Gas prices ... will they hit $1.50 ???

[hiflyer]

It will eventually balance itself out. There are still close to 1,600 still working in the USA and Gulf of Mexico. 400 in Canada alone.

The rig counts internationally continue to increase in a few middle eastern countries, not every oil producer belongs to OPEC and there are several countries pumping more oil then they have ever done in past years. Everyone wants a slice of the pie.

$30-$40 a Barrel would be nice for at least 3-4 years. You would see the world economies rebound. Just my scientific wild ass guess

You need to understand what has fueled this so called glut in oil. It's shale wells. The decline rate of shale wells is dramatic, up to 80% the first year. Watch what happens to the "oversupply" with the cut back in cap ex. You can lay a rig down in a day. It takes months to bring that rig back online. 30 - 40 bucks for 3-4 years ain't happening. I'm beating this horse to death, I'll revisit this thread in a year.

[hiflyer]

You need to understand what has fueled this so called glut in oil. It's shale wells. The decline rate of shale wells is dramatic, up to 80% the first year. Watch what happens to the "oversupply" with the cut back in cap ex. You can lay a rig down in a day. It takes months to bring that rig back online. 30 - 40 bucks for 3-4 years ain't happening. I'm beating this horse to death, I'll revisit this thread in a year.

Ok, so maybe a day. Here's what I'm talking about.

http://www.cnbc.com/id/102381893