Have We Reached Peak Oil? Oil Can Collapse Dollar Too!
I have been saying that we have reached Peak Oil, or a point where they can’t draw it out of the ground for a profit, because the storage facilities are full, the Gulf of Mexico is loaded with oil tankers who can’t sell their product, and a panic is setting in on the trader market. Last night, a flash crash occurred.
Now, the dollar is directly connect to oil, as the PetroDollar.
Petrodollar Faces Growing Threat From the East. Payments in Gold Across Asia
While the recent raft of Sino-Saudi trade agreements benefited Chinese soft power in protecting Xinjiang, and the Saudis by diversifying their economy, China’s slow intertwining with Saudi Arabia complements the Sino-Russian alliance. Primarily, its benefits could lead to a realistic threat to the petrodollar.
Meanwhile, demand for gasoline remains weak, putting further pressure on crude prices.
U.S. crude stockpiles fell less than expected last week, while gasoline inventories grew as demand remained weak, the Energy Information Administration said on Wednesday, keeping concerns about global supply on a simmer.
http://www.reuters.com/article/us-usa-oil-eia-idUSKBN17Z1OV
And something major is happening to older verticle wells.
The minute Anadarko made the decision to shut down its 3,000 wells, it knew what would happen next. Within hours of the next day’s opening bell on Wall Street, the company had already lost a quarter of a billion dollars in value. The 3,000 wells it turned off were generating 13,000 barrels of oil per day. That means, based on current oil prices, they were losing somewhere in the neighborhood of $656,000 per day, not counting lost revenue from gas. And the bleeding has continued. Barron’s reports, “Shares of Anadarko Petroleum (APC) are tumbling this morning after releasing disappointing first-quarter earnings… but it’s the potential overhang from a recent accident that appears to be spurring the massive selloff.” So far the company’s shares are down a total of 9 percent, an incredible amount of money for a company valued at almost $29 billion.
http://www.boulderweekly.com/news/turning-point/
This problem isn’t going away with the exploding wells. It’s just going to get worse, and go nationwide…
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