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New Oil & Gas thread:Feb 2018 Gas prices to be highest in 4 years
(08-20-2015, 05:54 AM)SickBeast Wrote: Well particularly in Canada I find it absolutely insane that they pump and ship all our oil down to the southern United States so that it can be refined and then sent back up here as gasoline. What a waste! Not only that but it's our oil! We might as well profit from the refineries but no, they have to do it this way. This is clear evidence of their corruption IMO. They are willing to risk the environment transporting all that volatile oil and gasoline all over the place for no good reason other than they want more profit from start to finish.

Actually the way I feel about it is that the oil here is a natural resource of Canada. It shouldn't be made available for these sleazy oil companies to make profit and gauge us at the pumps. It's a joke. Not only that but my grandmother's parents owned land in northern Alberta and when they tried to cash in on the oil craze the government told them that they only owned the top four feet of the soil. But it's ok for these massive corporations to have the oil and make all the money they want!

Same situation in the U.S. The Oil Co's want the ban on oil export lifted so they can ship the oil to other countries that will pay more for the oil.

Of course this will leave the U.S. wothout oil and have to pay the inflated prices for our own oil as well.

Sadly the only way I see this ever being stopped is when Americans wake up, band together and declare war on the Corporations that own our Government.
(08-20-2015, 08:17 AM)SickBeast Wrote: It's terrible.

Hey do you guys have ticks where you live?  A friend of ours got bit by a tick and she has lyme disease now!  She got bit over a year ago so now it looks like she's going to be infected for the rest of her life, it's worse than having HIV basically, it's really scary.  You apparently need to be treated very quickly once you have been bitten by the tick otherwise there is no cure. :(

Yep, way too many deer around here, even within the DC boundaries.  Deer love parks (and there are so many parks around here), and they carry ticks around.  Had to check all of my kids after walking through the woods for a few miles from the back of my house. 

When I was a kid, my Mom always warned of ticks, occasionally checking me and found some on my thighs a couple times.  I loved to explore the woods when I was growing up, always playing outside everyday, and went rock hunting or fossil hunting with my Granddaddy into deep wilderness, but then that was when I got a tick in the strangest place - where my Mom would never find it.  After a few days, I was feeling irritiation - and finally figured that it was a tick under my balls. 

Wow, didn't know Lyme disease was THAT serious.
Ok with science that the big bang theory requires that fundamental scientific laws do not exist for the first few minutes, but not ok for the creator to defy these laws...  Rolleyes

Oil at $38 yet some stations even went back up here to $2.75 because of course we are approaching Labor Day Holiday.

After a price recovery that took crude oil prices to over $60 in June from $46 at the start of the year, the price has collapsed again. However, this sell-off has dropped crude to under $39, a multiyear low.
(08-24-2015, 08:10 PM)dmcowen674 Wrote: 8-24-2015

Oil at $38 yet some stations even went back up here to $2.75 because of course we are approaching Labor Day Holiday.

After a price recovery that took crude oil prices to over $60 in June from $46 at the start of the year, the price has collapsed again. However, this sell-off has dropped crude to under $39, a multiyear low.

Well here we are again with oil below $40 but this time gas is $1.59 so you know when they are charging over $3 for gas when it's $40 we are getting totally ripped off.


Crude oil just crashed below $40 per barrel again.

West Texas Intermediate crude futures in New York fell to as low as $39.92 per barrel just before noon on Wednesday.

After reaching about $48 per barrel last week, oil stumbled after the International Energy Agency warned, and reminded markets, that the supply glut was worsening across the world.

Earlier on Wednesday, the Energy Information Administration released its weekly data on inventories. US crude stockpiles rose by 300,000 barrels last week, according to the EIA, below an expected build by 1.9 million barrels.

The data also showed a swell in inventories at Cushing, Oklahoma, a key delivery point, by 1.5 million barrels, as overall inventories remained near levels not seen at this time of year in 80 years.

Mark this day as yet another day towards to complete and total collapse of the U.S. at the hands of the Corporates and the Congress they control.

$200 oil and $10 gasoline will become the new "normal"

The real kicker will be if the U.S. refineries completely close down and have to import gasoline, then expect a gallon of gas to be $20 a gallon or higher.

Congress lifts 40 year old ban on oil export

The biggest losers, if oil prices spiked, would be U.S. refiners. Their margins would get squeezed as input prices rose and consumers cut back on the finished product, gasoline. Energy analysts are forecasting low prices for a long time, so maybe we’ll never find out what will happen when American oil hits overseas markets. But oil markets have a way of surprising everyone, and Washington may have unleashed more than it realizes.

