$125/barrel and rising.

[Jim in CT]

Originally Posted by Pete F.

You skipped the major price driver

The big fracking companies — Devon, Pioneer, and Continental — burned by multiple boom and bust cycles over the years, pledged in February not to increase production until 2023. “Whether it’s $150 oil, $200 oil, or $100 oil, we’re not going to change our growth plans,” Pioneer CEO Scott Sheffield said during a Bloomberg Television interview. “If the president wants us to grow, I just don’t think the industry can grow anyway.”

In ExxonMobil’s February earnings call, Woods said the company’s focus remains on price per barrel over volume. “One of the primary objectives we’ve had in looking at the portfolio is less about volume and volume targets and more about the quality and profitability of the barrels that we’re producing.” he said. “That’s been the focus. And as we move forward, we’ll continue — you’ll continue to see the quality of the barrels or profitability of the barrels increase.”

what % of america’s production is fracking versus traditional
drilling? a si cere question.

if that was THE major driver, is there an article that can tell us when that quote was issued, and what happened to the price immediately after?

i think the major driver was increased demand after covid started weakening its grip.
Posted from my iPhone/Mobile device

[Pete F.]

Originally Posted by Jim in CT

what % of america’s production is fracking versus traditional
drilling? a si cere question.

if that was THE major driver, is there an article that can tell us when that quote was issued, and what happened to the price immediately after?

i think the major driver was increased demand after covid started weakening its grip.
Posted from my iPhone/Mobile device

The oil producers publicly stated that they wouldn’t increase production because price increased and you need more proof?
What did the last guy do when the price of oil went through the floor?
What was done then is still affecting the market.
Believe it or not, production and supply will achieve a reasonable equilibrium.
Or would you would prefer state control?
Posted from my iPhone/Mobile device