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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.
I think it was Shell who started extracting oil from the Rockies in the 80s and then gave up when OPEC crashed the oil price and made it unprofitable.
So all the folks screaming drill baby drill that the left constantly made fun of were right? That means the left handed lunatics were wrong again like usual. LOL
I think it was Shell who started extracting oil from the Rockies in the 80s and then gave up when OPEC crashed the oil price and made it unprofitable.
i knew some people who sunk most of their savings into property in parachute, CO near where that was supposed to happen. of course they took a serious beating.
i knew some people who sunk most of their savings into property in parachute, CO near where that was supposed to happen. of course they took a serious beating.
The oil shale deposits around Rifle (and Parachute, but Parachute is so small I doubt anyone has heard of it) are immense -- thousands of years worth of oil.
It will probably never come out of the ground. The stuff is impossible to deal with. There are enough less difficult shale deposits to tide us over until the technology becomes available to let us abandon oil entirely.
i knew some people who sunk most of their savings into property in parachute, CO near where that was supposed to happen. of course they took a serious beating.
Yes, that didn't go too well for the investors. I think the price of oil was around $40 per barrel back then.
The oil shale deposits around Rifle (and Parachute, but Parachute is so small I doubt anyone has heard of it) are immense -- thousands of years worth of oil.
It will probably never come out of the ground. The stuff is impossible to deal with. There are enough less difficult shale deposits to tide us over until the technology becomes available to let us abandon oil entirely.
It will come out eventually when they figure out a way, or when getting it out the hard way is profitable because the price of oil is so high.
Actually if the price sinks too low, it may become unprofitable to extract oil. I guess the price will eventually find its place.
Exactly. As the price goes up, reserves that were once unprofitable to extract become economically viable....but the additional supply made available by the additional production drives pricing back down. It's an interesting dynamic.
Exactly. As the price goes up, reserves that were once unprofitable to exploit become economically viable....but the additional supply made available by the additional production drives pricing back down. It's an interesting dynamic.
High prices also stimulate investments, R&D, new technologies, conservation, substitution. The problem is that there is a lag between these things and the high prices, so the immediate effect of high oil prices is to depress the economy.
Only problem I can see is the environmental degradation that oil extraction can cause.
I live in New Orleans and between oyster harvesting, upriver levees that dont allow silt runoff and the oil companies that have destroyed the wetlands and New Orleans natural protection against storms....if the oil companies feet are held to the fire and are forced to pay for ANY environmental damage then great. otherwise I'm happy to pay more for gas.
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