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Commodities Briefing - Categorized | Market Moves, Oil more

T. Boone Pickens’ ideas on OPEC are dangerous to U.S. energy companies

Posted on 27 January 2014

In a vacuum, cutting off OPEC seems like an easy step to take, especially with North American oil output set to grow over the next several years and consumption declining. But the risk of such a move would likely cause much more harm than good in both the short and long term. After all, oil pricing is global, and OPEC can beat us on price.
Pushing OPEC’s more rogue nations could result in the market getting flooded with oil, driving prices down and burying domestic producers like Ultra Petroleum and Continental Resources Clean Energy Fuels which Pickens co-founded, itself depends on oil being expensive relative to natural gas, so oil collapsing would be devastating to his own net worth………………………………………..Full Article: Source


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VRS - who has written 36658 posts on Opalesque Commodities Briefing.


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