White House likely to pursue federal aid for shale companies hit by oil shock, coronavirus downturn

[SDHornet]

Didn't like it then. Don't like it now.

[GannonFan]

The current downturn in oil prices I think is more due to the issues Russia and OPEC are having more than coronavirus

But one thing is true - shale oil is dependent on high oil prices to be profitable. Market forces cause oil operations to shut down and reopen all the time. Hell, in Nigeria the margin in price per barrel that would have our neighbors with Exxon packing their bags was about 30 cents

Oil companies are well practiced at moving their operations around based on supply and they are in no need of bailouts


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I agree. Fracking businesses in the US are as successful as they are precisely because they are able to open and close the spigot very quickly and only operate when they are financially viable. It's a tribute to the industry, really, that they can respond almost instantaneously to changes in the world market. Saudia Arabia tried to crush the industry 1-3 years ago with a sustained driving down of oil prices and they couldn't do it. Should be some decent pride in American know-how there, certainly considering it had been our goal for decades to loosen the grip on world energy demand by the OPEC nations.

[mainejeff]

NO CORPORATE ENTITLEMENTS!

[CAA Flagship]

WHY would there be a run on toilet paper?

Non-Louisianans don't like swamp ass.

[CID1990]

The current downturn in oil prices I think is more due to the issues Russia and OPEC are having more than coronavirus

But one thing is true - shale oil is dependent on high oil prices to be profitable. Market forces cause oil operations to shut down and reopen all the time. Hell, in Nigeria the margin in price per barrel that would have our neighbors with Exxon packing their bags was about 30 cents

Oil companies are well practiced at moving their operations around based on supply and they are in no need of bailouts


Sent from my iPhone using Tapatalk

I agree. Fracking businesses in the US are as successful as they are precisely because they are able to open and close the spigot very quickly and only operate when they are financially viable. It's a tribute to the industry, really, that they can respond almost instantaneously to changes in the world market. Saudia Arabia tried to crush the industry 1-3 years ago with a sustained driving down of oil prices and they couldn't do it. Should be some decent pride in American know-how there, certainly considering it had been our goal for decades to loosen the grip on world energy demand by the OPEC nations.

The oil business is one of the last truly market-driven industries left on earth. And it’s captains should avoid at all costs asking for government assistance in what will surely be a short term crisis. If they can’t avoid it, then they are just old men looking to shore their retirement packages on the eve of their retirements.

Any trues libertarians in Congress should join the progressive know-nothings in shooting a bailout down

[mainejeff]

I agree. Fracking businesses in the US are as successful as they are precisely because they are able to open and close the spigot very quickly and only operate when they are financially viable. It's a tribute to the industry, really, that they can respond almost instantaneously to changes in the world market. Saudia Arabia tried to crush the industry 1-3 years ago with a sustained driving down of oil prices and they couldn't do it. Should be some decent pride in American know-how there, certainly considering it had been our goal for decades to loosen the grip on world energy demand by the OPEC nations.

The oil business is one of the last truly market-driven industries left on earth. And it’s captains should avoid at all costs asking for government assistance in what will surely be a short term crisis. If they can’t avoid it, then they are just old men looking to shore their retirement packages on the eve of their retirements.

Any trues libertarians in Congress should join the progressive know-nothings in shooting a bailout down

Amen! And just read that farm bailouts have been renewed for the 3rd year in a row. Farmers have now the #1 welfare queens.

[CID1990]

The oil business is one of the last truly market-driven industries left on earth. And it’s captains should avoid at all costs asking for government assistance in what will surely be a short term crisis. If they can’t avoid it, then they are just old men looking to shore their retirement packages on the eve of their retirements.

Any trues libertarians in Congress should join the progressive know-nothings in shooting a bailout down

Amen! And just read that farm bailouts have been renewed for the 3rd year in a row. Farmers have now the #1 welfare queens.

Agriculture is a truly strategic industry which should be propped up
at all costs- in spites of the asshole corn farmers in Iowa

wishing their demise is not knowing what you wish for

deny this newest generation their cheetoes and god help you


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[GannonFan]

Amen! And just read that farm bailouts have been renewed for the 3rd year in a row. Farmers have now the #1 welfare queens.

Agriculture is a truly strategic industry which should be propped up
at all costs- in spites of the asshole corn farmers in Iowa

wishing their demise is not knowing what you wish for

deny this newest generation their cheetoes and god help you


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I agree, farming and fracking are two entirely different sectors and two entirely different animals. The fracking industry doesn't need anything that other sectors don't get - calling tax friendly depreciation that's common across all sectors an entitlement, for instance, is just an intentional misnomer. Farming is an area that probably should be protected a little, and yes, that's in spite of the ethanol welfare queens in Iowa.

[mainejeff]

I find it troubling that the same people clutching their pearls over Sanders are now in lock-step with Corporate bailouts. I guess the difference is that the 1% are hurting now.

[dbackjon]

The current downturn in oil prices I think is more due to the issues Russia and OPEC are having more than coronavirus

But one thing is true - shale oil is dependent on high oil prices to be profitable. Market forces cause oil operations to shut down and reopen all the time. Hell, in Nigeria the margin in price per barrel that would have our neighbors with Exxon packing their bags was about 30 cents

Oil companies are well practiced at moving their operations around based on supply and they are in no need of bailouts


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Correct. It seems like this is more of a bragging/campaign stunt - Trump likes to brag about US being number one in Oil Production, leaving out the fact that it is only possible when prices are high (bad for consumers) and using environmentally destructive fracking.


