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Oil Prices Continuing Down Trend

Discussion in 'Current Events' started by WillReadmore, Jun 10, 2023.

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  1. flyboy56

    flyboy56 Well-Known Member Past Donor

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    How do you think electricity is generated that charge EVs? Unless the US starts building nuclear power plants fossil fuels will still be needed in large quantities.
     
    flyboy56, Jun 11, 2023
    #26
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  2. ToughTalk

    ToughTalk Well-Known Member

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    I seem to not be getting through to you. Having that catastrophically low oil prices were absolutely putting our energy companies out of business, and that can't happen. You seem to not grasp cause and effect would shrug that kind of a disaster as "ain't no thing"

    It's amazing...none of your progressive policies seem to be working and yet I have to still explain how Trump was in the right to get OPEC and Russia to stop with their price warfare.
     
    ToughTalk, Jun 11, 2023
    #27
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  3. ButterBalls

    ButterBalls Well-Known Member

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    Last edited: Jun 11, 2023
    ButterBalls, Jun 11, 2023
    #28
  4. WillReadmore

    WillReadmore Well-Known Member

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    There is a long line of untapped wind and solar power projects that can't get access to the grid, because of grid problems.

    We need our grid fixed.

    And, for a good number of reasons.
     
    WillReadmore, Jun 11, 2023
    #29
  5. WillReadmore

    WillReadmore Well-Known Member

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    I have not said ANYTHING like that.

    I've quoted from the EIA.

    So, how about you becoming aware of the facts concerning oil price fluctuations??
     
    WillReadmore, Jun 11, 2023
    #30
  6. mdrobster

    mdrobster Well-Known Member

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    Here is the reality for renewables. TX has the largest set of wind farms, NJ is in the process of creating off-shore wind farms.

    https://www.usatoday.com/story/news/nation/2022/05/02/california-renewable-energy-100/9612901002/
    Renewable electricity met just shy of 100% of California's demand for the first time on Saturday, officials said, much of it from large amounts of solar power produced along Interstate 10, an hour east of the Coachella Valley.
     
    mdrobster, Jun 11, 2023
    #31
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  7. truth and justice

    truth and justice Well-Known Member

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    What's on Biden? Low oil prices or high oil prices?
     
    truth and justice, Jun 11, 2023
    #32
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  8. truth and justice

    truth and justice Well-Known Member

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    you want $40 per barrel? Why do you want Americans to lose their jobs?
     
    truth and justice, Jun 11, 2023
    #33
  9. Bullseye

    Bullseye Well-Known Member

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    Non sequitur.
     
    Bullseye, Jun 11, 2023
    #34
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  10. ButterBalls

    ButterBalls Well-Known Member

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    Are you saying the energy sectors of the U.S. were laying off in 2019-20?
     
    ButterBalls, Jun 11, 2023
    #35
  11. truth and justice

    truth and justice Well-Known Member

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    Certainly is! At $40 per barrel no new US oil drilling is viable. So do you want lower oil prices with the subsequent job losses or not?
     
    truth and justice, Jun 11, 2023
    #36
  12. ButterBalls

    ButterBalls Well-Known Member

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    Exports!
     
    ButterBalls, Jun 11, 2023
    #37
  13. grapeape

    grapeape Well-Known Member Past Donor

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    Really ?

    LIke when Trump negotiated a cut in supply to increase prices ?
     
    grapeape, Jun 11, 2023
    #38
  14. truth and justice

    truth and justice Well-Known Member

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    I am saying:
    According to a 2022 survey, the average oil producer operating in the Eagle Ford oilfield in the U.S. needed WTI oil prices to amount to a minimum of 48 U.S. dollars per barrel in order to profitably drill a new well.
    31 Jan 2023

    Or we have this:
    Mar 2023 — The average full-cycle breakeven for U.S. shale basins is approximately $54/bbl, while the average for public E&Ps and private operators is $53/ ...
     
    truth and justice, Jun 11, 2023
    #39
  15. truth and justice

    truth and justice Well-Known Member

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    Lol What! Oil is a global commodity!
     
    truth and justice, Jun 11, 2023
    #40
  16. WillReadmore

    WillReadmore Well-Known Member

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    Oil producers in the USA (and other countries where the government doesn't own production) sell to the highest bidder.

    If that bidder is outside the country, then it is exported.

    Consumers in the USA (such as gasoline producers) buy oil at the lowest price. If that's overseas, then it is an import.

    So, when you say "exports", I wonder what you mean. We both export and import oil.
     
    WillReadmore, Jun 11, 2023
    #41
  17. nopartisanbull

    nopartisanbull Well-Known Member

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    Yes!

    FRED….All employees, Oil & Gas Extraction
     
    nopartisanbull, Jun 11, 2023
    #42
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  18. nopartisanbull

    nopartisanbull Well-Known Member

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    In addition to the above;

    Baker Huge Crude Oil Drilling Rigs, TRADING ECONOMICS
     
    Last edited: Jun 11, 2023
    nopartisanbull, Jun 11, 2023
    #43
  19. WillReadmore

    WillReadmore Well-Known Member

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    Good post! Baker Hughs - which shouldn't have confused anyone actually interested in the topic beyond the pom pom waving!

    I think this is it?

    https://tradingeconomics.com/united-states/crude-oil-rigs
     
    WillReadmore, Jun 11, 2023
    #44
  20. nopartisanbull

    nopartisanbull Well-Known Member

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    Guyana “Offshore” Breakeven Average Prices

    Drilling; $28
    Production; $20

    Guess where the big producers would relocate and invest if we were to once again, please the MAGA losers?
     
    nopartisanbull, Jun 11, 2023
    #45
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  21. nopartisanbull

    nopartisanbull Well-Known Member

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    From mid 2019 to prior to the pandemic,
    Drilling Rig Counts declined from approx. 850 to 650.

    ONE active drilling rig supports at least 100 direct and indirect jobs.
     
    nopartisanbull, Jun 11, 2023
    #46
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  22. Bullseye

    Bullseye Well-Known Member

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    And you don't think lower price will encourage more gas buying? Are you claiming we weren't drilling when the price WAS $40?
     
    Bullseye, Jun 11, 2023
    #47
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  23. Trixare4kids

    Trixare4kids Well-Known Member

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    Of course, it will. It will also make the price of oil stocks go up.
     
    Trixare4kids, Jun 11, 2023
    #48
  24. Bullseye

    Bullseye Well-Known Member

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    Exactly. Petroleum workers were doing fine was oil was $40 or less. All one has to do is look at the left side of the chart.
     
    Bullseye, Jun 11, 2023
    #49
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  25. nopartisanbull

    nopartisanbull Well-Known Member

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    Trump’s foolish period of drilling/producing at a loss is over.
     
    nopartisanbull, Jun 11, 2023
    #50
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