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  #1  
Old 08-02-2004, 07:36 PM
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Oil news from Houston

By the way y'all, Oil opened at 42$ a bbl this morning, a record high, and closed at 44$ - flat out of sight, a two dollar jump in one day. The word is the Russians are going to shut down oil exports so they can sort out who owns what in the oil business over there. Two more days like that, and we are going to have a whole new issue in our election, like soup kitchens. Word on the street here is this Russian business may turn into a whole big oil market panic, in turn followed by a Dow Jones meltdown when oil hits fifty a barrel, which we are only 6$ a way from. Better check your portfolios. Might be time to buy some more oil stock.

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  #2  
Old 08-02-2004, 08:23 PM
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My producing properties definitely are...producing (cha-ching!). But, it's a little too late in the game for anyone to be getting on the train for this particular part of ride.
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  #3  
Old 08-02-2004, 08:28 PM
MedMech
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Heeeaaaalllll ya I made the cut maybe.....made some sweet $$$$.

Fire up those guzzlers boyz my kids need new shoes.
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  #4  
Old 08-02-2004, 08:50 PM
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This article says that they have been given a little more time on their tax issues. You got a link to newer news than this?

Russian oil production

I missed the televised news this evening. Busy replacing a leaky a/c hose on my '81.
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  #5  
Old 08-02-2004, 08:51 PM
Jake
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Sounds like a great time to start drilling in ANWR and off Santa Barbara.............


The Ruskies will be back up in a short time, they can't afford not to be without the revenue.........


Once they and Iraq are up to speed, oil prices will go down like crazy
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  #6  
Old 08-02-2004, 09:04 PM
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Quote:
Originally posted by engatwork
This article says that they have been given a little more time on their tax issues. You got a link to newer news than this?

Russian oil production

I missed the televised news this evening. Busy replacing a leaky a/c hose on my '81.
Alls I got is rumors. Isn't it buy on the rumors? If it jumps again tommorrow, keep your eyes open.
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  #7  
Old 08-02-2004, 09:05 PM
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Quote:
Originally posted by R Leo
My producing properties definitely are...producing (cha-ching!). But, it's a little too late in the game for anyone to be getting on the train for this particular part of ride.
You're probably right, but you never know.....
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  #8  
Old 08-02-2004, 09:07 PM
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Quote:
Originally posted by Jake
Sounds like a great time to start drilling in ANWR and off Santa Barbara.............


The Ruskies will be back up in a short time, they can't afford not to be without the revenue.........


Once they and Iraq are up to speed, oil prices will go down like crazy
Don't count on it. This is a big political mess over there. They may not be commies anymore, but they are still having a hard time being capitalists. The entrepreneurs over there are getting thrown in jail for making money. Bad for bidness
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Old 08-02-2004, 09:41 PM
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Kleptocracy. They need a revolution, except for the damned nukes and other WMD would get lobbed about and sold. What a hellish situation.

BTW, did I ever tell ya'll about my friend, the seismologist, who worked a year on a prospect in Siberia? His opinion is that once the politics sorts itself out and enough Russian vultures get their beaks wet, that the majors are going to open-up in Siberia and pump down pipes to N. Korea, thence to S Korea, Japan, China. That should be an interesting mix on the politics of the area and on world spot market, if it comes on line.
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  #10  
Old 08-02-2004, 09:43 PM
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Jake, are they still building rigs in Ft. Worth or did all those factories close down? Any good drilling companies you can slip us some stock tips? At fifty a barrel they are going to start pokin some deep holes.
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  #11  
Old 08-02-2004, 10:03 PM
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Refinance your house and borrow as much money as you can now, we are going to see some inflation like aint been seen since the 70's
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  #12  
Old 08-02-2004, 10:04 PM
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Invest offshore rigs. We still have stacked land rigs between here and New Iberia.

At fifty a barrel, deep drilling near-shore will become increasingly attractive and shallow drilling far offshore will aslo be increasingly viable. Also, smaller pockets that were capped will now be worth rpoducing. Also rehabing old low production fields will become more interesting. Oil field services, in other words. You know, Halliburton!

Look for speculators offering to buy your inherited interest in a non-productive field.

B
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  #13  
Old 08-02-2004, 10:12 PM
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Essentially the condition of the oil market is this: There are so many components on edge, sooner or later a shoe will drop that will set off a bidding war between the US, a country now a debtor nation, and China/Taiwan/Japan, a country with huge cash reserves. Nigeria, Russia, Venezuela, Saudi, Iran are all on the edge. Iraq is out of the picture, probably for years. The Russians have acted erratically for years, and seem to be getting worse. Whatever they said today, could change tomorrow.
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  #14  
Old 08-02-2004, 10:17 PM
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My wife's new Accord is going to be paying off soon.....26 mpg vs 15.

My problem is my sister took over the last 10 payments on the jeep. When/if oil skyrockets, I might have to bail her ass out too.

Damn!
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  #15  
Old 08-02-2004, 10:22 PM
MedMech
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KV, why do you care about oil prices with a post count like your's I bet you use about a gallon a month........and thats from evaporation.

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