Look what private oil well drilling has done to my neighborhood!

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I mean, really. Who would have expected that I would have to deal with stuff like this?

It is a good thing Barry didn’t want to let anyone drill back in 2008. I mean, just think….What might we have to deal with today?

“You can’t drill your way to lower gas prices”

6 thoughts on “Look what private oil well drilling has done to my neighborhood!”

  1. Now if only they will quit trying to export coal and let our power plants continue to use it, our nations energy costs can drop to normal as well. But, it makes more sense to spend money exporting it so it can be burned in a third world country with no emission standards than to use it here, in a liberals mind anyway. Gas is still holding the $2.30 mark here at present, but I am not complaining. Enjoying the price as is.

  3. Not complaining about the prices, but the glut was finaced with cheap loans predicated on $3,50/gal. Lots of shakey small operations out there about to lay off workers and default on loans….plus ensuing instability in oil exporting nations which cannot cope with sub$60/barrel. I'm a little uneasy.

  4. I really don't think any of the US drilling has had much effect on this price drop on their own. This is either the Saudis attempt to try and force the fracking crowd to go bankrupt or the financial pain and depression the US FED has been exporting finally killing the world oil market.

    I would stock up now on fuel because I think it is a harbinger of something bad coming soon.

  5. Pioneer Preppy:

    You may be right…But the additional oil (and the fact that it is Light Sweet Crude coming from the fracked wells in ND) is part of the reason the price is down. Supply and demand and all that.

    And yes, the Saudis want to put a stop to these new wells….of that there is no doubt.

    But all of these factors happen BECAUSE we have new wells and a new source of supply…. Supply increased while demand dipped slightly. Supply increased BECAUSE PRIVATE ENTERPRISE on PRIVATE LAND made the supply increase. Not becauuse the government did anything to help it along. Barry wanted high prices and did everything he could to make that happen.

    At some point, people who drilled those wells either go bankrupt or shut them off until prices rise. Oil will stabilize in the 75-90 range and things will get closer to normal.

    And yes, Differ, this will lead to instability in those countries financed by oil sales. Kinda scary, but not much we can do about that.

  6. I disagree B. The amount of oil extracted has never amounted to enough to dent the overall oil demand by 2007 standards. Only the global recession has brought the demand down. Fracking companies have been hemorrhaging cash since day one and making real use of low interest rates in order to keep those wells going.

    I see nothing but bad numbers coming out of these tight oil plays and little push in overall production. Tight oil being even viable for a few years was a symptom of the world economic problems not a casual factor in it's own right.

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