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#9372646 11/28/14
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Calvin Offline OP
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OPEC is trying to starve out US production by keeping production steady. They do not want an energy independent USA.

Lets see how this plays out..

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They have been doing that for years. IT costs them a fraction of what it costs us to extract oil, so all the have to do is turn off the faucet and watch the prices go up.


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I'd like to see OPEC drink their oil.


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Originally Posted by jorgeI
They have been doing that for years. IT costs them a fraction of what it costs us to extract oil, so all the have to do is turn off the faucet and watch the prices go up.


Now that we are exploiting a large oil resource of our own and we currently have a glut of oil I say let them cut. I thought that was why we started exploiting the Bakken reserve so we did not have to be dependent on Middle east oil. We have achieved independence so I say let them eat their oil. If the Keystone pipeline were to ever get started, it would drive another nail into their oil coffin.

Maybe that is why Mr. O and the demonrats don't want Keystone, they want us to be dependent on moslum oil? The Saudis like China and Russia pretend to be our friends but in reality, they want to enslave us and take or money. Our liberal leadership is helping them accomplish just that.

I think it's easy to see how our economy reacts favorably when we have cheap energy. When we look out for ourselves and depend less on outside help, we tend to thrive.

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There is just no way we can compete with their costs, no way, so it's going to be tough. We can certainly bring the cost down by drilling and pumping more, but we will never be able to get down to their price.


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OPEC was created for that very purpose.

Like it or not, oil is on the worldwide market.

Yes, the drilling in the Bakken, Eagle Ford and Wolf Camp have eased the oil market somewhat, but those fields are just now getting into decent production. And with OPEC dropping the price by glutting the market, it is fast becoming unprofitable for American oil producers to drill and frack.

Prices will adjust.


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Originally Posted by kwg020
Originally Posted by jorgeI
They have been doing that for years. IT costs them a fraction of what it costs us to extract oil, so all the have to do is turn off the faucet and watch the prices go up.


Now that we are exploiting a large oil resource of our own and we currently have a glut of oil I say let them cut. I thought that was why we started exploiting the Bakken reserve so we did not have to be dependent on Middle east oil. We have achieved independence so I say let them eat their oil. If the Keystone pipeline were to ever get started, it would drive another nail into their oil coffin.

Maybe that is why Mr. O and the demonrats don't want Keystone, they want us to be dependent on moslum oil? The Saudis like China and Russia pretend to be our friends but in reality, they want to enslave us and take or money. Our liberal leadership is helping them accomplish just that.

I think it's easy to see how our economy reacts favorably when we have cheap energy. When we look out for ourselves and depend less on outside help, we tend to thrive.

kwg


problem is, and this is a 10 year old figure, oil has to stay above $60 a barrel for there to be drilling in the Bakken, its phuggin expensive to punch a hole and even with modern siesmographing techniques only about 1 in 3 holes produce enough to more than pay for themselves in a reasonable period of time....

contrary to what some seem to think, the Bakken is not a new deposit, this is its third oil boom, it closes down every time oil gets cheap

Last edited by rattler; 11/28/14.

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It's going to become very unprofitable for American producers to produce.

But, when things "collapse", they tend to recover quickly. (everything requires oil)

Personally, I'd rather have $4 gas and a booming domestic drilling program than $2 gas and a small domestic drilling program.

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Originally Posted by Calvin
It's going to become very unprofitable for American producers to produce.

But, when things "collapse", they tend to recover quickly. (everything requires oil)

Personally, I'd rather have $4 gas and a booming domestic drilling program than $2 gas and a small domestic drilling program.


Not so quickly sometimes.

For over 20 years the Permian Basin looked like a ghost town, and the rig count was negligible.

Major oil companies based in Denver crashed in the 80's, and subsequent job loss, and housing glut it caused spilled over onto the entire Denver area and recessed the economy there until about Y2k.


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We are and always have been energy independent. We just choose not to be.
Makes some sense if you think about it. He who has oil last wins.....

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Originally Posted by rockinbbar
Originally Posted by Calvin
It's going to become very unprofitable for American producers to produce.

But, when things "collapse", they tend to recover quickly. (everything requires oil)

Personally, I'd rather have $4 gas and a booming domestic drilling program than $2 gas and a small domestic drilling program.


Not so quickly sometimes.

For over 20 years the Permian Basin looked like a ghost town, and the rig count was negligible.

Major oil companies based in Denver crashed in the 80's, and subsequent job loss, and housing glut it caused spilled over onto the entire Denver area and recessed the economy there until about Y2k.


booms in the Bakken were in the early 50's, the 70's and starting big again around 2006.....


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I cant wait until the Hajis run out of oil so we can tell them to p h u c k off! Doubt I will be around to see it, but it would be nice.


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Refining is the key. Oil is worthless with out refineries. With out help the muzzies would be lost. They can't get it out of the ground or refine it alone. If we let their equipment break down or wear out their done. Hasbeen


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the saudi's surely do not like us drilling our own stuff, but they are also limited in cutting production due to their need to sell their stuff to support their own population.
Oil/energy is not going away however, given the increasing need for it worldwide, we are not the only one with a straw at the well.
Also given rates on bank deposits, those dividends start looking pretty good.


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OPEC has quite a bit less pull than they did 30 years ago (and they know it too, if the Saudi's statement this week is any guide). It's a truly global commodity now and OPEC doesn't have the policing powers it used to.

they can affect the price, but not like they could in the 70s



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This must be putting pressures on Venezuela(sp) to try and keep things going there.
Cheers NC


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Even if the OPEC types are successful, the oil will still be here. Waiting for the prices to go up. Therefore, what I expect will happen (behind the scenes, of course) is for OPEC type money to find itself into the hands of environmentalists and politicians to impede further drilling, fracking, ect. in order to make our production more difficult.

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What is worrisome to me is that much of our economic recovery has been based on higher oil prices. Sure it'll put a few more dollars in the hands of consumers and drivers, but if this is truly a "bust", we are going to see some major pain.

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Calvin:

How do you see it that way. Wouldn't lower fuel prices help those in agriculture, transport, etc. in addition to the consumer driven boost to the economy (a mini wealth affect impact)

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We should really read up on exactly how much it costs the Saudis to pump a barrel of oil...


A good principle to guide me through life: “This is all I have come to expect, standard lackluster performance. Trust nothing, believe no one and realize it will only get worse…”
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