Callon Petroleum (CPE)

[DragonBear]

once and for all -T Boone is incorrect

Who is going to force Gulf refineries to pay $70+ for Canadian oil, instead of Saudi 55?

Who is going to force US frackers like CPE to pump at break even or for a loss?

or...

Are US consumers going to subsidize Canadian and US frack oil prices by paying more at the pump without complaint?

Pickens only makes sense when oil is back in the $80s or above. Which is precisely why the Saudis have launched their oil price war. They want to cripple NA oil now. Regain the market share which has been drifting away from them.

Also in order to make the magical switch, more US refineries need to switch from heavy to light oil, with the pipelines to get the Bakken and Permian oil to them. Shoving Canadian heavy down to the Gulf coast for refining into diesel to be exported, doesn't do much for the US consumer. Is the US going to ban diesel fuel exports to force that issue? Does Pickens ever discuss such issues?