What's with the low oil prices?

[AVG-JOE]

It's $10.00/bbl.

Got link?

 

[AVG-JOE]

It's $10.00/bbl.

What is $10/bbl?

He's claiming that all oil comes with a production cost of $10 per barrel regardless of the source.

I'm waiting patiently for a link in spite of the raw authority with which he said it.

I'm skeptical like that.

 

[Freewill]

Too bad we can't bank gasoline, we all know this won't last. I predict much higher prices by May.

 

[Mr. H.]

It's $10.00/bbl.

What is $10/bbl?

He's claiming that all oil comes with a production cost of $10 per barrel regardless of the source.

I'm waiting patiently for a link in spit of the raw authority with which he said it.

I'm skeptical like that.

I wish.

Fuck that shit.

 

[Mr. H.]

Too bad we can't bank gasoline, we all know this won't last. I predict much higher prices by May.

It appears that in any given week there are over 200 million barrels of gasoline in inventories across the U.S. That's 8.4 billion gallons.

Weekly U.S. Ending Stocks of Total Gasoline Thousand Barrels

 

[SwimExpert]

Fracking is an expensive process, which requires something like $80/brl to cover their dead costs.

Actually, it's more like $35 a barrel. OPEC has been operating on the $80 a barrel misinformation, but that is based on old and outdated practices. The cost, and the productive yield, have been significantly improved over the years.

 

[Where_r_my_Keys]

Too bad we can't bank gasoline, we all know this won't last. I predict much higher prices by May.

It appears that in any given week there are over 200 million barrels of gasoline in inventories across the U.S. That's 8.4 billion gallons.

Weekly U.S. Ending Stocks of Total Gasoline Thousand Barrels

WOW~ That sounds like A LOT!

Until ya find out that 'in 2013, about 134.51 billion gallons1 (or 3.20 billion barrels) of gasoline were consumed in the United States on a daily average.

So... that's not much of a bank.

 

[RKMBrown]

Iron's a finite resource too but you don't see people screaming about us running out. No, oil is not a finite resource. This is a myth perpetuated by the term "fossil" fuels.

So... what... you think that the earth is making more of the stuff as we suck it from the ground?

Yes.

 

[RKMBrown]

No, oil is not a finite resource.

So then you don't know what you're talking about.

It literally rains oil on the moon titan. Where do you think it comes from on titan? Dead dinosaurs flew to saturn?

 

[RKMBrown]

If you think oil is finite then you are complteely clueless.
We have been told we are running out of oil almost since the day oil was discovered.

Seriously?!?

Just because there appears to be plenty right now doesn't mean it's a renewable resource.

Any chance you can briefly explain how more is being made?

​

Deep oil reserves created without organic matter

 

[SwimExpert]

It literally rains oil on the moon titan.

Not quite. Titan contains liquid propane, ethane, and methane. But even if it did have oil, that's Titan. We have no feasible means of harvesting anything from Titan, and we likely will not for hundreds of years, if ever.

Where do you think it comes from on titan? Dead dinosaurs flew to saturn?

I'm just quoting this part to underscore how much of a fucking idiot you are.

 

[Vigilante]

On November 27, Saudi Arabia and its 11 partners in the Organization of the Petroleum Exporting Countries (OPEC) failed to agree on production cuts, causing a steep drop in oil prices to their lowest levels in five years.

As SA contributor Michael Fitzsimmons correctly pointed out, the reason for maintaining the 30 million barrels a day of oil output is that Saudi Arabia wants to defend its market share and learn the threshold of pain of U.S. shale producers. In his article, which I suggest everyone must read, Fitzsimmons explains how Saudi Arabia could sacrifice roughly $138 million of oil revenues a day to learn the breaking point of U.S. shale producers. That said, the Saudis "might be surprised at how long it takes" to find this out.....

Oil Producers Saudi Arabia Knows Exactly What Must Be Done Seeking Alpha

 

[BluesLegend]

OPEC is trying to drive production in the U.S. down by making it unprofitable, the bunch of dumb asses don't seem to realize the U.S. will come roaring right back when prices increase.

