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"In that extremely possible scenario, it will not be hard to see reasons to support a situation in which oil prices could remain elevated long after the immediate crisis fades. A possible new short-term baseline has already been discussed, hovering above $100 per barrel. This is not fiction or a temporary spike. If, in the next days or weeks, infrastructure damage increases (or worsens), combined with geopolitical tensions, levels of $120 or even $150 cannot be ruled out."
https://oilprice.com/Energy/Crude-Oil/The-Myth-of-the-Oil-Glut-Is-Dead.html
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I can't say that I will ever be able to understand the mind-set of an American politician with the responsibility of conserving our hydrocarbons for the future that can look at this chart and believe America is energy secure, energy independent or energy dominate. Unconventional tight oil production has an annualized decline rate of 43%; if drilling tight oil wells stopped that 9 MM BOPD plus would be down to 2.5 MM BOPD
in less than three years.
Tight oil production has peaked in all major basins and is decline in the three of those basins. 45% of shale oil comes from just 8 counties in the Permian that are now facing pressure depletion, falling well productivity and absolutely no place to put 27 MM BPD of produced water. We are living hand to mouth in America, our oil and natural gas future lies in a few counties in one Basin, with operators getting deeper and deeper in debt to drill the stuff.
Art Berman is correct, America is oil illiterate.
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The materials provided on this site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice. I may make data related mistakes occasionally; if you use my opinions about oil reserves or shale well economics for financial purposes, to buy or sell stocks, your nuts. Don't do that. If I have used a photograph incorrectly it was for educational purposes and I have done my best of to give credit where credit is due. My stories are all true, slightly embellished, perhaps, but true; I don't change names to protect the guilty. I am as accurate as possible about history and historical facts; I work very hard at that.All rights are reserved, whatever that means. Don't blame me, I didn't do it.
