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re: Who else is loving these gas prices?

Posted on 10/18/14 at 3:52 pm to
Posted by KSGamecock
The Woodlands, TX
Member since May 2012
22982 posts
Posted on 10/18/14 at 3:52 pm to
That great feeling you get as you pull up to the station and see $2.56...that's the feeling of the Saudis increasing/maintaining output in order to strangle/kill American Oil Production.

Think about that.

quote:

Saudi Arabia increased September output 0.5 percent to 9.65 million barrels a day, according to data compiled by Bloomberg. The Organization of Petroleum Exporting Countries pumped 30.9 million barrels a day, the most in a year. Saudi Arabia, Iraq and Iran are offering the biggest discounts to crude buyers in Asia since at least 2009.

“The Saudis are trying to protect their patch in Asia,” Daniel Hynes, senior commodity strategist at Australia and New Zealand Banking Group Ltd., said by phone from Sydney Oct. 15.

With new drilling technologies pushing U.S. output to the highest in 28 years, the International Energy Agency predicted the U.S. would pass Saudi Arabia to become the world’s top producer by 2015.


The Saudis and their fellow oil producing Arab allies, the Iranians, Russians and Americans are embracing the bear market in oil like four drunks playing chicken by racing each other toward a cliff by not slowing production...but they'll win because they're robust enough to take the hit...our producers aren't.
This post was edited on 10/18/14 at 4:03 pm
Posted by deltaland
Member since Mar 2011
91176 posts
Posted on 10/19/14 at 10:58 am to
Heaven forbid our oil companies only make a couple billion dollars instead of 5 billion

You're full of shite if you think American producers are losing money in oil right now. Consumption will increase as the prices drop so as long as oil prices per barrel are higher than the overhead costs to produce a barrel they'll be perfectly fine.
Posted by CtotheVrzrbck
WeWaCo
Member since Dec 2007
37538 posts
Posted on 10/19/14 at 3:29 pm to
Which of this newer wave of O&G producers that have gone public in the last couple years do you see going tits up in the short run?

I need to place some short bets.
Posted by Pavoloco83
Acworth Ga. too many damn dawgs
Member since Nov 2013
15347 posts
Posted on 10/19/14 at 10:16 pm to
One day this planet is gonna implode and look like a raisin.
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