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Planet of the Space Bats

March 26, 2015

Planet of the Space Bats As my regular readers know, I’ve been talking for quite a while now here about the speculative bubble that’s built up around the fracking phenomenon, and the catastrophic bust that’s guaranteed to follow so vast and delusional a boom. Over the six months or so, I’ve noted the arrival of […]

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Wall Street Losing Millions From Bad Energy Loans

March 23, 2015

Wall Street Losing Millions From Bad Energy Loans Oil companies continue to get burned by low oil prices, but the pain is bleeding over into the financial industry. Major banks are suffering huge losses from both directly backing some struggling oil companies, but also from buying high-yield debt that is now going sour. The Wall […]

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Global Shale Fail: Oil Majors Leaving Fracking Fields Across Europe, Asia

March 23, 2015

Global Shale Fail: Oil Majors Leaving Fracking Fields Across Europe, Asia With some analysts predicting the global price of oil to see another drop, many oil majors have deployed their parachutes and jumped from thehydraulic fracturing (“fracking”) projects rapidly nose-diving across the world. As The Wall Street Journal recently reported, the unconvetional shale oil and gas boom is […]

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Wall Street Banks Hit by Oil & Gas Defaults, Bankruptcies

March 23, 2015

Wall Street Banks Hit by Oil & Gas Defaults, Bankruptcies The fracking boom has been cash-flow negative for oil and gas drillers from the very beginning. The steep decline rates of fracked wells force producers to drill more wells just to keep production and revenues flat, even at high oil prices. They fund this drilling […]

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The US Oil Bust Just Got Worse

March 14, 2015

The US Oil Bust Just Got Worse The price of Oil did today what it has been doing for a while: it waits for a trigger and plunges. As I’m writing this, West Texas Intermediate is down 4.4%, trading at $44.99 a barrel, less than a measly buck away from this oil bust’s January low. […]

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Has California’s Fracking Boom Already Gone Bust?

March 9, 2015

Has California’s Fracking Boom Already Gone Bust? We accelerate down the runway — a tiny asphalt strip next to Taft Skydiving. Our little Piper Cherokee lifts off and as we ascend, I peer out the window. Below us is California’s Kern County and more than a century of oil exploration — from the gushers of […]

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Olduvai IV: Courage
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