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Figured I'd drop back here to see if anything is going on. Oil's at 65/BBL. Is this enough to keep the Bakken going?
It takes time for the oil field to crank back up. First, they have to determine that the prices will hold for a while and then the logistics take time.
It will be several months before anybody wants to risk starting back up in North Dakota or anywhere else. People are hopeful in the oil patch though.
And that's why I asked. I wonder what the threshold price is where the drillers think it's worthwhile to develop new wells?
Overall it's about 50 bucks a barrel give or take. But they won't go back out there unless they read the tea leaves and see that there is going to be some stability in the prices. However the price right now is high enough that they will pump existing wells. So they'll do that until they see what they THINK is going to happen.
I live right between three hot oil spots here in Oklahoma. If it gets in the $60-$70 dollar range it starts to happen pretty quickly. Its amazing to see the derricks spring up and the pipe yards open and all that. Right now they are on the ready I bet. Here it's been about a four year drought.
C24L and the Bakken probably have a better shot at booming again than we do simply because of the gargantuan amount they can produce. I hope this time they can be more ready for their distribution. That's the one thing we had over those areas. We could get what we pumped out to market a lot easier. Those places got backlogged bigtime. They could get it out, but they couldn't move it to market.
Has the population gone back down to pre oil boom levels?
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