We need to end the oil price war. Our economy does not need this right now and we must not become dependent on foreign oil.

[RandomPoster]

Russia refuses to curb their oil production, which has caused Saudi Arabia to ramp up production. We can not allow the American fracking industry and domestic oil production to be devastated during the impending economic crisis resulting the government imposed shutdown. It will simply make the problem worse. If we simply end economic sanctions on Russia, this entire catastrophe can be averted. We end economic sanctions on Russia, they curb oil production, Saudi Arabia curbs oil production, American oil workers keep their jobs, and we remain energy independent.

 

[toobfreak]

Russia refuses to curb their oil production, which has caused Saudi Arabia to ramp up production. We can not allow the American fracking industry and domestic oil production to be devastated during the impending economic crisis resulting the government imposed shutdown. It will simply make the problem worse. If we simply end economic sanctions on Russia, this entire catastrophe can be averted. We end economic sanctions on Russia, they curb oil production, Saudi Arabia curbs oil production, American oil workers keep their jobs, and we remain energy independent.

So, Manifest Destiny? What is good for us outweighs what Russia or Arabia does in its own interests for its own people? Long live American Imperialism!

 

[Toro]

Russia won't curb oil production. They never have. That's why Saudi retaliated. Russia wasn't abiding by their agreement with OPEC. Saudi's retaliation befits a 30-something year-old hothead trying to be a Big Swinging Dick, which is MBS. But Russia isn't going to cut production whether we lift sanctions or not.

I can't imagine this price war lasting too long. Saudi can end this. Russia can't increase production much. Saudi can, but not by as much as they claim. Let's see if Trump's newfound friendship with MBS can bring Saudi back to the table by the fall. Because if there's a depression in Texas, it's hard to see Trump being re-elected if Texas turns blue.

 

[Deplorable Yankee]

Russia refuses to curb their oil production, which has caused Saudi Arabia to ramp up production. We can not allow the American fracking industry and domestic oil production to be devastated during the impending economic crisis resulting the government imposed shutdown. It will simply make the problem worse. If we simply end economic sanctions on Russia, this entire catastrophe can be averted. We end economic sanctions on Russia, they curb oil production, Saudi Arabia curbs oil production, American oil workers keep their jobs, and we remain energy independent.

Last time frackers had to shut down because they caused prices to dramatically fall ...some rigs were shut down ...and then It was more costly to operate ....operational cost of frakking are way down ....it doesnt matter to much ...its like a balance ....an american contol valve if you will...


One of the goals of the Saudis and the russians is to make the other one scream uncle through economic pain ...and
Of course it probably will hurt industry related jobs state side at what couldnt be a worse time for it ....

I know the price used to be something like 35,to 55 bucks a barrel for frakers to keep rigs going
It's much lower than that today ...


These operations are easily shut down and restarted ....just like we have already seen in the very recent past ...theAmerican oil industry is resilient and they move lightning fast


Eventually oil prices will rise again that's where the American valve comes in ...theyll never get out of control as long as we keep fracking....the days of high oil prices were officially called off after the wildcatters crashed prices the first time...


It's over for the sand ******* and russians ...as long as that American valve can turn on and off ...you'll never see em again...like astronomically high and 4 dollar obama gas.
99 cent gas niggas ...1.60 for super

Saudis trailer trash terrorists of the desert...the lot of em ...I say we kill them all with Hydrogen bombs !

Ya gotta look at the positive side ....low fuel prices will help when we try to kick start this economy back up

 

[Toro]

Russia refuses to curb their oil production, which has caused Saudi Arabia to ramp up production. We can not allow the American fracking industry and domestic oil production to be devastated during the impending economic crisis resulting the government imposed shutdown. It will simply make the problem worse. If we simply end economic sanctions on Russia, this entire catastrophe can be averted. We end economic sanctions on Russia, they curb oil production, Saudi Arabia curbs oil production, American oil workers keep their jobs, and we remain energy independent.

Last time frackers had to shut down because they caused prices to dramatically fall ...some rigs were shut down ...and then It was more costly to operate ....operational cost of frakking are way down ....it doesnt matter to much ...its like a balance ....an american contol valve if you will...


One of the goals of the Saudis and the russians is to make the other one scream uncle through economic pain ...and
Of course it probably will hurt industry related jobs state side at what couldnt be a worse time for it ....

I know the price used to be something like 35,to 55 bucks a barrel for frakers to keep rigs going
It's much lower than that today ...


