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Comments (65)
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44
ParticleCannon 44 points ago +44 / -0

We've had $100 barrels before. The $5 gas is new, though.

34
BoughtByBloomberg2 34 points ago +35 / -1

What we had was Obongo in office reducing production. What we have now is Obongo 2 in office reducing production DURING a shortage.

3
MastaJoda 3 points ago +3 / -0

During a shortage that they created

FTFY

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thisisatestof2 22 points ago +22 / -0

Exactly. I remember in 2008 or so we had $100-$110 barrel oil, but gas was in the high $3.90 or low for dollar per gallon range.

18
couranto 18 points ago +18 / -0

We didn’t have record inflation in 2008.

10
deleted 10 points ago +10 / -0
7
Kekintosh2020 7 points ago +7 / -0

If we live in austerity then Russia loses!

2
Wokism 2 points ago +2 / -0

Sell everything you own! Eat the bugs! Russia must lose!!

6
Toolhandluke830 6 points ago +6 / -0

Bingo the difference is it takes more dollars to buy the same barrel because of all the printing money made it worth so much less. It is only going to get worse. Even when it dipped a little the price didn't come down at the same rate because of contract deals but also the rising inflation. If we magically caught up the supply it will still be 20% higher due to inflation.

8
UncleDaddyZ 8 points ago +9 / -1

In 2008 there were >2000 rigs running. Today it’s ~850 and those are hard up for roughnecks. We can’t get back to 2000 if we wanted to.

6
Toolhandluke830 6 points ago +6 / -0

Also the lack of investment money coming in the rigs aren't going to work. This ESG shit is killing the smaller operators. Killing the lease sale pushed back those projects at least 5 years also. Everything slow joe is doing is counteracting lowering gas prices.

3
UncleDaddyZ 3 points ago +3 / -0

Most small operators are able to thrive in an esg environment. They are privately or family funded and don’t have to worry about any of that shit.

3
Toolhandluke830 3 points ago +3 / -0

As long as they don't need any loans.

4
Dualkalibur 4 points ago +4 / -0

Having spent 14 years drilling for oil and 8 of them as a Derrickhand I understand why their hard up for roughnecks. Most of the oil contractors are shitheads to work with on site.

4
UncleDaddyZ 4 points ago +4 / -0

Drilling engineer here. I agree with you. I always fought my contractors to provide better conditions. Cooling houses, training, asked them to try and get 8 hour tours so people could be more rested and focused. The business model is broken. But the root of the problem is still the operator. They don’t take enough ownership of the process and just beat up the contractors for lower prices.

3
Dualkalibur 3 points ago +3 / -0

Ive have too many days of trucks getting shoved up our asses to make the rig move, “get it on the other side” tank cleaning meaning sucked down but not cleaned out so there’s still sand from the end of the hole in my tanks for surface, constantly fighting 4” trash pumps in the cellar to do surface and swapping out pumps partway cause they just stop working, bitched at by the field sup for not doing preventative maintainance when we simply aren’t given time to do any, the list goes on. When I started we would do a 1700-1900 metre well in 12-14 days, when I quit we were doing a 2200-2400 metre well in 3.6 days. Pace is crazy fast, you’re only as good as your last hole, and the office monkies think forcing us to write up observation cards will somehow make everything better. I miss the pay cheque but I don’t miss the bullshit and ruining my body.

2
UncleDaddyZ 2 points ago +2 / -0

Right on brother. I appreciate all your work. I worked my way up from worm to engineer and I never forget who does the real work.

2
Dualkalibur 2 points ago +2 / -0

Back at ya fren. Chasing the dragon isn’t easy and it’s worse when you deal with the bad ones. My last few years the office guys were idiots but everyone I worked with on the steel side was fucking mint.

1
Junionthepipeline 1 point ago +1 / -0

They are always hard up nobody stays on that gig

4
Teamdjt 4 points ago +4 / -0

It's the downstream or refining side struggling. Keep getting shut down. Beaurocracy killing it.

2
Longgun 2 points ago +3 / -1

I was buying premium for a v8 car in 08, $5+ anywhere on long Island.

3
DJT2020 3 points ago +3 / -0

What are you paying now? It’s almost $6 everywhere else in the state. Diesel $7.

3
Longgun 3 points ago +3 / -0

I traveled up to Maine last month, prices on diesel went up 40 cents overnight. Almost 6 for diesel where I am now. I also have to buy 100% gas so its always a bit more when I have to get that.

1
justwow 1 point ago +1 / -0

Some are saying it may hit $300

23
Redditcensorsyouandi 23 points ago +24 / -1

Rigs won't do any good if Traitor Joe won't allow oil leases to sell domestically

His corrupt admin will probably order some of these rigs sabatoged to create oil spills, waste oil, and justify the communist green new deal

FUCK YOU JOE, DEMOCRATS, RINOS, UNIPARTY, GLOBALISTS, GROOMERS, PEDOS AND SATANISTS

9
UncleDaddyZ 9 points ago +9 / -0

To be clear, Biden doesn’t control leases on private land. And that’s where most drilling is planned. That said, the supply chain is fucked and we can’t support many more rigs than we have. The rigs don’t have crews and >50% are stacked in yards waiting in parts that have 12-18 month delivery timelines.

2
Jackdaniell 2 points ago +2 / -0

Ya dude above you is a moron.

2
DJT2020 2 points ago +2 / -0

Where did all these crews go? The job pays very well.

2
UncleDaddyZ 2 points ago +3 / -1

Oil was negative a year ago. Many good people left and won’t come back. I’m a petroleum engineer that left oil. I won’t come back.

