http://money.cnn.com/2017/05/1...-s-supply/index.html

We've got those one trick pony terrorist supporting idiots by the throat. Don't let go.

Competition breeds innovations in efficiency.

quote:

Originally posted by LS1 GTO:
Competition breeds innovations in efficiency.

I love capitalism.

If US producers complied, it would be criminal anti-competitive behavior. The DoJ frowns on price rigging.

Some the oil rich nations (most revenue comes from oil and gas) are unwilling to cut production because they need the revenue, but they're own short term thinking continues to drive down prices (and revenues!). Cut production baby! While the US is a big player, we aren't dependent upon oil and we aren't nearly as big as the other oil-dependent nations.

Waa haaa.

quote:

Originally posted by Fenris:
If US producers complied, it would be criminal anti-competitive behavior. The DoJ frowns on price rigging.

Only when its done without the government getting a cut and having a say.

Our own tatortodd is the man I want to hear input from on this topic...

Hmmm, "please don't pump so much oil, please don't pump so much oil....."

Weren't these the douchebags that ramped up their own production a few years ago to force oil prices down in order to shut down US petroleum producers and US frackers in particular?

Hmmmm.

quote:

Originally posted by Il Cattivo:Weren't these the douchebags that ramped up their own production a few years ago to force oil prices down in order to shut down US petroleum producers and US frackers in particular?

Hmmmm.

Those would be the ones.

quote:

Originally posted by Il Cattivo:
Hmmm, "please don't pump so much oil, please don't pump so much oil....."

Weren't these the douchebags that ramped up their own production a few years ago to force oil prices down in order to shut down US petroleum producers and US frackers in particular?

Hmmmm.

Always nice to see capitalism working in its purest form. Instead of killing our producers, the competition forced them to become more efficient, and now they can compete at much lower prices.

The last several decades they were rolling in the dough and could have diversified their economies and educated their people so a downturn in oil prices wouldn't have tanked their economies.
Instead they financed our enemies all over the world, and the ones at the top of the economic food chain acted like the gluttons they are. All the while the common folks there lived in poverty, helping to create the terrorist problem we have now.
Now we have them by the balls, for a while. Russia, Venezuela, and the middle eastern producers are having their power threatened so no wonder they want prices up.
Drill baby, drill. Bring them to their knees and lower if at all possible.

Well, ya gotta give the Saudis that (whether it was intentional or not) - when they flooded the market, they hosed Russia even worse than they hosed us.

That was an attempt by the Saudis to punish the other producers and get them in line. It may have worked to some extent, except of course, with us.

quote:

Originally posted by Il Cattivo:
Hmmm, "please don't pump so much oil, please don't pump so much oil....."

Weren't these the douchebags that ramped up their own production a few years ago to force oil prices down in order to shut down US petroleum producers and US frackers in particular?

Hmmmm.

Read somewhere that between offshore and fracking, the US has more oil than the Saudis (though not all of it can be extracted at $40-60/bl) and also some rumor that the Saudis are pumping like 35-40% seawater these days.

I think Saudis' cost is really low though - like $10-17 a barrel?

Drill baby drill! That article brought a smile to my face.

quote:

Originally posted by saigonsmuggler:
Read somewhere that between offshore and fracking, the US has more oil than the Saudis (though not all of it can be extracted at $40-60/bl) and also some rumor that the Saudis are pumping like 35-40% seawater these days.

I think Saudis' cost is really low though - like $10-17 a barrel?

Hell...if they invented a car that runs on sea water, I'd never move from here

I don't think President Trump will be bowing to these basturds any time soon!

I still remember 1973. Screw them.

quote:

Originally posted by saigonsmuggler:
Read somewhere that between offshore and fracking, the US has more oil than the Saudis (though not all of it can be extracted at $40-60/bl) and also some rumor that the Saudis are pumping like 35-40% seawater these days.

I think Saudis' cost is really low though - like $10-17 a barrel?

Probably they are injecting salt water to lift the oil. This is pretty certain the field is in decline. Tatortodd could elaborate, if he sees this.

quote:

Originally posted by shovelhead:
I still remember 1973. Screw them.

Amen!

quote:

Originally posted by saigonsmuggler:
Read somewhere that between offshore and fracking, the US has more oil than the Saudis (though not all of it can be extracted at $40-60/bl) and also some rumor that the Saudis are pumping like 35-40% seawater these days.

I think Saudis' cost is really low though - like $10-17 a barrel?

Their fields are declining and that's not alarming. That's still a low water cut and low lift costs. In Long Beach, water cut is upwards of 98% and lift costs is $25+ per barrel.