$2.61

gumby · Post by **gumby** » Tue Dec 30, 2014 5:17 pm

Perfect time for a carbon tax or to replenish the Highway Trust Fund, so we'll probably wait for a less opportune time. Can you believe people used to pay $2.61!

the real dill · Post by **the real dill** » Wed Dec 31, 2014 9:55 am

ASUHATER! · Post by **ASUHATER!** » Wed Dec 31, 2014 10:05 am

Saw $2.01 in Tucson yesterday

PieceOfMeat · Post by **PieceOfMeat** » Wed Dec 31, 2014 1:16 pm

Figures, filled up the tank 2 days ago, and today...$2 gas everywhere I looked.

ALASKACAT · Post by **ALASKACAT** » Wed Dec 31, 2014 9:59 pm

$3.13 here.

FreeSpiritCat · Post by **FreeSpiritCat** » Wed Dec 31, 2014 11:47 pm

$1.93 at Arco on Thomas and 16th Street

Chicat · Post by **Chicat** » Thu Jan 01, 2015 1:52 am

Saw $1.81 today.

the real dill · Post by **the real dill** » Mon Jan 05, 2015 1:33 pm

Chicat wrote:Saw $1.81 today.

WTI dropped under $50, and Brent is just under $53.

Lowest prices since May 2009.

SCCat · Post by **SCCat** » Mon Jan 05, 2015 1:42 pm

the real dill wrote:
Chicat wrote:Saw $1.81 today.

WTI dropped under $50, and Brent is just under $53.

Lowest prices since May 2009.

It had somewhat looked like things had stabilized at 54/57. I had thought you might not get too much more downward movement until the dollar breakout occurred in earnest during this year...

That was not the case. I will be VERY interesting to see where it stabilizes now.

the real dill · Post by **the real dill** » Mon Jan 05, 2015 1:51 pm

SCCat wrote:
the real dill wrote:
Chicat wrote:Saw $1.81 today.

WTI dropped under $50, and Brent is just under $53.

Lowest prices since May 2009.
It had somewhat looked like things had stabilized at 54/57. I had thought you might not get too much more downward movement until the dollar breakout occurred in earnest during this year...

That was not the case. I will be VERY interesting to see where it stabilizes now.

Some analysts are calling for mid-40s by the end of this week.

I believe the Saudis are posturing to get other OPEC nations and potentially Russia to actually follow through on cuts for the first time in a long time. They don't care about the short term. They are drawing a line in the sand and making a statement.

ASUHATER! · Post by **ASUHATER!** » Mon Jan 05, 2015 2:45 pm

All the rednecks on the main rivals board are pissed off oil is so cheap. Costing thousands of jobs they say.

the real dill · Post by **the real dill** » Mon Jan 05, 2015 2:53 pm

ASUHATER! wrote:All the rednecks on the main rivals board are pissed off oil is so cheap. Costing thousands of jobs they say.

The Dallas Fed is projecting 180,000 layoffs in Texas in the O&G industry in 2015. Nationally, not really a significant number. Regionally, you're taking a lot of 6 figure workers out of the economy, but people celebrate because the lower class can spend $10 more dollars at Walmart next month.

The bigger deal is the $600B in defaulted debt many are expecting.

ASUHATER! · Post by **ASUHATER!** » Mon Jan 05, 2015 3:03 pm

Seems like far too high of a number. That would be one of the largest layoffs in human history. I recall unemployment being really low the last time gas was super cheap. And besides in a year when gas is $4 a gallon again they'll have to rehire all of those people again.

the real dill · Post by **the real dill** » Mon Jan 05, 2015 3:47 pm

ASUHATER! wrote:Seems like far too high of a number. That would be one of the largest layoffs in human history. I recall unemployment being really low the last time gas was super cheap. And besides in a year when gas is $4 a gallon again they'll have to rehire all of those people again.

This is the half-year projection. I saw a FY projection of 180,000 but can't find the article now. This also assumes the annual average price will be at $55/bbl while many are revising their projections down from that number.

