Quote:
Originally Posted by Joshua G
LOL you throw the word ignorant around. but you believe what you read in the press. maybe if you checked the price of oil compared to what it was last year, then consider the cost of drilling up there, maybe you would sound less ignorant yourself.
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Another person who doesn't know anything about oil exploration. The price of oil is fine for large offshore deposits like what they were targeting at Burger. The amounts involved and the timeline to production render current prices largely irrelevant. They wouldn't have been producing oil at Burger for many years even if they found some last week, so month to month prices wouldn't really affect things in a multi-billion dollar long term investment that would probably only start producing after the best shale areas have peaked and prices are very likely to be higher.
The current low price of oil is mostly hurting shale producers and small cap explorers in terms of getting more exploration drilling happening. If they found oil they would have continued to drill and prove the area up. The plain fact, which somehow you are amazingly ignoring.. is that they didn't find movable hydrocarbons. They didn't find oil. Not that it's expensive or this or that.. they just didn't find oil.. which is the single and only point. Regulation and expense are issues.. But you need the oil first lol.
Anyways.. another Dunning-Kruger guy who doesn't know the first thing about what they're talking about but feels it's perfectly fine to open their yap about it.
It must really blow your noodle that companies are still out there exploring at the current oil price....