As If We Didn't Know

[Billy_Kinetta]

Obama must be flabbergasted and stuff.

US oil reserves surpass those of Saudi Arabia and Russia - FT.com

 

[Moonglow]

Surely Oblama has treated the oil industry better than Reagan did..

 

[Weatherman2020]

Obama must be flabbergasted and stuff.

US oil reserves surpass those of Saudi Arabia and Russia - FT.com

Fraking has broken the chains to the Islamfascists.

 

[william the wie]

This also means that oil will test the $10-30/bbl barrier before the election

 

[Weatherman2020]

This also means that oil will test the $10-30/bbl barrier before the election

Which means a crashing economy.

But fact is no one is fracking with prices so low.

 

[william the wie]

This also means that oil will test the $10-30/bbl barrier before the election

Which means a crashing economy.

But fact is no one is fracking with prices so low.

I've seen the same sources who claim that but while the average producer may have a breakeven point of $50/bbl actual stats taken from seven real wells by Bloomberg found a well with BE below $30 and another below $40. That appeard to be an EBITDA breakeven of around $20/bbl. With a ton of proved reserves coming out of bankruptcy Bond trustees will have to hire drilling contractors to get any returns.for bondholders and that means any price above $20/bbl is a good price.

 

[Mr. H.]

That EIA reserves determination could not have taken into account our east coast OCS because... it's off limits.

As is the eastern GOM.

As is the west coast OCS.

As is ANWR.

Fuck Obama, fuck Liberals, Fuck Communists, Fuck Environmentalists, Fuck Socialists, Fuck Democrats.

And Fuck the Ass-Fucking Farmer.

God didn't make a Farmer. The Farmer is Satan's spawn.