Quote:
Originally Posted by Old Tele man
...yes, on ALL assumptions.
...and, the proverbial $64K question is "...WHY?..." is US production falling and China production rising?
• US 'running out' of oil or a 'Green-Peezed' instigated decline?
• US sale of oil assets to european companies (BP et.al.)?
• China doing more drilling or increasing production?
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I'll take a stab at it, but it will be speculative at best:
The US is not running out of oil nor does it care much about Green Peace instigated initiatives. We have plenty of oil and are not going to run out anytime soon. I got marooned in Wyoming ( truck caught on fire ) and temporarily drove a pneumatic hauling sand to frac crews for a well known but "shall remain nameless" oil company. Asked the crew if we are running out of oil. They laughed at me and said no. They drill and cap, drill and cap.
Plenty of crude, not enough refineries to get more of the processed products on the market we need. Totally intentional. We haven't had new refineries built for, what, 30 years or so.
Not sure about the Euro asset sale, have to look into it to give a proper answer.
China is doing more of both to address their own demands and the demands of other markets outside their borders.
We have been seeing the manipulation of the oil markets for years and since no one truly competes against each other, and they all know each other, all that has to happen is a phone call or a meeting.