Re: How much oil in a BARREL ?

Posted by dhermesc on June 27, 2005 at 11:32:03 from (68.110.220.22):

In Reply to: Re: How much oil in a BARREL ? posted by tlak on June 27, 2005 at 10:58:28:

Domestic oil production in the US lags due to the LOW PRICES. In the 70s and early 80s when oil moved between $20-$40 a barrel the US drilled in every conceivable spot imaginable. 15 years of $20 a barrel or less oil destroyed the domestic market, and wiped huge sections of the drilling industry. Those workers have moved on to new jobs and the equipment had rusted away. Equipment manufactors have also moved on or gone bust. Domestic producers are very leery about expanding production during "boom" times because about the time they start making capital investments the government or OPEC makes moves that will wipe them out.

Factor in inflation and oil is still cheaper then it was in 1980 - so is pump gas. My FIL has 4 capped wells on his farm here in Kansas, until the company is sure oil prices will stay above $50 they will remain capped.

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• Re: How much oil in a BARREL ? JoeMN 13:42:13 06/27/05 (0)

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