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“Boone Pickens: Stop drilling for oil”

Discussion in 'Oilfield Trucking Forum' started by orangepicker, Feb 5, 2015.

Page 1 of 2
  1. Feb 5, 2015 #1
    orangepicker

    orangepicker Road Train Member

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    Nov 9, 2011
    florida
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    Domestic oil producers may have been too successful over the past few years, oilman Boone Pickens said Tuesday.
    Speaking by phone on CNBC, Pickens said American oil has flooded the market much like domestic natural gas did a few years ago. The result of the shale oil boom is that the United States is the world’s only growing oil supply, and that growth has outpaced global demand.
    If the price stays where it is or continues falling, domestic production will soon decline, Pickens said.
    “We are feeling the pain right now,” he said. “When you feel the pain, you’ll cut your capex (capital expenditure) and the drilling will slow down.
     
    orangepicker, Feb 5, 2015
    orangepicker, Feb 5, 2015
    #1
    Chinatown Thanks this.
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  3. Feb 5, 2015 #2
    30-aught-6

    30-aught-6 Light Load Member

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    Dec 16, 2014
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    If i Was a BILLIONAIRE and owned a major WINDMILL TURBINE company hell,ill say stop drilling too,so i can make more money off my PRODUCTS,RICH PEOPLE ALWAYS TRY AND TELL BROKE PEOPLE WHAT TO DO AN HOW TO LIVE,No news here,Sorry
     
    30-aught-6, Feb 5, 2015
    30-aught-6, Feb 5, 2015
    #2
    walstib, Western flyer, drvrtech77 and 3 others Thank this.
  4. Feb 5, 2015 #3
    Chinatown

    Chinatown Road Train Member

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    Pickens also owns the water rights to a major portion of Texas. It's a huge aquifer, so he can also control the price of water; as the aquifer level drops the price of water goes up.
     
    Chinatown, Feb 5, 2015
    Chinatown, Feb 5, 2015
    #3
    30-aught-6 Thanks this.
  5. Feb 5, 2015 #4
    eeb

    eeb Heavy Load Member

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    Meh, they just dropped the price of gas so people would buy SUVs and pickups again, pretty soon they'll announce "Oil supply's dried up!" and crank the price back up.

    BTW: Did he just now figure this pearl of wisdom out? Real visionary stuff there, Slim.
     
    eeb, Feb 5, 2015
    eeb, Feb 5, 2015
    #4
  7. Feb 5, 2015 #5
    AirborneLegg13T

    AirborneLegg13T Light Load Member

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    Albuquerque NM
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    Actually he sold his share of the wind mill farms because there was no $$ to be made in it. He said the mill farms "are ahead of its time."
     
    AirborneLegg13T, Feb 5, 2015
    AirborneLegg13T, Feb 5, 2015
    #5
  8. Feb 5, 2015 #6
    Chinatown

    Chinatown Road Train Member

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    Henderson, NV & Orient
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    The dumbing down of Americans has been a huge success. Gas price drops,so the big rush to buy gas hog cars. When the price of gas goes back up, they will complain,"I need a pay raise, can't even afford gas to drive to work." A smart person would buy a very fuel efficient car while prices are low and put the fuel savings in a bank account.
     
    Chinatown, Feb 5, 2015
    Chinatown, Feb 5, 2015
    #6
    drvrtech77, RVTransporter and gerardo1961 Thank this.
  9. Feb 5, 2015 #7
    reefer101

    reefer101 Medium Load Member

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    well in this country you will go to jail for collecting rain water...
     
    reefer101, Feb 5, 2015
    reefer101, Feb 5, 2015
    #7
  10. Feb 5, 2015 #8
    Roadrealtor

    Roadrealtor Road Train Member

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    This implies that there will be a time when not making money will be good?
     
    Roadrealtor, Feb 5, 2015
    Roadrealtor, Feb 5, 2015
    #8
  11. Feb 5, 2015 #9
    RVTransporter

    RVTransporter Light Load Member

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    Goshen, Indiana
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    An even smarter person would invest in the oil industry before prices go back up.
     
    RVTransporter, Feb 5, 2015
    RVTransporter, Feb 5, 2015
    #9
    Milkman719, Chinatown and drvrtech77 Thank this.
  12. Feb 5, 2015 #10
    rickybobby

    rickybobby Road Train Member

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    A lot,of people forgot the war is coming to an end.
     
    rickybobby, Feb 5, 2015
    rickybobby, Feb 5, 2015
    #10
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