There you go. Let’s try to hit that goal then!
Exclusive: New U.S. oil and gas well November permits tumble nearly 40 percent
http://www.reuters.com/article/2014/12/02/us-usa-oil-permits-idUSKCN0JG2C120141202
Dec 2, 2014
Plunging oil prices sparked a drop of almost 40 percent in new well permits issued across the United States in November, in a sudden pause in the growth of the U.S. shale oil and gas boom that started around 2007.
Data provided exclusively to Reuters on Tuesday by industry data firm Drilling Info Inc showed 4,520 new well permits were approved last month, down from 7,227 in October.
The pullback was a “very quick response” to U.S. crude prices, which settled on Tuesday at $66.88 CLc1, said Allen Gilmer, chief executive officer of Drilling Info.
New permits, which indicate what drilling rigs will be doing 60-90 days in the future, showed steep declines for the first time this year across the top three U.S. onshore fields: the Permian Basin and Eagle Ford in Texas and North Dakota’s Bakken shale.
The Permian Basin in West Texas and New Mexico showed a 38 percent decline in new oil and gas well permits last month, while the Eagle Ford and Bakken permit counts fell 28 percent and 29 percent, respectively, the data showed.
excerpted for Reuters
I can be much more successful at $30 oil, but it is a simple request sure to ignored.
“CEO says Exxon Mobil can be “successful” with $40 oil”
That’s the Spirit. Get tired of hearing how oil can’t work at XX price. BS. Make it work. Most everything else has to deal with competition, why not oil and oil production.
If gasoline goes from $4.00 per gallon to $2.00 per gallon then the states and cities with sales taxes will see their revenues decline. LOL
I’m not sure what all the commotion is over the price of oil. Everyone’s looking at the price per barrel and forgetting about the consumption of barrels.
When the price goes way down, consumption goes way up. Simple supply and demand. So long as there’s profit, which there should be even at $40 a barrel, and the consumption rises to similar levels to offset much of the loss, oil will continue to flow.
Just more proof that Rex and his crew knows a little more about this business than the so called expert analyst.