Author Topic: Texas is about to create OPEC's worst nightmare (Bloomberg)  (Read 412 times)

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Online corbe

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Texas is about to create OPEC's worst nightmare (Bloomberg)
« on: November 21, 2018, 02:02:52 PM »
Texas is about to create OPEC's worst nightmare

Javier Blas
 
6 hrs ago

 
The map lays out OPEC’s nightmare in graphic form.

An infestation of dots, thousands of them, represent oil wells in the Permian basin of West Texas and a slice of New Mexico. In less than a decade, U.S. companies have drilled 114,000. Many of them would turn a profit even with crude prices as low as $30 a barrel.

OPEC’s bad dream only deepens next year, when Permian producers expect to iron out distribution snags that will add three pipelines and as much as 2 million barrels of oil a day.

“The Permian will continue to grow and OPEC needs to learn to live with it,’’ said Mike Loya, the top executive in the Americas for Vitol Group, the world’s largest independent oil-trading house.

The U.S. energy surge presents OPEC with one of the biggest challenges of its 60-year history. If Saudi Arabia and its allies cut production to keep prices higher, shale will thrive, robbing them of market share. But because the Saudis need higher crude prices to make money than U.S. producers, OPEC can’t afford to let prices fall.

Cartel Squeezed

<..snip..>

http://www.msn.com/en-us/money/markets/texas-is-about-to-create-opecs-worst-nightmare/ar-BBPWgMM?ocid=ientp
No government in the 6,000 years of modern mankind history has led its people into anything but the history books with a simple lesson, don't let this happen to you.

Offline Free Vulcan

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Re: Texas is about to create OPEC's worst nightmare (Bloomberg)
« Reply #1 on: November 21, 2018, 03:35:23 PM »
Long have I dreamed of this day.
The Conservative Fist: https://twitter.com/arguedpolitics - follow me and I'll follow you.

Offline GrouchoTex

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Re: Texas is about to create OPEC's worst nightmare (Bloomberg)
« Reply #2 on: November 21, 2018, 03:40:24 PM »
But wait....
We were told we can't drill our way out of this, and that it would take a least ten years!
 :cool:

Offline IsailedawayfromFR

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Re: Texas is about to create OPEC's worst nightmare (Bloomberg)
« Reply #3 on: November 21, 2018, 04:58:19 PM »
But wait....
We were told we can't drill our way out of this, and that it would take a least ten years!
 :cool:
Obama: Can't Drill Our Way to Lower Gas Prices
! No longer available
« Last Edit: November 21, 2018, 05:09:16 PM by IsailedawayfromFR »
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Offline Sanguine

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Re: Texas is about to create OPEC's worst nightmare (Bloomberg)
« Reply #4 on: November 21, 2018, 05:39:21 PM »
Long have I dreamed of this day.

Me too. 
Cui bono?

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See then that you walk circumspectly, not as fools but as wise, redeeming the time, because the days are evil.

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Online RetBobbyMI

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Re: Texas is about to create OPEC's worst nightmare (Bloomberg)
« Reply #5 on: November 21, 2018, 05:52:11 PM »
Below $2 bucks a gallon in San Antonio.  $1.93 lowest, $2.20 average according to GasBuddy.com
"Life is tough, but it's tougher when you're stupid."  -- John Wayne
"Talk sense to a fool and he calls you foolish.� ? Euripides, The Bacchae
"Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it.� ? Laurence J. Peter, The Peter Principle
"A stupid man's report of what a clever man says can never be accurate, because he unconsciously translates what he hears into something he can understand.� ? Bertrand Russell, A History of Western Philosophy

Online Bigun

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Re: Texas is about to create OPEC's worst nightmare (Bloomberg)
« Reply #6 on: November 21, 2018, 08:00:39 PM »
Very good article!  Just wait until the bottlenecks currently hindering us are removed over the next few years.

Offline IsailedawayfromFR

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Re: Texas is about to create OPEC's worst nightmare (Bloomberg)
« Reply #7 on: November 21, 2018, 08:04:09 PM »
Very good article!  Just wait until the bottlenecks currently hindering us are removed over the next few years.
We should have both invested in midstream companies last year.
Yearning to stay free takes place in many ways at many different times, whether by withstanding planes or bayonets

Online Bigun

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Re: Texas is about to create OPEC's worst nightmare (Bloomberg)
« Reply #8 on: November 21, 2018, 08:11:20 PM »
We should have both invested in midstream companies last year.

Ain't that the truth!


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