If he wants to bail anyone out, it should be alternative energies like solar, wind, nuclear, etc.

[ALPHAGRIZ1]

The world runs on oil. Period

Get over it

Alternative energy is like White Claws, sounds good at first until you taste it. Then you go back to whiskey

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[HI54UNI]

Amen! And just read that farm bailouts have been renewed for the 3rd year in a row. Farmers have now the #1 welfare queens.

Agriculture is a truly strategic industry which should be propped up
at all costs- in spites of the asshole corn farmers in Iowa

wishing their demise is not knowing what you wish for

deny this newest generation their cheetoes and god help you


Sent from my iPhone using Tapatalk

Screw the corn farmers and their shitty ethanol.

[mainejeff]

Agriculture is a truly strategic industry which should be propped up
at all costs- in spites of the asshole corn farmers in Iowa

wishing their demise is not knowing what you wish for

deny this newest generation their cheetoes and god help you


Sent from my iPhone using Tapatalk

Screw the corn farmers and their shitty ethanol.

The GOP has become the new POE (Party of Entitlements).

[GannonFan]

Screw the corn farmers and their shitty ethanol.

The GOP has become the new POE (Party of Entitlements).

Huh? The Democratic Party is nominating, in two successive elections, Hillary and now Biden. The fight to be the party of entitlements is certainly being contested.

[AZGrizFan]

When this whole thing turns into another giant nothingburger, don't say I didn't warn you.

This is already out of nothingburger territory. That does not mean I think COVID-19 is that serious in itself. But it has had significant effects on human behavior.

Yes, thanks to the media hysteria.

[dbackjon]

This is already out of nothingburger territory. That does not mean I think COVID-19 is that serious in itself. But it has had significant effects on human behavior.

Yes, thanks to the media hysteria.

LMAO Like it is all media hysteria's fault. Trump's gutting of the Pandemic response team, his incoherence when speaking about it, labeling it a hoax, resisting efforts to curb it so it wouldn't hurt his image, etc is the primary driver.

[Ibanez]

I know someone who who works as a travel agent

They still exist?

They do! I met one the other day. She sells Disney vacations.


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[mainejeff]

Yes, thanks to the media hysteria.

LMAO Like it is all media hysteria's fault. Trump's gutting of the Pandemic response team, his incoherence when speaking about it, labeling it a hoax, resisting efforts to curb it so it wouldn't hurt his image, etc is the primary driver.

I was behind Trump 1000% about 3 weeks ago.....pre-Corona response and pre-Bernie flame out.

[mainejeff]

By the way......you guys holding out for Dow 20K before jumping back in?

[JohnStOnge]

By the way......you guys holding out for Dow 20K before jumping back in?

I'm just standing pat. I think this is the sort of thing where it will come back.

[JohnStOnge]

This is already out of nothingburger territory. That does not mean I think COVID-19 is that serious in itself. But it has had significant effects on human behavior.

Yes, thanks to the media hysteria.

I don't think this is the media's fault. Look at the extreme measures taken by countries like China and Italy. Maybe you could say those countries shouldn't be doing that. But they did. The media are going to report that. The way government officials around the world are responding suggests it is serious. And I don't think one can blame the media for reflecting that.

Heck, look at what Fauci said today. He made a big deal about the fatality rate being 10 x that of the seasonal flu. You can't blame the media for reporting him saying that.

[Aho Old Guy]

Good luck -- 22-23K might be reasonable, except for the next Bush/Trump Financial Crisis.

[AZGrizFan]

Yes, thanks to the media hysteria.

I don't think this is the media's fault. Look at the extreme measures taken by countries like China and Italy. Maybe you could say those countries shouldn't be doing that. But they did. The media are going to report that. The way government officials around the world are responding suggests it is serious. And I don't think one can blame the media for reflecting that.

Heck, look at what Fauci said today. He made a big deal about the fatality rate being 10 x that of the seasonal flu. You can't blame the media for reporting him saying that.

And many other media outlets are reporting that the # of reported cases may be underreported by 10-fold....which means the death rate is exactly that of the seasonal flu. Yet we’re reacting to this as if it’s the fucking bubonic plague.

[BDKJMU]

Yes, thanks to the media hysteria.

I don't think this is the media's fault. Look at the extreme measures taken by countries like China and Italy. Maybe you could say those countries shouldn't be doing that. But they did. The media are going to report that. The way government officials around the world are responding suggests it is serious. And I don't think one can blame the media for reflecting that.

Heck, look at what Fauci said today. He made a big deal about the fatality rate being 10 x that of the seasonal flu. You can't blame the media for reporting him saying that.

Yes you can, because they put that in the click bait headlines.

Examples:
The article I read (The Week), headline:
Coronavirus is 10 times more lethal than the seasonal flu, Trump's task force immunologist says
Not until the 3rd paragraph do they mention Fauci points out that the flu is about .1%, and COVID-19 is probably around 1%. It explains that the mortality rate is a good deal lower than the current data (3+%) suggests

They could have used the headline 'COVID-19 mortality rate much lower than current data suggests, Trump's task force immunologist says'.

Both those headlines would be correct, but 1 will drive more click bait, and hysteria for people who just look at headlines.

Another example-Drudge headline: GERMANY: 70% WILL BE INFECTED
Click on that an it yields a BBC article with title: Up to 70% of Germany could become infected - Merkel

Hysteria driven click bait.

[Skjellyfetti]

Remember when you were spamming us with Ebola updates? 4 cases. 1 death.