Drilled Our Way Out: Oil Falls as U.S. Stockpiles Rise and IEA Sees 2018 Supply Surge

[Weatherman2020]

Obama In 2012: ‘We Can’t Just Drill Our Way To Lower Gas Prices’


Obama in Miami: 'We can't just drill our way to lower gas prices'

Oil Falls as U.S. Stockpiles Rise and IEA Sees 2018 Supply Surge.

The American Petroleum Institute signaled U.S. crude inventories probably climbed a second week, ahead of data from the Energy Information Administration forecast to show a decline. New supplies from OPEC’s rivals will be more than enough to meet growth in demand next year, the IEA said in a report Wednesday.

Oil is extending its slump below $50 a barrel amid speculation increasing U.S. supplies will counter production curbs by the Organization of Petroleum Exporting Countries and allies including non-OPEC member Russia. Output at major American shale fields will reach a record in July, according to the EIA.

“The market tightening intended by OPEC has thus failed to materialize,” Carsten Fritsch, an analyst at Commmerzbank AG in Frankfurt, said in a report. “OPEC will therefore have to cut production further next year to ensure that the oil market is not oversupplied.”

 

[Moonglow]

Notice how it was achieved without drilling in national reserves or govt. leased lands?

 

[Correll]

Obama In 2012: ‘We Can’t Just Drill Our Way To Lower Gas Prices’


Obama in Miami: 'We can't just drill our way to lower gas prices'

Oil Falls as U.S. Stockpiles Rise and IEA Sees 2018 Supply Surge.

The American Petroleum Institute signaled U.S. crude inventories probably climbed a second week, ahead of data from the Energy Information Administration forecast to show a decline. New supplies from OPEC’s rivals will be more than enough to meet growth in demand next year, the IEA said in a report Wednesday.

Oil is extending its slump below $50 a barrel amid speculation increasing U.S. supplies will counter production curbs by the Organization of Petroleum Exporting Countries and allies including non-OPEC member Russia. Output at major American shale fields will reach a record in July, according to the EIA.

“The market tightening intended by OPEC has thus failed to materialize,” Carsten Fritsch, an analyst at Commmerzbank AG in Frankfurt, said in a report. “OPEC will therefore have to cut production further next year to ensure that the oil market is not oversupplied.”

This will have positive effects though out the economy.


Hey! How much you want to be no reporter will EVER ask Obama about that?

 

[Weatherman2020]

Notice how it was achieved without drilling in national reserves or govt. leased lands?

You are joking, right?

 

[Moonglow]

Notice how it was achieved without drilling in national reserves or govt. leased lands?

You are joking, right?

Nope, the big cry from the right was the desire to use federal lands to drill on and Oblama denying them the ability.

Oil, gas production on federal land tanked under Obama

 

[Moonglow]

I am having a negative reaction from low oil prices, less oil and gas royalty checks..

 

[Weatherman2020]

Notice how it was achieved without drilling in national reserves or govt. leased lands?

You are joking, right?

Nope, the big cry from the right was the desire to use federal lands to drill on and Oblama denying them the ability.

Oil, gas production on federal land tanked under Obama

Production only went down because WE DRILLED OUR WAY OUT OF THE PROBLEM and prices were too low to add to the inventory.

 

[Moonglow]

Notice how it was achieved without drilling in national reserves or govt. leased lands?

You are joking, right?

Nope, the big cry from the right was the desire to use federal lands to drill on and Oblama denying them the ability.

Oil, gas production on federal land tanked under Obama

Production only went down because WE DRILLED OUR WAY OUT OF THE PROBLEM and prices were too low to add to the inventory.

And just how did private enterprise accomplish such a feat with little to no profit?

 

[BlackFlag]

Bad news for coal

 

[busybee01]

There may be another reason that oil stockpiles are growing. Weak growth. The economy is still growing slowly and the demand for oil is dropping.

 

[RoshawnMarkwees]

Notice how it was achieved without drilling in national reserves or govt. leased lands?

Notice how those counterproductive restrictions forced the hand of fracking technology?

 

[RoshawnMarkwees]

Bad news for coal

Not really. Oil isn't used as widely for electricity generation.

 

[RoshawnMarkwees]

There may be another reason that oil stockpiles are growing. Weak growth. The economy is still growing slowly and the demand for oil is dropping.

Cheaper energy will reverse slow growth via the same dynamic of overpriced energy causing slow growth.

 

[busybee01]

There may be another reason that oil stockpiles are growing. Weak growth. The economy is still growing slowly and the demand for oil is dropping.

Cheaper energy will reverse slow growth via the same dynamic of overpriced energy causing slow growth.

The trouble is that the price of oil has not been high enough to slow growth. If people do not feel confident, they will not spend. That may be a better indicator than polls of consumer confidence.

 

[TomParks]

Cheap energy is one piece of the puzzle to growth....lowering the corporate tax is another huge step

 

[RoshawnMarkwees]

There may be another reason that oil stockpiles are growing. Weak growth. The economy is still growing slowly and the demand for oil is dropping.

Cheaper energy will reverse slow growth via the same dynamic of overpriced energy causing slow growth.

The trouble is that the price of oil has not been high enough to slow growth. If people do not feel confident, they will not spend. That may be a better indicator than polls of consumer confidence.

But the price was high enough for seven years that it still has impact. Wages have not kept pace and still have not rebounded sufficiently. That's what inhibits consumer confidence. Energy needs to stay low before any significant longer term impact can be realized.

 

[Weatherman2020]

Notice how it was achieved without drilling in national reserves or govt. leased lands?

You are joking, right?

Nope, the big cry from the right was the desire to use federal lands to drill on and Oblama denying them the ability.

Oil, gas production on federal land tanked under Obama

Production only went down because WE DRILLED OUR WAY OUT OF THE PROBLEM and prices were too low to add to the inventory.

And just how did private enterprise accomplish such a feat with little to no profit?

Ya, big oil has no profit margin. Run with it.

 

[Weatherman2020]

Bad news for coal

Coal and oil are not interchangeable. Each utilizes specific equipment.

 

[Weatherman2020]

There may be another reason that oil stockpiles are growing. Weak growth. The economy is still growing slowly and the demand for oil is dropping.

Cheaper energy will reverse slow growth via the same dynamic of overpriced energy causing slow growth.

The trouble is that the price of oil has not been high enough to slow growth. If people do not feel confident, they will not spend. That may be a better indicator than polls of consumer confidence.

Stock market took off the day after the election. Confidence is there. For now.