These operations are easily shut down and restarted ....just like we have already seen in the very recent past ...theAmerican oil industry is resilient and they move lightning fast


Eventually oil prices will rise again that's where the American valve comes in ...theyll never get out of control as long as we keep fracking....the days of high oil prices were officially called off after the wildcatters crashed prices the first time...


It's over for the sand ******* and russians ...as long as that American valve can turn on and off ...you'll never see em again...like astronomically high and 4 dollar obama gas.
99 cent gas niggas ...1.60 for super

Saudis trailer trash terrorists of the desert...the lot of em ...I say we kill them all with Hydrogen bombs !

Ya gotta look at the positive side ....low fuel prices will help when we try to kick start this economy back up

Production may not come back for a long time.

The problem with the fracking revolution is that it was an energy wonder story but a capital disaster.

A lot of capital went into the basins buying growth acreage that the investors wanted to eventually start producing then either sell to the mid-tiers or the majors. The problem is that many of those projects are uneconomic, even at $60/bbl. Much of the capital expansion was funded by private equity and in the high yield market. Now, there is going to be a wave of bankruptcies, and that capital isn't coming back for a long time. Decline rates in a lot of those fields are 40-80%. In a few years, they are going to be depleted. They need constant capital investment. But the capital is not being returned to the owners, let alone a return on capital to the owners. So that capital is being turned off now.

Production in this country went up by 4-5 million barrels a day in something like five years. In a world that consumes 100 million barrels a day, that's a lot. So if you're Russia, you are rightly asking yourself "Why should I curtail production when it's just being taken by American producers?" The US is the global swing producer. It will take the brunt of the fall-out.

The break-even price of oil for the Russian state is about $45. It's $40 for Saudi Aramco, and $80 for the Saudi state. WTI needs to be $50-$60 for a reasonable return in the US. Oil will stay below $30 for the rest of the year, but some time next year will go back up to $50 because Russia and Saudi Arabia can't keep it that low. Unless President Trump can use his super-awesome negotiating skills to bring them back to the table and strike a deal before the election.

 

[there4eyeM]

One thing we have to avoid at all costs is anything that would replace filthy, unrenewable energy sources.

 

[Deplorable Yankee]

Russia refuses to curb their oil production, which has caused Saudi Arabia to ramp up production. We can not allow the American fracking industry and domestic oil production to be devastated during the impending economic crisis resulting the government imposed shutdown. It will simply make the problem worse. If we simply end economic sanctions on Russia, this entire catastrophe can be averted. We end economic sanctions on Russia, they curb oil production, Saudi Arabia curbs oil production, American oil workers keep their jobs, and we remain energy independent.

Last time frackers had to shut down because they caused prices to dramatically fall ...some rigs were shut down ...and then It was more costly to operate ....operational cost of frakking are way down ....it doesnt matter to much ...its like a balance ....an american contol valve if you will...


One of the goals of the Saudis and the russians is to make the other one scream uncle through economic pain ...and
Of course it probably will hurt industry related jobs state side at what couldnt be a worse time for it ....

I know the price used to be something like 35,to 55 bucks a barrel for frakers to keep rigs going
It's much lower than that today ...


These operations are easily shut down and restarted ....just like we have already seen in the very recent past ...theAmerican oil industry is resilient and they move lightning fast


Eventually oil prices will rise again that's where the American valve comes in ...theyll never get out of control as long as we keep fracking....the days of high oil prices were officially called off after the wildcatters crashed prices the first time...


It's over for the sand ******* and russians ...as long as that American valve can turn on and off ...you'll never see em again...like astronomically high and 4 dollar obama gas.
99 cent gas niggas ...1.60 for super

Saudis trailer trash terrorists of the desert...the lot of em ...I say we kill them all with Hydrogen bombs !

Ya gotta look at the positive side ....low fuel prices will help when we try to kick start this economy back up

Production may not come back for a long time.

The problem with the fracking revolution is that it was an energy wonder story but a capital disaster.

A lot of capital went into the basins buying growth acreage that the investors wanted to eventually start producing then either sell to the mid-tiers or the majors. The problem is that many of those projects are uneconomic, even at $60/bbl. Much of the capital expansion was funded by private equity and in the high yield market. Now, there is going to be a wave of bankruptcies, and that capital isn't coming back for a long time. Decline rates in a lot of those fields are 40-80%. In a few years, they are going to be depleted. They need constant capital investment. But the capital is not being returned to the owners, let alone a return on capital to the owners. So that capital is being turned off now.