Models from the Federal Reserve Bank of Dallas indicate that if crude oil remains around $55 per barrel, Texas could lose 128,000 direct and indirect energy jobs by mid-2015, said Michael Plante, a senior research economist at the Dallas Fed.

http://www.telegram.com/article/2014122 ... 99628/1052

SCCat · Post by **SCCat** » Tue Jan 06, 2015 10:03 am

48/51 is wow

SCCat · Post by **SCCat** » Mon Jan 12, 2015 12:46 pm

If you are interested in oil and getting a general sense of pricing and what might be turned off where at these low prices (spoiler: not much is going to be turned off anywhere), this article gives some of those generalities.

If oil prices keep falling, at some point it's not profitable to pull it out of the ground. But we're not there yet, according to an analysis of production costs by an energy consulting firm.

In fact, even if the Brent price index falls another 20 percent from Friday's closing price—to $40 a barrel—just 1.6 percent of the world's oil supply would represent unprofitable production.

Energy consultant Wood Mackenzie analyzed production data from 2,222 oil fields around the world to see just how much further oil prices would have to fall to make them "cash negative"—costing more to operate than the oil is worth. That price can act like a brake on production, according to Wood Mackenzie analyst Robert Plummer.

"Once the oil price reaches these levels, producers have a sometimes complex decision to continue producing, losing money on every barrel produced, or to halt production, which will reduce supply," he said.

Among the first to shut off the spigots would be U.S onshore production from the trickle of crude emanating from aging, so-called stripper wells. Wood Mackenzie estimates there's about a million barrels per day coming from a collection of older wells that produce only a few barrels a day. The cost of keeping them going varies between $20 and $50 a barrel. So if the price of crude drops below $40 a barrel, some producers may decide to stop pumping.

Below $40 a barrel, the next likely production slowdown would come from Canadian tar sands fields, which start to lose money when the Brent price hits the high $30 range. But turning the flow off and restarting it again is a complex process, involving injecting steam into the ground, which makes it costly to restart, according to Wood Mackenzie. On the other hand, fuel represents a major cost for oil sands production, so lower oil prices could help lower overall production costs.

In the U.K., North Sea oil fields start to lose money below $50 a barrel, according to the analysis. But many of them are older fields reaching the end of their lives, so stopping production could mean slowing down for good. That decommissioning process can be expensive, so some companies may decide to operate at a small loss rather than spend the money to close down operations, the analysts noted.

Production costs also include government taxes and royalties, which could be reduced or suspended if those governments want to keeping production going. Some of the "heavy oil" projects in Latin America, including those in Venezuela and Colombia, become money losers at lower prices, which could spur those governments to offer some kind of royalty relief, the analysts said.

Overall, the analysis found, the impact of $40 oil on global production would be very small, based on data covering some 75 million barrels a day of production. At $50-a-barrel Brent, only 190,000 barrels a day is unprofitable, representing just 0.2 percent of global supply. Seventeen countries supply oil that is cash negative at $50, with the main contributors being the United Kingdom and the United States.

At $45 a barrel, only 400,000 barrels per day, or just 0.4 percent of global supply, are unprofitable. Half of that is from conventional onshore production in the U.S. And at $40 a barrel, just 1.5 million barrels per day represents unprofitable production, or just 1.6 percent of global supply. Most of that production comes from several oil sands projects in Canada.

Even when a field becomes cash negative, it doesn't necessarily prompt producers to shut down right away, said Plummer.

"The first response is usually to store oil produced in the hope that the oil can be sold when the price recovers," he said. "Operators may prefer to continue producing oil at a loss rather than stop production, especially for large projects such as oil sands and mature fields in the North Sea."

http://www.cnbc.com/id/102326971

If this analysis is correct, $100 a barrel oil might actually be gone forever (as was said by Saudi Prince Alwaleed today).

gumby · Post by **gumby** » Tue Jan 13, 2015 5:53 pm

So do people still go to Gas Buddy and then whine about price variability?

