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OIL PRICES DOWN $55.92 TODAY


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#1 Kmac1 OFFLINE  

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Posted December 15, 2014 - 10:22 PM

THE OIL PRICES CONTINUE TO DROP, IT SEEMS LIKE EVERYDAY. BARREL OF OIL IS $55.92 TODAY, IF THEY CONTINUE TO DROP LAYOFFS WILL INCREASE. 30 PEOPLE WERE LAID OFF THIS MORNING BY CHESAPEAK, ONE OF THEM BEING MY NIECE. LAYOFFS ARE IN THE MINDS OF ANYONE IN THE OILFIELD. I AM HEADED BACK TO WEST TEXAS IN THE MORNING FOR MY 2 WEEK HITCH. THIS IS A NEW RIG FOR THE COMPANY AND WE WILL BE DRILLING A 15000 FT HOLE. WE HAVE WENT FROM SERVICING 117 RIGS TO 79 RIGS SO THINGS ARE REALLY GETTING TIGHT. I'M HOPING THAT MY YEARS OF EXPERIENCE WILL KEEP ME WORKING. WILLIE
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#2 hamman ONLINE  

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Posted December 15, 2014 - 10:41 PM

Hope you can keep going. Back in the 70s and 80s my cousin was with shell oil in OK and WY. He left after having earned enough to start his own business. I worked in Wy. in the 80s when the oil boom was big there. Our domestic oil should have nothing to do with the overseas oil. So I am told ( and I'm not an expert)  between American and Canadian oil fields there is enough for a couple of generations. Domestic oil and gas should be costing us about $ 1.50 at the pump. (according to oil industry experts ) who like to talk to the laimstream media.   JM2CW.   Good luck and I hope you do well. I have family and friends in the Dakotas who are in the oil industry and they are saying it is pretty stable for them.                                                                                                   Roger.


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#3 ol' stonebreaker ONLINE  

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Posted December 15, 2014 - 10:48 PM

   When the Saudis starve out Russia, Iran and ISIS it will go back up. Don't ya just love this global economy??

                                                     Mike


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#4 Sparky OFFLINE  

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Posted December 15, 2014 - 10:53 PM

The USS ENTERPRISE is still out there in the hearts and minds of many people .


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#5 petrj6 ONLINE  

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Posted December 16, 2014 - 05:50 AM

   My only question in this whole thing is----  why is gas and diesel so GD expensive ? when I got my first truck it was a diesel and fuel was $1:15 per gallon and oil was around $40 a barrel.  and on top of that fuel was still $1 cheaper than gas, WTF is going on. 

     I feel for you guys working in the oil field's, I am a blue collar guy like most of you but I would not complain at all if the price of oil drops rite of to $10 barrel.  they say for every penny the price of gas drops it adds 1 billion to the economy.  if the price of gas drops $.5 then it effects the economy in a bigger way than all the stimulus money dumped into the economy in the last 10 years.

    Not trying to be a dick but perhaps you should be looking to another career, see the light at the end of the tunnel before you get cought out in the cold.  Look to CnC machining and other computer aided blue collar stuff.  big money and HI demand.

                                                                                                                                          Pete 


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#6 trowel OFFLINE  

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Posted December 16, 2014 - 06:04 AM

Interesting ....something is not right.

 

Everything always rises, never falls unless there is a motive/reason and we have not heard a viable one as of late.

 

I think this move pertains to the introduction of Natural Gas. Kinder Morgan is still fighting for the pipeline in our state.

 

http://www.google.co....81828268,d.cWc


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#7 JDBrian OFFLINE  

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Posted December 16, 2014 - 07:35 AM

The oil and gas industry has a history of boom and bust cycles. I think what we are seeing here is a major shift in the world order of who has the resources. With North america now a major player in oil and gas production the whole system of commodity regulation is in a state of change and is being shocked by political issues as well. Once things settle down we should have a more stable production industry here in North America. It's too bad this had to occur so quickly. I fear there could be a lot of short term damage to some companies who can't wait out a drop in prices like this.


