>Inventories depleting fast
US crude oil inventories post sharp fall
aa.com.tr
>Imports drying up
Saudi Arabia Turns Off America’s Oil Taps Again
washingtonpost.com
>Domestic production plummeting
Oil drilling drops to 15-year low, shale in full retreat
businesstimes.com.sg
So once the reserves run out the US is fucked, right?
Other urls found in this thread:
en.wikipedia.org
en.wikipedia.org
twitter.com
The reserves will be enough for us to get the wells that were unprofitable at these absurdly low prices back online. We'll make it.
The only reason oil hasn't run out yet is demand fell off a cliff (pic related).
But when demand ramps back up, there's only enough in reserve for one month of pre-covid consumption, and that's it.
Yep, looks like XOM boomerfolio is back
Here's the reserves. And here's the consumption .
You tell me, is less than a month's reserves enough time to get the rigs back into full swing?
How do I profit from this?
By buying an electric car or a bicycle.
Oil production hasn't completely stopped you nonce. One month is the amount of time we can last with literally no oil production at pre-covid consumption.
This is bigger than just some stock play.
Not like it hasn't happened before:
en.wikipedia.org
en.wikipedia.org
So I should buy USO calls?
So what's actually gonna happen?
Production's halved. Reserves already depleting fast.
Better hope you get production up and running soon, or you're really in trouble.
Nothing. Life will go on as usual.
They're getting ready to release limitless energy tech
Classic American attitude
>$27 trillion of debt? No problem.
>Dollar collapsing? Don't worry it's fine.
>Massive oil shortfall with mathematically no way out? She'll be right.
I bet this is how the Romans acted while the Republic crumbled around them.
That's by design, idiot. Shale wells take a month to go from green fields to producing; restarting shale wells takes about ten minutes.
you have to go back söi-trash
invest in oil - uso gush xom or whatever
I'm also sick from this "It's nothing burger" attitude. My country went through the same, all boomers on denials until we were too screwed to have time for any reaction, and so the crying and the regret began.
Are you having a stroke, Ranjeet?
if trump hadn't built that wall, i coudlve had my gardener fill up my tank after his gatorade break
doesn't matter when we have digital oil.
Discovering new wells, laying the groundwork, pre-drilling activites and actually drilling the thing altogether takes months.
Sure they can just flick back on the switch for existing wells. But if there's no new wells to replace the depleted ones then production won't return to normal.
And if it doesn't, like I say, you're looking at a massive shortfall and an oil price spike.
Sorry, can't hear you over the sound of your economy collapsing.
lol
Buy oil stocks and bonds
imagine being this uninformed then flaunting it about on Zig Forums of all places.... wait a second..... you fit right in here :)
You really don't understand a goddamn thing about drilling infrastructure, but yet you decide to make this thread. Shale wells are not only easy to set up, shutter, and restart, A single drilling site can extend horizontally for and gather resources from an area that would have required dozens of old-school oil derricks. Additionally, a ton of the exploratory work in the shale basins has already been done. What the fuck do you think they were doing while it wasn't profitable to extract oil and gas? They were identifying where more sites should be drilled.
Also, the US petrochemical industry is massively shifting gears to use all that natural gas fracking gives off as a waste product. Buffet is all on it, as is DOW, Eastman, and ConocoPhillips. We're going to see a synthetic chemistry revolution in the US. But go on Timmy, keep running your mouth.
Then it'll be more profitable to drill and more supply will meet demand. Adam Smith was a smart guy.
>electric car
Most power plants use fossil fuels.
look at this retard who talks like a fag and shit
Less than 3 months ago oil was literally cheaper than free. it went into the negative. They were literally paying people to give it away because of storage costs. This is not a problem.
1. demand wont recover in a v shape.
2. imports can be ramped up again
3. production can either, think of canadian oil sand, etc
there is absolutely no problem a free market cant solve.
Yeah, because xom totally recovered from that march crisis. Xom is shit and going to be run into the ground, if you hold it you are a brainlet
This guy fucks
don't worry the fed will bail out fracking and shale, production will skyrocket and trump will buy it all to keep prices from plummeting
I dont hold xom
Ever stop to think that anons prevent reeeing autists like you from benefiting from or fucking up the image of their actual holdings by keeping their mouths shut?