Gasman_e0 Gassign

Oil: We've Been Here Before

Last week the price of oil broke below $30 a barrel (figures in U.S. currency) and stock markets tumbled. Now some analysts are saying a retreat to the $20 level is a real possibility as none of the major producers shows signs of reducing output.

A few are even more pessimistic. Standard Chartered, an international banking group based in London, predicted last week that oil wouldn't bottom out until it reaches the $10 a barrel range, a level not seen since 1998.

In response to the continuing rout, oil companies are once again slashing capital budgets and trimming jobs. BP announced last week it would cut its global workforce by 5%, or 4,000 positions. Today Shell announced it is slashing 10,000 jobs.

It all sounds terribly grim and the deep dive in the markets has left investors fearful of worse to come. And we're not likely to see any immediate relief. But as far as oil is concerned, don't lose sight of the fact that we've been here before and managed to survive. In fact, according to the U.S. Energy Information Administration (EIA), the price of West Texas Intermediate (WTI) oil has fallen by at least 50% on five occasions since 1986. This is nothing new.

After the energy depression of 1997-98, the price remained stuck in the $20 to $30 a barrel range for several years. It only began to move sharply higher in late 2004. At that point, with demand from China growing exponentially, it rocketed all the way to $147 before the financial crisis of 2008 sent it tumbling back down to around $40.

Clearly, at current price levels many companies are facing operating losses. How long this can go on is anyone's guess but analysts (and bankers) are going to be keeping a close watch on fourth-quarter and year-end financial reports in the coming weeks. AlixPartners, a consulting company, estimates that North American producers are losing about $2 billion per week at current prices.
It's not a matter of will it go back up, only a matter of when and dumb Americans will believe the excuses yet again.


Hit_head Gasman_e0 Gassign
It's the anal-ysts that are the leading dumb! 

The US achieved just what it wanted to, with the Russian Ruble falling to a new record low today:
(That is, since the currency was redominated in 1998 after the Russian crisis.)

However, it comes at a price.....   now China is seriously courting both UAE and Qatar.  Some $20bn deal was struck between China and these 2, so I wouldn't be surprised if the oil prices start going back up because of this.  With the oil prices as low as they are now, the oil nations are desperate - no matter how much the US tries to placate the Arab nations (like with contracts, incentives, aid to Jordan and Syria, etc,), they're turning to China.  I'm just hoping that this doesn't backfire on us!!!

Good thing we're actually now the #1 oil producer in the world, so we can depend on ourselves and keep the prices from getting too high like they did in 2007.  First, prices might go up to around $2.50-$3 right after the presidential election.  Yet it will never go too high, as Russia will be exporting to some more countries around the world.  Further yet, the market pricing needs to keep China from getting oil for too cheap.  For the US, it will be like holding a balance while walking on tightrope, lol..  What's for sure is that the Arabs will be in bed with the Chinese for the years to come.
Canada is thinking about turning to China as well. We will see where this all goes.
Hmm, I'm just hoping that Canada won't ever be in bed with China...  so many other countries Canada could export oil to, like India, Japan, etc.  If Canada does sell to China, there better be a wise strategy behind all this.  More counties competing against each other with their exports = lower prices, but oil consumption will continue to skyrocket in China and India, so prices will still go up somewhat regardless of Russia's exports.  Then Canada can play real tough while threatening to cut China off at any time - and use it to their advantage.  The US will be working real hard at making sure China doesn't get too powerful.  Cheap oil = cheap production of plastics in China, then China gets used to it and feels more powerful and greedy until India eventually becomes the new China.

Quote:The report states that Russia's exports to China were down 20% compared to last year, while China only invested under $1.6 billion into Russia in 2014, when Russia invested a whopping $151.5 billion during the same year into the Chinese economy.

Quote:Saudi Arabia sold 3.99 million metric tons to China during October, according to data from China’s General Administration of Customs. Angola sold 3.64 million tons to China, while Russia was third, selling 3.41 million tons during the month.

Russia was hoping to entrap China with the oil pipelines and all (having become the #1 supplier earlier in 2015), but now Russia is taking a serious beating...   Is the US really trying to make Russia collapse all over again?? 

The prices are nuts, especially with Iran about to go back online with the exports again, causing yet another stir!  Things are crazy now!!

Yet, despite this, food prices are considerably rising right now at grocery stores and in restaurants!!!  What gives?!??  I thought food prices were very closely correlated with oil prices (with tractors and shipping and all)?

Oil price is the lowest in 13 years - have a look at this interactive chart (uncheck the "log scale" box for a linear scale):

I loved the 90's with such low oil prices.  Hopefully that era is back here to stay!
Well we had another 40 to 50 cent  gas jump today.

Haven't heard the excuse of why yet. Oil is still around $30

Oil up to $34

Gas up to $1.79
U.S. oil drilling lowest since 1859, only 502 active oil rigs.

