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mahatmakanejeeves

(69,932 posts)

38. I am not hoping for unemployment. Here's a recent article.

Tue Dec 23, 2014, 03:25 PM

Dec 2014

Post at DU thread, Bank of America Sees $50 Oil as OPEC Dies

Focus on top spots to boost US oil output even as well permits fall

By Reuters Media on Dec 6, 2014 at 1:12 a.m.

WILLISTON -- U.S. energy firms are swiftly shifting drilling rigs away from less productive areas and hunkering down in sweet spots of North Dakota and Texas shale oil fields as they try to lift output and cut costs in response to the toughest crude market in years.

Rig deployments or applications for new well permits fell by half in recent months in parts of North Dakota's Bakken formation and the Eagle Ford and Permian Basin in Texas, but the most prolific areas are holding up, according to officials and data from the two top crude-producing states.
....

Sweet spots

North Dakota regulators say prices would have to slide to $40 per barrel before most producers started losing money there.

Consultants at Woods Mackenzie say the breakeven level for Eagle Ford in Texas could be as low as $50 per barrel.

There's much more at the Dickinson Press Energy website.

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OPEC won't cut output even at $20 a barrel: Saudi [View all] Bosonic Dec 2014 OP

well they have so much money they can afford to crash it in order to drive the others out of busines belzabubba333 Dec 2014 #1

This is an OPEC decision--that includes many of those others. MADem Dec 2014 #5

And we bombed or sanctioned or generally pissed off most of those countries. dixiegrrrrl Dec 2014 #9

This has little to do with us. We aren't in charge of this evolution. MADem Dec 2014 #13

Not sure what energy game the Saudis could stay in Kelvin Mace Dec 2014 #28

UK oil production has dropped radically since 1999 happyslug Dec 2014 #42

USA imports are often very misleading. One of the reasons USA imports is for MADem Dec 2014 #55

That is why I try to use Net Imports, a more accurate number. happyslug Dec 2014 #56

I hope the Koch brothers are feeling the pain. SamKnause Dec 2014 #2

I doubt our bought-and-paid-for Congress will let them feel much pain . . . another_liberal Dec 2014 #3

The Saudis have invested BILLIONS in alternative energy. MADem Dec 2014 #4

I hope so rosesaylavee Dec 2014 #7

Here--I got lazy, I've got proof ! MADem Dec 2014 #8

Last gasp of the electric companies in Cal. is dixiegrrrrl Dec 2014 #10

We may just be able to survive rosesaylavee Dec 2014 #16

On the surface this might seem bad MyNameGoesHere Dec 2014 #6

That is part of OPEC's strategy, to keep costs low. MADem Dec 2014 #14

That is what they are trying to do. dixiegrrrrl Dec 2014 #15

oh noze!! Locrian Dec 2014 #22

Oh we will Munificence Dec 2014 #35

yeah Locrian Dec 2014 #43

Agree Strelnikov_ Dec 2014 #23

It is not the oil companies that worry me Kelvin Mace Dec 2014 #29

Venezuela needs high oil prices, even higher than Russia. amandabeech Dec 2014 #45

I like my gas under $3.00 termroffor Dec 2014 #11

Russia and Venezuela would be bankrupt though. FLPanhandle Dec 2014 #12

Venezuela is part of OPEC. MADem Dec 2014 #18

us too. elehhhhna Dec 2014 #19

Bring it on! Nt newfie11 Dec 2014 #17

i have small oilco clients in Tx that have already gone toes up. elehhhhna Dec 2014 #20

You are hearing wrong. former9thward Dec 2014 #24

The Bakken shale oil bust is happening right now Brother Buzz Dec 2014 #25

That's not going to last Kelvin Mace Dec 2014 #30

Yes and peak oil was going to happen in 1980. former9thward Dec 2014 #32

Who said Peak Oil was going to happen in 1980? Kelvin Mace Dec 2014 #36

Since you asked... former9thward Dec 2014 #37

Umm, Wikipedia is a good starting point for discusion Kelvin Mace Dec 2014 #44

"using tech that Hubert didn't forsee" Psephos Dec 2014 #49

Not really Kelvin Mace Dec 2014 #54

I've got two friends that were on those fracking crews newfie11 Dec 2014 #33

Yes but nothing ever stays the same in oil. former9thward Dec 2014 #34

I am not hoping for unemployment. Here's a recent article. mahatmakanejeeves Dec 2014 #38

As I have stated in posts upthread former9thward Dec 2014 #40

Agreed. Best wishes. Happy holidays. NT mahatmakanejeeves Dec 2014 #41

Unemployment is always low lancer78 Dec 2014 #48

Remember when the fucking war Hawks wanted war with Putin over Crimea, how the mass media Fred Sanders Dec 2014 #21

Obama sets global oil prices? Comrade Grumpy Dec 2014 #26

I think the gist of his point was Kelvin Mace Dec 2014 #31

The Comrade is not interested in comprehension, simple inanities do not require it. Fred Sanders Dec 2014 #39

A man with a purple lens sees everything in shades of lavender.... Psephos Dec 2014 #50

Nice suggestion. I'd vote for him again, too. freshwest Dec 2014 #47

Just bought a Leaf Kelvin Mace Dec 2014 #27

QE4 will be buying up all the high yield energy junk bonds... roamer65 Dec 2014 #46

Keep in mind that it will all come to an end once the Saudis have made their point... regnaD kciN Dec 2014 #51

The Saudis are trying to destroy somebody, but I'm not sure who. Odin2005 Dec 2014 #52

A little bit of both maybe.... GOLGO 13 Dec 2014 #53

Don't they hate Iran, too? leftyladyfrommo Dec 2014 #57