How bad is it going to get for the offshore industry? How long with OPEC keep up their strategy to destroy all other oil production?
Just out of curiosity does this affect all offshore drilling for every company? My boyfriend works on offshore rigs doing some geologist job. If he loses his job I'm going to have to support him again and the last time I supported him he slept all day, didn't clean anything, then bitched at me to cook and clean after I got home from work after a 8 hour shift.
Don't want that to happen all over again.
The reason oil exports was banned in the U.S was to keep gas prices low and to concerve an increasingly limited resource.
It was also banned so that when other countriesstarted running low on oil the U.S would still have plenty.
Your BF is a fucking douch then.
I don't think lifting the export ban will do anything to stem the tide. Offshore and fracking cost wayyy to much per barrel to compete with Middle Eastern oil. Plus US is further from markets. If anything the longer we hold onto production, the worse we make it.
OPEC might have the means to wreck us, guess we'll end up seeing who's pockets are deeper.
And yes, it effects everyone. Some are a little more insulated, but overall it's a very volatile industry. I'm a mariner and people were gloating not too long ago about how much they were making in the oil patch. Now a lot of those guys are out of work, and have come crawling back to other sectors of the industry.
ND anon here; I try to post in oil-related threads because its what I deal with, all day every day.
Its generally accepted that the break-even point for wells in the middle east is much lower, about two thirds or more, than in the US. The wells are shallow and the oil is very easy to get to. It varies well-to-well, but some as low as 5 dollars per barrel with 13 bucks being the upper limit.
Out here and especially with offshore drilling, the costs are extremely high. The break even point is over 30 per barrel here in western ND, with wells in the central-north being more expensive yet.
I don't know about the specifics for offshore wells but I can imagine its quite cost prohibitive now. A couple years back I wanted to get into offshore equipment sales (pretty cool job; ride in a helicopter from rig to rig) but I'm glad I didn't because the market really went to shit.