"$1.90 at First and Main."

"$1.88 at the freeway."

"1.99 on Riverside."

"$1.84 in Tucson!"

"WTF! We need an investigation!"

the real dill · Post by **the real dill** » Fri Jan 16, 2015 11:31 am

And we're off.......

Haliburton laid off 1,000 employees last week in the U.S. to go with 1,000 in the Eastern Hemisphere.

Schlumberger announced last night they will lay off 9,000 employees worldwide.

Haliburton has also stated this is just the beginning of tiered reduction in workforce strategy throughout 2015.

HOUSTON – Oil field giant Schlumberger said Thursday it will cut approximately 9,000 employees – around 7.5 percent of its workforce around the globe – as both petroleum prices and oil-company spending nosedive.

HOUSTON -
Halliburton says it has cut jobs in Houston in an announcement made Tuesday.

The multinational company blames the weakening oil market for the layoffs.

Halliburton did not say exactly how many employees it let go. This comes after the company announced it would cut 1,000 jobs across the company.

84Cat · Post by **84Cat** » Fri Jan 16, 2015 12:14 pm

Don't forget the indirect jobs also. I don't have the time to look it up but US Steel furloughed a plant last week in PA due to lower gas exploration. I forget exactly but I'm thinking 600 - 800 people were put on furlough.

Longhorned · Post by **Longhorned** » Fri Jan 16, 2015 12:29 pm

I wrote this when I got furloughed:

I'm a little bit fuloughed,
I'm a little bit unemployed,
I'm a little bit of empty in the bank,
With a little bit less gas in my tank,
I don't know if it's good or bad,
But I know my mortgage sank,
I'm a little bit fuloughed,
I'm a little bit unemployed....

scumdevils86 · Post by **scumdevils86** » Fri Jan 16, 2015 12:49 pm

i paid $30.19 to fill up my car completely yesterday.

Longhorned · Post by **Longhorned** » Fri Jan 16, 2015 12:54 pm

scumdevils86 wrote:i paid $30.19 to fill up my car completely yesterday.

I paid $7.95 to fill up my tank from near-empty in my Honda Fit. After my supermarket "loyalty card" discount, I paid 95 cents a gallon.

Chicat · Post by **Chicat** » Fri Jan 16, 2015 1:12 pm

Longhorned wrote:
scumdevils86 wrote:i paid $30.19 to fill up my car completely yesterday.
I paid $7.95 to fill up my tank from near-empty in my Honda Fit. After my supermarket "loyalty card" discount, I paid 95 cents a gallon.

I paid $22.00 to put 13.75 gallons in my car yesterday.

Bruins01 · Post by **Bruins01** » Fri Jan 16, 2015 1:25 pm

$40 for a little over 14 gallons yesterday. You guys suck.

the real dill · Post by **the real dill** » Tue Jan 20, 2015 9:45 am

the real dill wrote:And we're off.......

Haliburton laid off 1,000 employees last week in the U.S. to go with 1,000 in the Eastern Hemisphere.

Schlumberger announced last night they will lay off 9,000 employees worldwide.

Haliburton has also stated this is just the beginning of tiered reduction in workforce strategy throughout 2015.

HOUSTON – Oil field giant Schlumberger said Thursday it will cut approximately 9,000 employees – around 7.5 percent of its workforce around the globe – as both petroleum prices and oil-company spending nosedive.

HOUSTON -
Halliburton says it has cut jobs in Houston in an announcement made Tuesday.

The multinational company blames the weakening oil market for the layoffs.

Halliburton did not say exactly how many employees it let go. This comes after the company announced it would cut 1,000 jobs across the company.

HOUSTON — Baker Hughes said Tuesday it will lay off 7,000 mostly in the first quarter of 2015, amid a crude oil price slump and drilling slowdown it expects to worsen in the next quarter.

The announcement came shortly after the oil service company reported that its net income for the three months ending Dec. 30 rose to a record high of an adjusted $629 million, or an adjusted earnings per share of $1.44 in 2014.

scumdevils86 · Post by **scumdevils86** » Tue Jan 20, 2015 9:53 am

the real dill wrote:
the real dill wrote:And we're off.......

