Will crude go under $35 a barrel?

[ScienceRocks]

I thought all you Peak Oilers were saying we were running out of oil? If the price is dropping that implies we have more than we need. What gives, boys?

And we're doing it while dropping our emissions. What gives is right!

 

[Sun Devil 92]

Mr. H., you are a low rent intellect. Always have been. Everything I said has been right on or qualified. So, if I act unimpressed by you, guess what.

Right on or qualified? You haven't provided a single source for your bullshit.

I've spent 39 years of my life in this industry. What are your "qualifiers", bitch?

Put him on ignore.....it has saved me a lot of time.

 

[JakeStarkey]

Because, Mr. H., the numbers are supporting me.

Sun Devil could not hang with accurate discussion, so if you can't, Ignore me. That way you can stay in your delusional world.

 

[KissMy]

Wholesale gasoline price for August is already down to $1.53/gallon!

 

[JakeStarkey]

$2.23 in a station in the Texas Hill Country.

 

[GHook93]

Biggest summer driving day coming up this weekend, and then demand drops off for the rest of the year.

The US is drilling like crazy, so is OPEC, and there is no sign in their next meeting they are going to cut it.

I will pay $2.43 a gallon to drive to Baton Rouge for a family business meeting from the Hill County and will pay less next week on the way back.

The deal with Iran will further depress prices and the demand from Brazil/China/India continues to be mediocre.

I bet I will be paying $1.75 a gallon at the end of September.

Will that be a good thing or a bad thing?

Let's wait and see, but that would be a good thing.


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[GHook93]

I'll give Obama credit for making us number one in oil and natural gas! This is the only way fossil fuels can survive a few more years against renewables.

He deserves and the Democrats deserve none of the credit. The new oil is due to new drilling techniques on private lands. He has prevent any drilling on public lands. The Demo's have tried to shut down fracking all over the place.

The oil and gas book is booming despite Obama and the Democrats.


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[GHook93]

I'll give Obama credit for making us number one in oil and natural gas! This is the only way fossil fuels can survive a few more years against renewables.

What did Obamaloser do to make us number 1?
Be specific.

Actually, it's a lot of what he didn't do to restrict the production of the "old form of energy." However, he did take important steps that certainly has increased US production.

* An increase in the sales of leases for oil and gas drilling on federal lands. In 2013, the Bureau of Land Management held 30 such sales—the most in a decade—offering 5.7 million acres for lease by industry.

* An increase in the speed with which permits are being issued for actual drilling on federal lands. What's called "processing time" has, the White House boasts, been cut from 228 days in 2012 to 194 days in 2013.

* The opening up of an additional 59 million acres for oil and gas drilling in the Gulf of Mexico, the site of a disastrous BP oil spill in April 2010.

I was not aware of this. Do you have a link to your stats?

That goes counter to the narrative that gov lands were off limits.


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[JakeStarkey]

Oil closed today the lowest since March 2009. oil the lowest since March 2009 - Google Search

Oil plunges to a 6-year low. Is $30 a barrel next? - CNN Money
CNNMoney
Mar 16, 2015 - Crude plunged 4% to as low as $42.85 a barrel on Monday. That's thelowest price since March 2009 and marks the fifth consecutive day of ...
[paste:font size="4"]Oil Plunges To Lowest Since March 2009 ($43 WTI) As ...
Zero Hedge
Mar 15, 2015 - Update: *WTI CRUDE TRADES AT LOWEST INTRADAY PRICE SINCE MARCH 2009 - $43.57 Despite 'trouble' in Saudi Arabia, and chatter of ...
[paste:font size="4"]US oil futures fall to lowest since March 2009 amid rising rig ...

 

[Shrimpbox]

Ok it looks like I will be eating crow about gas not getting to 35 dollars a barrel, but that just raises more questions than it answers and begs the question what is the truth I have read on many occasions that the cost of producing oil for countries,like Russia, Venezuela, even Iran is north of 50 dollars, so how or even why would they produce oil for a loss and how long can they keep it up?