2
DJT2020 2 points ago +2 / -0

Thanks for explanation.

1
Redditcensorsyouandi 1 point ago +1 / -0

Interesting and sad, thanks for the info

10
glow-operator-2-0 10 points ago +10 / -0

EPA will probably recommend them for shutdown when something springs a minor leak.

While petroleum drilling is a dirty business, it's far cleaner and safer since some OSHA regulations are in place since drilling started. Also, new drill types, motors, and SCADA are fucking wonders.

7
memechallenger33 7 points ago +7 / -0

Yes. And you know we drill cleaner and safer than anywhere else in the world.

8
thisguy883 8 points ago +8 / -0

It's almost as if our oil companies have a vested interest in extraction of as much oil as possible and not about cutting corners to risk leaks and fires.

🤔🤔🤔

But the left will tell you they will strike oil and let it spill everywhere because reasons.

3
glow-operator-2-0 3 points ago +3 / -0

I know it since I've seen it up close back in the day.

8
RizzlieDoodad 8 points ago +8 / -0

Oil companies are concerned about investing money to build new rigs if the admin is unfriendly towards oil and gas.

4
BidenSexCrimeFamily 4 points ago +4 / -0

'...if the admin is outright hostile towards oil and gas.' Fixed it for you.

1
Junionthepipeline 1 point ago +1 / -0

Outright hostile may be understating it

8
Beardicus 8 points ago +8 / -0

576 US rigs. 13 more, should mean around 2% more oil.

11
Whoopies_tds 11 points ago +11 / -0

I'm from the government and I'm here to help

5
localhost 5 points ago +5 / -0

And it'll all get exported overseas.

3
Krat 3 points ago +3 / -0

Ukrainians need gas too man

5
ThouShallNotSteal 5 points ago +5 / -0

Fuck 0bama and fuck biden. 🖕🖕

5
deleted 5 points ago +5 / -0
4
bangbus 4 points ago +4 / -0

All true, but the biggest bottleneck is refining capacity. We lost a million barrels of refining capacity in 2020 because the smaller refineries couldn’t weather the major losses. I haven’t checked in awhile but last I saw the 3-2-1 crack spread (amount the refineries get on a specific process) was over $40 per barrel. You can pump all the oil you want but as demand comes back stronger that crack spread is only gonna go up pushing gas up as well.

5
JustTheNews 5 points ago +6 / -1

Remember when saddam Hussein wanted to sell us oil for 10 dollars a barrel if we just left him alone.

6
trump4045 6 points ago +6 / -0

Remember how Ghaddaffi wanted to put Libya in the gold standard and free himself from the banking cartel and we left him alone?

2
thisguy883 2 points ago +2 / -0

Too bad a certain country with major influence on our Congress wanted him gone.

Anyone with dual citizenship should NEVER be in office, period.

I honestly don't give a shit about a mass murdering fuckhead. We should be giving a shit about our mass murdering fuckheads running this country.

5
Brobold 5 points ago +5 / -0

Israeli-citizens voting to send U.S. Christian tax dollars over to Israel, perfectly healthy.

4
UncleDaddyZ 4 points ago +5 / -1

13 rigs is seasonal shift. The real issues are: steel, sand, and labor. It doesn’t matter how many rigs are drilling if you can’t complete and get to pipeline.

Even so, 13 rigs manages decline more than it increases supply. And the first oil from any of these wells is 180 days out.

4
deleted 4 points ago +4 / -0
4
Here_we_go 4 points ago +4 / -0

13? Oh praise jesus!!!!!!¡

Wtf is that gonna do?

3
FireannDireach 3 points ago +3 / -0

We don't have a crude problem. We have a refining problem, the refineries that survived the coof and the weather in Texas can't keep up.

2
GodDamnedEngineer 2 points ago +2 / -0

WHAT IS THAT A 2% INCREASE IN SUPPLY? ASSUMING THEY ARE GOOD WELLS. IF THEY ARE POOR IT COULD BE MUCH LOWER.

2
mikejones 2 points ago +2 / -0

My job needs cheap labor. Yes they want to pay enough to live on your own but with prices increasing people are going to be bored at home to save money. Prices of goods are increasing throughout the year so get ready.

2
justwow 2 points ago +2 / -0

Jumped 20 cents/gallon yesterday here.

2
TEXinLA [S] 2 points ago +2 / -0

As planned by Shit Shoe Joe and His Merry Band of Hos.

1
Jackdaniell 1 point ago +2 / -1

Us oil production is basically at an all time high you moron. Nothing to do with rig count. Stop posing stuff you know nothing about. Make us all look stupid.

1
Couchbeer69 1 point ago +1 / -0

13 rigs??? Cries of relief?

What kinda bizarro world are we living in?

1
GoldstarDad 1 point ago +1 / -0

Add higher wages and 15%+ inflation to the 2008 high prices and you get 5$ gas.

0
deleted 0 points ago +1 / -1
-3
AmericanMan00 -3 points ago +1 / -4

Welcome to the ruthless and ugly side of capitalism.

Easiest way to increase prices is to restrict supply and a fake war is a great vehicle to gain market share.

The world has plenty of oil, USA is still the biggest producer and rig count is growing.

5
-c-i-a- 5 points ago +6 / -1

This level of government involvement is not capitalism.

Although the commies in the US education system will tell you that it is.

4
FauciOuchi 4 points ago +4 / -0

Name the capitalism part. This is communism

0
AmericanMan00 0 points ago +1 / -1

Teach a man to fish, he'll eat fish for a lifetime.

Teach a man how to manipulate the fish market, that man will eat steak and lobster for a lifetime.

He who has the gold makes the rules.( in a capitalist system)