What's with the low oil prices?

[Care4all]

We must all genuflect and bow to King Obuma for this gift!

transcanada/keystone pipeline xl should be....kissing his feet... they are lucky that they hadn't put in this expensive sand oil pipeline....it would have been for naught....

And why is that ?

Do you really believe that oil prices are going to stay this low ?

yes. For a while, they will stay low....

there is too much of a glut in it....we are way over supplied....and with opec/saudi arabia not cutting back....we are going to have excess for a while....

 

[Daryl Hunt]

As the price for oil approaches 50 dollars a barrel what do you think is up?

The Oil cartel could cut production as they have in the past to maintain prices but have not. They are sitting on a pile of gold so it is not like it would hurt them.

Could it be to hurt fracking? Which I have heard there is now no where to store more gas in the US.

Or could it be to bankrupt Russia? To destroy their oil industry and if so what do you think Putin might do?

Yes to all the above.

Before the reduction in barrel oil prices, the US had been slowly working towards importing zero oil and become an exporter. This would hurt OPEC and other cartels badly. So they pump more oil and it brings the cost of oil down. Fracking fields cost more than non fracking fields. By driving the cost of oil down, it just might drive it below the production of the Fracking Fields. Oil would have to be all the way down to about 30 bucks a barrel to hurt fracking. But the idea sounds good even if it isn't working.

As for hurting Russia, that's another idea. If you hurt the US production then you also hurt Russia's production. It also hurts Iran, Alqeda and IS production as well.

 

[Daryl Hunt]

We must all genuflect and bow to King Obuma for this gift!

transcanada/keystone pipeline xl should be....kissing his feet... they are lucky that they hadn't put in this expensive sand oil pipeline....it would have been for naught....

And why is that ?

Do you really believe that oil prices are going to stay this low ?

yes. For a while, they will stay low....

there is too much of a glut in it....we are way over supplied....and with opec/saudi arabia not cutting back....we are going to have excess for a while....

What you are seeing is the oil prices going where they should have been all along. Oil prices have been artificially kept high. Oil should be right around 50 bucks a barrel. In order to justify the Keystone Project, Oil would have to be at least 80 bucks a barrel. If it's crammed through it's strictly to make billionaires more billions and Millionaire Politicians into Billionaires.

 

[Politico]

OMG oil is no where near $50. The question as usual is why are moron Amurikans with short memory syndrome not bothered by the fact that gas is in the $2.50s and not in the $1.70s like it should be at $60 a barrel? And why do SUV sales always increase by double digits just because gas went down a little?

 

[AVG-JOE]

Deep oil reserves created without organic matter

Thanks for the link. It was informative but not mind changing.

We're going to have to continue to agree to disagree on this one.

 

[NYcarbineer]

Too bad we can't bank gasoline, we all know this won't last. I predict much higher prices by May.

You can buy the oil ETF's on the stock market. They track the price of oil directly, up or down.

 

[Daryl Hunt]

OMG oil is no where near $50. The question as usual is why are moron Amurikans with short memory syndrome not bothered by the fact that gas is in the $2.50s and not in the $1.70s like it should be at $60 a barrel? And why do SUV sales always increase by double digits just because gas went down a little?

Crude Oil Price Oil Energy Petroleum Oil Price WTI Brent Oil Oil Price Charts and Oil Price Forecast
It shows its around 60 bucks a barrel and falling. In Texas the average gas price is 2.38. There are some stations in Tulsa, Ok at 1.99 a gallon. The Tulsa stations are just across town from the refineries there. The Speculators are all pushing for an average of 2.70 a gallon and 70 bucks a barrel but it doesn't look that is going to happen in the near future. It appears that it's not quite bottomed out. Where is stops? I predict 50 bucks a barrel and an average of 1.99 a gallon national average. At some point, OPEC may start rationing again which will drive things up to the 70 bucks a barrel. But I don't look for it to hit 90 bucks a barrel that would make the keystone pipeline a necessity.

 

[Daryl Hunt]

We must all genuflect and bow to King Obuma for this gift!

transcanada/keystone pipeline xl should be....kissing his feet... they are lucky that they hadn't put in this expensive sand oil pipeline....it would have been for naught....

It's not about pump gas price. Koch Industries owns most of the Oil Sands. They are trying to figure out a way so they can have cheap oil in the Kansas City area where their factories are that makes, among other things, Asphalt Tar. They are currently buying crude from other sources in the KC area.

 

[SwimExpert]

Fracking is an expensive process, which requires something like $80/brl to cover their dead costs.

Actually, it's more like $35 a barrel. OPEC has been operating on the $80 a barrel misinformation, but that is based on old and outdated practices. The cost, and the productive yield, have been significantly improved over the years.

So let me see here.
OPEC, whose members depend on accurate knowledge of oil production and statistics for their livelihood, do not know about these things but you, some anonymous jerk on a discussion board, do have accurate knowledge? Seriously?

Guess you haven't been watching the news much lately, eh? OPEC nations aren't frackers. It doesn't surprise me at all that they might not have the best information. I'm willing to trust the information that has been reported by several media outlets, sourced from American based companies actually involved in fracking here in 2014.

 

[Freewill]

Too bad we can't bank gasoline, we all know this won't last. I predict much higher prices by May.

You can buy the oil ETF's on the stock market. They track the price of oil directly, up or down.

