Funny thing, this Hart article.
Now that the elections are over, the drill baby, drill squad is confessing to the fact that American gasoline prices cannot be slashed in half by increasing U.S. tight oil and exporting it all around the world.
Well, no shit.
Hamm is not the only one to now be crawfishing, but a big one; Kudlow, Woods and several others, all the same thing. Even Trump now says we have an "abundance of liquid gold" in our country instead of " we have more liquid gold under America than anybody in the entire world." You can google all that.
I would expect this all to leave a lot of working class Republicans scratching their heads wondering, WTF?!!
Just kidding, the pundits will say; thanks for playing!
I don't think the Permian has another 2.0 MM BOPD in it knowing that 4.5 MM BOPD has to be replaced every year from legacy decline. Exported, and diluted over the world oil market, an additional 2.0 MM BOPD of U.S, tight oil, sustained for six months, would have only a minumum effect on U.S. gasoline prices. 40 cents, tops.
And where 'o where are they going to put all that produced water to make another 2-4 MM BOPD and reduce the cost of gasoline by half in the U.S?
Politicians lie and don't think a thing about it. They then spend the first 2 years of their new term to spin the lie.
Americans are about to find out what the meaning of "peak oil" actually was. It was never about running out of oil; that was dumb. It was always about struggling to produce enough "AFFORDABLE" oil to meet demand. Well, we're there. man. I am hopeful the first 2 years of this new Administration will finally, FINALLY, open some eyes.
Depletion shows its ugly self in many forms, like lousy well economics, falling liquids productivity, rising GOR, more gas representing the percentage of production stream and...water, water everywhere.
Hey, its just life. All oilfields deplete. Even the Permian HZ play. Only the liers making money from it all told you it was never going to end.
