amazing how neither of our oil experts, say anything about the 10 billion mobil made for the quarter. Do they really need to make 40 billion a year in profits.
Also in my statement i said the oil belongs to all of us and our government should hire companies like mobil to manage the system, not reap 40 billion in profits a year. Its quite easy to defend the field your in, bottomline is the oil companies are full of bigtime crooks and we are all seeing it now very clearly
Also in my statement i said the oil belongs to all of us and our government should hire companies like mobil to manage the system, not reap 40 billion in profits a year. Its quite easy to defend the field your in, bottomline is the oil companies are full of bigtime crooks and we are all seeing it now very clearly
Watcher, it is supply and demand, I doubt you need an econ 101 lesson. Do they "need" to make that kind of money, of course not, but it is simple supply and demand.
Do you honestly think the govt would do a good job managing oil? Subsidizing, which would in turn lower prices, isn't necessarily good management yet it will get you your desired end result. You sound like a socialist with these posts. The govt f*ks up everything they try to manage, whether at the state, federal or municipal level. Talk about management by crooks.
Do you honestly think the govt would do a good job managing oil? Subsidizing, which would in turn lower prices, isn't necessarily good management yet it will get you your desired end result. You sound like a socialist with these posts. The govt f*ks up everything they try to manage, whether at the state, federal or municipal level. Talk about management by crooks.
your right i dont need a lesson in supply and demand.
bottomline the oil companies dont need to make that kind of obscene profits on a resource that the whole world needs to function. Am sorry oil is differnt then bill gates charging whatever he wants for his software or a guy who paints a picture and sells it, i dont have any problem with that type of supply and demand. Sorry but our government should set the price on how much profit oil companies can make. Products like oil and electric should have some caps on them.
These are my opinions and you have your opinion, thats why our country is so great, we can all have opinions.
bottomline the oil companies dont need to make that kind of obscene profits on a resource that the whole world needs to function. Am sorry oil is differnt then bill gates charging whatever he wants for his software or a guy who paints a picture and sells it, i dont have any problem with that type of supply and demand. Sorry but our government should set the price on how much profit oil companies can make. Products like oil and electric should have some caps on them.
These are my opinions and you have your opinion, thats why our country is so great, we can all have opinions.
WOW a baseball thread now turned into debateing the price of oil !
First off the USA is Spolied to lower prices of oil. Just look at other countries who have been paying 3-5 per gallon for many many years now.
Next the population has Far outgrown in the USA of Anyone ever dreamed in the last 40 years. More people, More cars and trucks.
Oil was NOT found by the goverment, it was found by wildcaters back in the ole days of Oklahoma and Texas. These people were gamblers just as oil companys are in todays high tech world, only on a much larger scale.
Many people, includeing myself have gone broke and then made money in the oil fields. But i will tell you this about expenses in this modren age, EVERYTHING costs MORE.
Chop made a valid point of the drilling business as many wells can cost much more than they could ever hope to pay out, before the well goes dry. Now on the other hand many wells pay out quickly, at these prices today it doenst take a gusher to make plenty of money.
Bottom line is this....People will fall ALL over themselves to run to the car lot and pay 30-50k for an SUV and then bitch an moan about the price of gasoline, and oil????
If it was not for mid-east oil at this time in our lives, we would have Already been walking, as the USA has just about given ALL the oil that Mother Nature intented for us to have.
Alaska is the LAST frontier for the USA, and then we will be TOTALY depended on mid-eat oil, and surely you know what that will mean.
You will see gasoline in the USA 5.00 -7.00 per gallon in the next 4 years.
Funny how some people want someone else to take ALL the Risks and NOT reap the Reward??
First off the USA is Spolied to lower prices of oil. Just look at other countries who have been paying 3-5 per gallon for many many years now.
Next the population has Far outgrown in the USA of Anyone ever dreamed in the last 40 years. More people, More cars and trucks.
Oil was NOT found by the goverment, it was found by wildcaters back in the ole days of Oklahoma and Texas. These people were gamblers just as oil companys are in todays high tech world, only on a much larger scale.
Many people, includeing myself have gone broke and then made money in the oil fields. But i will tell you this about expenses in this modren age, EVERYTHING costs MORE.
