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1 freetoken  Wed, Jul 17, 2013 1:20:32am

Beware the propaganda machine.

“Oil” is a magick word.

2 JeffFX  Wed, Jul 17, 2013 5:51:57am

>Death Knell for OPEC

I wish, but if people shun OPEC in an effort to deny the Saudis our money that they use to finance religious extremism, all they have to do is lower prices below oil from this new find. Even if America bans middle-eastern oil, other countries will buy it.

3 Stoatly  Wed, Jul 17, 2013 6:23:11am

re: #2 JeffFX

And they can easily lower prices while making plenty of money - Saudi crude is “light and sweet” and therefore is cheap to process, and is cheap to extract (thought it doesn’t quite pump itself out of the ground like it used to, the Saudis are having to inject water and CO2 now, but it’s still nowhere near the expense of offshore rigs or the techniques used to recover unconventional deposits like fracking, strip mining, solvent injection etc)

4 Origuy  Wed, Jul 17, 2013 10:34:18am

The Wikipedia article on Coober Pedy is interesting.

The local golf course - mostly played at night with glowing balls, to avoid daytime temperatures - is completely free of grass, and golfers take a small piece of “turf” around to use for teeing off. As a result of correspondence between the two clubs, the Coober Pedy golf club is the only club in the world to enjoy reciprocal rights at The Royal and Ancient Golf Club of St Andrews.

5 Dark_Falcon  Wed, Jul 17, 2013 7:23:28pm

re: #3 Stoatly

And they can easily lower prices while making plenty of money - Saudi crude is “light and sweet” and therefore is cheap to process, and is cheap to extract (thought it doesn’t quite pump itself out of the ground like it used to, the Saudis are having to inject water and CO2 now, but it’s still nowhere near the expense of offshore rigs or the techniques used to recover unconventional deposits like fracking, strip mining, solvent injection etc)

It’ll still cost them revenue, and they’ve got substantial domestic expenses. Further, this sort of shale play has only gotten cheaper to extract from, since the equipment to do so is now in regular production, and properly safe techniques for said extraction have been found.

The Saudis will get hit by this.


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