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An Alarming Trend Is Developing In US Shale Oil Production
An Alarming Trend Is Developing In US Shale Oil Production Summary U.S. oil production is currently around ~13 million b/d. But despite the overall meaningful decrease in Lower 48 gas production, associated gas production remains strong. In addition, EIA’s reported weekly NGL production continues to outpace crude production growth. The market still falsely believes that […]
Peak oil is here!
Peak oil is here! Preface. Peak oil is here! The global production of crude oil happened in November of 2018 (EIA 2020), and has declined for four years, enough time to officially declare global peak oil production. Conventional crude oil production leveled off in 2005, and peaked in 2008 at 69.5 million barrels per day (mb/d) […]
U.S. Energy Production Saw Steepest Drop On Record In 2020
U.S. Energy Production Saw Steepest Drop On Record In 2020 Due to economic responses to the pandemic, U.S. energy production dropped by 5 percent last year, marking the steepest annual decline on record, the U.S. Energy Information Administration (EIA) said on Thursday. Last year, energy production in the United States fell to just below 96 quadrillion British […]
Update on the WTF Collapse of Gasoline & Jet Fuel Consumption: The Holiday Period
Update on the WTF Collapse of Gasoline & Jet Fuel Consumption: The Holiday Period Long-term structural issues have long dogged these fuels. Then came the Pandemic. During the holiday shopping and travel period in December and early January, ten months into the Pandemic, gasoline consumption in the US was down about 12% from a year […]
U.S. crude output to decline more than previously forecast in 2020 -EIA
U.S. crude output to decline more than previously forecast in 2020 -EIA NEW YORK (Reuters) -U.S. crude oil production is expected to fall by 910,000 barrels per day (bpd) in 2020 to 11.34 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a steeper decline than its previous forecast for a drop of […]
Has oil peaked?
Has oil peaked? Last month, the world’s 4th largest oil company—BP—predicted that the world will never again consume as much petroleum as it did last year. So, have we finally hit peak oil? And if so, what does that mean for our economy and our world? There was fierce controversy in the first decade of this century […]
IT’S ALL DOWNHILL FROM HERE: U.S. Oil Production Peak Already In The Rear-view Mirror
IT’S ALL DOWNHILL FROM HERE: U.S. Oil Production Peak Already In The Rear-view Mirror It’s a shame that the drive for U.S Energy Independence only lasted for about a year. Even worse, U.S. Shale Oil Industry responsible for the country’s energy independence is now in serious trouble as the companies have cut drilling by 75% […]
Update on the WTF Collapse of Demand for Gasoline, Jet Fuel, and Diesel
Update on the WTF Collapse of Demand for Gasoline, Jet Fuel, and Diesel No “V-shaped recovery back to normal.” Demand for gasoline collapsed in a stunning and historic manner, starting in mid-March when the measures to slow down the spread of the pandemic took effect, when working from home became the new thing, and when […]
Is EIA Data Disguising A Disastrous Decline In U.S. Shale?
Is EIA Data Disguising A Disastrous Decline In U.S. Shale? The Trump administration claims that the U.S. is “transitioning to greatness,” and that energy companies are going to see “massive gains.” U.S. Secretary of Energy Dan Brouillette says there is “stability” in the oil market, and that economic activity will “explode” on the other side […]
U.S. Oil, Gas Rigs Fall Below 400 For The First Time Since 1940
U.S. Oil, Gas Rigs Fall Below 400 For The First Time Since 1940 Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 34, falling to 374, with the total oil and gas rigs sitting at 614 fewer than this time last year as […]
Postmortem of the Infamous Day WTI Crude Oil Futures Went to Heck in a Straight Line
Postmortem of the Infamous Day WTI Crude Oil Futures Went to Heck in a Straight Line The US Energy Information Agency (EIA) dissects the historic event. “It’s not often that we’re served up a WTF moment like this,” I wrote on April 20, when the May contract for crude-oil benchmark-grade West Texas Intermediate (WTI) plunged to […]
U.S. Oil Drilling Grinds To A Halt At Key Shale Hotspots
U.S. Oil Drilling Grinds To A Halt At Key Shale Hotspots Oil and gas production in the United States has peaked and is already in decline. The latest data from the EIA’s Drilling Productivity Report sees widespread production declines across all major shale basins in the country. The Permian is set to lose 76,000 bpd between April […]
U.S. Gasoline Product Supplied Falls Off A Cliff
U.S. Gasoline Product Supplied Falls Off A Cliff In just two short weeks, U.S. gasoline product supplied to the market fell 32%. The last time weekly gasoline supplies were at this level was more than 30 years ago. Unfortunately, the continued lockdown of a large part of the country will negatively impact the gasoline supply […]
