$100 A Barrel Oil is on the Way

#1,026
#1,026
oklavol said:
Read the article, they brought a new field online recently.
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for you to assume that it a one time only event is awfully naive.

Again, oil production capacity is not the problem, it's refining capacity, which is very slow to upgrade.
 
#1,027
#1,027
BigPapaVol said:
for you to assume that it a one time only event is awfully naive.

Again, oil production capacity is not the problem, it's refining capacity, which is very slow to upgrade.
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If they can replace their 4 or 5 supergiant oilfields then we have nothing to worry about. But that's optimistic IMO.

The U.S. at one time didn't need to import oil, but eventually the oilfields here declined as well.
 
#1,028
#1,028
oklavol said:
If they can replace their 4 or 5 supergiant oilfields then we have nothing to worry about. But that's optimistic IMO.

The U.S. at one time didn't need to import oil, but eventually the oilfields here declined as well.
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you might want to do some homework on that. We can still generate loads of oil here, we just can't do it efficiently, so we have no place to put our oil when the price is down at all. Hence, many of our wells are shuttered.
 
#1,030
#1,030
and in three or four months it will reflect in lower gas prices...if it had gone up 4% we would be paying more today...but we appreciate the effort
 
#1,040
#1,040
BigPapaVol said:
they will lose some serious face in the international community over this.
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They have production quotas and none of the countries in OPEC have been following them so they have been over producing, hence the increase in supply and decrease in price. Greedy

Kind of flushes that whole arguement about how offshore drilling wouldnt drop prices, down the toilet.

If there was buried treasure in your backyard, would you dig it up?
 
#1,041
#1,041
oklavol said:
I wish it get back down to about $80 barrel. I remember thinking that was high at the time.
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The OPEC move was an attempt on their part to keep it from going there or lower.

Now that much of the paper demand has left the market, those boys don't like the reality that world demand is nowhere near what they were looking at a short time ago.
 
#1,042
#1,042
BPV, do you think OPEC's move might actually send prices down? Sounds strange but speculators might assume there is plenty still to pump and start selling it down?
 
#1,043
#1,043
MontereyVol said:
BPV, do you think OPEC's move might actually send prices down? Sounds strange but speculators might assume there is plenty still to pump and start selling it down?
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I don't think so. They've all known for quite some time that there is plenty to pump.

I think prices continue the downward trend because the world no longer feels that capacity is as tight as it appeared.
 
#1,048
#1,048
Jim Haslam, CEO of Pilot, was on the local talk radio this morning. It was good stuff concerning a subject that so few of us know anything about. Funny thing, when people are smart and work with facts, the conspiracy theorists tend to come off as the nutjobs they are.
 
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