Good point but it doesn't seem the same when filling the gas tank.

 

[Freewill]

As the price for oil approaches 50 dollars a barrel what do you think is up?

The Oil cartel could cut production as they have in the past to maintain prices but have not. They are sitting on a pile of gold so it is not like it would hurt them.

Could it be to hurt fracking? Which I have heard there is now no where to store more gas in the US.

Or could it be to bankrupt Russia? To destroy their oil industry and if so what do you think Putin might do?

Yes to all the above.

Before the reduction in barrel oil prices, the US had been slowly working towards importing zero oil and become an exporter. This would hurt OPEC and other cartels badly. So they pump more oil and it brings the cost of oil down. Fracking fields cost more than non fracking fields. By driving the cost of oil down, it just might drive it below the production of the Fracking Fields. Oil would have to be all the way down to about 30 bucks a barrel to hurt fracking. But the idea sounds good even if it isn't working.

As for hurting Russia, that's another idea. If you hurt the US production then you also hurt Russia's production. It also hurts Iran, Alqeda and IS production as well.

Do you think OPEC and the oil cartels are doing this just to hurt franking?

 

[SwimExpert]

It literally rains oil on the moon titan.

Not quite. Titan contains liquid propane, ethane, and methane. But even if it did have oil, that's Titan. We have no feasible means of harvesting anything from Titan, and we likely will not for hundreds of years, if ever.

Where do you think it comes from on titan? Dead dinosaurs flew to saturn?

I'm just quoting this part to underscore how much of a fucking idiot you are.

Oh ..yeah cause oil isn't a hydrocarbon... rolls eyes... what a dumb ass.

I see that you lack an education on this entire matter.

A "hydrocarbon" is an organic compound that is composed entirely of carbon and hydrogen atoms. Methane is a hydrocarbon. Oil is not a hydrocarbon. It is a mixture of hydrocarbons and other organic compounds. The refinement of oil extracts usable hydrocarbons.

Titan does not have oil. Titan has methane (one carbon), ethane (two carbons), and propane (three carbons). I.E. Titan has natural gas.

And the dino joke... yeah it was a joke.

I'll agree your knowledge and intelligence is a joke.

 

[SwimExpert]

OMG oil is no where near $50. The question as usual is why are moron Amurikans with short memory syndrome not bothered by the fact that gas is in the $2.50s and not in the $1.70s like it should be at $60 a barrel? And why do SUV sales always increase by double digits just because gas went down a little?

Who says gas "should" be $1.70?

 

[Freewill]

Back in the 70s the experts were predicting we would be long out of oil by now and it appears we are swimming in the stuff. What does this say about the GW predictions that have not come true?

 

[Freewill]

It literally rains oil on the moon titan.

Not quite. Titan contains liquid propane, ethane, and methane. But even if it did have oil, that's Titan. We have no feasible means of harvesting anything from Titan, and we likely will not for hundreds of years, if ever.

Where do you think it comes from on titan? Dead dinosaurs flew to saturn?

I'm just quoting this part to underscore how much of a fucking idiot you are.

Oh ..yeah cause oil isn't a hydrocarbon... rolls eyes... what a dumb ass.

I see that you lack an education on this entire matter.

A "hydrocarbon" is an organic compound that is composed entirely of carbon and hydrogen atoms. Methane is a hydrocarbon. Oil is not a hydrocarbon. It is a mixture of hydrocarbons and other organic compounds. The refinement of oil extracts usable hydrocarbons.

Titan does not have oil. Titan has methane (one carbon), ethane (two carbons), and propane (three carbons). I.E. Titan has natural gas.

And the dino joke... yeah it was a joke.

I'll agree your knowledge and intelligence is a joke.

Isn't methane produced through biological action?

 

[NYcarbineer]

Too bad we can't bank gasoline, we all know this won't last. I predict much higher prices by May.

You can buy the oil ETF's on the stock market. They track the price of oil directly, up or down.

Good point but it doesn't seem the same when filling the gas tank.

Well you could always store hundreds of containers of gas in your basement.

 

[Freewill]

Too bad we can't bank gasoline, we all know this won't last. I predict much higher prices by May.

You can buy the oil ETF's on the stock market. They track the price of oil directly, up or down.

Good point but it doesn't seem the same when filling the gas tank.

Well you could always store hundreds of containers of gas in your basement.

Remember back in the Carter malaise years and the gas shortages that is what a lot of the richer people did.

 

[zeke]

Too bad we can't bank gasoline, we all know this won't last. I predict much higher prices by May.

You can buy the oil ETF's on the stock market. They track the price of oil directly, up or down.

Good point but it doesn't seem the same when filling the gas tank.

Well you could always store hundreds of containers of gas in your basement.

Right next to the furnace.

 

[NYcarbineer]

Iron's a finite resource too but you don't see people screaming about us running out. No, oil is not a finite resource. This is a myth perpetuated by the term "fossil" fuels.

So... what... you think that the earth is making more of the stuff as we suck it from the ground?

Yes.

Really? Then where are the once depleted oil fields from the past now producing new oil?

 

[zeke]

Iron's a finite resource too but you don't see people screaming about us running out. No, oil is not a finite resource. This is a myth perpetuated by the term "fossil" fuels.

So... what... you think that the earth is making more of the stuff as we suck it from the ground?

Yes.

Really? Then where are the once depleted oil fields from the past now producing new oil?