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Old 01-17-2016, 05:23 PM   #721
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I thought a lot of them were ultra wealthy and would have their own private armies.

Well that probably makes the situation worse, as tax revenues are low and you have people leaving, then less resources to resist the drug gangs.
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Old 01-17-2016, 05:27 PM   #722
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Kidnapping for ransom is rampant in Mexico. There are (or used to be) tons of wealthy people in Mexico. We have whole neighborhoods in my area that are wealthy Mexicans who have moved north of the border to get away from these threats. Local police can't protect them and and they are told their best option is to leave.

Monterrey used to be a very wealthy high-tech city with a large class of educated professionals - kind of like a Mexican version of Silicon Valley. It was the most modern and advanced city in Mexico. Many of these folks have had to leave.
We have lots of wealthy Mexicans up here too (north of Houston). many living in the multi-million dollar homes with cars parked in front with a "person" inside the car 24 hours per day. A very exclusive development named Carlton Woods in our township is called "Carlos Woods" by the ladies in DW's church group.
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Old 01-18-2016, 10:02 AM   #723
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We now have more ethanol than demand can absorb.

Maybe the cost of cattle feed will come down as corn farmers search for other buyers.

Another tid-bit http://www.zerohedge.com/news/2016-0...ot-force-shale

Brewer.. where are you?
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Old 01-18-2016, 10:45 AM   #724
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I thought a lot of them were ultra wealthy and would have their own private armies.
Yes, and you'd better hope you can (and will) pay them more than anyone else, because as mercenaries, if your rival will pay you more than you'll pay for them to turn on you....
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Old 01-18-2016, 10:49 AM   #725
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We now have more ethanol than demand can absorb.

Maybe the cost of cattle feed will come down as corn farmers search for other buyers.

Another tid-bit Exclusive: Dallas Fed Quietly Suspends Energy Mark-To-Market On Default Contagion Fears | Zero Hedge

Brewer.. where are you?
So now a stealth bank bailout is in the works! Who would have guessed?

"Fraud is fine as long as the Fed does it."

Watch the upcoming oil & gas asset sales and bankruptcies!
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Old 01-18-2016, 10:52 AM   #726
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A good post by James Hamilton (here) from Econbrowser. His conclusion is there is more downside ahead for US production.
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If Iranian production is about to surge, Iraqi production remains high, and the Chinese economy is stumbling, that can only mean that even bigger drops in U.S. oil production are inevitable.
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Old 01-18-2016, 11:10 AM   #727
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A good post by James Hamilton (here) from Econbrowser. His conclusion is there is more downside ahead for US production.
Good article, tells the story.

Now that we have crude oil overproduction worldwide, it's interesting to look back at the price of crude oil just before the first U.S. oil embargo in 1972. Back then, oil was $3.60/bbl ($20.37/bbl inflation adjusted). Looks like we could be back there again.

Historical Oil Prices: InflationData.com
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Old 01-18-2016, 01:29 PM   #728
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Bloomberg has an article today saying that an oil refinery has offered -0.5$/barrel for high-sulfur crude out of ND. Yes, oil drillers have to pay for people to take low-quality crude off their hand.

From the article:
Flint Hills Resources LLC, the refining arm of billionaire brothers Charles and David Koch’s industrial empire, said it would pay -$0.50 a barrel Friday for North Dakota Sour, a high-sulfur grade of crude, according to a list price posted on its website. That’s down from $13.50 a barrel a year ago and $47.60 in January 2014.
For more: The North Dakota Crude Oil That's Worth Less Than Nothing - Bloomberg Business.
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Old 01-18-2016, 01:45 PM   #729
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Bloomberg has an article today saying that an oil refinery has offered -0.5$/barrel for high-sulfur crude out of ND. Yes, oil drillers have to pay for people to take low-quality crude off their hand.

From the article:
Flint Hills Resources LLC, the refining arm of billionaire brothers Charles and David Kochís industrial empire, said it would pay -$0.50 a barrel Friday for North Dakota Sour, a high-sulfur grade of crude, according to a list price posted on its website. Thatís down from $13.50 a barrel a year ago and $47.60 in January 2014.
For more: The North Dakota Crude Oil That's Worth Less Than Nothing - Bloomberg Business.
It's all about pipeline priorities and the trucking cost of $10 - $12/bbl out of ND. Plus not all refineries can process high sulfur crude oil. from the article you referenced:

Quote:
Enbridge Inc. stopped allowing high-sulfur crudes on its pipeline out of North Dakota in 2011, forcing North Dakota Sour producers to rely on more expensive transport such as trucks and trains, according to Auers.
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Old 01-18-2016, 01:47 PM   #730
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Wow, if this keeps up the the local oil company will pay me to have my oil tank filled.
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Old 01-18-2016, 01:56 PM   #731
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Wow, if this keeps up the the local oil company will pay me to have my oil tank filled.
And gas stations will start having "gas wars" again! And cars like the Tesla and other electric ones will be discounted beyond belief. Maybe even Toyota will start giving a buyers a free Prius with each Tundra sold..and on and on...
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Old 01-18-2016, 02:05 PM   #732
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speaking of gas wars - it lasted 1 day in mi - .77 gallon - - - Gas price fell to 77 cents at one Michigan site
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Old 01-18-2016, 02:24 PM   #733
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Back at ya.

The drastic price cuts are part of a gas price war at three Houghton Lake, Mich., stations.

Gas wars: A gallon is just 46 cents here
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Old 01-18-2016, 02:28 PM   #734
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And gas stations will start having "gas wars" again! And cars like the Tesla and other electric ones will be discounted beyond belief. Maybe even Toyota will start giving a buyers a free Prius with each Tundra sold..and on and on...
Right now if they paid me around $10,000.- I might accept a Tesla in my driveway. The garage is reserved for my monster suburban, Jag and DW's CTS.
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Old 01-19-2016, 08:15 AM   #735
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I just caved and bought back into SDLP at $2.50/sh. It's now about 1.5% of my portfolio.
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Old 01-19-2016, 02:55 PM   #736
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bought Marathon Petroleum at 41.20
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Old 01-20-2016, 07:24 AM   #737
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Could anybody tell me how the price of crude oil is shown? For example, finance.yahoo.com shows $27.77 (crude oil is below S&P futures), but I understand there are 8 or 10 or maybe more types of oils and prices. In fact I saw an article some time ago that showed many of these crude oil prices in the twenties when Brent and WTI were in the thirties.
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Old 01-20-2016, 07:30 AM   #738
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It costs approx $8 to $13 per barrel for transport out of N.D. Bakken shale play

My former megacorp is about to go to zero rigs and zero frac crews for rest of the year.
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Old 01-20-2016, 07:59 AM   #739
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Could anybody tell me how the price of crude oil is shown? For example, finance.yahoo.com shows $27.77 (crude oil is below S&P futures), but I understand there are 8 or 10 or maybe more types of oils and prices. In fact I saw an article some time ago that showed many of these crude oil prices in the twenties when Brent and WTI were in the thirties.
That's the WTI price you're quoting above, and the one most often used for oil.
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Old 01-20-2016, 08:06 AM   #740
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I lived in Mandan ND from 2011 to this past June. About twice a day a train with about 100 oil tanker cars would go through town headed east. I guess we were able to drill our way out of high gas prices.
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