Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

Oil Prices Tank As U.S. Drillers Add Massive Number Of Rigs
Oilprice.com ^ | 02-09-2018 | Juli

Posted on 02/09/2018 10:20:16 AM PST by bananaman22

As if the recent nosedive that oil prices have taken in the last few days wasn’t bad enough—Baker Hughes reported a staggering increase to the number of rigs. The number of active oil and gas rigs increased by 29 to Baker Hughes data. This brings the total number of oil and gas rigs to 975, which is an addition of 234 rigs year over year.

(Excerpt) Read more at oilprice.com ...


TOPICS: Business/Economy
KEYWORDS: drilling; energy; gas; hydrocarbons; maga; oil; oilprice; opec; rigcount
Navigation: use the links below to view more comments.
first previous 1-2021-32 last
To: Rad_J

Here you go, it’s about a five or six minute video from Marathon Oil if you’re interested.

https://youtu.be/VY34PQUiwOQ


21 posted on 02/09/2018 11:51:31 AM PST by Balding_Eagle ( The Great Wall of Trump ---- 100% sealing of the border. Coming soon.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: bananaman22

Best. Election. Ever.


22 posted on 02/09/2018 12:18:53 PM PST by oh8eleven (RVN '67-'68)
[ Post Reply | Private Reply | To 1 | View Replies]

To: bananaman22

So when is the price of gas going to tank?

Oh, I know.

It’s got to work through the system.......

Yeah, right......


23 posted on 02/09/2018 1:52:53 PM PST by metmom ( ...fixing our eyes on Jesus, the Author and Perfecter of our faith..)
[ Post Reply | Private Reply | To 1 | View Replies]

To: metmom

I too have noticed that when oil prices rise, the effect at the pump is instantaneous, but as the price drops: “The less expensive product has to work its way through the system”.

Yeah, OK. I may have been born at night, but it wasn’t LAST night!


24 posted on 02/09/2018 2:48:52 PM PST by Don W (When blacks riot, neighbourhoods and cities burn. When whites riot, nations and continents burn.)
[ Post Reply | Private Reply | To 23 | View Replies]

To: DaveA37

They won’t fall because the oil companies have figured that the public is too used to paying the current amount, $2.79 in Eastern Washington. They may tweak them up and down slightly to give us the impression their tied to some economic reason. And even if they do fall and maintain that new level for an extended period of time, then look for your state to raise the gas tax to restore it back to the higher price.


25 posted on 02/09/2018 2:58:26 PM PST by shotgun
[ Post Reply | Private Reply | To 14 | View Replies]

To: bananaman22

Today I paid $2.389 at a Sam’s Club in Atlanta.


26 posted on 02/09/2018 3:54:13 PM PST by Atlantan
[ Post Reply | Private Reply | To 1 | View Replies]

To: meatloaf

Wheee, weeeee, weeee :-)


27 posted on 02/09/2018 3:56:36 PM PST by Jane Long (Praise God, from whom ALL blessings flow.)
[ Post Reply | Private Reply | To 10 | View Replies]

To: Don W

Exactly, on all counts......


28 posted on 02/09/2018 4:16:08 PM PST by metmom ( ...fixing our eyes on Jesus, the Author and Perfecter of our faith..)
[ Post Reply | Private Reply | To 24 | View Replies]

To: shotgun

Oil drillers and refiners have no more to do with what you pay for gasoline than a cattle rancher has to do with what you pay at the grocery store for steak


29 posted on 02/09/2018 5:50:46 PM PST by Figment
[ Post Reply | Private Reply | To 25 | View Replies]

To: RandallFlagg
I’ve seen between $2.39 - $2.69 in the Denver area this week.

$2.75 in Eastern Nevada. Thirty-five miles East in St. George, UT, COSTCO 87 octane is $2.42. Go figure.

30 posted on 02/09/2018 6:38:53 PM PST by Oatka
[ Post Reply | Private Reply | To 15 | View Replies]

To: bananaman22

Drive through the rural areas of central and western Oklahoma and that’s all you see, new oil and gas rigs.


31 posted on 02/10/2018 6:46:30 AM PST by ops33 (SMSgt, USAF, Retired)
[ Post Reply | Private Reply | To 1 | View Replies]

To: shotgun

“They may tweak them up and down slightly to give us the impression their tied to some economic reason”.....

Isn’t that akin to “price fixing”?


32 posted on 02/10/2018 8:38:48 AM PST by DaveA37
[ Post Reply | Private Reply | To 25 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-32 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson