Two weeks ago, Trump tweeted; “Oil prices getting lower. Great! Like a big tax cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let’s go lower!” HOWEVER, Last Sunday, in an effort to increase the price per barrel, Alberta cut its oil production by 8.7% https://www.miamiherald.com/news/business/article222534540.html And yesterday, OPEC and Russia agreed to cut oil production "A production cut of 1.2 million b/d would tighten the oil market by the third quarter of 2019 and cause prices to rise back above $70 per barrel for Brent," Ann-Louise Hittle, a VP at Wood Mackenzie energy consultancy group, said in a statement. https://www.investors.com/news/opec-meeting-crude-oil-production-cut-oil-prices/ --------------------- Comments;
Sounds good. Hopefully it causes the US Economy to tank just in time for Trump to get buried in a landslide in 2020.
The discovery of fracking and horizontal drilling means we can tell other oil producers to go take a flying [expletive]. The US has something like 80 percent of the world's shale oil.
Trump tweeted; "Enjoy! $54, was just $82, but let's go lower! BUT LET'S GO LOWER?????????????? FACT; When oil prices are falling, oil producers do slash their capital budgets. WARNING; Be careful what you wish for.
Yes Mr. Trump/Trumpeteers, be careful what you wish for; Your tariffs have raised the cost of drilling, fracking, and distribution due to the fact the U.S. oil and gas industry has long imported large amount of specialized steel materials, AND FOR SAME REASONS Boeing Co. has been buying high grade titanium from Russia. And for anyone's info, I see the numbers everyday as several oil and gas related third parties have been submitting their invoices TO ME. JET3534 quoted; "The discovery of fracking and horizontal drilling means...." Folks, FRACKING isn't a new technology...….when I was a student at the University of Northern Colorado, myself and several other students were working in Wattenberg gas fields, summers and weekends, and back then, (1981-1984), we were fracking/fracturing wells, earning $600+ a week, and lots of overtime pay.
And you do realize Trump's "LET'S GET LOWER" will significantly reduce drilling and completion activities, right?
For one, thats not nearly the certainty that more folks will suffer to death in a poorer economy is. For two, theres a vast difference between trying to improve things and failing, and hoping or actively working to make them worse for partisan politics. At least in the dynamic of character. Do you not take issue with someone who wants folks to suffer to death for political gain? Or are you prepared to argue that Trump wants to make the economy worse, as AJ does...?
Question: Was horizontal drilling used back then? Answer; Steerable drill bits, very old Question; Why is fracking technology more commercially viable now? Answer; Commercially viable when the price of oil per barrel exceeds the cost of producing a barrel. NOTE: Trump wants to lower the price of oil below $54 Question; Do you want fracking companies to be profitable, or keep carrying over losses?
I don't own any oil company stock so have no dog in the hunt so to speak. It does seem like it would be better strategically for the US if shale oil is viable. I don't dispute what you say about the fracking and horizontal drilling not being new technology However, Forbes reports oil companies as experimenting with this technology after 2008 so I am guess the experimenting involved reusing waste water and/or containing groundwater contamination.
Who the **** said it was? And now we get to do it on a grand scale as the idiot lib envirowackos have done all they could to stop it...until now.
so you are actually hoping for the suffering of average working Americans so Trump wont get reelected please do us all a favor and move to one of your socialist utopia nations like Venezuela I will be more than willing to set up a go fund me page for you to help with the expenses
Largest oil, gas resource ever assessed identified in Texas, NM https://www.kwtx.com/content/news/L...ssessed-identified-in-Texas-NM-502122672.html just in time soon we will be controlling the global market on oil OPEC and Russia can threaten to turn off the pumps all the hell they want we will just open ours and flood the market keeping prics low and drive OPEC and Russia out of business Its what Reagan did to bankrupt Russia and win the cold war
Quote; …..keeping prices low and drive OPEC and Russia out of business Trump tweeted; Let's go lower My question to you; Do you want America's fracking companies to be profitable or to carry over losses? NOTE: My employer hasn't been profitable since 2013, and we're a major fracking player.
Quote; It does seem like it would be better strategically for the US if shale oil is viable Well, it seems Trump wants to control the price of oil, thus, let's establish a Petroleum Marketing Board/supply management system, and keep the price of oil between $55 and $65, thus, at a fair price to the producers, and consumers. Agree or disagree?
Price controls didn't work so well with Richard Nixon so in general I am against any government management of supply and/or demand.
