If this new reality sets in, it would stand in contrast to President Donald Trump’s ability to move markets throughout his first term and into his second.
Back when I was in college, it was the first gulf war and oil was around $20 a barrel.
One of my professors was talking about shale oil and how the US has phenomenal shale oil resources but it’s not profitable at anything less than $125 a barrel “and if oil is $125 a barrel we’re all screwed anyway!”
Back when I was in college, it was the first gulf war and oil was around $20 a barrel.
One of my professors was talking about shale oil and how the US has phenomenal shale oil resources but it’s not profitable at anything less than $125 a barrel “and if oil is $125 a barrel we’re all screwed anyway!”
Well…
https://www.macrotrends.net/1369/crude-oil-price-history-chart
(North Dakota made SO much money!)
It’s that $10 oil that made 2nd gulf war necessary. Thank god for 9/11.
Breakeven costs on fracking nowadays is like $60 a barrel actually, we’re pretty much producing all the fracking oil we can at this point
Yeah, like I say, North Dakota was a boom town for a bit. Colorado has a metric fuck ton too.
https://coloradogeologicalsurvey.org/energy/e-fossil/oil-shale/
Granted $125 a barrel back then would be close to $300 today
Yeah, that’s a good point. What is $125 1992 today?
$295.79
https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=125&year1=199201&year2=202602
Yes