Posted by LAA on August 09, 2012 at 14:51:32 from (184.49.9.126):
In Reply to: Re: propane posted by jackinok on August 09, 2012 at 07:30:27:
I remember the oil shortage of the seventies well -- caused by an oil embargo -- geo political -- same as the late 70/s early eighties -- the Iranian crisis -- both times the US reacted by increasing oil and gas exploration and production -- maybe you don"t remember the oil boom of the early 80" I have spent nearly 40 years on drilling rigs and I currently work in Saudi Arabia and have for the last 5 years, if the US production increases and the chineses or the japaneses or Indians don"t make up the slack then prices go down, SA needs to produce 10 million barrels per day, that has long been their standard, if it is economical the US producers will produce at full capacity, the wells you drilled and plugged were probably put in production at some target price per barrel. The oil business is not some big conspiracy, if we ever go back to drilling like we should be doing prices will go down. As far as oil companies holding reserves, those are estimates of future production capability, usually low balled, they could not stay in business without reserves.
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