Posted by Duane WI on February 24, 2016 at 16:03:09 from (69.29.254.39):
In Reply to: $20 oil posted by Geo-TH,In on February 24, 2016 at 11:22:29:
Enjoy the low prices while we can. This is the other side of the high prices from a few years ago. I am amazed we are at $20 oil from the highs of over $100. I never would have thought that was possible. The oil economic cycle is really crazy. What I also find interesting is the fracking based oil wells in North Dakota are being turned off but they are still there. So if oil starts pushing $50 a barrel are they just turned back on? Does this create an oil price cap keeping us away from $100 oil?
Countries like Iran and Russia are heavily dependent on oil. So do the wells in North Dakota give us leverage to force them to listen to us? If they don't we start pumping oil and drive prices down. In a lot of ways it seems keeping the North Dakota oil wells pumping some small amount of oil just to keep them active is in our countries security interest. Seems cheaper to subsidize oil wells than build tanks and fighter jets.
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