by lateStarter » Tue 26 Sep 2006, 17:45:28
This was one of my favorites:
$this->bbcode_second_pass_quote('', 'L')et’s not forget that there are production costs there as well. If we assume production accounts for $20 of every barrel, then we are talking about a much steeper decline in net revenues…
From what I recall, production costs for getting a barrel of oil out of the ground in the mid-east was less than $2.00/barrel. Assume all you want a'hole....
We have been brought into the present condition in which we are unable neither to tolerate the evils from which we suffer, nor the remedies we need to cure them. - Livy
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by NEOPO » Tue 26 Sep 2006, 17:53:16
K
$this->bbcode_second_pass_quote('', 'm')uch like a kid with a lemonade stand and no customers,
Yes no customers for the extra oil which is Heavy sour to medium grade at best.
Or maybe I should call it unsweetened lemonade!!

Real freakin frank-Einstein we have here.
$this->bbcode_second_pass_quote('', 'A') production cutback can work if demand is inelastic (it isn’t), but what happens when supply is inelastic? It isn’t the U.S. that’s addicted to oil, it’s OPEC that is addicted to cash, and we have them Jonesing big-time for a steady fix.
Ahhh its opec that is addicted to cash - LMAO
They must be extremely high right about now

lenny did a good job here:
$this->bbcode_second_pass_quote('', 'Y')es your math is questionable! Look like you are mixing coffee with lemon. Iran produced approximately 3.75 - 4MM/bbl. Iraq produced approximately 2MM/bbl. OPEC's revenue is based on its own price basket not current WTI Prices or an average?. OPEC (including Iraq) is currently producing approximately 29.890MM/bbl as of the latest data. That is approximately 1.3% lower than what was produced two years ago - 30.280MM/bbl. The proposed quota is approximately 28.000MM/bbl and a production cut is neutral to the market.
And is not just another lemonade stand as oil from the Middle East cost less to refine versus from other region. Also, keep in mind that oil is a by-product and frankly, has nothing to do with how much SUV's we purchased!
FYI Iran is expected to earn approximately $49.2 Bil. this year and only a slight increase from 2005 of $46.6 Bil.
The issue is not OPEC is simply traders making the wrong bet.
another bright spot was the thought that if $3 gallon will get america out of its SUV's will $2 gas get america right back into them?
oh man - look at this
Phil's World - Sector Watch - Mid September Oiland more specifically this
$this->bbcode_second_pass_quote('', 'N')ow much is made of the IEAs assumption that we will hit peak oil production sometime around 2035 but the same prediction was famously made in 1956 about 1970 (one of the root causes of the 1970s speculation bubble and oil crisis).
It is easier to enslave a people that wish to remain free then it is to free a people who wish to remain enslaved.
by mekrob » Tue 26 Sep 2006, 18:04:33
$this->bbcode_second_pass_quote('', 'B')ased on his theory, Gold persuaded the Swedish State Power Board to drill for oil in a rock that had been fractured by an ancient meteorite. It was a good test of his theory because the rock was not sedimentary and would not contain remains of plant or marine life. The drilling was successful, although not enough oil was found to make the field commercially viable.
Wasn't it like 80 barrels? HAHAHAHHA
I want to put out the fires of Hell, and burn down the rewards of Paradise. They block the way to God. I do not want to worship from fear of punishment or for the promise of reward, but simply for the love of God. - Rabia
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