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

[Ruffdaddy]

At 1750 however, that puts us almost break even with last year.

[Strychnine]

Let me know if you come across the Y/Y numbers ... interested to see that.

How about this? As of today: North America Rotary Rig Count Pivot Table (Feb 2011 - Current)


In the past 12 months it peaked at 1930 or something, but this week's 1750 is -4 from this week last year... we've effectively wiped out the past 12 months rig count growth now.

[Captain Crawfish]

fearful when others are greedy! a good thing to remember. I suspect late spring early summer as rates rise everyone get a helmet!!

[fordracing19]

Diesel this morning in Valley View for $2.38

[krazy kris]

Wish I had a tanker and ethanol fuel didnt suck so bad

[GrayStangGT]

I noticed yesterday HP has 4 rigs stacked behind their yard here.

[Strychnine]

In this chart, we've simply applied the same percentage decrease in jobs the US O&G industry felt each year during the 1980s to the next six years. This exercise assumes that 2014 was the peak in O&G employment this cycle and that the ensuing downturn mirrors the 1980s.

This is purely a hypothetical scenario showing what happens if the 1980s repeats, not a case that it will. Note that this is also based on BLS labor data to keep a continuous data series with the historical trends shown on the following slides. Some analysts (like the API) estimate that current O&G employment in the US is much higher, maybe as much as 1 million jobs. If true, that would make the damage even worse.

Understanding the jobs market context of the 1980s is important as the question of whether this is the 1980s all over again has frequently come up this downturn. Let's hope this time is more like 2008/2009, when 75,000 jobs were lost but hiring bounced right back with crude oil prices.

[Strychnine]

We've Been Here Before - 8 Of The Biggest Oil Price Sell-offs In History

1999



Amid a sea of negativity and gloomy headlines, we wanted to weigh in with some historical context. As the industry focuses on each notch lower in oil prices and each negative datapoint, it is easy for us to lose sight of the fact that we have been here before, and we will be here again. In fact, as an industry, we've absorbed some much larger oil price falls over the past 150 years, and we are all still here. So hang on for the ride, but don't quit. This industry is not going anywhere.

Anyone remember this cover from the Economist back in 1999? An oversupply of crude oil is not a new concern. In fact, I bet we see a very similar headline to this old gem "Drowning in Oil" before the current sell-off is over.

Oil prices have been low before, but they've always recovered given time - and history repeats itself. When fear is at its peak and the pundits declare crude oil dead, that will most likely be the time to start getting bullish. The world's largest producers still control prices, and their social spending policies will not accommodate crude too much lower than it is now. They can talk about protecting market share all they want, but there is a level of pain where they will cut supply to protect price. Where that is is up for debate, but we are getting closer...

[68RR]

http://www.msn.com/en-us/money/markets/how-opec-weaponized-oil-prices-against-us-drillers/ar-AA7Wxhd

[TexasDevilDog]

There is 160+ million barrel capacity in the Strategic Petroleum Reserve. If oil fails to $40, I say fill it up.

http://www.spr.doe.gov/dir/dir.html

[Strychnine]

There is 160+ million barrel capacity in the Strategic Petroleum Reserve. If oil fails to $40, I say fill it up.

http://www.spr.doe.gov/dir/dir.html

Total capacity is 727 million bbls.
Your link shows 691 million in storage.
36 million bbls could be added, not 160+.


But yeah I don't see why they wouldn't want to top it of. That would provide something like 100 days of import supply disruption protection.

[matts5.0]

Why don't we just stop importing, fuck opec.

[Jimbo]

I noticed yesterday HP has 4 rigs stacked behind their yard here.

Where is that, Odessa?


NM, I exited Tapatalk to view locations.

[Ruffdaddy]

Why don't we just stop importing, fuck opec.

Because the us producers would have to charge more for the same product. This can be said about any import that is also available in the US.

[Baron Von Crowder]

Because the us producers would have to charge more for the same product. This can be said about any import that is also available in the US.

Can you expand on that?