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Storming the Capitol
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<blockquote data-quote="vantexan" data-source="post: 5287255" data-attributes="member: 24302"><p>Currently oil has to be at $48 a barrel to drill a new well and make a profit. $23 a barrel for existing wells. And when oil dipped.way down at the start of the pandemic the oil companies were losing money. You keep saying BIG OIL but much of the new production is by small companies who need access to Federal land and oil above a certain price to make it worthwhile. Oil companies have huge equipment and labor costs. They don't just snap their fingers and the oil flows. And they don't make a profit no matter the price per barrel. And they don't set prices. Futures markets do.</p></blockquote><p></p>
[QUOTE="vantexan, post: 5287255, member: 24302"] Currently oil has to be at $48 a barrel to drill a new well and make a profit. $23 a barrel for existing wells. And when oil dipped.way down at the start of the pandemic the oil companies were losing money. You keep saying BIG OIL but much of the new production is by small companies who need access to Federal land and oil above a certain price to make it worthwhile. Oil companies have huge equipment and labor costs. They don't just snap their fingers and the oil flows. And they don't make a profit no matter the price per barrel. And they don't set prices. Futures markets do. [/QUOTE]
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