Cliff's Notes On The Current Slump In The Price Of Oil -- January 22, 2015

First you have the "unabridged."

Then, the "edited, abridged."

Then, the Reader's Digest version.

And, now Cliff's Notes. A reader sent this link. One of the best posts I've seen on the subject. I'll link you to it now, cut and paste portions later. The problem is: one cannot simply cut and paste a few line items --  you need to see it all.

Having said that, the two three observations I like best:

• OXY thinks no one knows, but the key is Chinese demand. “Ignore the noise from the oil ministers.” 
• WPX slashing rig count from 18 to 7 (Bakken, Piceance, San Juan Basins). 5 rigs in Bakken going to 1 but says can easily ramp back up to peak of 30 (thirty)
• OXY: acreage costs have collapsed so bolt-on acreage opportunities abound. Large scale opportunities are not attractive as you are buying someone else’s problems

I assume this post could be lost to archives; one may want to save it.