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originally posted by: paraphi
a reply to: ufoorbhunter
The problem is that the FSU don't want to be dealing with Russia. They are sovereign states who don't want to be under the heel of Russia, the old oppressor and current antagonist. They prefer the liberal developed world and all the opportunities that brings.
I hate to see all that lovely natural gas go to waste, but I suppose it’s not economical to build a gathering system or whatever they call it.
originally posted by: Lumenari
a reply to: Scapegrace
It’s really hurting our fracking industry, which I’ve heard, needs about $45 a barrel to break even.
In the Bakken oilfield the cost to market price is roughly $34 a barrel for oil.
Although the biggest problem isn't actually the oil itself right now, it's that to produce oil you have to get rid of the natural gas while you are producing...
And right now oil companies are having to pay to get the nat gas offsite.
So wellsites are being shuttered in, drilling schedules have been cancelled, things are pretty bad for the entire industry right now.
With no real end in site...
This may mean another couple year shutdown for the oil industry.
But don't worry.. it's just 8% of our GDP.
My sister was pointing out that this is going to be great for everyone else, with $1 a gallon gas prices again.
Till I pointed out that it's not going to really matter that much if you don't have a job to drive to.