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True Believers
True Believers There is a special species of idiot at large in the financial media space who believe absolutely in the desperate and tragic public relations bullshit that this society churns out to convince itself that the techno-industrial high life can continue indefinitely, despite the mandates of reality — in particular, the fairy tales about […]
The Looming Bankruptcy Of Saudi Arabia
The Looming Bankruptcy Of Saudi Arabia There’s two interesting little stories in this idea that Saudi Arabia is going to go bust in a couple of years as a result of the sagging oil price. Both are more general economic ideas than just the story of that oil price. The first is that mono-anything in […]
Cash-Strapped Saudi Arabia Hopes To Continue War Against Shale With Fed’s Blessing
Cash-Strapped Saudi Arabia Hopes To Continue War Against Shale With Fed’s Blessing Two weeks ago, Morgan Stanley made a decisively bearish call on oil, noting that if the forward curve was any indication, the recovery in prices will be “far worse than 1986” meaning “there would be little in analysable history that could be a […]
Once Burned, Twice Shy? Utica Shale Touted to Investors As Shale Drillers Continue Posting Losses
Once Burned, Twice Shy? Utica Shale Touted to Investors As Shale Drillers Continue Posting Losses For the past several weeks, the drilling industry — hammered by bad financial results — has begun promoting its next big thing: the Utica shale, generating the sort of headlines you might have seen five years ago, when the shale […]
Higher-risk ‘Shallow Fracking’ More Common than Suspected: Study
Higher-risk ‘Shallow Fracking’ More Common than Suspected: Study Lessons for BC, Alberta in new Stanford report. The fracking of oil and gas less than a mile from aquifers or the Earth’s surface now takes place across North America with few restrictions, posing increased risk for drinking water supplies, says a new Stanford study. The study examined […]
This Is Why A Serious Decline In U.S Shale Plays Is Not Far Away
This Is Why A Serious Decline In U.S Shale Plays Is Not Far Away The plunge in oil prices last year led many to say that a decline in U.S. oil production wouldn’t be far behind. This was because almost all the growth in U.S. production in recent years had come from high-cost tight oil […]
Will the Oil Patch Bust Trigger Recession?
Will the Oil Patch Bust Trigger Recession? This seemingly inexhaustible credit line is now drying up, with severely negative consequences for oil producers with debt that’s coming due. Could the oil patch bust triggered by oil plummeting from $100/barrel to $50/barrel kick the U.S. into recession? Longtime correspondent B.C. recently observed: The question is whether the incipient […]
It’s Happening: Debt Is Tearing up the Fracking Revolution
It’s Happening: Debt Is Tearing up the Fracking Revolution The shares of Chesapeake Energy, second largest natural-gas driller in the US, crashed nearly 10% today, to $9.29, the lowest price since August 2003, down nearly 70% since oil began to plunge a year ago. The company’s $1.1 billion of 5.75% notes fell to an all-time low […]
Has U.S. oil production started to turn down?
Has U.S. oil production started to turn down? The plunge in oil prices last year led many to say that a decline in U.S. oil production wouldn’t be far behind. This was because almost all the growth in U.S. production in recent years had come from high-cost tight oil deposits which could not be profitable […]
More Job Losses Coming to U.S. Shale
More Job Losses Coming to U.S. Shale With the recently concluded nuclear deal between Iran and the P5+1 countries, oil prices have already started heading downward on sentiments that Iran’s crude oil supply would further contribute to the already rising global supply glut. The economic crisis in Greece, OPEC’s high production levels and China’s market […]
EIA Confirms: Oil Production Peaked
EIA Confirms: Oil Production Peaked U.S. oil production has peaked…at least for now. That is the conclusion from a new government report that concludes that U.S. oil production is on the decline. After questions surrounding the resilience of U.S. shale and when low oil prices would finally cut into production, the EIA says the month […]
Greenwash: Shell May Remove “Oil” From Name as it Moves to Tap Arctic, Gulf of Mexico
Greenwash: Shell May Remove “Oil” From Name as it Moves to Tap Arctic, Gulf of Mexico Shell Oil has announced it may take a page out of the BP “Beyond Petroleum” greenwashing book, rebranding itself as something other than an oil company for its United States-based unit. Marvin Odum, director of Shell Oil’s upstream subsidiary companies in the Americas, told Bloomberg the name Shell […]
Chinese stocks: When mispricing becomes more important than pricing
Chinese stocks: When mispricing becomes more important than pricing Defenders of the free market faith tell us that price conveys a great deal of information, enough that you can base an entire economic system on it without any central planning or coordination whatsoever. Whether extreme devotion to this principle is wise may not be so […]
