Forum Discussion
hone_eagle
Oct 29, 2014Explorer
buddyIam wrote:
Hone,
It's hard to say. This price drop has been coming for a long time. Every one has know about the Bakken and tar sands since the 50's. Now they are finding shale in almost every nation. China only needs the investment. It's north western area is said to be the largest known area for shale. New Fields off Brazil are HUGE. More area's just popping up in the Gulf especially around the Cuba area. With all of these new finds on the books, OPEC is losing it's hold on prices.
If there is a large build tomorrow in the EIA report. Crude is expected to have a big drop with the new bottom around 75 dollars.
My son works in the oil fields. My family has mineral rights in the Bakken, (east of the current drilling) so I hope it won't drop much farther.
Totally agree this has been due for a long time ,the longer the price was propped up the bigger the fall.A collapse is not a good thing.
I understand a 'talking head claimed $10 oil was coming.
Tomorrow we should learn a little more about the future prices.
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