Secondly, we have been like told over and over again that the elasticity of production is only a few million barrels on a daily basis. What is the difference now. U.S. Production is decreasing and China demand is increasing. Yes the world economy is slowing but nothing has changed that dramatically in 3 years with supply and demand, yet we are looking at almost a 70 percent reduction in price. Number of world vehicles is increasing not decreasing. Coal is being phased out and petroleum products are being used more. What's happening seems counter intuitive.

Lastly, and this may not belong in the energy section, but prices for everything are still going up dramatically even with the steep drop in oil prices. The fuel surcharge is not being dropped. The lower costs of production are not being passed along to the consumer. Our electric bills are not lower. So we hear all this talk of higher fuel prices being a tax on the American people but the lower fuel prices are just a profit tax on the American people. We should have more manufacturing, more jobs and better jobs, and more tax revenue.

I am all ears. Please explain this new age cause and effect to me.

 

[JakeStarkey]

Fuel prices are dropping in Austin and west in the Hill Country.

 

[JakeStarkey]

Huge rally in oil today along with the market: almost 9% and 8% in the two major gas indexes. Wow! I may be the one eating crow. Barrel prices near 43$ (Sep) and 48$ (Oct).

 

[JakeStarkey]

WTI and Brent fell again today, both under $50.00.

 

[Maryland Patriot]

I dont know how far it will drop but Im loving it.
at the peak I was paying over 160.00 to fill my tank.
yesterday I filled when the light came on, I ignored the light, ignored the distant low and waited for the get ready to push you idiot light to flash at me. only cost me 84.00 dollars. ( means I still had at least 4 or 5 gallons left before my wife had to push )
I would be happy to see it back at its 1980 prices.

 

[JakeStarkey]

WTI is below $42 a barrel today.

The wonks are beginning to think we will not see $100 a barrel again in our life times.

Catch CNBC's report on this at 1:30 CT, about twenty minutes from now.

 

[KissMy]

WTI is below $42 a barrel today.

The wonks are beginning to think we will not see $100 a barrel again in our life times.

Catch CNBC's report on this at 1:30 CT, about twenty minutes from now.

Elect Bush & oil will go over $100 in 4 years!

 

[JakeStarkey]

The world is awash in oil: inventories are high, the dollar is strong, and supply is about 1 million barrels a day more than demand. As violence in Iraq subsides and Iran comes online next year, the decline will continue.

The oil is affecting the equities market, instead of the opposite.

Cheap oil may revive the demand in China, India, and Brazil.

 

[Toddsterpatriot]

WTI is below $42 a barrel today.

The wonks are beginning to think we will not see $100 a barrel again in our life times.

Catch CNBC's report on this at 1:30 CT, about twenty minutes from now.

Elect Bush & oil will go over $100 in 4 years!

Yeah, Obama did a great job encouraging US production.
What exactly did he do to encourage US production? Got a list?

 

[JakeStarkey]

WTI is below $42 a barrel today.

The wonks are beginning to think we will not see $100 a barrel again in our life times.

Catch CNBC's report on this at 1:30 CT, about twenty minutes from now.

Elect Bush & oil will go over $100 in 4 years!

Yeah, Obama did a great job encouraging US production.
What exactly did he do to encourage US production? Got a list?

Thank you, Obama. You get the credit 'cause it happened on your watch.

 

[bripat9643]

WTI is below $42 a barrel today.

The wonks are beginning to think we will not see $100 a barrel again in our life times.

Catch CNBC's report on this at 1:30 CT, about twenty minutes from now.

Elect Bush & oil will go over $100 in 4 years!

Yeah, Obama did a great job encouraging US production.
What exactly did he do to encourage US production? Got a list?

Thank you, Obama. You get the credit 'cause it happened on your watch.

Are you still maintaining you're a Republican? Or have you given that up so you can shamelessly suck Obama's dick?