High Gas Prices: Obama's Half-Truths vs. Reality

[boutons_deux]

"tough oil" (expensive $$$ risky) in super deep water, in the Arctic is even more insane now.

[TeyshaBlue]

you really don't have a ing clue, nutjob

OMFG...the irony.

[boutons_deux]

OPEC expects U.S. oil production to fall in late 2015


OPEC says oil production in the United States may fall by late 2015 as petroleum firms idle hundreds of drilling rigs, with profits squeezed between low crude prices and high-cost shale plays.

Shale-play wells typically see output fall 60 percent annually in production declines that can only be recovered by drilling more wells, the Organization of Petroleum Exporting Countries noted in its monthly report on global oil markets Monday.

Curbed drilling activity could stunt production growth “particularly in regions with unconventional sources in which the oil production break-even point is estimated much higher than current oil prices,” OPEC said, referring to shale plays in the United States and elsewhere.

Oil traders last month boosted crude prices on speculation that the downturn has already taken a toll on oil production, using the Baker Hughes rig count to fuel “expectations of a fall in U.S. tight oil output.”

Even so, OPEC pegs the potential decline in U.S. liquids output at 82,000 barrels a day in the second half of the year, down about half a percentage point to 13.63 million barrels a day by the fourth quarter.

http://fuelfix.com/blog/2015/03/16/o...-in-late-2015/