Production in this country went up by 4-5 million barrels a day in something like five years. In a world that consumes 100 million barrels a day, that's a lot. So if you're Russia, you are rightly asking yourself "Why should I curtail production when it's just being taken by American producers?" The US is the global swing producer. It will take the brunt of the fall-out.

The break-even price of oil for the Russian state is about $45. It's $40 for Saudi Aramco, and $80 for the Saudi state. WTI needs to be $50-$60 for a reasonable return in the US. Oil will stay below $30 for the rest of the year, but some time next year will go back up to $50 because Russia and Saudi Arabia can't keep it that low. Unless President Trump can use his super-awesome negotiating skills to bring them back to the table and strike a deal before the election.

I think you're a little off thier ...I know about the "land snatching" the snapping up of fields and sites to and the shenanigans that went on

Depletion we dont see much yet ...in Penn and ohio they dont ....new york is not even 2 % tapped...ya never know one day it could change overnight ...youre sitting on shitloads of exploitable cheap energy in the north east alone

 

[evenflow1969]

Russia refuses to curb their oil production, which has caused Saudi Arabia to ramp up production. We can not allow the American fracking industry and domestic oil production to be devastated during the impending economic crisis resulting the government imposed shutdown. It will simply make the problem worse. If we simply end economic sanctions on Russia, this entire catastrophe can be averted. We end economic sanctions on Russia, they curb oil production, Saudi Arabia curbs oil production, American oil workers keep their jobs, and we remain energy independent.

This is temporary. Sooner or later they will want to raise the price of oil for thier own profits and our oil then again becomes usefull. I wnet thirty years with no check from the gas and oil company and survived. Thats free market for ya. The oil and gas will be there when we go after it.

 

[Siete]

maybe the oil boys can come up with another way to get oil out of the ground by using the most expensive way they can find -

FRACK EM

 

[Toro]

Russia refuses to curb their oil production, which has caused Saudi Arabia to ramp up production. We can not allow the American fracking industry and domestic oil production to be devastated during the impending economic crisis resulting the government imposed shutdown. It will simply make the problem worse. If we simply end economic sanctions on Russia, this entire catastrophe can be averted. We end economic sanctions on Russia, they curb oil production, Saudi Arabia curbs oil production, American oil workers keep their jobs, and we remain energy independent.

Last time frackers had to shut down because they caused prices to dramatically fall ...some rigs were shut down ...and then It was more costly to operate ....operational cost of frakking are way down ....it doesnt matter to much ...its like a balance ....an american contol valve if you will...


One of the goals of the Saudis and the russians is to make the other one scream uncle through economic pain ...and
Of course it probably will hurt industry related jobs state side at what couldnt be a worse time for it ....

I know the price used to be something like 35,to 55 bucks a barrel for frakers to keep rigs going
It's much lower than that today ...


These operations are easily shut down and restarted ....just like we have already seen in the very recent past ...theAmerican oil industry is resilient and they move lightning fast


Eventually oil prices will rise again that's where the American valve comes in ...theyll never get out of control as long as we keep fracking....the days of high oil prices were officially called off after the wildcatters crashed prices the first time...


It's over for the sand ******* and russians ...as long as that American valve can turn on and off ...you'll never see em again...like astronomically high and 4 dollar obama gas.
99 cent gas niggas ...1.60 for super

Saudis trailer trash terrorists of the desert...the lot of em ...I say we kill them all with Hydrogen bombs !

Ya gotta look at the positive side ....low fuel prices will help when we try to kick start this economy back up

Production may not come back for a long time.

The problem with the fracking revolution is that it was an energy wonder story but a capital disaster.

A lot of capital went into the basins buying growth acreage that the investors wanted to eventually start producing then either sell to the mid-tiers or the majors. The problem is that many of those projects are uneconomic, even at $60/bbl. Much of the capital expansion was funded by private equity and in the high yield market. Now, there is going to be a wave of bankruptcies, and that capital isn't coming back for a long time. Decline rates in a lot of those fields are 40-80%. In a few years, they are going to be depleted. They need constant capital investment. But the capital is not being returned to the owners, let alone a return on capital to the owners. So that capital is being turned off now.

Production in this country went up by 4-5 million barrels a day in something like five years. In a world that consumes 100 million barrels a day, that's a lot. So if you're Russia, you are rightly asking yourself "Why should I curtail production when it's just being taken by American producers?" The US is the global swing producer. It will take the brunt of the fall-out.

