atans1

America is Great Again but no thanks to Trump

In Energy on 09/03/2019 at 4:36 am

Thank Texas, New Mexico and geology. And America’s God?

By 2024 Exxon and Chevron now expect to be pumping almost 2m barrels a day combined from the Permian, which straddles Texas and New Mexico. That is 60 per cent more than previously forecast.

The Permian as a whole will already produce about 4m b/d this year, meaning that this one region — if it were an Opec country — would be the third-largest producer in the cartel, behind only Saudi Arabia and Iraq.

FT report

One in the eye for Allah and his prophet Mohammed?

Mammon of America got a lot more power.

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  1. They are reaping the fruits of labour done during the dark years of “Peak Oil” & GFC in 2007-2009. Smart money & early speculators put in their money for hydraulic fracturing & horizontal drilling then, and sold off most of their stakes in the blow off commodities top in 2011 (and another mini boom in late-2014/early-2015).

    Retail investors were sold & “advertised” the chance to come on board during 2009 and 2010, but obviously many were still comatose from GFC and not really in the mood.

    Incidentally, 2010-2011 was also the time when experienced investors started beating the drums on investing in US residential property (again).

    Never under-estimate the ingenuity of humans to rise from the ashes & find ways to innovate to generate more $$$$$$$$$$$$$$$$$$$$$. No wonder Buffett is so adoring of the US economy as a wealth-gushing machine.

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