Big Red Car here talking Texas oil, y’all. One of the worst reported business phenomenon is the enormous strength of American oil production and Texas’ part in that.
As you can see, it is an impressive curve with a May 2018 monthly flow of 4,243,000 barrels per day. This is larger than any Middle East country other than Saudi Arabia. Hello, America!
Trump on oil, Big Red Car?
We woke this morning to a Tweet from our Tweeter-in-Chief picking a long overdue fight with OPEC. The Organization of Petroleum Exporting Countries was formed in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
Currently, it is composed of Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emerates, and Venezuela. Sudan has applied to join. Indonesia was once a member.
[See what odd bedfellows a bit of oil and money creates?]
There is an “observer” class consisting of Egypt, Mexico, Norway, Oman, and Russia.
OPEC produces about 44% of the world’s oil while holding 73% of the world’s proven oil reserves.
OPEC exists to manipulate the price of oil by controlling the level of production thereby driving prices up through artificial scarcity.
Big Red Car here with gasoline prices in the ATX now at a low of $1.69/gallon at Sam’s Club in South Austin where it was about $1.49/gallon less than two months ago. It’s all about the price of oil. Wow!
Still, that is historically cheap.
Big news in the last few days out of Doha — the OPEC + Russia countries were unable to agree to freeze oil production at current levels through the end of 2016.
The fly in the ointment?
You guessed it — Iran.
Big Red Car here in the sunny ATX but it is a little chilly. Will be 65F this afternoon from a low of 35F this morning. That is a Texas winter. An idea we can all get behind, no?
So, have you seen the President’s proposed tax on the low price of oil? That will warm you on a cold morning.
Haha, you didn’t think that taxing rascal was going to let you keep that bit of declining gas price lagniappe, did you?
You are so cute when you have that stupid look on your face. You did think he was going to ignore it, didn’t you? So cute!
Big Red Car here in the crisp, sunny, loveliness that is the ATX — on Earth as it is in Texas, y’all!
Right to it. Oil prices, twelve year low.
The Big Red Car has been beating the drum about oil prices for almost six months –“Going to $30/barrel and will touch $20/barrel on the way. Biggest tax cut in American history.”
If the Big Red Car had a neck, it would be stretched way out there, y’all.
Oil hit a twelve year low yesterday and is headed lower still. Continue reading
Big Red Car here on what promises to be another day in paradise. On Earth as it is in Heaven! [Haha, just checking to see if you’re paying attention. You know it’s supposed to be — On Earth as it is in Texas!]
Did you know you are getting a huge tax cut? Yes, you are and it’s going to be grand. It already is and right in time for Christmas. Continue reading
Big Red Car here. Got a new set of tires this weekend and getting a new water pump today. Want a new paint job. Bad. Need one.
Tell The Boss to paint me. SOB is cheap.
So The Boss says to keep your eye on oil. Why? Continue reading
Big Red Car here. Well the rain has stopped but it’s going to be a cool and humid day in the ATX. Hey, we like cool in July and who doesn’t?
So The Boss is out early this morning but no work for a Big Red Car. The Boss won’t take a Big Red Car along unless there is sunshine in the forecast.