The Briefing Room
General Category => Science, Technology and Knowledge => Energy => Topic started by: thackney on March 07, 2021, 09:08:46 pm
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In a bold taunt, Saudis warn America’s frackers: ‘Drill, baby, drill is gone forever’
https://fortune.com/2021/03/05/saudis-americas-frackers-drill-gone-forever/
March 5, 2021
Saudi Arabia just made a high-stakes wager that the glory days of U.S. shale, which transformed the global energy map in the last decade, are never coming back.
By keeping a tight grip on supply at Thursday’s meeting of the OPEC+ alliance of oil producers, Saudi Energy Minister Prince Abdulaziz bin Salman showed he’s focused on boosting prices -- and confident that this time around it won’t encourage American producers to surge back and steal market share.
“‘Drill, baby, drill’ is gone for ever,†said Prince Abdulaziz, who’s orchestrated the revival of the oil market after last year’s catastrophic collapse.
His swagger comes mixed with a good dose of diplomatic tension: Russia, Saudi Arabia’s most important OPEC+ partner, has tried to convince Riyadh for several months to increase output, fearing that rising oil prices would ultimately awaken rival shale producers. The Saudis are certain the American industry has reformed itself....
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Nothing is further from the truth.
Saudi Arabia can do nothing about the resources that still underlie our country.
They have not gone anywhere and will remain until they are tapped. The genie is out of the shale bottle and cannot be stopped back up.
The companies might change that tap them, but they will indeed be tapped, all in due time.
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We have wells shut in that can bring on a half million or more BOPD as soon as the market is right. (As soon as the idiots in DC drive speculation in the futures market).
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Joe contemplates:
"We have wells shut in that can bring on a half million or more BOPD as soon as the market is right. (As soon as the idiots in DC drive speculation in the futures market)."
Sounds good... unless the communists in DC prevent them from starting up again.
Don't rule out that possibility.
The leftists and greenunists are just gettin' started on their "war on energy".
Did you see the news piece today, as how the state of Oregon may ban the sale of diesel fuel as soon as 2018...?
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Did you see the news piece today, as how the state of Oregon may ban the sale of diesel fuel as soon as 2018...?
That soon???
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Prices could also increase if the Iranians and Houthi's continue their attacks on Saudi oil infrastructure and wells.
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Joe contemplates:
"We have wells shut in that can bring on a half million or more BOPD as soon as the market is right. (As soon as the idiots in DC drive speculation in the futures market)."
Sounds good... unless the communists in DC prevent them from starting up again.
Don't rule out that possibility.
The leftists and greenunists are just gettin' started on their "war on energy".
Did you see the news piece today, as how the state of Oregon may ban the sale of diesel fuel as soon as 2018...?
No, but I hope they can grow all they need. Because no one is going to risk having their truck or train run dry there.
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No, but I hope they can grow all they need. Because no one is going to risk having their truck or train run dry there.
Reminds me to ask: Are you back in the game @Smokin Joe ?
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Joe contemplates:
"We have wells shut in that can bring on a half million or more BOPD as soon as the market is right. (As soon as the idiots in DC drive speculation in the futures market)."
Sounds good... unless the communists in DC prevent them from starting up again.
Don't rule out that possibility.
The leftists and greenunists are just gettin' started on their "war on energy".
Did you see the news piece today, as how the state of Oregon may ban the sale of diesel fuel as soon as 2018...?
All they are really doing here is setting the stage for a thriving black market for diesel and getting NO tax money on it.
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Reminds me to ask: Are you back in the game @Smokin Joe ?
Not just yet. Have feelers indicating some time in the next 60 days...
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Not just yet. Have feelers indicating some time in the next 60 days...
:crossed:
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:crossed:
:0001:, too
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Maybe the Saudis never heard it...
Pride cometh before the fall.
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Just love it when one dimensional economies like Saudi Arabia start getting cocky, and think they truly figured out the dynamics of markets and demand.
And honestly from an industry impact perspective... I am more concerned with the western envirowhackos than any Rag Headed O-pecker.