Low oil prices send chills through oil patch

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A bad report for towns and people like Marcus Jundt of  Williston from Minnesota is a great report for people like you and me!

If people in towns feeling the heat from low oil prices are un-happy, dump the oil rigs and switch to alternative energy?

U.S. oil production has gone up by 3.5 million barrels per day, or 70 percent, since 2008.

High prices fueled the boom, providing oil companies the profits and investor cash to buy up land, pay for drilling rigs, and develop new technology, a $20 drop in the price of oil means $170 million less in revenue every day for the U.S. oil industry.

That oil has averaged $96 a barrel over the past four years, fueling more drilling, more hiring, and bigger appetites in North Dakota, Texas, Oklahoma and elsewhere. Now oil has hit a rough patch, plunging to $79 from $107 in June on fears of a global glut. Many expect these lower prices to stick around for a while.

http://leesburgdailycommercial.fl.newsmemory.com/

I still say that if we have another Republican Congress, watch how fast all prices on anything you buy climes the ladder!

Someone needs to pay back all of those millions of campaign dollars to get so many puppets into office enabling companies like the Koch Brothers to rob the people blind!

Guess what will happen with the next Republican congress and president, we already have a stacked judicial system!

branches

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