Ten buck oil?

[wiffleball 4,631]

Okay, I don't think that's going to happen tomorrow. But I've seen projections that go that low. On a grander scale, demand for oil is doing nothing but skewing downward in virtually every projection. Transportation makes up 70% of the crude product consumption in the world these days. Switching to electric vehicles is obviously going to have an impact on that. And some countries and manufacturers are talking about switching as early as 2020.

 

That covers demand, now to supply. I really think these guys shot themselves in the with all the fracking. There is a monster monster Discovery in Central Texas that most of the big companies have bought up but aren't even touching Beyond test Wells. Remember Williston? Well they sure as hell didn't run out of oil. But America created a glut so big that we were a net exporter for a while there. Not sure where we stand now.

 

So, every Common Sense projection shows demand going down, and glutz of oil not only here in the states, but virtually around the world. A monster find in Russia that we can't yet touch. Other huge finds off the coast of Africa and Central and South America.

 

For the first time in ever, Saudi Arabia is looking to do an IPO. Word is, they know they have to do it now as quickly as possible because the trend of cheap crude is happening so quickly.

 

I'll be interested to hear what Bert and some of the others who actually have a brain think about all of this. I know Texas is just waiting for the next boom. Houston's building like a motherfuker finally. Only there about twenty or thirty years too late. But to be honest, I'm not sure the big Midland Permian Basin boom is coming anytime soon.

[Strike 3,947]

Oil isn't getting anywhere near $10. Even with fracking it's not profitable to bring it out of the ground at less than about $40. That's why when it got that low a bunch of companies went bankrupt and/or stopped drilling new wells. So if demand continues to decrease so will the number of active wells, such that the price stays above that price point.

[Scary Gary 19]

Oil isn't getting anywhere near $10. Even with fracking it's not profitable to bring it out of the ground at less than about $40. That's why when it got that low a bunch of companies went bankrupt and/or stopped drilling new wells. So if demand continues to decrease so will the number of active wells, such that the price stays above that price point.

 

 

This,.

 

$10 oil? That's like ...I can't even think of an analogy. Beef for 25 cents a pound.

[Voltaire 4,554]

Hope so, hope demand dries up, other than, you know, petroleum jelly

[wiffleball 4,631]

Hope so, hope demand dries up, other than, you know, petroleum jelly

Thats really short-sighted of you. What do we do when those wind farms Harvest all the wind.?

 

It's not like you can just plug that s*** out of thin air.

[SenatorRock 708]

Oil isn't going to $10 barrels.

 

As more people learn about the environmental destruction and slave labor that are involved with creating their precious little "green" batteries for electric cars that industry is going to crumble.

[Bert 1,087]

This is the flip side of the RLLD we are at peak oil and oil will be $200. Trend will continue to go down in wealthy countries that can afford electric cars, and more importantly, the infrastructure to support them. India and China are still fairly undeveloped. As they develop this is going to drive demand for oil up.

 

We are in the middle of a great technological advance in oil product. It will eventually play out and prices will rise. Look at the history of oil in the world. Peaks and valleys. Hell the CEO of Shell once said we have found all the easy oil in the world then someone found this strange hill in the Saudi desert.