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ryanator

Oil bust inevitable

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I've been reading more and more about a potential oil bust, especially right here in the Bakken. It's simple economics, the Bakken is very expensive to drill, costing $70-90 per barrel, doesn't leave much room when a barrel of oil is going for right below $82 right now. Some forecasters are saying that's just the beginning. If a barrel goes below $80 for several months, the drilling will subside significantly which in turn means the business associated with oil (which is heavily depended upon up in North Dakota) will slow and even go away. This could be reality in just a few years (some say significant impacts next year), not initial optimistic hopes of 30, 20, or 10, maybe not even 5.

There may be a lot of huge cheap houses around here soon...

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I'm thinking the same, it all rides on the price for the barrel of oil. This whole Ebola thing isn't going to help either. More and more people will not wanting to be traveling especially to larger areas, therefore not need to fuel their vehicles. There could be a big change coming around here.

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I have said it from the start. They predicted 20, 30 even 40 years. Those people are just insanely over confident and optimistic. You can only place so many oil wells before you don't need anymore and can only pump so much before we don't need to keep adding more and more. You can also only build so much before things even out and then bust.

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I wish people would wake up and start looking at renewable energy. Everything about oil is dirty, including the greed and bloodshed that goes with it.

As long as it profitable, there is actually a ton of deposits to keep drilling for here, but the keyword is profitable, which is harder to do up here due to weather and fracking. The city is trying to develop a better economy for people to stay after the initial service work to setup wells is gone, but just never know what could happen.

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