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American producers risk becoming victims of their own success. At today’s prices of just over $70 a barrel, drilling is close to becoming unprofitable for some explorers
Oil futures in New York plunged as much as 3.8 percent to $70.87 a barrel today, the lowest since August 2010.
At the moment, some U.S. producers are surviving because they managed to hedge the prices they get for their oil at about $90 a barrel, Fedun said. When those arrangements expire, life will become much more difficult, he said.
originally posted by: rickymouse
They can't risk making people rich doing shale drilling. The top one percent don't want to be five percent. They do not want more of their kind, they want more customers.
Saudi Arabia to pressure Russia, Iran with price of oil
Saudi Arabia will force the price of oil down, in an effort to put political pressure on Iran and Russia, according to the President of Saudi Arabia Oil Policies and Strategic Expectations Center.
originally posted by: xuenchen
" OPEC Policy Ensures U.S. Shale Crash "
I smell a new war coming.
A war that will affect the price of oil.
originally posted by: Dustofenese
From what Ive been hearing from my friends in the Oil and Gas Industry, is that US Shale is profitable anywhere above $50/barrel
originally posted by: Phage
I wonder what Mr. Fedun (your first source) thinks about that.