Crude oil is $86 today.... beginning of the end?

I'd love to watch a Mexican hockey game.

 

Interesting and hopeful article. The big players can withstand low prices for a while, but the small companies will have their butts handed to them. The only reason I'm still sleeping at night is because I work for one of the larger service companies on the production side (not drilling/completions) AND the account I'm on is a steady daily gig with one of the largest oil companies in the Permian. I really need another 6-12 months out here. My fingers are crossed.

 

The article tells us production will continue due to sunk costs. About further development is says:

I still say these industry experts didn't roll out of bed one day and say, 'golly, supply is all of a sudden way ahead of demand. We never saw it coming!?'

Nope, something else:

 

Im not a gambling man but I do like to turn a stock every now and then. I think its pretty much a no brainer that an oil ETF like this one is a good investment right now. No doubt the price will go back up. Is it ready for a reversal yet now, who knows but I would venture a guess its close.

http://finance.yahoo.com/echarts?s=USO+Interactive#{%22range%22%3A%22ytd%22%2C%22scale%22%3A%22linear%22}

 

Interesting. If I hadn't bet the farm on silver...

"predatory pricing", how I would lllloooovvvveeeee to be wrong. Break the back of the Russian bear and watch it go up, again. It's terrible, really.

 

So I'm confused ...... Does Bush control oil prices, or Obama ? And what's the connection to the second shooter on the grassy knoll? Is Jim Morrison really dead?

 

I'm not going to go back and forth with you. Nobody wants to read that. Pick one, Republicans or Democrats, you choose. Certainly they'll save the day.

 

a friend of ours has a brother who works for the government but his position has something to do with the oilfield. (no this isnt a story lol i just wasnt paying close attn )

we live in the oilfield , his brother told him that the oilfield is shutting down . he told himif he knows of anyone in oilfield related work to watch their pennies....

the permits that are in place right now are ok, but they will not be issuing anymore new permits to drill. (hubby heard that on the radio this am )...so y'all can believe what ya wanna...but the ride is coming to an end for now anyway

 

It's not that they stopped issuing permits so much as the ooil companies have stopped requesting permits. Rigs will sit idle until it becomes profitable to drill again. Production will continue for a while unless the price gets so low that its cheaper to leave the oil in the ground. There will still be work on the production side for a while.

 

You chose to voice your opinion so I chose to voice mine. Perhaps you should take yourself a little less seriously ?