Dammam; 1938
Part 2 The Prophecy Well, ٧بئر رقم Max Steinike, left, proved very pursuasive in SOCAL's headquarters in San Franciso the summer of...
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“To put it in concrete terms: With no new investment, global oil supplies would fall by more than 15 million barrels per day in the first year alone.” This is a scary prospect because “At that rate, by 2030, oil supplies would fall from 100 million barrels per day to less than 30 million – that’s 70 million barrels short of what’s needed to meet demand every day.” Exxon; 2024
People mistakenly believe all oil is created equal, or oil is simply, oil. Its not. LTO from America's shale oil basins has to be be exported because we are extracting it a faster rate than American refineries can process it. In 1970 all conventional oil could
be absorbed here in America. Today half of all tight oil production from the US is exported. More LTO produced, as in drill baby, drill....more exports to foreign countries. All LTO produced in America CAN be processed in America, for Americans; extraction rates must simply equal processing rates.
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I do this blog stuff for fun, not to make money. I am not trying to sell you anything.
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.
Mike Shellman
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