Not since 2003

[led0321]

Has oil been this cheap. We are sitting below $36 a barrel right now.

It was $35.55 in 2003.

Sent from my XT1254 using Tapatalk

[Biggie1976]

Read an article yesterday there are over 100 ships sitting full down in the gulf waiting on prices to come up a few bucks...

[Biggie1976]

The Saudis and other countries are flooding the market hoping to lower the price and push out everyone else. Then they will have a lock on the market again..

[JABIII]

Wait till the Iranian oil starts flowing thanks to dumbass...

[led0321]

Yes, it is really interesting to watch. I read that most US drilling can break even below $40 a barrel.

It will be interesting to see how it all plays out.

"The low prices may force enough private oil companies out of business, which then will help OPEC,” said Charles Perry, chief executive officer of energy-consulting firm Perry Management. Still, he believes that “OPEC is immediately hurt the most by this overproduction of oil,” as most members’ economies depend on oil income."

[Biggie1976]

Yes, it is really interesting to watch. I read that most US drilling can break even below $40 a barrel.

It will be interesting to see how it all plays out.

"The low prices may force enough private oil companies out of business, which then will help OPEC,” said Charles Perry, chief executive officer of energy-consulting firm Perry Management. Still, he believes that “OPEC is immediately hurt the most by this overproduction of oil,” as most members’ economies depend on oil income."

I hope the american companies stay long enough to cause the countries economy to almost collapse and they have to reach out to the US

[led0321]

I hope the american companies stay long enough to cause the countries economy to almost collapse and they have to reach out to the US

I posted this last week in a different thread but it is one of the best things I have read in a long time.

http://oil-price.net/en/articles/syr...is-attacks.php

[swampknob]

Thank the lord I left Halliburton when I did. All my friends are getting let go.

[JJ1965]

Yeah, gas is 1.61 a gallon, and motor oil is still 4.00 a quart.

[Rubberhead*]

Low oil prices aren't a universally good thing. Somewhat good for US consumers and US businesses. But, it's very hard on a headline industry in several states that depend on oil such as North Dakota and Alaska. It also makes it cheaper to ship manufactured goods from over seas to the US. This is good for consumers but tough on state-side industries and labor.

The reason the Saudi's are keeping production level high is to keep market prices low and starve the mostly shite northern Arab states of oil revenues because the market price is lower than the cost of pumping oil using antiquated equipment in rocky terrains. Of course, the Saudi's may be using shite-based terrorism as an excuse for putting US-based oil production out of business...

Read: Alaska considers its first ever state income tax because oil-based tax revenues are at near all-time lows.

http://www.usatoday.com/story/news/2...-tax/77056846/

[JABIII]

Throw in starving Russia to death and that cheap fill up at the pump isn't necessarily all roses and sunshine.

[Catdaddy]

I remember 23.9 cents a gallon and if you bought 4 gallons, they gave you a coke and a piece of Kentucky Fried Chicken.



We had ducks back then too.

[Palmetto Duck]

Diesel is 1.65 in Easley when I went though this week. I say keep pumping until it's 10/barrel. Fuck OPEC! When they can artificially run it up to $5/gallon like they did a few years ago, I say fuck em all. Let's keep drilling and dropping the price and quit refining it and sending it back to the Middle East and then see if they want to help out with ISIS in exchange for some corn and wheat. Iranian oil coming into the mix will only add more supply and lower the price. Aside from funding a terrorist state that's good. Take all those displaced oil workers and give them a New Deal job building a wall on our Southern border or patrolling same.

[Strick9]

I remember 23.9 cents a gallon and if you bought 4 gallons, they gave you a coke and a piece of Kentucky Fried Chicken.



We had ducks back then too.

I remember my pops bitching when it went up to 25 cents a gallon as well.

[WoodieSC]

If I was Putin and the OPEC producition was costing me major issues in Russia, I'm thinking I'd make sure a bunch of OPEC oil tankers didn't make it to their destination.

Who wants to take a bet on it? Either he or the Iranians...