I was messing around on bloombergs site.  Noticed oil is back up close to 50 a barrel.  up about 12 dollars since about a week ago.  

Cheapest I payed 1.23  

Once the Gaza conflict cools down, oil prices will, too.

Although OPEC has reduced production, the real issue

now is demand. This will not pick up as the world economies

continue to weaken.

Oil is currently flat on the day at $48.81.

8-)

I hope your right.  I'm not complaining with it under $2 still.

I hope the Gaza thing cools down soon.  But I understand why Isreal is doing it.  

$35, where are you?   :'(

$35, where are you? :'(

Just $13 away.

We may still see $25, commodity prices are very volatile.

8-)

I hope your right RW.

Personally, I would prefer to see both oil and gas prices a little higher, not to the extremes that they where but stabilized to a 60$ to 80$ bbl range. So maybe we can keep drilling for oil on American soil and keep our drilling rigs in the air. When the prices get as low as they are the oil companies trim their drilling budgets way back which relates to less work for the drilling contractors which results in high numbers of layoffs. We have seen a dramitic decrease in co.s wanting rigs to drill wells. And all oil companies don't have outrageous profits, there are a lot of independents that struggle even with high oil prices. The costs to drill a well runs into a million dollars and up, and that's without any problems which can occur at any moment and run into the milllions themselves. Then there are the completion and production costs. I don't think the general public really realizes what all is involved to get the gas to the pumps and the oil into cans and manufactured goods. I just hope for an extremely cold winter in northeastern states to keep natural gas demands high. So while ya'll hope for low prices I pray for higher prices so I can keep a job.

no joke! i was a bit mad that gas went to 1.74 again here and than today it hit 1.89....im like now what the heck!!

Toolpush, I grew up in the "Patch."  My dad was a tool pusher.  Thanks to him, I worked my way through college by rough-necking during the summers.  When I graduated, I went to work in the Patch, and despite having been out of it for over twenty years, the Patch is where my heart is.

We both know that with the price of oil dropping as low as it has been lately, we can both foresee the same carnage as occurred back in the eighties.  The oil companies cannot make a profit unless the price of domestic oil is above $50/bbl.  They will stop exploration and much production drilling and the layoffs will start to snowball.  Do you remember the old bumper sticker that read "Will the last person out of Houston please turn off the lights?"

I could go into my usual tirade about how the very low oil prices will adversely affect the introduction of alternative energy, but I've voiced my opinion several times on threads of this nature

Hey Mike Thanks. Good to see I have an allie. I sometimes don't think my opinions are very welcome on here. At least not of the majority anyway. We did get some work for our rig that was down today. You well know how short term that is for us, 20-30 days, then have to find another well to go to. But enough said before I turn this into a oilfield forum.

Oil is in free-fall this morning, down over three bucks at $45 and change. Inventory numbers were released this morning showing the glut has grown. We may see new lows sooner than later.

;D ;D ;D

p.s.

The current price of oil has NOTHING to do with our country's need for a comprehensive energy program. That is a matter of national security. If the cost of developing shale oil is $60, $80 or $100...Let's get moving! We can guarantee a floor and the resource is virtually unlimited.

>

I've always wondered what would happen if we cut our oil usage about 80%.  Would those countries that only export oil for profit die, become famine, and or start a war, or adapt to something else.

One thing I've always wondered.

Oil is down $6.01 on the day at $42.57

;D ;D ;D

Wow,  What a drop in one day.  Sweet.

The current price of oil has NOTHING to do with our country's need for a comprehensive energy program. That is a matter of national security. If the cost of developing shale oil is $60, $80 or $100...Let's get moving! We can guarantee a floor and the resource is virtually unlimited.

>

Kent, I disagree.  Let's say that our infallible government places a floor price on shale oil of x$.  If the price of imported or even domestic oil is less than x$, why would a refiner purchase shale oil, unless of course it was mandated by our infallible government?  Then, throw in atomic, wind, geothermal, natural gas, biofuels, etc.

In order to enact a comprehensive energy policy, our infallible government must also mandate a "price per barrel" equivalent for all of the alternatives, so as to enable them to be economically viable.

You and I know that ain't gonna happen.

If we ignore the alternative energy sources and concentrate only on maximizing domestic production of oil, the same situation applies.  Domestic production will not increase unless the producers can make a profit.  In the short term, our infallible government will have to dictate the domestic price of oil and it will have to be the same, regardless of source.