Posted on 06/22/2018 8:40:12 AM PDT by Proud White Trump Supporter
Oil is up (a lot) today because the production increase is not as much as expected.
They were expecting a larger increase in production.
Now you’re dissing Aunt Bea.
Not the 'sugar free' variety. Please ....
I assume they’re still talking about Melania’s shirt?
600,000 bbl, actually. The million was distributed among all of the members and many have topped out already.
This helps, but still isn’t enough to move prices much.
A global recession (demand reduction) or building more pipelines in Texas will have a bigger effect.
Do you mean pedal?
OPEC and other world leaders are not dealing with a phony, USA hating, Muslim, commie, liar now...AMERICA FIRST....
“Doesn’t make any difference because all the OPEC members cheat on their agreements already. They always do. This agreement to increase production by 1 million BBL/day will wind up being closer to 5-10 million BBL/day.”
Would you like to make a wager on that. The truth is they do not have much more spare capacity. Look for $80 oil by the end of the year.
While the shale boom has given temporary relief from high prices probably the bigger factor was the depressed world economy of the past few years.
The shale boom is overblown as those wells have a very fast depletion rates. I say this as someone with actual experience as I have royalty interests in some of the wells. They come on with very high production rates but quickly deplete to much much lower in about a year.
Not by design!
No, I think Trump blowing up the Iran Deal helped here. The Saudi’s and all of the Sunni OPEC states, along with Israel, were all against Obama’s Iran deal. My opinion, this is likely associated with this move by OPEC. I think even Iraq (Shia dominated) agreed it will increase production.
I can see where oil shale wells deplete over a shorter time.
Is it possible that the oil close to the well is easier to pump and that once it is shut down, more oil will migrate towards the well site?
I don’t know; just asking.
I’ve been thinking about it. Trump is taking more heat than any President before him (not counting Lincoln) and he is working tirelessly to make America not only “great”, but the “Greatest”. He is hard at work 20 hours a day making us more secure and more prosperous and undoing all the damage that has weakened our country since GHWB started undoing all the progress that Reagan began.
Trump is an American Hero.
Let that soak in.
He is standing on the front lines and taking all the enemy fire for us and our children. He does it with all the decorum and statesmanship we would expect had George Patton been elevated to Commander in Chief. He’s standing on the runway with his pearl handled revolver daring the enemy to take him out.
Even though he is not a traditional conservative, he is a proud American and I am proud to call him “My President”.
Not likely as recoverable oil has been recovered. In some cases they can get another shot of production by refracking the well and thereby opening up some formation that didn’t get fracked properly before.
The fracking process is probably more than half the cost of drilling and completing a well. The wells are many times more expensive than the old vertical wells. Improvements in the technology has brought the costs down some but it is still very expensive.
Best election, best POTUS, evah!
Much obliged!
Doesn’t increased OPEC production and lower prices raise the risk of increased imports and a higher trade deficit?
I'll take some of that action. How much do you want to lose?
your post has me sniffing with pride
Nehemiah 4
15 When our enemies heard that we were aware of their plot and that God had frustrated it, we all returned to the wall, each to our own work.
16 From that day on, half of my men did the work, while the other half were equipped with spears, shields, bows and armor. The officers posted themselves behind all the people of Judah
17 who were building the wall. Those who carried materials did their work with one hand and held a weapon in the other,
18 and each of the builders wore his sword at his side as he worked. But the man who sounded the trumpet stayed with me.
19 Then I said to the nobles, the officials and the rest of the people, “The work is extensive and spread out, and we are widely separated from each other along the wall.
20 Wherever you hear the sound of the trumpet, join us there. Our God will fight for us!”
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