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re: Texas economy is cratering
Posted on 3/30/15 at 11:11 am to stout
Posted on 3/30/15 at 11:11 am to stout
I see it more as bad for long term gas prices. Sure, you're reaping cheaper prices at the pump today, but...
It's halting a lot of current exploration and probably any future exploration. The smaller companies are going broke because they can't recoup the costs they incurred over the last 5 years.
Once oil prices creep back to previous $80-$100 levels, you won't see anyone putting money into an O&G startup because they know it they can be screwed financially by the billionaires overseas trying to hold market share.
Saudi isn't doing this for the hell of it. It's a plan that will easily make the money back that they are losing with the current per barrel prices.
It's halting a lot of current exploration and probably any future exploration. The smaller companies are going broke because they can't recoup the costs they incurred over the last 5 years.
Once oil prices creep back to previous $80-$100 levels, you won't see anyone putting money into an O&G startup because they know it they can be screwed financially by the billionaires overseas trying to hold market share.
Saudi isn't doing this for the hell of it. It's a plan that will easily make the money back that they are losing with the current per barrel prices.
This post was edited on 3/30/15 at 11:12 am
1
Posted on 3/30/15 at 11:21 am to LSUAlum2001
quote:
Saudi isn't doing this for the hell of it. It's a plan that will easily make the money back that they are losing with the current per barrel prices.
The US is more to blame for the oversupply (which is overstated) than the saudis. All they did was decide not to cut production to keep prices propped up. It's the US that has been pumping more and more oil. Why is it the Saudis responsibility to cut production to keep prices high? I know it's what they've done in the past but they have no responsibility to continue to do so.
And i work in the o/g business btw
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