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Billings

WTI oil under $8.00 a barrel?

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Sweet, I bet airfare is super cheap right now and I should book a vaca..... oh yeah... nevermind.

For real though, this is way past the "Oh cool, gas is cheap" phase to the "oh shit, this is going to screw us, isn't it?" phase. 

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1 minute ago, Fort Fun said:

Sweet, I bet airfare is super cheap right now and I should book a vaca..... oh yeah... nevermind.

For real though, this is way past the "Oh cool, gas is cheap" phase to the "oh shit, this is going to screw us, isn't it?" phase. 

Yep

thelawlorfaithful, on 31 Dec 2012 - 04:01 AM, said:One of the rules I live by: never underestimate a man in a dandy looking sweater

 

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5 minutes ago, Fort Fun said:

Sweet, I bet airfare is super cheap right now and I should book a vaca..... oh yeah... nevermind.

For real though, this is way past the "Oh cool, gas is cheap" phase to the "oh shit, this is going to screw us, isn't it?" phase. 

Sucks...I have some stock in oil and was getting a nice little check each month.  They are dwindling fast.  

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Hopefully my price at the pump comes back down again. It's jumped to $1.53/gal after being as low as $1.31/gal two weeks ago. 

That said, a friend of mine works the fields out in Wyoming, and he had to take a 20% pay cut a couple of weeks ago. So it's definitely not all good. 

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13 minutes ago, Bob said:

How are states going to deal with the inevitable budget shortfalls? I'm assuming each state is going to be dealing with massive deficits.

Depends.  Montana has no sales tax so that helps.  We have only small oil production.  Some states will come out OK. States with heavy sales taxes or big oil fields and that rely on tourism will get hit hard.

 

Hawaii for example already is cutting back with 10 - 20% of  state job staying vacant.  (many were open and not filed yet)

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2 minutes ago, Bob said:

I'm pretty sure Wyoming's +++++ed

yep.    I miss Wyoming, especially the fall and summers, but sorta glad I am semi- retired and not living there now

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Like East Coast Aztec said, this is just the May contract of WTI trading at what is now $3/bbl, but the contract expires tomorrow and is being lightly traded. The June contract of WTI is more heavily traded and is at $22/bbl. Oil storage world wide is running out and the price today reflects traders not wanting to have to take delivery at the end of the contract. WTI will bounce back up on Wednesday when WTI June contract becomes the default trading reported and not the May contract. 

I never thought I'd be thrilled to see the price back up in the $20's, but I will be. 

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5 minutes ago, Slapdad said:

Like East Coast Aztec said, this is just the May contract of WTI trading at what is now $3/bbl, but the contract expires tomorrow and is being lightly traded. The June contract of WTI is more heavily traded and is at $22/bbl. Oil storage world wide is running out and the price today reflects traders not wanting to have to take delivery at the end of the contract. WTI will bounce back up on Wednesday when WTI June contract becomes the default trading reported and not the May contract. 

I never thought I'd be thrilled to see the price back up in the $20's, but I will be. 

 

Few wells make money in the shale fields at $22 a barrel

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15 minutes ago, Billings said:

 

Few wells make money in the shale fields at $22 a barrel

But $22/bbl still allows the wells to keep operating. While new drilling is all but stopped, existing wells are still going and that's important for the employees of oil companies. It's not about making money right now, it's about surviving to fight another day. This is an extraordinary time and turning a profit isn't going to happen for anyone at these prices. 

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Just now, Slapdad said:

But $22/bbl still allows the wells to keep operating. While new drilling is all but stopped, existing wells are still going and that's important for the employees of oil companies. It's not about making money right now, it's about surviving to fight another day. This is an extraordinary time and turning a profit isn't going to happen for anyone at these prices. 

Shale wells only produce for about 18 months. If you aren't almost continuously drilling then shale output immediately starts to decrease. 

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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7 minutes ago, East Coast Aztec said:

Under $1.   Almost tempted to say F it.  :P

0.10.

I would not. Demand is so low I wouldn't be surprised to see negative prices for a while. 

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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2 minutes ago, happycamper said:

0.10.

I would not. Demand is so low I wouldn't be surprised to see negative prices for a while. 

Luckily, my account is only for stocks, so my whims are unattainable.  I may win on occasion but I would probably get decimated long-term.  I am not even close to versed enough to play with that.

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