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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Sam who wrote (204902)2/2/2023 11:43:35 AM
From: Elroy Jetson1 Recommendation

Recommended By
Sam

   of 206084
 
While oil production in the Permian Basin is booming, other fields have been relatively neglected. That means overall U.S. oil production has inched up at a much slower pace — it's about 6% higher now than it was a year ago.
Post-pandemic oil prices peaked at $118 per barrel, because it took time to ramp up production back up again after being shut-down for two years.

But the price of oil is currently $75 per barrel.

Smaller oil fracking companies were previously bringing in production in other fields at prices up to $110 per barrel. Who's going to be drilling there? Not me, not Chevron. Would you?

The wildcatters who drove the fracking revolution in odd places are already bankrupt, but if they weren't, they would be today. Most offshore around the world is currently uneconomic, and even Norway is marginal.
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