{"id":23535,"date":"2017-04-10T20:22:48","date_gmt":"2017-04-11T01:22:48","guid":{"rendered":"http:\/\/olduvai.ca\/?p=23535"},"modified":"2017-04-10T20:22:48","modified_gmt":"2017-04-11T01:22:48","slug":"give-us-another-oil-boom","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=23535","title":{"rendered":"Give Us Another Oil Boom"},"content":{"rendered":"<header class=\"wrapper entry-header page-header\">\n<div class=\"title-with-sep single-title\">\n<h3 class=\"entry-title\">GIVE US ANOTHER OIL BOOM\u00a0<\/h3>\n<\/div>\n<\/header>\n<div class=\"wrapper\">\n<div class=\"grids\">\n<div class=\"grid-8 column-1\">\n<div class=\"single-box clearfix entry-content\">\n<p><strong>Dear Lord, Y\u2019all give us another oil boom\u2026<\/strong><\/p>\n<p>If there is one sector of the US economy where an Austrian-style Boom-and-Bust bust has taken place, it is the onshore oil industry \u2013 though, by extension, other primary resource industries, such as metals and mining and farming have also suffered in the ongoing aftermath of the general commodity bust.<\/p>\n<p>The good news is that the Austrian prescription for how to deal with a such a calamity has also been followed. The weak have ceded control to the strong \u2013 whether by bankruptcy, equity dilution, or co-option and takeover. Prices have been allowed to fall; payrolls \u2013 alas, for the unfortunate souls involved \u2013 have been cut; the more marginal projects have been put in abeyance, while an unrelenting search for greater efficiency has gone so as to reduce the level of the all-important cut-off between profit and loss.<\/p>\n<p>As a result \u2013 and even if we do have to offer a caveat that much of what is afoot is also taking place under the baleful influence of over-easy monetary conditions \u2013 the industry has not only found a base, but has even begun to expand once more with no bail-outs, TARPs, or other assistance from a government apparatus (which, if anything has been intensely antagonistic to the industry on ideological grounds), saving only the putative enactment of last autumn\u2019s OPEC agreement to limit output elsewhere.<\/p>\n<p>To put this into context, we could perhaps start with a Moody\u2019s report from the middle of last year which summed matters up by declaring that the oil bust was fully comparable with that vast destruction of value which took place during the first great Tech-Telecom mania at the turn of the century.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>GIVE US ANOTHER OIL BOOM\u00a0 Dear Lord, Y\u2019all give us another oil boom\u2026 If there is one sector of the US economy where an Austrian-style Boom-and-Bust bust has taken place, it is the onshore oil industry \u2013 though, by extension, other primary resource industries, such as metals and mining and farming have also suffered in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[2125,12587,7380,588,1397],"class_list":["post-23535","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-austrian-economics","tag-boom-and-bust-cycle","tag-cobden-centre","tag-oil","tag-oil-boom"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23535"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23535\/revisions"}],"predecessor-version":[{"id":23536,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23535\/revisions\/23536"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}