Oil Boom(?)
 

From another forum, no idea how valid but could have the US airline industry smiling if accurate:


Quietly lurking in the background - the US is set to become the World's largest Oil producer surpassing SA as largest exporter.
Evidently, the wells rather than depleting have miraculously refilled and hydraulic fracturing is just the innovation to release that oil.
We may be witnessing the greatest economic boom in our history as Rig counts are at record levels in the US.

The airlines are exploiting yesterdays news to extort money from labor.

A free APP is the Baker Hughes Rig count.
Hope APA gets the news

Maybe, maybe not.

Oil demand is still projected to go up, So it is yet to be seen if this new capacity will be able to surpass the rise in demand. My hope is it will, but oil companies will regulate how much they take out of the ground in order to control prices like OPEC does.

Oil is sold on the world market, so it won't necessarily mean a price drop if supply is tight, even if that oil comes from here.

So far Deltas refinery plan seems to be going well, and others may look to emulate. Who knows, but as the next step, Delta could eventually buy a small drilling company and a patch of land in Nebraska and drill for oil (much more complicated than that I know). Doesn't seem as crazy now as it did a decade ago.

Well the oil will still be sold on the open market so dont expect the price to tank just because its coming from here. However, its always good to keep money from flowing out of the country so this should be good for US economy.

The huge amount of government borrowing and our debt to the Chinese will hinder future growth of the GDP. Warren Buffet bought up the railroads in anticipation of American coal being shipped to China. The oil, if our production increases will also have to be exported to fund this drunken spending spree by our government. Exporting energy is good, it will help counter the hyper inflation coming due to a weak dollar. Just my opinion

As was mentioned, oil is a worldwide market. Worldwide buyers are the ones who set the price -- it is not expensive for us in the US simply because it is imported from another part of the world or country.

Does Fox news know this? :rolleyes:

S

Wahington will tax it to the point it is not competitive on a global basis.

Remember, we have a hudge debt to pay going forward and Congress will see to it that goverment benefits before industry.

The Chinese are expecting a payback for buying up our debt. The only thing we really have left is our natural resources. Oil, gas and coal, AG is out of the picture during this drought. They are not loaning us money because they like us.

The "instability" factor in the price of oil will be reduced on the world market as North American production ramps up. The markets won't be as worried about regional wars, Middle East terrorism, etc. The only thing the world market will worry about will be the EPA shutting down these high producing wells just as they shut down all Gulf of Mexico production because one well had issues.

Stay tuned, because the hydraulic fracturing is starting to cause some issues both with the drinking water and with earthquakes. Yet to be seen if that will be acceptable to the people that live close to the areas that are seeing that type of drilling