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Started By
Message
So what do we do about the oil and gas industry, set price?
Posted on 4/1/20 at 6:05 am
Posted on 4/1/20 at 6:05 am
We cannot sit by and let the Saudis and Russia destroy the fracking industry. Suggestions?
24
Posted on 4/1/20 at 6:06 am to trinidadtiger
It's essentially completely fricked until the entire economy rebounds
The Saudis and Russians have all but declared war against us
The Saudis and Russians have all but declared war against us
Posted on 4/1/20 at 6:07 am to trinidadtiger
Posted on 4/1/20 at 6:11 am to trinidadtiger
Doing nothing till the market balances itself is the only way out and long term solution.
The honest truth is the frackers declared war on themselves and depended on the Russians and Saudis to keep the peace which they have declined to continue doing at their own expense.
The honest truth is the frackers declared war on themselves and depended on the Russians and Saudis to keep the peace which they have declined to continue doing at their own expense.
Posted on 4/1/20 at 6:15 am to cave canem
I give the Saudis and Russians about 3 more weeks until there are real consequences
Posted on 4/1/20 at 6:16 am to trinidadtiger
Tariff foreign oil. Allow new refineries to be built 20 years ago that are fine tuned for WTI.
Let CHK fold even though it would devastate Oklahoma.
Let CHK fold even though it would devastate Oklahoma.
Posted on 4/1/20 at 6:17 am to trinidadtiger
Creditors/private equity took the risk and once again went nuts and drove another bust cycle, this was just the icing on the cake.
They need to take responsibility, they knew what they were getting into.
Highly leveraged E&P based on an extremely volatile commodity is what it is, lesson dearly bought.
They need to take responsibility, they knew what they were getting into.
Highly leveraged E&P based on an extremely volatile commodity is what it is, lesson dearly bought.
This post was edited on 4/1/20 at 6:18 am
Posted on 4/1/20 at 6:24 am to trinidadtiger
I’m in the oil and gas business. We out built demand. Simple as that. I don’t blame any country. Frankly Saudi made the mistake cutting back production in 14. The price will find an equilibrium soon. American consumers will benefit.
Posted on 4/1/20 at 6:27 am to Strannix
quote:
Highly leveraged E&P based on an extremely volatile commodity is what it is,
We finally agree on something
Posted on 4/1/20 at 6:33 am to Strannix
quote:
Creditors/private equity took the risk and once again went nuts and drove another bust cycle, this was just the icing on the cake.
They need to take responsibility, they knew what they were getting into.
Highly leveraged E&P based on an extremely volatile commodity is what it is, lesson dearly bought.
True, but banks are bailed out of bad investments all the time. Privatize the gains, socialize the losses. It's the way of our crooked world.
Posted on 4/1/20 at 6:37 am to Powerman
quote:
We finally agree on something
People have been getting filthy rich and going bust in the oil business for over a century, they are the last people in the world deserving of a bailout (besides bankers but that's a different story)
Posted on 4/1/20 at 6:37 am to Powerman
quote:
I give the Saudis and Russians about 3 more weeks until there are real consequences
For whom?
They can hold out far longer than that and the American consumer is not exactly going to be pissed off about sub $1 gas at the pump.
Airlines and shippers should be hedging the hell out of fuel right now allowing them to offer cheaper prices as well.
While that is going on the majors will be snapping up bargins left and right bringing about stability to the chaos, this is where we are in the never ending cycle
The only folks going to suffer are those that are over extended in the oil patch and those that made the speculative loans.
'tis the way of the oil patch and no one seems to ever learn.
Posted on 4/1/20 at 6:39 am to TeLeFaWx
quote:
Privatize the gains, socialize the losses. It's the way of our crooked world.
And the money is laundered out of Wall Street back to Washington while the Wall Street billionaires keep their outrageous salaries and private jets.
Posted on 4/1/20 at 6:40 am to Powerman
I agree they overbuilt, on highly leveraged funds, but the virus and a coordinated price war are not their fault.
Id like to see a tariff on imported oil to set a price temporarily til things stabilize. Let the Saudis and Russians beat themselves to death.
Id like to see a tariff on imported oil to set a price temporarily til things stabilize. Let the Saudis and Russians beat themselves to death.
Posted on 4/1/20 at 6:41 am to Strannix
quote:
And the money is laundered out of Wall Street back to Washington while the Wall Street billionaires keep their outrageous salaries and private jets.
Yup.
Posted on 4/1/20 at 6:46 am to trinidadtiger
quote:
coordinated price war are not their fault.
So you expect everyone else to keep cutting production indefinitely to prop up the frackers?
Posted on 4/1/20 at 6:50 am to trinidadtiger
It's time to end ethanol subsidies, for one
Posted on 4/1/20 at 6:56 am to cave canem
quote:
So you expect everyone else to keep cutting production indefinitely to prop up the frackers?
Thats why I said set the price in the US, let them produce and sell all they want at 20 bucks a barrel.
Posted on 4/1/20 at 6:56 am to trinidadtiger
One solution going around... Put US refineries under Executive Order - Only refine US crude oil.
Posted on 4/1/20 at 7:00 am to trinidadtiger
What do we do when the next democrat president actually destroys it because of the "climate crisis"?
Look at schumer/pelosi's behavior during this. Does anybody think that won't happen?
Look at schumer/pelosi's behavior during this. Does anybody think that won't happen?
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