Chop made a valid point of the drilling business as many wells can cost much more than they could ever hope to pay out, before the well goes dry. Now on the other hand many wells pay out quickly, at these prices today it doenst take a gusher to make plenty of money.
Bottom line is this....People will fall ALL over themselves to run to the car lot and pay 30-50k for an SUV and then bitch an moan about the price of gasoline, and oil????
If it was not for mid-east oil at this time in our lives, we would have Already been walking, as the USA has just about given ALL the oil that Mother Nature intented for us to have.
Alaska is the LAST frontier for the USA, and then we will be TOTALY depended on mid-eat oil, and surely you know what that will mean.
You will see gasoline in the USA 5.00 -7.00 per gallon in the next 4 years.
Funny how some people want someone else to take ALL the Risks and NOT reap the Reward??
megabyte666
I REALLY believe that the price will be in the 5-7 range in the next four years. I am telling you as i am retired from the oil busniess in Oklahoma, and i do think that the USA will someday in our lifetime run completely OUT of oil. I used to begrudge the far east of thier oli fields, as you just go out there an put a stake in the ground ANYWHERE and make a oil well that could prduce anywhere from 5-10k barrels per day.
It was like that in some of the early oil fileds in Oklahoma and Texas, but we have brought 75-80% of that oil to the surface, its almost GONE.
Wells that are being drilled in Oklahoma as we type are not OIL wells, they are Natural Gas wells as the oil is depleted beyond most believes at this time.
SAD BUT TRUE !
I REALLY believe that the price will be in the 5-7 range in the next four years. I am telling you as i am retired from the oil busniess in Oklahoma, and i do think that the USA will someday in our lifetime run completely OUT of oil. I used to begrudge the far east of thier oli fields, as you just go out there an put a stake in the ground ANYWHERE and make a oil well that could prduce anywhere from 5-10k barrels per day.
It was like that in some of the early oil fileds in Oklahoma and Texas, but we have brought 75-80% of that oil to the surface, its almost GONE.
Wells that are being drilled in Oklahoma as we type are not OIL wells, they are Natural Gas wells as the oil is depleted beyond most believes at this time.
SAD BUT TRUE !
Yes i forgot about Alaska in that last post. Under the Next President, it might very well be a Woman, they will open Alaska to ALL types of drilling but the cost will be Out-of-Sight too. More expensive to drill it up, some the more it will have to be sold for.
We are in the fastest changeing time of the USA on record, and prices for Everything will skyrocket. As they are at this time, but we have not seen anything yet. This is only the tip of the iceberg for skyrocketing prices for Everything includeing oil.
We are in the fastest changeing time of the USA on record, and prices for Everything will skyrocket. As they are at this time, but we have not seen anything yet. This is only the tip of the iceberg for skyrocketing prices for Everything includeing oil.
Insiders said:
We are not exactly running out of oil, the problem is the oil that we have left is much harder and much more expensive to get to than the oil that we produced back in the early days.
You bring up a great example about the Oklahoma and Texas fields back in the day. It use to be very simple to just go out to Oklahoma and drill a well without all the goverment restrictions and expense that we the companies have to deal with today. Now the oil companies have to comply with MMS regulations and all kinds of red tape and expense, taxes etc.... that they did not have to deal with in the past.
There is almost unlimited oil in the deep water Gulf of Mexico. Plenty enough for many generations to come. The problem is it takes hundreds of times more money to drill a well in the GOM 150 miles out and 4000 feet deep water than it did back in the day when all you had to do was pull up to farmer joes back yard in Oklahoma and drill a gusher.
One of the posters mentioned that it cost 8 to 10 dollars a barrel to produce 1 barrel of oil in the US. That is a very outdated number. It is more than triple that at this point in time. The oil companies could not make a profit these days with anything less than 35 dollars a barrel in todays market.
It is almost cheaper for the US to import oil from the middle east than it is for us to produce oil in our own homeland because in the middle east it is much much cheaper for them to drill there than it is here.
Chop
My knowlege of the oil business is purley on land in Oklahoma. Offshore reserves may very well be there, and i understand the cost of that also.
Oklahoma oils are almost gone, as many oil wells that are drilled here today will payout at these prices. There is NO cinch on makeing a well in the first place, then next will it make enough to cover ALL of the expenses incurred, some do, some dont. Naturally it depends on how much trouble the well was to drill in the first place. Many Many things can happen dureing the course of the event as you well know. One deep fishing job on a deep well here could run into the millions with ease, not counting the mud bill and all the things that are hidden at that time.