Haliburton laid off 1,000 employees last week in the U.S. to go with 1,000 in the Eastern Hemisphere.

Schlumberger announced last night they will lay off 9,000 employees worldwide.

Haliburton has also stated this is just the beginning of tiered reduction in workforce strategy throughout 2015.

HOUSTON – Oil field giant Schlumberger said Thursday it will cut approximately 9,000 employees – around 7.5 percent of its workforce around the globe – as both petroleum prices and oil-company spending nosedive.

HOUSTON -
Halliburton says it has cut jobs in Houston in an announcement made Tuesday.

The multinational company blames the weakening oil market for the layoffs.

Halliburton did not say exactly how many employees it let go. This comes after the company announced it would cut 1,000 jobs across the company.

HOUSTON — Baker Hughes said Tuesday it will lay off 7,000 mostly in the first quarter of 2015, amid a crude oil price slump and drilling slowdown it expects to worsen in the next quarter.

The announcement came shortly after the oil service company reported that its net income for the three months ending Dec. 30 rose to a record high of an adjusted $629 million, or an adjusted earnings per share of $1.44 in 2014.

hah.

azgreg · Post by **azgreg** » Tue Jan 20, 2015 9:56 am

$1.78 this morning at QT.

gumby · Post by **gumby** » Tue Jan 20, 2015 11:47 am

Who was the guy who did all of the oil-exploration posts? Last I heard, he went off to Colorado. Anyway, should have more time to post now.

Merkin · Post by **Merkin** » Tue Jan 20, 2015 11:53 am

gumby wrote:Who was the guy who did all of the oil-exploration posts? Last I heard, he went off to Colorado. Anyway, should have more time to post now.

Last post from 2/13/12:

http://forum.goazcats.com/showpost.php? ... tcount=225

azlax04 wrote:I work on the Sand Crawler:

In a polar wasteland:

Really glad it looks like I'm going to be able to stream games up here, assuming I'm not on shift.

the real dill · Post by **the real dill** » Tue Jan 20, 2015 11:54 am

scumdevils86 wrote:
the real dill wrote:
the real dill wrote:And we're off.......

Haliburton laid off 1,000 employees last week in the U.S. to go with 1,000 in the Eastern Hemisphere.

Schlumberger announced last night they will lay off 9,000 employees worldwide.

Haliburton has also stated this is just the beginning of tiered reduction in workforce strategy throughout 2015.

HOUSTON – Oil field giant Schlumberger said Thursday it will cut approximately 9,000 employees – around 7.5 percent of its workforce around the globe – as both petroleum prices and oil-company spending nosedive.

HOUSTON -
Halliburton says it has cut jobs in Houston in an announcement made Tuesday.

The multinational company blames the weakening oil market for the layoffs.

Halliburton did not say exactly how many employees it let go. This comes after the company announced it would cut 1,000 jobs across the company.

HOUSTON — Baker Hughes said Tuesday it will lay off 7,000 mostly in the first quarter of 2015, amid a crude oil price slump and drilling slowdown it expects to worsen in the next quarter.

The announcement came shortly after the oil service company reported that its net income for the three months ending Dec. 30 rose to a record high of an adjusted $629 million, or an adjusted earnings per share of $1.44 in 2014.
hah.

tough pill to swallow for those losing their jobs no doubt. You have a record breaking quarter, you reduce HC to fall in line with plunging oil prices and your stock is still down 1.5% today. Lots of oil services companies will have record breaking 2014s followed by record breaking layoffs in 2015

gumby · Post by **gumby** » Tue Jan 20, 2015 1:18 pm

Thanks, Merkin. He was a good poster.

scumdevils86 · Post by **scumdevils86** » Tue Jan 20, 2015 1:57 pm

he was. he just went poof 3 years ago now. never even logged into his account again.

