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 > Rising fuel, will it be any different this time?

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time2roll

Southern California

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Posted: 03/09/22 09:31am Link  |  Print  |  Notify Moderator

ferndaleflyer wrote:

I have several oil and gas leases. Explain to me why my oil production check for 3 wells went down $160 last check while the pump price is going up way faster than it should. Somewhere down the line someone is making a killing.
February was a shorter month? Maintenance shut down? Transportation fees increase?

I would think the contract holder would actually know how to calculate the changes or read the production statement.


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toedtoes

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Posted: 03/09/22 09:37am Link  |  Print  |  Notify Moderator

dedmiston wrote:

agesilaus wrote:

Well gas not diesel is $7 a gallon in Cali


Fake news. It’s bad, but not that bad.

San Luis Obispo is the worst in the state except for remote spots like Death Valley. It’s about $6/gal in SLO.

Not that I’m defending the insanity, but the rumors aren’t true (yet).



It's still under $5.00 in the valley.


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wapiticountry

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Posted: 03/09/22 09:39am Link  |  Print  |  Notify Moderator

People predicting the future are like a stopped clock, once in a while they will be right. The rest of the time, not very accurate.

John&Joey

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Posted: 03/09/22 10:34am Link  |  Print  |  Notify Moderator

wapiticountry wrote:

People predicting the future are like a stopped clock, once in a while they will be right. The rest of the time, not very accurate.


You don’t have to be right every time. Just more often then not. To be good in hockey you need to be good at knowing where the puck will be, not where it was. Not everyone is good at hockey, and that’s OK. Makes not being right every time about the puck still highly sought after players.

ktmrfs

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Posted: 03/09/22 11:41am Link  |  Print  |  Notify Moderator

ferndaleflyer wrote:

I have several oil and gas leases. Explain to me why my oil production check for 3 wells went down $160 last check while the pump price is going up way faster than it should. Somewhere down the line someone is making a killing.


probably depends on where the wells are and if flow is changing. On our wells in the Bakken field in ND royalty checks compare to a year ago are up by 16x. But that 16x increase is actually about double what it was when oil as in the $80 range, when oil tanked they basically barely pumped, since extraction costs were more than oil was selling for. Just pumped enough to keep the lease active.

Reality is that no much how we all would like rock bottom oil prices, New production areas in the U.S. have much higher extraction costs that older wells and many other international sources. And fracking wells drop of quickly, so wildly fluctuating oil prices aren't good, nor are big drops in oil prices.


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Boon Docker

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Posted: 03/09/22 01:10pm Link  |  Print  |  Notify Moderator

{snip}

Henny-Penny said to Cocky-Locky...... [emoticon]

* This post was edited 03/09/22 01:32pm by an administrator/moderator *

dedmiston

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Posted: 03/09/22 01:33pm Link  |  Print  |  Notify Moderator

Boon Docker wrote:

{snip}

Henny-Penny said to Cocky-Locky...... [emoticon]


I deleted the post that you quoted, so I had to snip it out of yours too.

Funny stuff though. Some days it feels like the sky actually is falling.


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Matt_Colie

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Posted: 03/09/22 01:40pm Link  |  Print  |  Notify Moderator

Well, I don't know about the rest of you, but we are retirees on a very fixed income. In actual fact, with the increase in Prices (that include Sales Taxes), Property Taxes and Medicare not nearly covered by the increase in Social Security, I am distressed by what my old Street Atlas tells me we can afford this year.

I had worked hard for a good retirement, but the abrogation eliminated the results of 28 Years (after the kids were on their own) worth of scrimping and saving and no real vacations and no big toys. If you think I am a little bitter about the whole thing, you are wrong. NO little there.

Matt


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A sailor, his bride and their black dogs (one dear dog is waiting for us at the bridge) going to see some dry places that have Geocaches in a coach made the year we married.


monkey44

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Posted: 03/09/22 02:41pm Link  |  Print  |  Notify Moderator

We're with you Matt ... comfortable retirement keeps getting bigger nibbles at it every year, slightly bigger nibble than the COLA is supposed to compensate for but never quite gets there.

When inflation - a word with an extremely variable definition - says its two or three percent this year. My truck insurance goes up twenty percent, I find it impossible to believe her response, "It's inflation, everything is going up.' When does a two percent COLA equal a twenty percent increase in premium? Beats me, but then again we retired folks use the original old style math - simple add and subtract, multiply and divide. [emoticon]


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ferndaleflyer

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Posted: 03/09/22 04:54pm Link  |  Print  |  Notify Moderator

My 3 oil wells are old. One was drilled in 1898 and is still producing. The other 2 were drilled right after WW 2 so they are old and pretty predictable. The gas ones are all over 15 years old and combined are also pretty consistent. As far as Feb being a short month, we will see as I haven't got that yet.

I don't depend on Social Security or Medicare but it was funny how they bragged about how large the increase in SS was then they took half of the increase for Medicare.

Leaving in the morning for Myrtle Beach for a week---supposed to be 24 on Sat night. Imagine that.

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