Posted on 10/26/2014 6:23:51 PM PDT by Coleus
It works better just to put his Marxist cabal in charge. Well, at least it works better for the Marxist cabal.
Apparently, neither he nor his fact checkers have ever been to Texas or North Dakota. Sorry I can’t miss an easy shot like this, Frack checkers might be more to the point.
Even more importantly, shale oil and gas aren't limited to North America. Most of the world's countries have more than sufficient resources below their feet to supply all their needs. When America and Canada have been drilled to the max, North American drillers can fan out around the world and make other countries energy self-sufficient, too.
The world market in energy has been a major source of turmoil and of strain on the economies of poor nations. With their own energy, they can tell OOEC to jump off a cliff.
The author doesn't mention it, but this is what SA is trying to head off by intentionally driving prices down. They're trying to disincentivize more drilling that will in the long run compete with them.
Now let’s get the miners back to work and quit closing the coal electrical plants so our electric bills go down.
Obama stole the presidency with OPEC oil money. There’s no way the anti-American POS will ever promote U.S. energy independence.
I heard some rumor:
that it was ISIS taking over some oil fields/refineries and selling for less
I.e. undercutting the market.
A rumor ..... heard it umpteenth hand.
that it was ISIS taking over some oil fields/refineries and selling for less
That is no rumor. I have read it and seen it reported repeatedly.
Part of the reason oil prices are plunging is the unrest in the middle east. The dictators there need money to pay troops and buy munitions, not to mention beefing up their Swiss bank accounts.
That incentivises them to sell more, for short term gains, because they do not know what the long term will mean.
That and the customary release of strategic oil reserves right before the elections.
Marktwain,
Have you got some links for this?
All I’ve heard is rumour and third hand stuff....
The article doesn’t mention that all the drilling for natural gas is a result of Obama’s war on coal. He’s closing coal burning plants faster than the media can figure out how to lie about it.
Electricity generation is increasingly being provided by natural gas because Dems don’t consider it a fossil fuel. A by-product of drilling for natural gas is oil.
Here are three links:
http://au.ibtimes.com/articles/564182/20140827/obama-isis-oil-sales-middle-east.htm#.VE2qcRKYNok
We are producing more oil (on private lands) PLUS fewer people are working......markets always work
The average cost to recover an American barrel of oil is over $60 per barrel. If prices go below $80 then marginal wells will be capped. If prices are sustained at current levels then it will disrupt future investments in new American oil.
The reason prices are dropping is Saudi Arabia is defending its market share by dropping it price. Its recovery cost are below $20 per barrel and is of the highest quality i.e. least amount of sulfur content.
And oil consumption is at a slow but steady decline in the US.
No. That hasn't happened. Nor is it "customary".
Last week I refilled my grill propane tank. The cost was $8 less than the time before
Yesterday I bought diesel fuel at Sams for $3.25 per gallon. Regular gas was $2.69
I don't know about that. Whatever the source, it sure seems that, in my memory at least, fuel prices always drop around election time. YMMV. d:^)
This trend in dropping gasoline prices started in late April.
From March, not an election sale.
That oil sold for about $100 a barrel.
http://www.spr.doe.gov/doeec/TestSale14/Successful_Awards_Report.pdf
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