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Many, many Americans believe this very thing!
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"The report’s authors do not go so far as to directly accuse the IEA of sneakily undermining the investment climate enough to create future recession-causing price spikes, but energy experts know that similar production shortfalls in the past have done exactly that.
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In the 1970s, a barrel of oil went from $4 to a new plateau of about $32 a barrel by 1981, a seven-fold rise in the nominal price that crashed many national economies. In the super-spike era between 2004 and 2013, long-term oil prices roughly tripled while playing an underappreciated supporting role in the 2008 Global Financial Crisis.
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If another major upward price correction arrives in the coming years, don’t forget to include the IEA’s willful errors when making a list of perpetrators. All government institutions are political, no matter how much structure is insulated from direct influence. Let’s hope the IEA has learned a lesson or two about the costs of believing there is a “right side of history” to be on." RealClear Energy
This chart pretty much sums it up: almost 58,000 HZ tight oil wells making 6.2 MM BPD of crude and condensate, 27 BCFGPD and 26.5 MM BWPD. The best wells in the Permian were drilled very early on in the play. They were short laterals compared to current laterals over 3 miles long. Once the cores were delineated, the sector started drilling wells too close together and today the laterals are twice as long but make 30-40% less C+C
Now, for the Basin, both oil and natural gas have stopped growing and is rolling over the hill.
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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.
