Price is headed into the teens or lower towards the end of this decade and beyond for a couple of reasons. America AND the world are quickly moving towards alternative energy and the industry support. This technology is already in place, well into development, and its accelerating. Also there is no petro shortage. There will be intermediate price increases even due to war but these are temporary with the long term trend permanently down. Our oil service industry is old hat and corporate America is now at the dawn of a new energy industrial era. Companies with either evolve or become extinct.
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Nothing sadder than a laid off liberal. Their idealistic fantasies run amok as a way of seeking revenge. No, oil won't head to 10/barrel. Electric cars will be a niche market only for short trips...they can't generate the HP needed for towing, hauling, etc. Expect oil to head back up into the 60s this year and 80s next year after the smaller frackers close shop, rig count gets to the 200s, and OPEC stabilizes output.
The Joe person is classic old oil school and definitely management material. Wow, improvements will come to all facets of energy production. Whether that be with legacy oil and gas or renewables, batteries, wind turbines and solar. Haven't some improvements been realized already in the last 5 or 10 years.? Something drove those improvements and those improvements have led to more wide spread usage of all those technologies. And that usage and the follow up improvement is not over yet. And we can't predict how those improvements will shape the future. But for sure, if there is going to be a future we, no our kids, your kids, will have to change things and clean up the mess. Hell, even the air fouling Chinese will have to change, we can't take then all in over here. Remember the cowboys who used to scoff at the early automobiles, saying it would never catch on? Well those early autos were pieces of crap, but they made improvements and kept gaining a wider acceptance. And those cowboys, they're all rig hands and power pole people now, and I respect them both.
Engineer Joe engineer joe, just a wee bit shortsighted but he still brings home the dough that Engineer joe . Now engineer joe, engineer joe well, he's like a dinosaur that's so ! can't accept change to the fossil fuel that he knows that engineer joe. Oh woe oh woe said that engineer joe I must retain my value so all you people gotta go, ,,now say it aint' so ,,, now say it ain't so , ,,, say it ain't so please engineer joe...
Desperately holding onto the past while $10 hones in.
You folks on here are ridiculous . Coal mines are closing down faster than rigs could ever get stacked. Natural gas is now king. All the plants are building state of the art facilities and have been for 3 yrs running solely on Natural gas all along the gulf. The life span of Eagleford wells already producing fall off drastically after 3-4 yrs. we have the biggest surplus in History and that's the only reason prices are down. Renewable energy is a joke - it's inefficient and pollution controls in U.S. are pointless when you see how things are done overseas with no over site.
The words of a fool mean nothing
The down trend is locked mr engineer. Only stubborn fools hold onto the past while the future is for the successful.
Love your reply engineer Joe! 😃
Word - qei
Right troll. I can see it now, everyone in America buys a new electric car, wonderful! Demand for fossil fuels will fall dramatically. Or will it? How will that energy be generated? Imagine everyone in California or New York plugging in their E-cars at night. Suddenly the demand on the electrical grid will skyrocket, and......brownout or blackout! Happens too often right now without a plethora of e-cars running. Without major changes to the electrical grid - fail.
The electricity will still need to be generated, and most will be by burning fossil fuels. Oh wait, nuclear! Ooops. Hydroelectric! Ooops. Wind farms! Ooops. Nope, for the forseeable future (decades) the generation will be from burning fossil fuels. And it gets worse; each time energy is generated there is an efficiency loss. Gas/oil to electricity = loss. Electricity to battery storage = loss. Battery electricity to electric motor power = loss.
Too, I sure want to fly an electric passenger plane from New York to Paris......
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