The break-even price of oil for the Russian state is about $45. It's $40 for Saudi Aramco, and $80 for the Saudi state. WTI needs to be $50-$60 for a reasonable return in the US. Oil will stay below $30 for the rest of the year, but some time next year will go back up to $50 because Russia and Saudi Arabia can't keep it that low. Unless President Trump can use his super-awesome negotiating skills to bring them back to the table and strike a deal before the election.

I think you're a little off thier ...I know about the "land snatching" the snapping up of fields and sites to and the shenanigans that went on

Depletion we dont see much yet ...in Penn and ohio they dont ....new york is not even 2 % tapped...ya never know one day it could change overnight ...youre sitting on shitloads of exploitable cheap energy in the north east alone

I'm referring to the depletion rate of the field, not the reserve basin. In fracking, the depletion rate of a field is 40-80% in the first year. That means in a few years, the fields are effectively dry, and more holes have to be punched in the ground to keep up production. This is unlike conventional fields were the effective lives are 20-30 years, and 100 years for the oil sands. That's why oil production is going to fall off a cliff as more rigs are laid down.

 

[basquebromance]

 

[Ray From Cleveland]

Russia refuses to curb their oil production, which has caused Saudi Arabia to ramp up production. We can not allow the American fracking industry and domestic oil production to be devastated during the impending economic crisis resulting the government imposed shutdown. It will simply make the problem worse. If we simply end economic sanctions on Russia, this entire catastrophe can be averted. We end economic sanctions on Russia, they curb oil production, Saudi Arabia curbs oil production, American oil workers keep their jobs, and we remain energy independent.

It couldn't come at a better time actually. With millions crowding their states unemployment site, lower fuel costs help to lower fuel bills for those who are on, or going to be on unemployment. It was bound to happen with or without the Russian/ Saudi war anyway. Less production means less fuel consumption. Less fuel consumption means more supply than demand, which always lowers the price. I passed a gas station just yesterday. It's about $1.80 a gallon.

 

[RandomPoster]

Russia refuses to curb their oil production, which has caused Saudi Arabia to ramp up production. We can not allow the American fracking industry and domestic oil production to be devastated during the impending economic crisis resulting the government imposed shutdown. It will simply make the problem worse. If we simply end economic sanctions on Russia, this entire catastrophe can be averted. We end economic sanctions on Russia, they curb oil production, Saudi Arabia curbs oil production, American oil workers keep their jobs, and we remain energy independent.

It couldn't come at a better time actually. With millions crowding their states unemployment site, lower fuel costs help to lower fuel bills for those who are on, or going to be on unemployment. It was bound to happen with or without the Russian/ Saudi war anyway. Less production means less fuel consumption. Less fuel consumption means more supply than demand, which always lowers the price. I passed a gas station just yesterday. It's about $1.80 a gallon.

Most Americans are hunkered down and not driving much during the shutdown unless they are still working.

 

[initforme]

I'd like to see it drop to 50 cents per gallon.

 

[Ray From Cleveland]

Russia refuses to curb their oil production, which has caused Saudi Arabia to ramp up production. We can not allow the American fracking industry and domestic oil production to be devastated during the impending economic crisis resulting the government imposed shutdown. It will simply make the problem worse. If we simply end economic sanctions on Russia, this entire catastrophe can be averted. We end economic sanctions on Russia, they curb oil production, Saudi Arabia curbs oil production, American oil workers keep their jobs, and we remain energy independent.

It couldn't come at a better time actually. With millions crowding their states unemployment site, lower fuel costs help to lower fuel bills for those who are on, or going to be on unemployment. It was bound to happen with or without the Russian/ Saudi war anyway. Less production means less fuel consumption. Less fuel consumption means more supply than demand, which always lowers the price. I passed a gas station just yesterday. It's about $1.80 a gallon.

Most Americans are hunkered down and not driving much during the shutdown unless they are still working.

Which is why gasoline would have dropped in price anyway. The commodities market controls the prices. When speculators see more supply than demand, they start dumping their contracts.

 

[watchingfromafar]

Summary Table as of 2017
Oil Reserves
1,650,585,140,000 barrels
Oil Consumption
35,442,913,090
barrels per year
97,103,871 barrels per day
Reserves/Consumption
47 (years left)
World Oil Statistics - Worldometer
(Data shown in the table is for 2016. Counter shows current estimate.)
I am bewildered to watch people jump up and down to create renewables because of climate change when at the same time oil reserves are running out too.
I find it ironic that both goals have the same end in mind.