Oil leaders: OPEC threatening U.S. economy and New Mexico’s lifeblood; Nation has lost 400,000 oil

Discussion in 'Energy' started by bluewill67, Oct 19, 2016.

  1. bluewill67
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    bluewill67 Rookie

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    The complete article is here-> http://rdrnews.com/wordpress/blog/2016/10/08/oil-leaders-opec-threatening-u-s-economy-and-new-mexicos-lifeblood-nation-has-lost-400000-oil-and-gas-jobs-in-past-two-years/

    CARLSBAD — Oil experts say America is under attack by Saudi Arabia and OPEC, but instead of bombs, the OPEC oil cartel is dropping millions of barrels of oil on the U.S. economy in a clear effort to undermine the nation’s oil producers and kill any chance of American energy independence.

    The first to feel the flood of foreign oil into the U.S. are the independent oil producers, whose stripper wells in Texas alone account for 20 percent of the nation’s oil and gas production, said Judy Stark, executive vice president of the The Panhandle Producers & Royalty Owners Association.

    Stark was one of the half dozen speakers at an event of 25 people Sept. 27 in Carlsbad where the Panhandle Import Reduction Initiative, a group of independents seeking import quotas on foreign oil, met to announce their “white paper” that will be presented to the next president.

    “We know OPEC has toyed with our market for many years but what I see coming now is a threat, without a doubt, to our national security,” Stark said. “The Middle East wants control of the U.S. market. When they came out and decided to flood the market with oil and drive U.S. producers out of business, their whole point was to take back their lost market share — our production. They are telling us is they are not going to let us produce our own natural resources. Guess what? They have done a pretty good job.”

    The Sept. 27 Carlsbad meeting was a first battle cry that Dan Fine, a co-founder of the initiative and oil economist with the New Mexico Center for Energy Policy, said won’t be taken up by the nation for two years — when the rest of the country wakes up and finds it is too late to stop OPEC from controlling America’s energy industry.

    “We are pioneers,” Fine said. “My point is, we are sitting here today 18 months to two years ahead of everyone. Sometime in early 2018, the country will discover what we are having a discussion about here today.”

    What’s at stake?

    What’s at stake is some 276 billion barrels of oil reserves now estimated to exist in the United States.
    According to Fine, that number surpasses what Saudi Arabia has and they are terrified. Fine quoted Harold Hamm, CEO of Continental Resources, concerning the shale oil discoveries made in the United States.
    “The United States has increased oil production by an enormous 65 percent over the past five years,” Fine said, quoting Hamm’s statement. “We can and should use our nearly unlimited oil and gas supplies to drive a stake through the heart of OPEC forever.”
     
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  2. Mr. H.
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    Mr. H. Diamond Member

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    Um, no. OPEC is not "dropping millions of barrels of oil on the U.S. economy".

    US Oil Imports From OPEC Down 60 Percent From 2008 Highs

    The U.S. is now exporting domestically produced crude oil for the first time in decades...

    After 40-year ban, U.S. starts exporting crude oil

    As well as natural gas...

    The US enters a brave new world as it begins LNG exports - The Barrel Blog

    Falling oil prices have hurt OPEC countries as well as U.S. producers. But the price is determined by worldwide markets. Hydraulic fracturing in the U.S. is, ironically, one of the reasons prices have plummeted from $120/barrel to $48/barrel today. We produce more U.S. oil, we import less foreign oil. World stocks build, the price falls.

    Next...
     
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  3. HereWeGoAgain
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    HereWeGoAgain Diamond Member

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    How exactly is the US flooding markets when we arent even drilling and in fact have shut down a shitload of wells?
     
  4. Mr. H.
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    Mr. H. Diamond Member

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    I'm entering my 40th year as the president of a small independently-owned company that produces oil from those "stripper wells" that you mentioned above.

    I've been a fierce advocate of our industry for every one of those 14,600 days. Have served on statewide as well as national boards and committees. I've been a part of well-organized lobbying efforts on Capitol Hill. My mug and my words have appeared on radio/tv/newspapers/magazines.

    Few people give a fuck about "what's at stake". Give me a break, bitch.

    In this business, we are at the bottom rung of the ladder. We always have been and we always will be. We have taken it up the ass for generations.

    Never mind that fossil fuels are a "base industry" - the one industry that no others could exist without. Not even the "renewable" industries.

    God may have made a farmer, but that farmer wouldn't have a job without fossil fuels.
     
  5. Mr. H.
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    Mr. H. Diamond Member

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    Did I say the US is "flooding markets"? :slap:

    The US has increased domestic production and has reduced imports from OPEC countries by 60% since fuck-face took office in 2008.

    OPEC oil either goes somewhere else, or it goes into storage (stocks).

    When there is a shit-load of shit, the price of shit goes to shit.

    Rig count in the US plummeted last winter when crude hit $25/barrel. The price has double of recent, and there is somewhat of an uptick in drilling.
     
  6. Mr. H.
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    Mr. H. Diamond Member

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    This is why I hate this message board and why I am infrequent in my postings. Too many stick-stupid fucks.
     
  7. HereWeGoAgain
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    HereWeGoAgain Diamond Member

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    Drilling is still dead in the water.
    Living in Houston and working in the oil industry before retiring I can tell you that the oil industry is worse now than in the eighties crunch.
    Thousands of machine shops no longer exist and friends that are still in the business say it's no better now than when the mess started.
     
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