$100 A Barrel Oil is on the Way

#1,578
#1,578
Obsessed said:
My dad used to do this for years. He retired from it. Gravity and magnetics engineer.

He traveled all over the world. Told me in the 90's of a oil deposit so large our country could run on it alone for 100 years. But at the time the tech was not there to reach it.
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Can you go more in depth with this? Super interesting. Where is the oil deposit? North America?
 
#1,579
#1,579
sofflavol said:
Can you go more in depth with this? Super interesting. Where is the oil deposit? North America?
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In the Gulf of Mexico. There was another off the coast of Florida (east) that was close to 6,000 fathoms deep. It in itself was just as large.
 
#1,580
#1,580
VolsNSkinsFan said:
Saving $20 a month isn't that great. We need wage growth.
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What's that?

Could anyone guess what changed this trend? I'll give you a golden star.

It's not taxes either, so let's cut that out before it starts.
 

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#1,581
#1,581
Obsessed said:
In the Gulf of Mexico. There was another off the coast of Florida (east) that was close to 6,000 fathoms deep. It in itself was just as large.
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Can they attempt to get the oil from those spots or just cause the Bp spill they won't attempt?
 
#1,582
#1,582
sofflavol said:
Can they attempt to get the oil from those spots or just cause the Bp spill they won't attempt?
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I would imagine they can. The one well is still too deep I imagine.

There is another large around Papua New Guinea as well. Along with a mountain full of gold. Lol.
 
#1,584
#1,584
I don't know if oil is going to move up as TBP is saying. There's a lot if talk that oil will remain low for a while. If you want to buy some oil relative stocks, and hold them for a year or two you're probably going to make some money. But I don't think we'll see 100 bucs by summer.
 
#1,587
#1,587
Drilling in the Bakken will slow next year. Companies are already slashing drilling budgets. Shale wells will decline in production and the oversupply will tighten back up.
 
#1,588
#1,588
does anybody think that somewhere people high up in making decisions in america have known all along of this untapped potential and we are just waiting it out until eventually we would be able to live off our own oil not global oil? ive read several articles about the potential of oil from canada to alaska, the bakken to green river formation and even the oil found in the atlantic. We could potentially never have to purchase oil again from the middle east, with trillions of gallons of oil available over time with technology to tap it advancing .
 
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#1,589
#1,589
sofflavol said:
does anybody think that somewhere people high up in making decisions in america have known all along of this untapped potential and we are just waiting it out until eventually we would be able to live off our own oil not global oil? ive read several articles about the potential of oil from canada to alaska, the bakken to green river formation and even the oil found in the atlantic. We could potentially never have to purchase oil again from the middle east, with trillions of gallons of oil available over time with technology to tap it advancing .
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I don't think it.

I know it.
 
#1,590
#1,590
Bank of America sees $50 oil as Opec dies - Telegraph

It will take six months or so to whittle away the 1m barrels a day of excess oil on the market – with US crude falling to $50 - given that supply and demand are both “inelastic” in the short-run. That will create the beginnings of the next shortage. “We expect a pretty sharp rebound to the high $80s or even $90 in the second half of next year,” said Sabine Schels, the bank’s energy expert.
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Possibly a volatile year ahead.
 
#1,591
#1,591
At some point this becomes worrisome.

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#1,598
#1,598
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