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15 Feb ’12
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what's gas cost down there hess?
21 Feb ’12
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No idea, I do not leave the house. When I do the truck already has gas in it.
Been around 2-3 months since I have left the mountain side.
15 Feb ’12
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scary to think there is 50 things in that picture that can kill you
15 Feb ’12
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well SA is fully on board with low prices
Saudi Arabia has a tough message for oil producers hurting from the price crash: We'll never cut our output.
In an exclusive interview with CNN, Saudi oil minister Ali al-Naimi also said he wasn't conspiring to take out rival producers by driving down the price.
"These rumors or whoever generated them, is completely mistaken," he said.
U.S. crude prices have slumped by nearly 50% in six months, the sharpest fall for many years.
That has unsettled stock markets, accelerated afinancial crisis in Russia, raised the risk that Venezuela will default and forced some U.S. producers to shed jobs and scale back investment.
Depending on which conspiracy theory you subscribe to, Saudi Arabia is waging an oil price war against fellow OPEC member Iran, Syria, Russia or even the U.S., its long-standing ally.
"We are going to continue to produce what we are producing, we are going to continue to welcome additional production if customers come and ask for it," al-Naimi said.
OPEC's most powerful official said he was one of the first to welcome the emergence of the U.S. shale oil industry five years ago.
"There is no effort against anyone in the international oil market, there are no conspiracies against other countries," he said.
Stung by plunging oil export revenues and a ruble crisis, Russian President Vladimir Putin said last week it was possible that the U.S. could be conspiring with Saudi Arabia.
"We all see the lowering of the oil price. There's lots of talk about what's causing it. Could it be the agreement between the U.S. and Saudi Arabia to punish Iran and affect the economies of Russia and Venezuela? It could," he said.
The door now seems firmly closed to any move by OPEC to cooperate with Russia and other leading non-OPEC producers to reduce supply to a world market awash with oil.
"If they want to cut production they are welcome, we are not going to cut, and certainly Saudi Arabia isn't going to cut," al-Naimi said. " [That] position we will hold forever, not [just] 2015."
http://money.cnn.com/2014/12/22/news/economy/saudi-arabia-oil-production/index.html?hpt=hp_t2
15 Feb ’12
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Are any of you afraid? I'm not afraid at all
US oil price falls below $50 on supply glut fears
The US oil price fell below the symbolic threshold of $50 a barrel for the first time since April 2009, before finishing the day at $50.05.
The price of Brent crude also fell on Monday, dipping 6% to $53 a barrel.
The price of both Brent crude and US oil, known as West Texas Intermediate crude, have now lost more than half of their value since mid-2014.
Investors are worried that combination of a global supply glut and weak demand could cause prices to tumble further.
US oil production has soared recently, as fracking - or the process of extracting oil from shale rock by injecting fluids into the ground - has revolutionised oil production in the country, transforming US states such as North Dakota and Pennsylvania in the process.
However, the increase in production has come just as economies across the world - from Europe to China - have slowed their once voracious demand for oil.
This, combined with Opec's decision to continue extracting oil at its current pace, has left many investors worried.
That has in turn led shares of many of the world's leading energy firms, from BP to Exxon Mobil, to decline sharply over the past few months.
19 Feb ’12
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we'll see 30-35 by June if this keeps up. some of the guys hedging think it may go as low as 20.
21 Feb ’12
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It will wreck the economy in Canada, Venezuela, Russia and lots of other countries but as long as the US enjoys while the rest of World suffers it will be business as usual I suppose.
For instance the oil sands of Alberta needs $60 a barrel to break even, that means bye bye jobs. There has already been announced slow downs and new drills not going ahead. It is going to hurt. Who would have thought of bottoming out the oil industry to send the World back into depression. I guess it goes to show though just how hard people have been taking a screwing from the Saudi's.
They must be getting something nice from the US in 2015.
19 Feb ’12
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Canada may suffer area specific recessions due to the low prices, but the countries that have their entire economies tied to oil futures are just asking for trouble.
The low prices aren't a result of US posturing. Its a result of the Saudi's doing everything they can to shut down the shale development in the US, oil sands in Canada and most importantly, completely fucking cripple the Russian economy (and to a lesser extent, the Iranians). The Russians have had their noses in all of the nasty shit going on the ME for decades and their involvement right now in Syria is, to quote the great Lo Pan "really pissing them off to no end!"
the us govt has literally nothing to do with this. in fact, if it wasn't for our current pres, this would have happened much earlier. If the Keystone Pipeline had been approved in Obamas first term and the shale industry not been kneecapped by the Obama Admin we would have seen this happen in 2009-2010.
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