Why are we delaying?
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Obama voters want more than just a slice of the pie. They also want...
The honey pot
More hand outs
$15 minimum wage
Tax the 1%
Throw me something mister!
Whatever is free.
Well,... if there WERE "just one thing" that thing would be the Saudis stubborn refusal to balance supply by lowering their production. Thanks to Russian influence (via attempts to invade markets typically open only to Saudi crude), the Saudis got an early start on that stubbornness. With The Rise Of Iran, the Saudis decided to dig in a little more, partially as a means of "encouraging" U.S. fracking to shut in. The House Of Saud is in turmoil and they are now in the precarious position of having to do that which they most do NOT want to do,... play ball with Iran and Russia, which will undoubtedly require them to settle for a smaller "slice of the pie" (to put it in terms that Obama voters can understand).
@1axo, the world's population hasn't shrunken, but over the past two years, their demand for goods and services have diminished. This is not the only reason behind low energy prices. The global economy is diverse and complicated. A perfect storm of changes in the world economies has resulted in a rapid slowdown in production levels. Therefore energy demand has fallen drastically. Naturally, in all this mix, there is the speculative element. It's not just one thing that has directly driven down oil prices.
Can you count? Do relatively simple math? Considering that "X" amount of Capital spend is completely discretionary, factoring in todays DFLC, Chevron would meet all obligations INCLUDING paying dividends and CIP with free cash flow right down to about $12.00 a Bbl, why would Chevron even consider bankruptcy? BTW if you have to ask what a single think I wrote here means you don't belong in this conversation.
I'm sorry but I just don't believe supply and demand could have changed that much in less than two years. We still have about the same population on earth, even more, who need energy to live.
@1daw, if Chevron or the United States had the monopoly in oil, we could set the price higher if we wished. The fact is many countries around the world produce oil, and some produce great quantiles as well. It's the supply and demand that sets prices. Speculators are investors (traders) in the commodity and can influence the movement of prices, but don't really control it. The world has a glut of oil (too much supply) and the world's demand for energy is low right now because the economy has slowed down. This imbalance is the reason for the low oil prices.
@1daw if it worked like that we would charge 10k bbl
We are powerful
Why can't the oil producers just refuse to sell their oil for less than $100 a barrel? Why are they letting speculators control the price of oil? It seems the ones who own the oil should be able to sell it for any price they want. If one group raised the price, the others would follow suit.
Bankruptcy? A bit of tongue-in-cheek humor right? Yes, things look terrible, but this company has weathered bad times before. The company will get through this rough patch again. Just hope your pessimistic ass is lucky enough to weather the storm. I hope not.
Because Chevron employees are flawlessly perfect, or didn't you know that?