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re: Bank of America: Oil May Hit $100 This Winter and Spur Economic Crisis
Posted on 10/8/21 at 8:56 am to frequent flyer
Posted on 10/8/21 at 8:56 am to frequent flyer
I've worked in O&G directly or as a consultant for over 20 years. Most in the industry are really getting into sustainability as that is what market is starting to demand. Investors want to see an effort to curb emissions. Whether you believe in climate change or not, that is where we are headed. And that is fine. What I see as the problem is that some on the left want this to happen immediately. It is going to take probably two decades (if not longer) for EVs and other renewable energy consumption to put a significant dent into fossil fuel demand. In the meantime, the current administration is making it much more difficult for the industry. Couple that with the all of the capital projects put on hold with COVID a year ago, we are entering a phase of a supply problem that is going to hurt the consumers pockets books and subsequently the economy.
0
Posted on 10/8/21 at 8:57 am to frequent flyer
There actually is one sector this will help, coal mining. The price of coal tracks with the price of oil. When oil goes up, so does coal. In the last month I’ve been hearing from our coal mining rep in Alabama a lot of mines that had been idle for a long time are opening back up. With the increase in price, now mining coal in this region is profitable. So right now coal mines are ramping up getting ready to boom. They’re spending money on machine rebuilds, component rebuilds, buckets, undercarriages, you name it. Will it last? Of course not. It never does. It booms for a couple years then when the price goes down or more regulations are imposed and it does again. Such is the nature of coal mining in the southeast.
Posted on 10/8/21 at 8:58 am to frequent flyer
quote:
Washington doesn’t give a shite about the economic hit this will have on everyday Americans.
This is true of every democrat over the last 60 years.
Posted on 10/8/21 at 9:03 am to ragincajun03
quote:
“A multiyear run up in crude oil prices is now in the cards,” the bank said.
I spoke with someone over last weekend who deals with oil futures. He said that he would not be surprised to see oil get to $200.00 per barrel. He said trying to lock-in prices for oil is like throwing darts at a dart board these days. Pedo Joe could fix this if he would rescind his previous EO shutting down the O & G industry. Instead he is asking other countries to increase their output. That’s proof that this shite is not about climate change. If it were they wouldn’t want any country to increase production. That is unless these other countries have own climates that are not being affected by the same climate change that they are continuously preaching to us in this country. Beijing Biden can
This post was edited on 10/8/21 at 9:05 am
Posted on 10/8/21 at 9:03 am to Napoleon
quote:
Though won't higher oil prices help our local economy. Is there an equilibrium we are trying to achieve? Remember how upset the truck nut baws were in late 2015/early 16 about oil prices? Have y'all really decided what you want? Or is it all political in the end?
Just my opinion, but I believe there is a sweet spot. $60-$70 oil would have your smart operators making plenty of money, and would be enough to keep consistent production. That SHOULD lead to about $2.50/gal gasoline (unless you’re is a state like California).
You don’t want $1.45/gal like we saw when everything was shutdown by the government in April-May 2020, because that means there’s not enough commercial activity across the economy as a whole, but you also don’t want $4/gal gas that sucks away people’s discretional dollars making it tough for them to have extra money to spend at restaurants, on vacations, etc.
Posted on 10/8/21 at 9:08 am to ragincajun03
This is Brandon’s way to punish Conservatives. They would rather hurt us and support evil dictatorships than help all Americans. Makes me sick.
Posted on 10/8/21 at 9:09 am to ragincajun03
It may, but we already know that quite a few oil companies have budgets $billions in drilling for 5 years beginning next year, in the USA. Most companies focused on using profits to pay down debt accrued since the 2014 price collapse.
Also, an increase in drilling rigs is already scheduled for Gulf of Mexico.
Also, an increase in drilling rigs is already scheduled for Gulf of Mexico.
Posted on 10/8/21 at 9:11 am to jcaz
quote:
This is Brandon’s way to punish Conservatives. They would rather hurt us and support evil dictatorships than help all Americans. Makes me sick.
It’s more than just that. Their ultimate goal is to totally collapse the current open market capitalist system, government via constitutional republic, and society itself. These have to go so their dream of a Marxist utopia can be ushered in.
Posted on 10/8/21 at 9:11 am to CitizenK
quote:
Also, an increase in drilling rigs is already scheduled for Gulf of Mexico.
Deepwater? Heard of nothing on the shelf.
Posted on 10/8/21 at 9:12 am to Tigerfan1274
I personally know individuals who were buying every fricking oil well they could after positioning themselves for $27/bbl breakeven
Posted on 10/8/21 at 9:18 am to Tigerfan1274
Those plans were set in motion for increased drilling if Gulf of Mexico, early this year. That is either the case of the head of Chouest Logistics lied to me last Spring down at Port Fourchon
Posted on 10/8/21 at 9:18 am to CitizenK
quote:
Most companies focused on using profits to pay down debt accrued
quote:
but I believe there is a sweet spot.
Posted on 10/8/21 at 9:20 am to Triple Bogey
Not just blow cash but didn't borrow money. Field development is almost always with borrowed money, even the big boys. Having a balanced balance sheet means lower borrowing rates.
Posted on 10/8/21 at 9:22 am to ragincajun03
quote:
parrousing
Posted on 10/8/21 at 9:23 am to frequent flyer
quote:
Washington doesn’t give a shite about the economic hit this will have on everyday Americans.
No they don't and seeing the taxpayers are paying for theirs it doesn't matter to them at all what the price of gas is, they don't have to pay it. It could be 50 dollars a gallon and it wouldn't affect them at all.
Posted on 10/8/21 at 9:39 am to Tigerfan1274
Deepwater supposed to go to 44 rigs working by next summer
Posted on 10/8/21 at 10:02 am to ragincajun03
Too bad there ain’t no F250’s to buy.
Posted on 10/8/21 at 10:14 am to Miketheseventh
quote:
Pedo Joe could fix this if he would rescind his previous EO shutting down the O & G industry. Instead he is asking other countries to increase their output. That’s proof that this shite is not about climate change. If it were they wouldn’t want any country to increase production
Yea, this was obvious when he allowed the Russian pipeline. This is intentional destruction by the Marxists
Posted on 10/8/21 at 10:20 am to Darth_Vader
quote:
I know we have a number of resident Democrats here on the OT. I’d like to have an open and honest conversation, setting all trolling and insults aside. Can we do that? OK, good. I have two main questions:
1. Taking a look at the state of the country today compared to when Biden took office, has anything improved? If so, what is it? What did Biden do to make it happen?
2. What, in your opinion has Biden done that can be considered successful? And how did that benefit the country?
Let’s keep this civil and on topic. I’m honestly wanting feedback from those here who voted for and support Biden and consider themselves a Democrat and or progressive.
I asked this over an hour ago. So far crickets. Wonder why?
Posted on 10/8/21 at 10:22 am to Darth_Vader
Tbh, the average leftist on this site, and in the country, doesn't know anything about oil and gas. Most know the topic is so far out of their realm that they stay quiet until the talking points are out. Then they might grace this thread.
Or when shite looks so bad for biden and they can't defend it, they just ignore it until it goes away.
Or when shite looks so bad for biden and they can't defend it, they just ignore it until it goes away.
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