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Reply to "$7/gallon gas is coming"
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[quote=Anonymous][quote=Anonymous]Price at my pump today: $3.69 [b]I can live with that. If it goes a lot higher, the shale oil production will ramp up.[/b][/quote] Wrong You clearly don’t trade oil markets Yes, American shale is profitable at drilling over 60/barrel but this isnt 2014 1. Shale e&p are very debt financed — interest rate environment is painful for them to finance drilling. If you track rig count you know rigs have been taken offline and falling for years now. Oil patches are not switches that go on off. 2. Shareholders want returns to capital first and foremost in this cycle — not capex growth. That’s money going towards dividends and not extra drilling. Now unless there is a hot war in ME, I don’t see oil breaking 120/bl but gas over $4/gallon sinks biden and he has ceded control over this to the saudis and Russians. [/quote]
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