Chicat · Post by **Chicat** » Tue Jan 20, 2015 3:27 pm

the real dill wrote:
scumdevils86 wrote:
the real dill wrote:
the real dill wrote:And we're off.......

Haliburton laid off 1,000 employees last week in the U.S. to go with 1,000 in the Eastern Hemisphere.

Schlumberger announced last night they will lay off 9,000 employees worldwide.

Haliburton has also stated this is just the beginning of tiered reduction in workforce strategy throughout 2015.

HOUSTON – Oil field giant Schlumberger said Thursday it will cut approximately 9,000 employees – around 7.5 percent of its workforce around the globe – as both petroleum prices and oil-company spending nosedive.

HOUSTON -
Halliburton says it has cut jobs in Houston in an announcement made Tuesday.

The multinational company blames the weakening oil market for the layoffs.

Halliburton did not say exactly how many employees it let go. This comes after the company announced it would cut 1,000 jobs across the company.

HOUSTON — Baker Hughes said Tuesday it will lay off 7,000 mostly in the first quarter of 2015, amid a crude oil price slump and drilling slowdown it expects to worsen in the next quarter.

The announcement came shortly after the oil service company reported that its net income for the three months ending Dec. 30 rose to a record high of an adjusted $629 million, or an adjusted earnings per share of $1.44 in 2014.
hah.
tough pill to swallow for those losing their jobs no doubt. You have a record breaking quarter, you reduce HC to fall in line with plunging oil prices and your stock is still down 1.5% today. Lots of oil services companies will have record breaking 2014s followed by record breaking layoffs in 2015

Texas, much like Russia, is learning the hard way what an economy with little diversification acts like.

Longhorned · Post by **Longhorned** » Tue Jan 20, 2015 3:36 pm

scumdevils86 wrote:he was. he just went poof 3 years ago now. never even logged into his account again.

He was named Commissioner of Nap League and never even knew about it because he vanished and never returned.

CalStateTempe · Post by **CalStateTempe** » Tue Jan 20, 2015 3:48 pm

Longhorned wrote:
scumdevils86 wrote:he was. he just went poof 3 years ago now. never even logged into his account again.
He was named Commissioner of Nap League and never even knew about it because he vanished and never returned.

The ultimate napper!

gumby · Post by **gumby** » Wed Jan 21, 2015 1:21 pm

Had a fear of big-assed bigs, as I recall.

the real dill · Post by **the real dill** » Thu Feb 05, 2015 8:44 am

Layoffs hit nearly 2-year high in Jan: Challenger

The number of planned layoffs by U.S. employers rose to a nearly two-year high in January as the energy industry slashed jobs in the face of falling oil prices, according to a report by Challenger, Gray & Christmas.

Employers planned to let go 53,041 jobs in January, up 63 percent from the 32,640 layoffs announced the previous month. Total job reductions last month were the highest since February 2013.

Challenger said 21,322 cuts-about 40 percent-were directly related to oil prices. The number of layoffs in the energy industry in January was 42 percent greater than all job cuts in the sector last year, when oil and gas employers let go just 14,262 workers.

The cost of crude has plummeted up to 60 percent since peaking last June, prompting oil companies to scale back budgets and cancel planned projects. The fallout from the low commodity price market spilled over into the industrial goods manufacturing sector, which supplies drillers and announced 4,859 job cuts in January.

"We may see oil-related job cuts extend well beyond those industries directly involved with exploration and extraction. The economies throughout the northern United States that have been thriving as a result of the oil boom could experience a steep decline in employment across all sectors, including retail, construction, food service and entertainment," John A. Challenger, chief executive officer of Challenger, Gray & Christmas, said in a statement.

http://finance.yahoo.com/news/layoffs-h ... 08525.html

ASUHATER! · Post by **ASUHATER!** » Thu Feb 05, 2015 9:03 am

Gas has gone back up a bit in Tucson. Time to rehire those people.

