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No, the number of rigs dropped because the price of oil dropped. Oil bottomed out at under $30 a barrel in early 2016, and nobody is going to drill when it costs more to produce the oil than it can be sold for. The Saudi's and Russians are trying to drive prices up, the Saudi's want to see $80-100 a barrel. Now that prices are high enough to make shale profitable, American production has gone up around 400,000 barrels a day. If not for that oil would be $100.
It seems many of our liberal/progressive friends instead of taking Economics, and Business have strayed towards Gender, and Minority Study, or perhaps Sociology, or Art History. The basic issues of Supply, and Demand, as well as future risk discounted by market speculators to today's prices seems to escape them.
So much for Keystone Pipeline keeping the price of gas down. Had enough yet of the misinformation you were fed about that pipeline? Next up, aquifers contaminated!
So much for Keystone Pipeline keeping the price of gas down. Had enough yet of the misinformation you were fed about that pipeline? Next up, aquifers contaminated!
Tell us YOUR preferred way to get oil to refinery terminals and why you prefer it to pipelines.
because George Bush isn't president and he can't take the blame anymore like he did 10 years ago.
Quote:
Originally Posted by desertdetroiter
Even I didn’t pay it any attention, until my Shell card bill came in the mail. Holy cow!! My monthly bill was 20% higher than last month and we drove about the same mileage as usual.
WTH? I thought all of this new “drill everywhere you can including in my driveway†type of hands off business friendly deregulation was gonna lower gas prices or at least keep it the same!
Didn’t think I’d see $3 buck gas this year. And don’t tell me about supply and demand because demand is no crazier now than it was last year. Save it.
They did at my gas station, 1,500 miles away from the Atlantic.
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