The old saying "When you find yourself in a hole, stop Digging". Would this not be true when it comes to Pumping Oil? There is a Glut and prices are going down per barrel of oil, but notice the price of Gas is going up. Why are they pumping like crazy?

It's a catch 22 for me. I like paying less at the pump but I get more from royalties' if the price is higher. But the winter blend is coming soon and that is cheaper. Or do I have that backwards? All I know is our national security is no longer threatened by others controlling our economy by controlling oil production.

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Originally Posted by Oliver2011

It's a catch 22 for me. I like paying less at the pump but I get more from royalties' if the price is higher. But the winter blend is coming soon and that is cheaper. Or do I have that backwards? All I know is our national security is no longer threatened by others controlling our economy by controlling oil production.

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I agree it is a catch 22 and right now I am catching hell with the stock of these pumpers. Yet, the price of gas has continued to rise, Some one is making a bundle. Cheap Oil should = Cheap Gas. So why do the pumpers keep digging? They must offset their Barrel Loss with income from Gasoline Sold. Still a couple months of summer travel before Winter Blend sets in.

Lucky for me (sarcasm) we also have natural gas being pumped from our land. The bottom dropped out from there as well. I try not to look at it daily.