Merkin · Post by **Merkin** » Thu Feb 05, 2015 9:24 am

Went up 18c in 2 days where I live. Spins the magic 8 ball and big oil says:

1. some refinery strike
2. February is historically has the lowest gas prices, and prices generally go up now

the real dill · Post by **the real dill** » Thu Feb 05, 2015 10:13 am

Merkin wrote:Went up 18c in 2 days where I live. Spins the magic 8 ball and big oil says:

1. some refinery strike
2. February is historically has the lowest gas prices, and prices generally go up now

The prices have forced a ton of domestic producers to cease operations, and it has staggered new E&P opportunity.

1 and 2 are accurate, but there is also this:

Saudi controls this market as the low cost producer and can flex their muscle any time they want. Now that they forced the US to back off a bunch, prices should stabilize and be back in the $3/gallon range by the end of the summer.

the real dill · Post by **the real dill** » Tue Feb 10, 2015 12:03 pm

Houston-based Halliburton Co. (NYSE: HAL) confirmed it will cut anywhere from 5,000 to nearly 6,500 jobs companywide because of slumping oil prices and the resulting decline in oil and gas exploration and production.
Halliburton said Feb. 10 it will cut 6.5 percent to 8 percent of its global headcount. The company reported having about 80,000 global employees last year, including 8,600 in the Houston region.

http://www.bizjournals.com/houston/blog ... 1423594928

84Cat · Post by **84Cat** » Tue Feb 10, 2015 1:07 pm

I would feel bad for the employees but I wouldn't shed 1 tear if Halliburton went belly up. They were willing to steal from American people in the name of patriotism. No compassion for that shit!

azgreg · Post by **azgreg** » Tue Feb 10, 2015 1:40 pm

While lower gas prices will cost jobs in the oil industry it will spur growth in others.

http://www.usatoday.com/story/money/bus ... /21465219/

the real dill · Post by **the real dill** » Fri Feb 13, 2015 8:24 am

LONDON (Reuters) - The world's three big energy agencies are forecasting higher demand for OPEC's crude oil this year, a sign the producing nations' strategy to let prices fall is starting to win them back market share from rivals who are cutting output.

After an oversupply of world oil sent prices tumbling in 2014, top OPEC exporter Saudi Arabia urged fellow members not to prop up the market and to try to knock out competing sources like U.S. shale, which, because it has higher production costs, had to cut output when prices fell.

In reports this week, The International Energy Agency and the Organization of the Petroleum Exporting Countries have raised by at least 200,000 barrels per day (bpd) their estimates of demand for OPEC crude in 2015, while the U.S. government's Energy Information Administration forecasts OPEC will pump 140,000 bpd more.

http://finance.yahoo.com/news/higher-oi ... 32881.html

gumby · Post by **gumby** » Fri Feb 13, 2015 1:21 pm

Hey, it's going back up. We need an investigation!

ASUHATER! · Post by **ASUHATER!** » Fri Feb 13, 2015 1:32 pm

Gone up 20-25 cents in two weeks in Tucson.

ASUHATER! · Post by **ASUHATER!** » Mon Feb 23, 2015 2:06 pm

Back up to $2.20 in Tucson from a low of abou. $1.70 in just 20 something days. Be back to $3 by April at this rate

Merkin · Post by **Merkin** » Mon Feb 23, 2015 2:11 pm

10 cents a gallon new Cali carbon tax 1/1/15 + nationwide Teamsters refinery strike + Torrance refinery fire last week has made much of the gas in my area already at $3 or so. Was able to pay $2.77 Saturday but that won't last long.

the real dill · Post by **the real dill** » Tue Feb 24, 2015 12:42 pm

Merkin wrote:10 cents a gallon new Cali carbon tax 1/1/15 + nationwide Teamsters refinery strike + Torrance refinery fire last week has made much of the gas in my area already at $3 or so. Was able to pay $2.77 Saturday but that won't last long.

Whoah. $2.05 here

ASUHATER! · Post by **ASUHATER!** » Tue Feb 24, 2015 12:47 pm

Jumped another almost 10 cents since yesterday in Tucson

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