Geodesic wrote:This really doesn't gibe with Simmons claim that the oil infrastructure is basically inadequate and falling apart.
http://www.bloomberg.com/apps/news?pid= ... MaBCGooOf0
Jan. 29 (Bloomberg) -- Crude oil rigs operating in the U.S. increased this week to the highest level in 16 years as drilling rose in Texas and the Dakotas, according to data published by Baker Hughes Inc.
Oil rigs rose by seven to 444, the highest level since the week ended Dec. 17, 1993. The count has more than doubled since June, when it bottomed out at 179.
Geodesic wrote:This really doesn't gibe with Simmons claim that the oil infrastructure is basically inadequate and falling apart.
http://www.bloomberg.com/apps/news?pid= ... MaBCGooOf0
BlisteredWhippet wrote:Geodesic wrote:This really doesn't gibe with Simmons claim that the oil infrastructure is basically inadequate and falling apart.
http://www.bloomberg.com/apps/news?pid= ... MaBCGooOf0
Jan. 29 (Bloomberg) -- Crude oil rigs operating in the U.S. increased this week to the highest level in 16 years as drilling rose in Texas and the Dakotas, according to data published by Baker Hughes Inc.
Oil rigs rose by seven to 444, the highest level since the week ended Dec. 17, 1993. The count has more than doubled since June, when it bottomed out at 179.
I hate to say it, but does any of the peakoil.com "investigative reporters" consult any other source outside Bloomberg?
My take on this information is this: it doesn't contradict Simmon's essential claims. It is a rather useless piece of information, correlating more strongly to market forces that anything else.
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
baha wrote:To me this just means they are searching frantically for oil. Unfortunately (for them) most wells drilled are just dry holes.
shortonsense wrote:Geodesic wrote:This really doesn't gibe with Simmons claim that the oil infrastructure is basically inadequate and falling apart.
http://www.bloomberg.com/apps/news?pid= ... MaBCGooOf0
A) Take an accountant by academic training.
B) Make certain he has no experience exploring for oil, has never found any oil, has never spotted a wellsite, worked as roustabout, driller, toolpusher or company man, has never produced a well, repaired any of the equipment on an oilwell, has never done proven reserves for any company in the United States or filled out Form 23 for the EIA, trenched in a pipeline or otherwise been involved in its design, construction and testing, and then exclude all engineering aspects in the entire industry, from well design to sitting as engineer in charge of a single, small, low pressure, slick water frac or acidization workover.
C) Make certain that this accountant has financial motivation for people always believing that oil and gas prices will ONLY increase.
Geodesic wrote:How disingenuous of you to leave out the fact that he's a financier intimately involved in the oil business for what, 30 years?
Geodesic wrote:And your qualifications?
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
s.Maybe I am just odd but it seems obvious to me that nobody wanted to drill in the USA when the world oil price was crashing down into the $30's. Now that the price is dynamically hovering in the 70-80 band it is well worth it in money term
Mid November 2008 429 oil rigs were drilling for oil, 96.6% of the current number.
Geodesic wrote:This really doesn't gibe with Simmons claim that the oil infrastructure is basically inadequate and falling apart.
SAN FRANCISCO, Jan 20 (Reuters) - Chevron Corp (CVX.N) is likely to close its oldest refinery, in Richmond, California, in a wider restructuring of downstream operations, the local newspaper's business editor wrote in a column on Wednesday.
The second-largest U.S. oil company halted work on a $1 billion upgrade of Richmond last July after a state judge ordered it, agreeing with environmentalists who brought a lawsuit that the refinery's environmental impact report was incomplete. The company later filed an appeal. [ID:nN20122859]
Chevron said on Tuesday it planned to cut refinery jobs and exit some markets, and the Contra Costa Times business editor, Drew Voros, expects details to be unveiled in March to include the closure of the 108-year-old refinery.
...
"We've operated in Richmond for more than 100 years, and we would hope to continue operating," he said of the San Francisco Bay refinery, which has capacity to refine more than 240,000 barrels of crude a day, ranking it 21st in the United States.
A Richmond closure would be only the latest response by refiners to a devastating squeeze on margins due to demand weakened by the economy, coupled with high crude oil prices.
Leading U.S. refiner Valero Energy Corp (VLO.N) said in November it would close its plant in Delaware City, Delaware, three months after indefinitely shutting its Aruba refinery. Sunoco Inc (SUN.N) has idled its plant in Eagle Point, New Jersey.
...
Voros cited sources at Chevron who said last year that the company had talks with Chinese buyers who would have dismantled and shipped the Richmond refinery to China, while the land would be kept as an offloading facility for refined products.
Just this month, larger rival Royal Dutch Shell Plc (RDSa.L) said it would transform its Montreal East refinery into a fuel terminal.
Feb. 1 (Bloomberg) -- As refineries from New Jersey to New Mexico close at the fastest pace in three decades, traders in Singapore are profiting from a new plant on India’s west coast and a ship heading for Florida filled with jet fuel from Taiwan.
The so-called refinery crack spread in Singapore, representing the value of fuels minus the cost of crude oil, may climb 50 percent to as much as $4.50 a barrel this year, according to a Bloomberg News survey of five analysts. U.S. refinery margins will drop 35 percent by December, futures contracts on the New York Mercantile Exchange show.
...
Royal Dutch Shell Plc of The Hague and San Antonio, Texas- based Valero led companies that shut 1.05 million barrels of daily capacity last year in North America and Europe, with another 1.32 million likely to close this year, Bank of America’s Merrill Lynch unit said in a Jan. 14 report.
Europe’s biggest refiner, Paris-based Total SA, is expected to announce today plans to end processing at its Flanders plant, which represents 137,000 barrels of capacity, or 7.2 percent of French crude consumption.
“In a Darwinian fashion, this materially aids margins for surviving refiners,” said James Schofield, an analyst at Bank of America Merrill Lynch in London.
OilFinder2 wrote:Closing refineries is not a sign of inadequate oil infrastructure, it is a sign of *excess* oil infrastructure.
Dreamtwister wrote:baha wrote:To me this just means they are searching frantically for oil. Unfortunately (for them) most wells drilled are just dry holes.
Exactly. Would you want 1 rig that pumps 100 barrels per day, or 100 rigs that pump 1 barrel per day? I'd wager real money that the majority of those 444 rigs are strippers.
OilFinder2 wrote:Speaking of someone being humiliated, someone here doesn't know the difference between a rig and a well.
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