And there was much rejoicing in the land.... Gas Prices

[Mysticcobrakilla]

Way to go, Gas!!

Damn right!

[Strychnine]

..

China Firm Buys Texas Oilfields For $1.3 Billion

In a deal that highlights China's interest in the US energy sector, Yantai Xinchao, a Chinese real estate developer, has inked a letter of intent (LOI) to buy oilfields in West Texas for $1.3 billion (8.3 billion yuan) through a limited liability partnership.

The company said in Saturday disclosure to the Shanghai Stock Exchange that the oil fields in Howard and Borden counties will be acquired from two Nevada-based companies: Tall City Exploration and Plymouth Petroleum. The filing gave few further details on the assets being purchased.



In the Saturday filing, Yantai Xinchao said it inked a LOI on Friday with limited liability partnership, Ningbo Dingliang Huitong Equity Investment Center, and its seven shareholders to purchase the oilfields through Moss Creek Resources, a Ningbo Dingliang subsidiary.

In a Sunday report, the Wall Street Journal noted that industry insiders say several of Chinese firms — including some whose main businesses are not O&G —have expressed interest in acquiring North American O&G assets. The over year-long decline in oil prices has, in many instances, rendered asset prices especially attractive.

Due to comparatively stable regulations overseeing O&G E&P, the US has long been an attractive opportunity Chinese energy firms. However, US restrictions on Chinese investment in potentially sensitive regions means Chinese investment in the US O&G sector has thus far been limited.

This deal underscores how Chinese firms are searching for new industries outside of China to be profitable, as domestic demand slows in tandem with a slowing economy.

The WSJ noted that Chinese companies are looking abroad for energy sector deals due in part to the strict domestic restrictions, which renders investment in O&G nearly impossible. State-run companies dominate China’s energy sector, which has left little room for independent companies to invest. As part of ongoing reforms, the Chinese government says it seeks to attract more private capital into the O&G sector.

Yantai Xinchao said the deal has been approved by the Committee on Foreign Investment in the US. The company is based in the coastal province of Shandong. It reported 2014 revenues of approximately 1 billion yuan. The company's principal focus is property development and producing electronics components.

[CexMashean]

I saw gas for $1.7x on the way to work this morning. Man, this is great.

[Sean88gt]

Paid $1.69 this morning, Valero in White Settlement had it for $1.64 (cash).

On the broke dick college student scale, this rates a 9!

[IHaveAMustang]

Man, I was constantly bickering and complaining about gas prices. Anything north of $2.50 is just hard on citizens.

I can't believe what I am saying, but it's too low. This is costing jobs and future exploration. Don't get me wrong, it's nice and cheap and sub $30 fillups are wonderful, but how far is too far?

Some will say they raped us at the pump for years, its our turn...

[SBFORDTECH]

Man, I was constantly bickering and complaining about gas prices. Anything north of $2.50 is just hard on citizens.

I can't believe what I am saying, but it's too low. This is costing jobs and future exploration. Don't get me wrong, it's nice and cheap and sub $30 fillups are wonderful, but how far is too far?

Some will say they raped us at the pump for years, its our turn...

Americans pay $.48 in taxes on each gallon of gasoline.

Evil oil companies raping you or government?

[CexMashean]

Americans pay $.48 in taxes on each gallon of gasoline.

Evil oil companies raping you or government?

I don't give a damn which one, i'm just glad it's at a pretty damn good low on the rape scale right now.

[jw33]

man, i was constantly bickering and complaining about gas prices. Anything north of $2.50 is just hard on citizens.

I can't believe what i am saying, but it's too low. This is costing jobs and future exploration. Don't get me wrong, it's nice and cheap and sub $30 fillups are wonderful, but how far is too far?

Some will say they raped us at the pump for years, its our turn...

isdgaf.

[racrguy]

Man, I was constantly bickering and complaining about gas prices. Anything north of $2.50 is just hard on citizens.

I can't believe what I am saying, but it's too low. This is costing jobs and future exploration. Don't get me wrong, it's nice and cheap and sub $30 fillups are wonderful, but how far is too far?

Some will say they raped us at the pump for years, its our turn...

This is going to sound really shitty, but I'm going to say it. The thousands of people out of work are benefiting LITERALLY everyone else. Transportation costs are down, lowering the cost of everything.

[jw33]

I feel the same way about the fax machine and whale oil industry. It breaks my poor little heart...

[Ruffdaddy]

This is going to sound really shitty, but I'm going to say it. The thousands of people out of work are benefiting LITERALLY everyone else. Transportation costs are down, lowering the cost of everything.

I really dont think the impact of the O&G fall has hit yet, but for an importer like the US its an obvious positive overall.

My main dislike about whats happening in the US is the reduction in high paying jobs. In saying that...a huge percentage of O&G workers were well overpaid. Like a DD shouldnt be make 300-400K a year for playong with a spreadsheet and watching direct TV all damn day in a tiny elevated box.

[Sean88gt]

The US economy sure sucked a fat dick from the oil glut of the 1980's until 2008. I mean, how the fuck did we make it with massive economic shrinkage and GDP pull back?

[CexMashean]

I wish my car had an extra tank, just to reap the benefits of these layoffs and low prices a little more.

[Ruffdaddy]

The US economy sure sucked a fat dick from the oil glut of the 1980's until 2008. I mean, how the fuck did we make it with massive economic shrinkage and GDP pull back?

How many rigs did we lose in the 80s?

Youre just bitter because youre already broke.

[matts5.0]

This is going to sound really shitty, but I'm going to say it. The thousands of people out of work are benefiting LITERALLY everyone else. Transportation costs are down, lowering the cost of everything.

What did it lower the cost of besides oil and gas exactly?