Saudi Arabia can't keep it up....

Too much capacity sitting on the sidelines. My WAG: it's going to be a long, long, time before we see $60 oil.

 

I can live with that. They got greedy for too long and finally came back around and bit them. Hard hopefully!

 

The world is currently drowning in a glut of cheap oil.

Someone remind me, please: when's that "peak oil" supposed to happen?

They just found a few billion barrels on the North Slope to add to the glut.

 

They just found a few billion barrels on the North Slope to add to the glut.

I found around 3000 gallons (and gaining) next to my shop!

But I knew it was there. It's just the big snow drift covering it since christmas was hiding most of it but now that its melting the bulk tank and totes are starting to become accessible again.

 

http://www.powerlineblog.com/archives/2017/03/why-opec-is-finished-and-russia-too.php

 

http://www.powerlineblog.com/archives/2017/03/why-opec-is-finished-and-russia-too.php

Leverage

President Donald Trump’s administration now has the ability to harness the country’s energy prowess for domestic economic benefits and achieve meaningful foreign policy gains for the country. . . Tillerson’s experience with the global energy markets should be a considerable asset in effecting exactly these goals. . .

kv

 

Kind of wondering if this isn't the first signs of the world oil industry restructuring to become more balanced and efficient. The few biggest greediest players have pretty much burned up their financial reserves trying to keep things running their way and it's not working anymore.

They're near broke or already well past it and yet many the little players, and larger ones who were willing to find ways to work more efficiently with what they had, are not only still here but much of their production and overall operational policies on world wide commerce have become far more influential for it.

 

ND coming back online on hopes of completed pipeline.

MAGA.

 

ND coming back online on hopes of completed pipeline.

MAGA.

Yep. I can confirm it. I have been hearing rumors for the last month or so about rigs coming back online and some of the fracking companies going back to work on existing wells that didn't get done when things slowed down.

Sadly the company I worked for closed their local shop and has their facilities up for sale now so I guess I wont be going back to them.

Up side is being I have first hand fracking experience for a reputable company I have been told that I am almost guaranteed job on the drilling rigs regarding tool pushing and coordinating the drill sting components that relate to the fracking stage of a well! High pay light work supervisory position (get payed a lot to watch others work) as I have had it explained to me! I can work with that!

Too bad my summer is already tied up with personal work I can't put off. I rather miss those 14 hour days and the crazy paychecks they brought home.

 

Another prediction of the death of big oil and fossil-fuel vehicles.
http://business.financialpost.com/n...g-autos-says-study-that-shocking-the-industry

 

Another prediction of the death of big oil and fossil-fuel vehicles.
http://business.financialpost.com/n...g-autos-says-study-that-shocking-the-industry

I think the prediction is correct except for the timeline. 8 years is absurd.

My current vehicle has nearly 200k miles on it, so I'm starting to look for a replacement. I'd love to NOT buy another vehicle and instead have a pool of autonomous cars around that I could summon when I need one. But that future isn't coming fast enough and I'll have to buy at least one more fire-breathing steel dragon. Sigh. A Tesla would be nice but too pricey.

 

I think the prediction is correct except for the timeline. 8 years is absurd.

My current vehicle has nearly 200k miles on it, so I'm starting to look for a replacement. I'd love to NOT buy another vehicle and instead have a pool of autonomous cars around that I could summon when I need one. But that future isn't coming fast enough and I'll have to buy at least one more fire-breathing steel dragon. Sigh. A Tesla would be nice but too pricey.

I saw 8 years and said WTF too.

 

I saw 8 years and said WTF too.

I think that was put there to get the article read. Otherwise there's nothing in there I haven't been talking with friends about for a couple years or more. Once you take for granted that you have autonomous cars with low operating costs, it's an easy leap to ditching traditional car ownership. Ditch the car, no more need for a big garage, no more auto insurance, no need to watch teenagers die on the highway before they learn to drive safely. No more drunk drivers, ten times more drunk passengers.

 

Another prediction of the death of big oil and fossil-fuel vehicles.
http://business.financialpost.com/n...g-autos-says-study-that-shocking-the-industry

Shocking.

 

https://www.bloomberg.com/news/articles/2017-05-19/u-s-shale-roars-back-at-opec

 

http://www.caller.com/story/news/sp...-arrival-south-texas-makes-history/102010600/

 

Drill, baby, drill!

 

Drill, baby, drill!

Combined with things like EVs and this, we may be entering a new age.
http://www.freerepublic.com/focus/f-chat/3622562/posts

 

Saudi Arabia can't keep it up....

Too much capacity sitting on the sidelines. My WAG: it's going to be a long, long, time before we see $60 oil.

How much longer before we see $60 oil?

 

How much longer before we see $60 oil?

This is why I don't trade oil futures.

But, the capacity I referred to is still on the sidelines. It was mentioned in the article.