Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This is a great thing...prices of everything will follow...
And....not because of Obama
Edit: it definitely will not sink that low...not to 50/barrel
Have to agree there. Even if it does get to a price that low, they will find some excuse why you and I still need to pay over $3.00 a gallon for the stuff.
I expect the oil companies will simply be posting new record levels of profit, as they will simply do the same things OPEC has beeen doing for decades now....... Adjusting output to get to the "sweet spot" where profits are maximized.
U.S. oil prices could sink to $50 a barrel at some point over the next two years, according to analysts at Bank of America Merrill Lynch.
The drop in U.S. oil prices would likely be temporary, caused by the difficulty in moving huge amounts of new oil from places like North Dakota's Bakken shale or Texas' Eagle Ford to market. Already, all the new production has led to a glut of oil in the region.
"No one expected output to grow by a million barrels per day last year," Francisco Blanche, Merrill's head of commodity research, said at a press briefing in New York. "No one."
As a result, oil has been accumulating in Cushing, Okla. -- home to the convergence of several pipelines and dozens of oil storage tankers that acts as the delivery point for the most commonly quoted U.S. oil price, West Texas Intermediate.
I thought Obama said we could not drill our way to lower oil prices? This must all be lies.
Wait, I thought Obama was going to destroy the oil companies.
It will be ironic if someone who got into office attacking the oil industry ends up being saved by them. The economy would have tanked if it weren't for the low natural gas prices, and now even petroleum is following suit. This may save the economy in spite of the Democrats' absurd economics and anti-business policies.
U.S. oil prices could sink to $50 a barrel at some point over the next two years, according to analysts at Bank of America Merrill Lynch.
The drop in U.S. oil prices would likely be temporary, caused by the difficulty in moving huge amounts of new oil from places like North Dakota's Bakken shale or Texas' Eagle Ford to market. Already, all the new production has led to a glut of oil in the region.
"No one expected output to grow by a million barrels per day last year," Francisco Blanche, Merrill's head of commodity research, said at a press briefing in New York. "No one."
As a result, oil has been accumulating in Cushing, Okla. -- home to the convergence of several pipelines and dozens of oil storage tankers that acts as the delivery point for the most commonly quoted U.S. oil price, West Texas Intermediate.
I thought the libs said that increasing the US supply would have no effect on oil prices?
Nope, the coal companies, because they wont play ball with him. Big oil is still O.K.
YC.......
It's the oil companies drilling on private land, they are mostly out of Obama's reach. It's the private sector, creating jobs and energy, it probably pisses off the entire Obama administration.
Actually if the price sinks too low, it may become unprofitable to extract oil. I guess the price will eventually find its place.
yes.
i remember when the price crashed in the mid 80s to around 1/3 what it was going for just a couple years earlier, and they capped most of the stripper wells in NM that were pumping less than 20 barrels a day. it cost more to maintain them than it was worth.
Quote:
Originally Posted by hawkeye2009
I thought the libs said that increasing the US supply would have no effect on oil prices?
over and over again, that's what we heard. stupid sarah palin and her 'drill, drill, drill'
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
