been brutal to my wallet

 

[East Lake]

No, take a look at this

http://www.eia.gov/dnav/pet/pet_move_wkly_dc_NUS-Z00_mbblpd_w.htm

7 million crude import per week so about 1 million net per day. 6 million export. 7 million import

You're looking at the bpd average over a week, not the week's total.

 

[Boom Boom Pow]

You're looking at the bpd average over a week, not the week's total.

ah you're correct. so about 7 million a day

 

[andthebeatgoeson]

This is a move to hurt american newfound production. If oil price keep going lower, all the investment in American Companies which sell gas won't be able to come back and they'll have an hard time if not downright collapse. Sadly, south america and smaller OPEC countries get fucked as an aftermath too.

They still poisoning the water? I'm okay with this.

 

[East Lake]

ah you're correct. so about 7 million a day

If you look at the graph they have there from 1991 to now it's still a lot lower than it was.

Article about the future.

The recent surge of U.S. oil and natural gas production has been nothing short of astonishing. For the past three years, the United States has been the world’s fastest-growing hydrocarbon producer, and the trend is not likely to stop anytime soon. U.S. natural gas production has risen by 25 percent since 2010, and the only reason it has temporarily stalled is that investments are required to facilitate further growth. Having already outstripped Russia as the world’s largest gas producer, by the end of the decade, the United States will become one of the world’s largest gas exporters, fundamentally changing pricing and trade patterns in global energy markets. U.S. oil production, meanwhile, has grown by 60 percent since 2008, climbing by three million barrels a day to more than eight million barrels a day. Within a couple of years, it will exceed its old record level of almost ten million barrels a day as the United States overtakes Russia and Saudi Arabia and becomes the world’s largest oil producer. And U.S. production of natural gas liquids, such as propane and butane, has already grown by one million barrels per day and should grow by another million soon.

What is unfolding in reaction is nothing less than a paradigm shift in thinking about hydrocarbons. A decade ago, there was a near-global consensus that U.S. (and, for that matter, non-OPEC) production was in inexorable decline. Today, most serious analysts are confident that it will continue to grow. The growth is occurring, to boot, at a time when U.S. oil consumption is falling. (Forget peak oil production; given a combination of efficiency gains, environmental concerns, and substitution by natural gas, what is foreseeable is peak oil demand.) And to cap things off, the costs of finding and producing oil and gas in shale and tight rock formations are steadily going down and will drop even more in the years to come.

http://www.foreignaffairs.com/articles/141202/edward-l-morse/welcome-to-the-revolution

 

[speculawyer]

WTI dropped 10% today. Wow. Thats amazing. Texas and North Dakota are going to hit a brick wall as a lot of investment money that had been flowing in is shut off.

Of course they are in great shape compared to places like Venezuela and Nigeria. Putin feeling the pain too . . . good. And I hope this pushes the Iranians to make a deal.

 

[NYCmetsfan]

WTI dropped 10% today. Wow. Thats amazing. Texas and North Dakota are going to hit a brick wall as a lot of investment money that had been flowing in is shut off.

Of course they are in great shape compared to places like Venezuela and Nigeria. Putin feeling the pain too . . . good. And I hope this pushes the Iranians to make a deal.

GOP hatred for the government in those areas to dial back a bit... (not publicly of course)

 

[ShowDog]

This is fantastic. If the price keeps falling I'll be taking camping road trips around the country and running my convertible into the ground.

 

[Wellscha]

$1.50 a gallon, it's coming. I can feel it in my bones.

 

[gcubed]

people talk about peak oil demand nowadays. If that comes to pass, and the dollar keeps strengthening with oil dropping... besides Russia and Venezula, a few US states will be fucked

 

[Krassus]

Came to this thread for cheap gas but im staying for the pics of GW Bush and our bro Putin.