United States output for crude in January at 9.2 million barrels PER DAY.
America has not had that kind of production since 1971.
Off only 4 PERCENT from all time high for a month.
Saudi Arabia needs $100 oil to keep their infrastructure and people "happy". They are losing BIG TIME.
Google "Texas is not afraid of $30 oil".
1/2 the oil fields in the Eagle Ford and Permean Basin make a profit at $22.72 !!!
That's what they said about Rite-Aid (RAD) 3 years ago when they got a woman CEO when it was only worth 8 cents.
Now it is $7.92.
Imagine how rich you would be if you would have bought $5000 worth of shares prices at .08 back then.
That $5000 would be worth $495,000 now.
But we have a 35,000 year supply of crude right here in the states.
The market cap of this company now wouldn't even purchase the landing gear of a B2 Spirit bomber or 500 North Korean submarines.
First off,it is not on the NYSE any more.
it goes to a special place where stocks go to DIE.
I can't remember the rest of it.
You go ahead and build your position.
This company is hardly worth ANYTHING right now and being more so every day.
Not to mention it is one of the most EXPENSIVE AVENUES to extract oil from the earth.
LOOK AT THE MARKET CAP.
This company is only worth a THIRD of what it was a couple of months ago !
Barely a billion.
I'll be skiing vast fields of untouched powder in central Idaho all week.