Do you experts think the US oil industry is irreparably damaged?
Do you experts think the US oil industry is irreparably damaged?
Caleb Parker
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Brayden Sullivan
I wouldn't invest in oil exploration, that's for fuck sure.
Nolan Perez
I'd irreparably damage Ana's hymen
Isaac Morris
the demand for oil hasn't changed long term, so I dont see why not
Brandon Ortiz
If you thini oil industry is "damaged" because a futures contract went negative during a pricewar DURING a viral outbreak, then you are not educated about economics.
m.youtube.com
Once OPEC cuts production again (and they will, look at the April 12 meetings) and once the pandemic tapers off, the market is going to stabilize. Supply and demand will rebalance.
I forget this website is full of teenagers and uneducated NEETS.
Eli Davis
Price of oil was manipulated by China.
Elijah Torres
I'm not talking demand. I'm talking supply. Which is why I wouldn't bother with exploration.
the Saudis showed their cards. There's no oil shortage.
The Keystone XL pipeline was an even bigger failed investment than Solyndra or fucking Theranos.
Next time anybody talks shit about offshore drilling or some other environmental disaster waiting to happen, I'm going to traffic them into saudi arabia and sell them to the white slave market. Because that's the only value these whores have.
Christopher Butler
The important thing to remember is that all producers are losing money right now, at this price point. Even KSA is bleeding money and they tend to be the most profitable. Oil won't stay below $30 because it functionally can't if anybody in this business wants to actually stay afloat.
"The fear" is already passing. Oil will not be at $0 a barrel, at that point even the hostile actors like Russia and KSA will severely cut production as it will pose an existential threat to their own industries. American shale is harmed by $20-30 but there are a few companies in the space with the resources to weather this storm. At any rate the bottom was already hit. Much of the pandemonium was an artifact of the way futures operate themselves, not a real price.
Logan Bell
I think you forget user.
Right before this pandemic the world was about to shift to electric cars and impose taxes on using cars.
Now I'm no expert, but not using a car for several months during a pandemic would impact the car, right?
I can easily see the government using the pandemic as a method of disposing of cars in favor of enforcing electric cars, boosts the economy by forcing everyone to buy electric.
Isaac Torres
There is much more to be gained from riding the whole-economy cocaine high of cheap ass oil. That impacts cars, trucks, and planes, not your meme Teslas.
William Collins
What is Frac Sand?
Frac sand is a high-purity quartz sand with very round grains. It is very durable and provides a crush-resistant material used in the oil and gas industry for hydraulic fracturing (also called “fracking). Rock units composed of quartz grains that have gone through multiple cycles of weathering and erosion are potential sources of frac sand material. This evolution has removed most mineral grains other than quartz resulting in grains with very round shapes.
The demand for frac sand has risen dramatically in recent years as an increasing number of oil and natural gas wells use the hydraulic fracturing process. A single well using hydraulic fracturing can use a few thousand tons of frac sand. The surge of specialized drilling has created a billion dollar frac sand industry in just a few years.
How Frac Sand is Used
Some subsurface rock contains large amounts of oil, natural gas, or natural gas liquids that cannot flow freely to a well because the rock is impermeable to the degree that the fluids cannot flow through them. The fracking process presents a solution by creating fractures in the rock.
This is accomplished by drilling a well into the rock and sealing the portion of the well in the petroleum-bearing zone. Water treated with chemicals and thickeners to create a viscous gel is then pumped into that portion of the well using a high pressure process. The gel facilitates the water’s ability to carry grains of frac sand in a suspended state.
Large pumps at the surface increase water pressure in the sealed portion of the well until pressure is sufficient to fracture surrounding rocks. Water rushes rapidly through the fractures, making them larger and pushing them deeper into the rock. Because billions of sand grains are pushed deep into the fractures, it can take several thousand tons of frac sand to stimulate a single well.
BUY SLCA at $1.5, sell it after the election for $60 a share.
Logan Cox
>the demand for oil hasn't changed long term
This will accelerate the move to electric vehicles. With the US oil industry going bankrupt there will be nobody left to lobby congress so they will start to pass laws that support transitioning the economy to an electric one. Also because it's in the national security interests of the US to reduce dependence on foreign oil. The only way to do that now is make transportation 100% electric.
Alexander Reed
Lol stay poor
Daniel Cook
>I can easily see the government using the pandemic as a method of disposing of cars in favor of enforcing electric cars, boosts the economy by forcing everyone to buy electric.
>Let's force all the broke unemployed plebs to buy new cars in the middle of a recession to replace their fully functional cars and trash the electric grid
Dumbass cumbrained latteboy
Nathaniel Sanders
HA HA HA HA HA HA HA HA HA HA HA HA
S I N G L E
D I G I T
S H I T
B A R R E L
Adam Hall
>Right before this pandemic the world was about to shift to electric cars and impose taxes on using cars.
[citation needed]
>Now I'm no expert, but not using a car for several months during a pandemic would impact the car, right?
What the fuck does this sentence mean? Impact the auto industry? Impact YOUR car as it sits? What?
>I can easily see the government using the pandemic as a method of disposing of cars in favor of enforcing electric cars, boosts the economy by forcing everyone to buy electric.
I can easily see that not happening. Glaringly obvious reasons such as oil lobbyists, car companies giving you the finger, the US Federal government not being interested in dealing with the details of your retarded idea, the fact that electric vehicles still require oil products (rubber for tires, plastic for most of the parts that are NOT the engine) and what else... oh yeah lest we forget, electric cars need a charge every 150-300 miles. That's 150 million cars on the road wanting electricity from the grid. We're not there yet. Not for decades.
Jacob Perez
unless the technology for electric vehicles jumps a decade in a year, electric cars are still shit for a lot of people
Juan Howard
>Also because it's in the national security interests of the US to reduce dependence on foreign oil. The only way to do that now is make transportation 100% electric.
We aren't dependebt on foreign oil. The US produces so much oil we have to export it you fucking retard.
John Barnes
>he doesn't want to make 7000% gains
Jack Lewis
the utility of north american oil resources is that having them available prevents us from being beholden to saudi oil. If saudi knows we can't survive without them, they can do whatever they want and all we can do is take it, or go to war over it. and we've tried the latter
Sebastian Hall
that's ana's dad playing with her at the beach, right?
Bentley Diaz
>they drill it for free
Ayden Roberts
Not anymore. Shale oil production is never coming back.
Christopher Jenkins
We're not running out either.
If the price goes back up to $5 a gallon we can reopen the sale sites.
But for fuck's sake we shouldn't larp like we're this big shot exporter anymore.
We spread our ass cheeks to get the keystone xl through and all it amounted to was toxic waste.
This is America. We're not some 2 bit petro state like Venezuela or Canada. We have better things to do.
Ryder Watson
>he thinks the pandemic is going away
no fuck you we need to burn this shit hole to the fucking ground
Nolan Edwards
It never left. Shale is dirt fucking cheap and believe me when I say the major E&P companies aren't going to starve to death anytime soon. They can survive a price war.
Gavin Foster
Everything you just said is wrong.
>ccn.com
Jonathan Torres
Jack Carter
>dad
heh, sure kid. they’re gonna be playing tickle tag all night
Carter Brown
>Not anymore.
You're like a goddamn flat earther. The US is oil independent. If somehow magically we lost the ability to drill, we would still NOT need Saudi Arabia, we could just buy from Canada and Mexico. We don't NEED global trade.
Zachary Bennett
>CNN
Sure thing kiddo.