Drilling contractors were buileding rigs 24-7 back in the early 80's as the price of oil had gotten to 40 per barrel. They are building today, but with extreme caution as Everyone in Oklahoma is aware of the Boom and the Bust, most remember it quite well.
People that dont understand the oil business are just lost and its a hopeless case to try to talk to them about entageable expenses.
It tickles me that Anyone would want the goverment to run Anything..lol
If the goverment did somehow take the control of the oil business, which that aint never going to happen. Gasoline would be 10 per gallon and you can only get 10 gallons on monday, and Friday....Some just have NO clue.
BOL TO ALL in the sports as i am done with this!
My knowlege of the oil business is purley on land in Oklahoma. Offshore reserves may very well be there, and i understand the cost of that also.
Oklahoma oils are almost gone, as many oil wells that are drilled here today will payout at these prices. There is NO cinch on makeing a well in the first place, then next will it make enough to cover ALL of the expenses incurred, some do, some dont. Naturally it depends on how much trouble the well was to drill in the first place. Many Many things can happen dureing the course of the event as you well know. One deep fishing job on a deep well here could run into the millions with ease, not counting the mud bill and all the things that are hidden at that time.
Drilling contractors were buileding rigs 24-7 back in the early 80's as the price of oil had gotten to 40 per barrel. They are building today, but with extreme caution as Everyone in Oklahoma is aware of the Boom and the Bust, most remember it quite well.
People that dont understand the oil business are just lost and its a hopeless case to try to talk to them about entageable expenses.
It tickles me that Anyone would want the goverment to run Anything..lol
If the goverment did somehow take the control of the oil business, which that aint never going to happen. Gasoline would be 10 per gallon and you can only get 10 gallons on monday, and Friday....Some just have NO clue.
BOL TO ALL in the sports as i am done with this!
This may be the greatest thread ever in this forum.
Do what I did, buy oil stocks, reap some of the rewards that they are getting to offset your increased cost of gas. Fact of the matter is, gas prices have been below market for years. If you look at a true supply and demand schedule, it is probably still below market. I, for one, own an SUV, my wife has one and I drive 30 miles to work each way and it still isn't expensive enough to change my lifestyle. I spent $1500 more in gas last year than the previous (roughly 50% increase). But is $1500 really enough to change the car I drive or look for a job closer to where I live? Hell no. I know $1500 is for some people, but frankly, not most.
Do I complain, sure, do I want it cheaper, sure, should it be, sure, should the federal govt do something about the price of gas (pressure on OPECkers, permit more drilling, permit easier building of refiners (Chop was 100% correct about that), but no subsidizing or taking control, the govt can't run what it has now), sure, but I am unwilling to change my lifestyle. And until that happens, things will remain the same.
Whoever mentioned that gas is and always has been more expensive in Europe is making a non-linear argument. Gas is more expensive b/c it is all tax, huge difference. Plus, Euros don't drive as often or as far as americans so the relative cost is much more minimal to them.
We all complain
Do what I did, buy oil stocks, reap some of the rewards that they are getting to offset your increased cost of gas. Fact of the matter is, gas prices have been below market for years. If you look at a true supply and demand schedule, it is probably still below market. I, for one, own an SUV, my wife has one and I drive 30 miles to work each way and it still isn't expensive enough to change my lifestyle. I spent $1500 more in gas last year than the previous (roughly 50% increase). But is $1500 really enough to change the car I drive or look for a job closer to where I live? Hell no. I know $1500 is for some people, but frankly, not most.
Do I complain, sure, do I want it cheaper, sure, should it be, sure, should the federal govt do something about the price of gas (pressure on OPECkers, permit more drilling, permit easier building of refiners (Chop was 100% correct about that), but no subsidizing or taking control, the govt can't run what it has now), sure, but I am unwilling to change my lifestyle. And until that happens, things will remain the same.
Whoever mentioned that gas is and always has been more expensive in Europe is making a non-linear argument. Gas is more expensive b/c it is all tax, huge difference. Plus, Euros don't drive as often or as far as americans so the relative cost is much more minimal to them.
We all complain
