U.S. shale oil companies are done

[Thethirdpew]

Our oil companies are done . How do I know this? Look at how Trump is scrambling to undo the damage . FIrst let's go back to how this whole thing started. This whole thing started when Russia said NO to Saudi Arabia's proposal to cut oil production in order to increase the price of oil (due to drop in demand in oil caused by coronavirus). As expected, Russia refused. Now why would Russia say no to an increase of oil prices when their economy depends on oil . Could it be that they want to destroy their competitors (American oil companies come to mind)? With this in mind it's obvious that Russia will never accept our request to cut their oil production; they would rather wait until our oil shale companiees faill before cutting their oil production. The next two weeks should be interesting to say the least . A lot of rich white people are going to lose money . The petro dollar will take a hit and Trump will get desperate and make terrible decisions. Buckle up and get ready for the ride .

 

[Geek Nasty]

I don’t think that’s it. Russia’s economy is tiny compared to ours (The size of Italy’s) and they need oil way more than we do.

 

[F K]

Our oil companies are done . How do I know this? Look at how Trump is scrambling to undo the damage . FIrst let's go back to how this whole thing started. This whole thing started when Russia said NO to Saudi Arabia's proposal to cut oil production in order to increase the price of oil (due to drop in demand in oil caused by coronavirus). As expected, Russia refused. Now why would Russia say no to an increase of oil prices when their economy depends on oil . Could it be that they want to destroy their competitors (American oil companies come to mind)? With this in mind it's obvious that Russia will never accept our request to cut their oil production; they would rather wait until our oil shale companiees faill before cutting their oil production. The next two weeks should be interesting to say the least . A lot of rich white people are going to lose money . The petro dollar will take a hit and Trump will get desperate and make terrible decisions. Buckle up and get ready for the ride .

prayers up for the PA , TX and LA brehs

 

[Thethirdpew]

prayers up for the PA , TX and LA brehs

TX brehs are already done . A lot of bankruptcies already happened/ are on the way. Whiting petroleum comes to mind.

 

[FAH1223]

I don’t think that’s it. Russia’s economy is tiny compared to ours (The size of Italy’s) and they need oil way more than we do.

The Saudis also wanted US shale oil out of the paint.

 

[88m3]

not going anywhere till it's banned

 

[Thethirdpew]

I don’t think that’s it. Russia’s economy is tiny compared to ours (The size of Italy’s) and they need oil way more than we do.

Yes you're right we have a better economy than Russia's however they benefit more from not having cuts in oil production. Doing so results in shale oil companies going bankrupt; this means that Russian oil companies will have less competitors.

 

[Thethirdpew]

The Saudis also wanted US shale oil out of the paint.

Along with the Russians

 

[Brehcepticon]

The Saudis also wanted US shale oil out of the paint.

 

[GnauzBookOfRhymes]

I think everyone realizes at this point that it will always be potential boom/bust industry just like anything that’s tied so strongly to to world oil prices.

All of these companies will file bankruptcy, the owners/managers/employees go into other industries for a while then once oil prices start rising again they’ll be right back at it. The technology has advanced to point that the break even price and time needed to restart operations has continued to fall.

Saudis and Russians are operating on short term timetables. Both need cash badly. I’m guessing by end of the year, assuming there is some light at the end of the corona tunnel, that prices will start rising again.

 

[☑︎#VoteDemocrat]

not going anywhere till it's banned

This.

 

[2Quik4UHoes]

I love it, hope they completely destroy shale and then out of spite America invests heavily until some renewable completely makes oil obsolete.