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#8 Kmac1 OFFLINE  

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Posted December 16, 2014 - 08:48 AM

I was in the oilfield in the '80's when it died. You couldn't buy a mud engineer job then so I got in the automotive repair business, and that lasted 20 years, so I have that to fall back on. I think it will rebound after the first of the year. If it don't I have my savings and a plan. Willie
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#9 FrozenInTime OFFLINE  

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Posted December 16, 2014 - 11:44 AM

Yup, it's dropping and I still paid (very painfully so) $4.69 a freaking gallon of die(sel) at the pump (Larimore, ND) a few days back.  Go figure..... (bitting my tongue, er, fingers real hard right now...) Thieves.....



#10 Texas Deere and Horse OFFLINE  

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Posted December 16, 2014 - 02:02 PM

I just bought the cheapest Road Diesel that I have got since hurricane Katrina Hit years ago. Never did figure out why it went higher then Unleaded and stayed there after that, diesel used to be cheaper then unleaded gas because it's a byproduct of making gasoline, but since then.

 

IMG_20141216_113237_547.jpg



#11 KennyP ONLINE  

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Posted December 16, 2014 - 02:16 PM

Brian, the market for it grew, so prices shot up!


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#12 ol' stonebreaker ONLINE  

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Posted December 16, 2014 - 04:52 PM

Besides the politics it's still supply and demand. Right now supply is high, demand is low.
Mike

#13 trowel OFFLINE  

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Posted December 16, 2014 - 05:24 PM

I just bought the cheapest Road Diesel that I have got since hurricane Katrina Hit years ago. Never did figure out why it went higher then Unleaded and stayed there after that, diesel used to be cheaper then unleaded gas because it's a byproduct of making gasoline, but since then.

 

attachicon.gifIMG_20141216_113237_547.jpg

Other way round, gas is the byproduct of diesel, diesel is refined first, then gas hence gas being higher until it flipped on us long before the Ultra-low-crap was forced on to us.

 

Gas use to be dumped into the oceans and on the ground after kero/diesel was refined, it was never refined until much later,.. look it up, the truth is in the history, our gas burning engines was built to use up the waste (gas), #1, 2, 3 and 4 diesel and kero was always prime and still is, we just can't buy it anymore.

 

Kind of make us feel like a bunch of kids who lost their toys,......



#14 Gtractor OFFLINE  

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Posted December 16, 2014 - 08:43 PM

Supply and demand has little to do with it.  More of a factor is some white shirt sitting in an office somewhere deciding he wants to look good for his stock holders so he raises the price and cuts production.  At the end of the year the stockholders make a ton of money so they vote to give the CEO a big fat bonus. 

It costs less than one dollar for a big oil company to extract one "barrel" of crude from under Kuwait, put it on a ship, and bring it to a port in the U.S. 

Throw in Wall Street, where speculators artifically drive up the price even more and you get $3.50 gasoline - to feed our vehicles that should be getting over 300 miles per gallon like was proven back in the 1930s. 

But no,  they sell us this junk that gets 15 MPG, rusts out in 10 years, and needs a $1800 tranny every 100,000 miles.

I'll get off my soap box now. 


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#15 MFDAC OFFLINE  

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Posted December 16, 2014 - 08:58 PM

All I know is prices don't come noticably down for my wallet on any of the stuff that jumps in price when they all use the fuel and transportation price excuses for just about anything you have to buy or ship.

 

Supply and demand? both are reasons to raise prices to the consumer. Demand is low, we must raise prices to compensate for lost revenue and profit. Demand is high, we must raise prices to cover the reduction in supply.

 

The consumer never gets relief while big business just keeps insuring themselves obscene profits, even at the cost of dumping part of their work force.

 

Still paying $2.65 for the crap they call gas nowadays and I filled my '72 Sunday with non ethanol regular-87 octane at $3.12. We are a hundred miles from Bakken oil fields. Should at least be a buck per gallon cheaper at these barrel prices.

 

Sorry about the rant.

 

DAC


Edited by MFDAC, December 16, 2014 - 08:59 PM.

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