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Originally posted by SB Shock
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Gas prices are set based on the proliferation of a green fungus?Kung Wu say, man who read woman like book, prefer braille! -
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New King in Saudi Arabia Unlikely to Alter Oil Policy
The new king of Saudi Arabia moved quickly on Friday to assure global energy markets that the country would maintain its strategy of pushing other top exporters to maintain a high level of oil production. But a prolonged slump in oil prices, as well as budget pressures at home, will test his resolve.
As the new head of the dominant Middle East oil producer, King Salman immediately emerged as the most powerful figure in the global oil patch. Saudi Arabia is the unchallenged leader of the Organization of the Petroleum Exporting Countries, the group of 12 oil-rich nations that has resisted cutting production, contributing to the recent sharp drop in crude prices.Comment
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Baker Hughes announces layoffs:
At least some of the jobs are in Tomball, where Baker Hughes has their worldwide training center and the big news of the weekend (according to Telemundo) was 'Perros Rabios'.
Schlumberger is also stating they will lay off more employees than the ones announced a couple of weeks ago.Comment
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Obama must be happy - he just announced he was going to make a anti-drilling video.Originally posted by shocka khan View PostComment
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Geez.....I hope he didn't do this, I saw where Breitbart is saying he did.
I can see making a video saying he's against drilling in environmentally sensitive areas. Especially now with all the new production we have online, I would not be supportive of drilling in environmentally sensitive areas (note if we were running out of oil and paying $6 a gallon, my opinion would change). That's part of my problem with the Keystone XL pipeline. We don't really need it right now, it is uneconomical to produce oil from tar sands and so someone will spend money to build it and it will just sit for (God knows how many) years. I do think someday we may or will need Keystone XL and it should be built when we see the need for it emerging.
I can see making a video encouraging oil producers to comply with safety regulations. Not complying with safety regulations kills people, as we found with the Deepwater Horizon episode. And we have a documented history of oil companies (BP for one, but also Lyondell, too) ignoring safety regulations because it costs money to comply with them.
But I have a real problem if he made a video saying he is against drilling. That's an ignorant position. There are many areas where we can drill that are not environmentally sensitive or where we have applied risk-mitigation to the process and can be reasonably assured of success (including in deep water in the Gulf).
There are a lot of people who hate banks or insurance companies, too, but our economy needs them and they need to be able to make a reasonable profit. And I bet you would never see a video of a president saying he is against banks and insurance companies.Comment
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the drop in oil prices has cost 20,000+ jobs so far this year:
Note, according to the article in the Houston Chronicle where this link was obtained, Texas has lost slightly over 19,000 oilfield jobs (this is not an apples-to-apples comparison to the the piece referenced above.Comment
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Another big drop in oil prices may be coming......
Looks like the oversupply is getting worse not better. I read an article last week where it said that the capacity in Cushing Oklahoma (the delivery location of oil future contracts) will be at it's capacity in the next few weeks.
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Oil hovering around $43 this morning.Comment
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Yea, NYMEX WTI.Originally posted by pinstripers View Post
Support from the dips in the winter and spring were in the $43-44 range, so it's noteworthy from that standpoint. But it's not crazy low on an inflation adjusted basis. It spent almost twenty straight years below where we're at now adjusted for inflation from '86 to '04 or so.Originally posted by Dave Stalwart View PostComment
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Still.....please go up.Comment
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Strength in the dollar and slowdown in China will continue to keep downward pressure on oil prices (all commodities). Unless we see something come from the Saudis or any of our OPEC friends vis a vis cutting production (real or perceived), prices will remain low.Comment
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According to this article, China's cooked their books and their economy is melting down. Real growth ytd is negative.
Also, don't forget that if the Iranian nuclear treaty is ratified, Iran will release their oil onto the market. According to this article, previous estimates of the amount of oil the Iranians have stockpiled are way low.......
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