Farmer @ Johnsongrass, TX said:

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59 South said:

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Did my quarterly petrol fill up yesterday.

1.89 GBP per liter. You do the math

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A buck & 4 bits and we're there

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And that's the cheap E10 95 octane stuff. Strong dollar in which I get paid makes it easier to stomach though for sure. That's also quasi central London prices so take it fwiw.

Also totally worth every little penny being in the industry and all. Get me 15 more years till retirement and I'll ride off into the career sunset and post a lot more!

Farmer @ Johnsongrass, TX said:

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Farmer @ Johnsongrass, TX said:

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ProgN said:

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Biden's Raid on the Permian Basin - Carbon Neutral Coalition

I guess gas prices aren't high enough yet.

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Oh hell yes! Keep given me that Lib policy because you're making my day and my account freakin' green! Bought more XOM today.

Pre-Guidance from XOM likely today or Tuesday the 5th. XOM's CFO,...she's crafty and could hide Q2 results (that should be monster $) in the mystery of accounting entry's, but I'm not sure they will. All I know is my XOM bull horns are on and I'm feeling great. The OPEC+ verified they can't help boost crude production - they didn't meet May quota goal and will not meet June quota goal, XOM refinery in France went on strike today, Norwegian oil company went on strike today, Libya halting exports, Nigeria not contributing...and the beat goes on. Go ahead and whip TX oil to the floor mat using some Fed Agency strong-arm tactic and presto....$10 gallon gas. Keep it coming. In my opinion, XOM is a bargain today.

Last note, check out the YouTube video by The Fast Lane Truck titled "How Far Can A Gas Truck & an Electric Ford Lightning Go Towing the Same Camper on ONE Fill-up?" You can find it in a thread on the TexAgs Politics Board too. Great video with real life test by my standards. EV pickup is not for me, maybe when the battery technology gets better. But wow! What an eye-opener. I think I posted on this thread about the 51 page TXDOT document I read regarding the EV Charging Station Plan for TX....there's a reason you need a charging station every 50 miles....the TXDOT document states it and....the YouTube video verifies it. This makes me wonder about EV stocks and Chip stocks. All I know is, it's a helluva tug-of-war going on between Fossil Fuel and Greenies. Money talks, so I'm friendly to the Fossilites. Folks complain about having to fill up more often with multiple stops when using e85 (LOL!) can't wait to read the comments about constant stops and time spent at recharging stations (superchargers or not).

Have a great Independence Day!

July 5th will be green.

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UPDATE - 7/2/22 - See bolded above

Quote:

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LONDON, July 1 (Reuters) - OPEC in June did not deliver on an oil output increase pledged under a deal with allies, a Reuters survey on Friday showed, as involuntary declines in Libya and Nigeria offset supply increases by Saudi Arabia and other large producers.

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<laugh/cry emoticon>

Fossil fuel demand destruction is not materializing faster than supply reductions. $10 per gallon gasoline on the horizon. Heck, JP Morgan stating on 7/1 that $380 crude (their outside range number - worst case) is possible.
https://www.bloomberg.com/news/articles/2022-07-01/jpmorgan-sees-stratospheric-380-oil-on-worst-case-russian-cut

$200 crude, should be bullish bicycles.

Ay, caramba!

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My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril.

Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.

— President Biden (@POTUS) July 2, 2022

Wait, he wants gas stations to sell fuel at cost?!?

Or is he saying they're making too much margin? Heck, gas stations make just pennies on the fuel, at least they used to.

agdaddy04 said:

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Wait, he wants gas stations to sell fuel at cost?!?

Or is he saying they're making too much margin? Heck, gas stations make just pennies on the fuel, at least they used to.

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Yes, just like the decree he made for tech companies and all retail companies to sell their products at cost

Might be the dumbest thing I've ever read and I've read a lot of dumb stuff

I'm sure most of y'all know this, but downstream typically makes lower margins in high price cycles. They typically make higher margins during lower price cycles. Attacking downstream right now is beyond ridiculous.

99.9% of the population is 100% ignorant on all things oil and gas industry.

Anybody know how much a deep water well costs and how long it takes to bring online? Anyone? Bueller?

Bob Knights Liver said:

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I'm sure most of y'all know this, but downstream typically makes lower margins in high price cycles. They typically make higher margins during lower price cycles. Attacking downstream right now is beyond ridiculous.

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Yep, always behind the 8 ball on ability to price increase as we have to react to component suppliers, but then should get a parachute when it comes back down

My message to the companies manufacturing and setting the prices of Pro-V1 golf balls, Zyn, and weed gummies: this is a time of war and global peril.

Bring down the price you are charging to reflect the cost you’re paying for the product. And do it now. https://t.co/jOWTdsxC0L

— Mr. Skilling (@mr_skilling) July 2, 2022

I know this group is fond of celebrating financial milestones for one another. I love that and we should do it as much as possible!

That said, today I took a huge step toward financial freedom! It's hard to soar to new heights if shackled by debt. I paid off my last of my student loans today!! $334K in 3 yrs. I forsook the greatest bull market in history to boringly pay off loans. I'm sure I could've invested and used profits to pay debt but profits aren't always guaranteed.

Proud to be done. Now my next strategy is to save for a home have been saving some and will keep saving more!

Cheers to all and let's crush the market this week!

Congrats! That's indeed a huge milestone

Congrats that's a huge accomplishment. Not to mention in 3 years man. Appreciate you sharing that with the board here.

Hope it motivates many to do the same. Lurkers or those who post.

Wisdom.

Just watch the charts this week. There was some high volume selling on all in the last 1-2 wks. Highest volume since it's sharp ascent 4-5 months ago. It did rally this week but on low volume. Likely an oversold rally.

I'm wondering if we aren't heading towards a deflationary environment? Commodities and equities and home prices are all dropping. Precious metals also dropping.

BonfireAg is always helpful on this front.

Thanks FJ! I've cheered all of your successes these past 1.5 yrs! I simply couldn't convince myself to go hard after equities and investments until I unshackled myself from a home loan's worth of debt.

Now I feel closer to free.

Was referring to QT.....but sure BR is in everything....

59 South said:

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99.9% of the population is 100% ignorant on all things oil and gas industry.

Anybody know how much a deep water well costs and how long it takes to bring online? Anyone? Bueller?

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I'm onshore shale buuuuut I'll give it a shot. Hmmmm I'll say $90MM and 5+ years.

Wide range in costs depending on depth of well and reservoir considerations. I'd say the current well costs between $60MM - $120Mm to drill and complete.

Getting a well online is a function of proximity to existing infrastructure. If close to existing infrastructure, 2-3 months to get it on line once it has been completed. If not near infrastructure and you have to build a platform and associated pipelines, etc. it could take 4-5 years.

For exploratory wells, it could take 8-10 years to get a field online once a discovery is made and require several billion dollars to be spent before production starts.