Oil expected to pass $150 or higher once inventories run out


U.S. oil and gas drillers ready to party like it's 1859

The energy business in the U.S. is about to travel 150 years back in time.

Oil and gas companies have cut so much spending amid the biggest price crash in a generation that there are only 502 drilling rigs still active in the country

“While there is no consistent series for drilling activity before 1948, we think it likely that to find a lower level of activity would require going back to the 1860s, the early part of the Pennsylvania oil boom,” Hornsell said in a research note today.

The Pennsylvania oil rush began in 1859, when Colonel Edwin Drake struck rock oil near the town of Titusville in the western part of the state.
Here in Canada everything balances itself out with the oil prices. When oil prices are high, we pay more for gas, however our currency massively inflates in value, which makes everything else cost less. When oil prices are low, our currency massively deflates and we pay more for everything else. I kind of like it when oil prices are high actually. It lets me buy more stuff. Smile
LOL.  Canadians.

Well, looks like Saudi Arabia is desperately trying to win China over no matter the cost, and trying to shut down US oil exports and drilling ventures.  Saudi thinks that it is doing real damage to the US now, but it's actually a 2-way street.  Is the damage going to be bigger to SA as Iran continues to open up more exports, content to sell at whatever low prices?  SA, used to high prices, would have to severely compensate with such dwindling source of finances. 
It's already happening now..  SA simply thinks it can seriously fuck around with the US's oil boom.
Oil back over $40, gas jumped 40 cents today back over $2

Oil Thugs be jumping for joy and sounding the trumpets.
Canada's Bankers Petroleum agrees to takeover by Chinese firm

Just one of the little things going on nowadays...   China taking over companies and properties of other countries.  Cheap oil is boosting China big time - just think of how much plastic goods are manufactured in China (using gobs and gobs of petrol)..
Brent oil holds above $60 on expected output cut extension


Brent oil held above $60 a barrel on Monday, near its highest since mid-2015, on expectations OPEC-led production cuts would be extended beyond March although rising Iraqi exports put a lid on prices.
Gas prices are already $2.70 and climbing
Gas is really expensive here lately. If it keeps going up I’m going to buy an electric car.
Some stations now over $3 here, most are at $2.79
Well of all the Gas price spike excuses they have used over the years this is a new one, because the Refineries are over a 100 years old.
Still hanging at $2.79

Meanwhile the Keystone pipeline has soiled the South Dakota landscape with a huge 200,000 gallon oil leak.
(11-17-2017, 02:52 PM)dmcowen674 Wrote: 11-16-2017

Meanwhile the Keystone pipeline has soiled the South Dakota landscape with a huge 200,000 gallon oil leak.

Gas prices to be highest in 4 years. Trump's fault?

Gas prices to be highest in four years

Here comes the high gas prices promised back in February post

Gas prices could jump 14% this summer, according to government estimate

The price of oil has climbed because of efforts by OPEC and Russia. Brent crude, the global benchmark, surged 3.5% on Tuesday to $71.04 a barrel, the highest since late 2014. That’s already above the EIA forecast of $63 for this summer, suggesting gas prices could go even higher. Brent crude averaged just $51 last summer.

Drivers in California, Oregon, Nevada, Washington State, Hawaii and Alaska already pay more than $3 per gallon, according to AAA. California’s average gas price has jumped to $3.52, compared with $2.99 a year ago.

After crashing to just $26 a barrel in early 2016, crude oil has more than doubled in price. Supply in the United States is very strong. Production of crude recently hit record high because of the shale oil boom.

But foreign oil supply is down, largely because of OPEC’s efforts to boost prices by curbing production. Saudi Arabia-led OPEC and Russia reached an agreement in late 2016 to pump less oil. 

Saudi Arabia decided last year to slash shipments of oil to the United States, the market watched most closely by oil traders. American imports of Saudi crude declined 14% last year to the lowest since 1988, according to the EIA.

At the same time, the United States is shipping record amounts of oil overseas since Congress lifted a ban on most exports in 2015. US oil exports have nearly quadrupled since then.
The return of $100 oil

$100 oil is back on the table as OPEC stays strong on tightening production limits

Oil prices will rise to $100 per barrel if Saudi Arabia gets its way.

OPEC and its non-OPEC partners are even considering yet another extension that would push the cuts into the middle of 2019. But with inventories back to average levels and expected to fall for the foreseeable future, the production limits would surely push the market into a deficit. 

OPEC just posted its fifth consecutive month in which it recorded a new record high compliance rate with the production limits. 

Saudi Arabia’s motivation for higher oil prices will magnify the influence of existing trends in the oil market. That is, the shrinking inventory surplus, strong demand, and geopolitical tension are all working together to push up benchmark prices.

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