Tag: Oil

Joint Russia-Saudi Oil Price Move Could Crush a Fragile Fracking Industry in U.S.

Tina Marie (Ms. Cat)

With all the hype around American “energy independence” in recent years, few in mainstream energy circles have dared call-out the underlying exposure and structural weakness of the unconventional oil and gas industry – which must guarantee a certain price per unit or barrel in order for producers to turn a profit. At these present levels, the industry is heading for a collapse.
— Read on 21stcenturywire.com/2020/03/12/joint-russia-saudi-oil-price-move-could-crush-a-fragile-fracking-industry-in-u-s/

White House Officials Discuss Market Collapse, Coronavirus With Oil Lobbyists

Tina Marie (Ms. Cat)

US Suspends Sale of Crude Oil From Strategic Reserves

The remarks come after the DOE said in a statement on Tuesday that the planned sale was aimed at raising “revenue for SPR facility maintenance and upgrades”.

“Given current oil markets, this is not the optimal time for the sale. The Department continually monitors and evaluates global oil markets and will provide updated information as market conditions change”, the statement said.

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Oil industry push for Trump bailout draws political headwinds – POLITICO

Tina Marie (Ms. Cat)

Sen. Lindsey Graham (S.C.) said some lawmakers, including Lankford and Sen. John Hoeven (N.D.), told Trump and administration officials that “the Russians are trying to break the back of the American shale oil industry.”

“They were listening intently,” Graham added. “You can talk to them about their response, but that was something that I hadn’t really thought that much about until the lunch. I don’t want the Russians to be able to get away with destroying their competition here.”
— Read on www.politico.com/news/2020/03/11/oil-bailout-trump-125949

This is all BS! It was going to happen, despite the recent OPEC situation! All I remember hearing, these past few months , is about the “small” oil companies failing at paying their loans!?