By the way idiot liberals were wrong again, only 6 years ago they claimed it would be 10 or 15 years before an increase in oil production would lower the price of gas. Or they were lying again its getting hard to tell anymore with that lot.

like a fly buzzing around a horses ass ... was that an answer or some other babbling offered as an answer?

I'm not surprised it was over your head.

your jibberish isn't over any bodys head ... not even worms.

I made two clear points and you failed to understand them, those are the facts.

 

[BluesLegend]

OPEC is trying to drive production in the U.S. down by making it unprofitable, the bunch of dumb asses don't seem to realize the U.S. will come roaring right back when prices increase.

By the way idiot liberals were wrong again, only 6 years ago they claimed it would be 10 or 15 years before an increase in oil production would lower the price of gas. Or they were lying again its getting hard to tell anymore with that lot.

Actually it was BluesLegend who said they said it. Hint: no proof.

Actually it was BluesLegend who said they said it. Hint: no proof.

More Drilling Won t Lower Gas Prices ThinkProgress

More U.S. Oil Drilling Won t Lower Gas Prices Experts Say

Note to Mitt More Drilling Will Not Lower Gasoline Prices - Businessweek

Nope more drilling won rsquo t bring back 2.50 gasoline - The Washington Post

Gas prices wouldn t be lowered by more domestic oil drilling - Apr. 25 2011

http://www.usclimatenetwork.org/resource-database/offshore-drilling-a-false-answer-to-energy-prices

Pelosi vs. America Speaker Pelosi Says No to Drilling When America Overwhelmingly Says Yes Speaker.gov

House Dems Latest Tactics Would Block More Production of American Energy Lower Gas Prices Speaker.gov

Pelosi and Reid s Big Choice Lower Gas Prices or Go on a Five Week Vacation Human Events

Pelosi Reid and Obama The Three Stooges of American Energy Policy Start Thinking Right

We can t just drill our way to lower gas prices. Says who RedState

U.S. drilling won t lower gas prices study shows - SFGate

In other words liberals are liars.

 

[RKMBrown]

You think you are the first person to figure out oil companies work for profit?

Didn't Big Oil net tens of billions in profit in 2000 when gasoline prices were $1.00/gal?

moron

 

[RKMBrown]

It literally rains oil on the moon titan.

Not quite. Titan contains liquid propane, ethane, and methane. But even if it did have oil, that's Titan. We have no feasible means of harvesting anything from Titan, and we likely will not for hundreds of years, if ever.

Where do you think it comes from on titan? Dead dinosaurs flew to saturn?

I'm just quoting this part to underscore how much of a fucking idiot you are.

Oh ..yeah cause oil isn't a hydrocarbon... rolls eyes... what a dumb ass.

And the dino joke... yeah it was a joke.

 

[The Rabbi]

Fracking is an expensive process, which requires something like $80/brl to cover their dead costs.

Actually, it's more like $35 a barrel. OPEC has been operating on the $80 a barrel misinformation, but that is based on old and outdated practices. The cost, and the productive yield, have been significantly improved over the years.

So let me see here.
OPEC, whose members depend on accurate knowledge of oil production and statistics for their livelihood, do not know about these things but you, some anonymous jerk on a discussion board, do have accurate knowledge? Seriously?

 

[Discombobulated]

It's OBAMA'S FAULT ......

Oh wait

No don't be stupid, you know it doesn't work that way. Obama is only responsible for the bad stuff, anything good that might happen is purely coincidental.

 

[Care4all]

We must all genuflect and bow to King Obuma for this gift!

transcanada/keystone pipeline xl should be....kissing his feet... they are lucky that they hadn't put in this expensive sand oil pipeline....it would have been for naught....

 

[Listening]

We must all genuflect and bow to King Obuma for this gift!

transcanada/keystone pipeline xl should be....kissing his feet... they are lucky that they hadn't put in this expensive sand oil pipeline....it would have been for naught....

And why is that ?

Do you really believe that oil prices are going to stay this low ?