Just wait until Iran comes back online....combine that with the normal fall downward pressure and voila, $32/barrel will be easy. You won't see oil above $70 until the end of the decade.
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Oil today at 39.96 barrel
This is great news. Cheap oil is good for the economy.
Isn't exporting oil counter-intuitive to the Green energy movement backed by the Obama administration? The government pump so much subsidization into the green energy market expecting a return in consumers to switch to greener energy, yet still encourages the drilling of shale oil? The hypocrisy in this is that the US is still very greedy in trying to support the companies that pays their pockets. I'm just waiting for the OPEC nations response when the US decides to lift the ban on oil export.
We produce more oil than we consume. Exporting it or drinking it are the only viable solutions.
Maybe by then NOV will be upgrading Iran's Rigs & the US oil embargo will be lifted, allowing companies to export to the open market as well.