{"id":52967,"date":"2020-05-03T19:48:56","date_gmt":"2020-05-04T00:48:56","guid":{"rendered":"https:\/\/olduvai.ca\/?p=52967"},"modified":"2020-05-03T19:49:02","modified_gmt":"2020-05-04T00:49:02","slug":"oil-flows-spell-deep-depression","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=52967","title":{"rendered":"Oil flows spell deep depression"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/resourceinsights.blogspot.com\/2020\/05\/oil-flows-spell-deep-depression.html\">Oil flows spell deep depression<\/a><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Energy is not just one commodity among many in the economy; it is&nbsp;<em>the<\/em>&nbsp;commodity. Without energy, nothing gets done. And, oil is not just one form of energy in the energy commodity complex; it is&nbsp;<em>the<\/em>&nbsp;energy source upon which our modern way of life depends. In fact, it is the main energy source running through the arteries of the global economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Far from being a boon to the world, ultra-low oil prices signal that the global economy is flat on its back\u2014even worse, flat on its back with two broken legs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Petroleum geologist and consultant Art Berman recently detailed the problem in&nbsp;<a href=\"https:\/\/www.artberman.com\/2020\/04\/27\/game-over-for-oil-the-economy-is-next\/\">this piece<\/a>. Berman is the man who accurately predicted\u2014starting way back in 2008\u2014the persistent losses that shale oil and gas would produce for the companies that extracted them. The shale industry continuously vilified Berman for his analysis over the next decade, even as the industry was in the process of&nbsp;<a href=\"https:\/\/resourceinsights.blogspot.com\/2019\/06\/shale-oil-and-gas-destroying-capital.html\">blowing 80 percent of investors&#8217; capital as of last year<\/a>. With the arrival of the coronavirus, the coup de gr\u00e2s has just been delivered to a shale oil and gas industry that was already on its knees.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Perhaps the most important thing to understand about the current oil &#8220;glut&#8221; is that it is not merely the result of producing too much oil for an economy humming on all cylinders. It is primarily the product of a coronavirus-infested economy in which demand has dropped 20 percent in just a few weeks. As Berman points out, estimated U.S. oil consumption has returned to a level not seen since 1971.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil flows spell deep depression Energy is not just one commodity among many in the economy; it is&nbsp;the&nbsp;commodity. Without energy, nothing gets done. And, oil is not just one form of energy in the energy commodity complex; it is&nbsp;the&nbsp;energy source upon which our modern way of life depends. In fact, it is the main energy [&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":[8195,2310,588,1729,855],"class_list":["post-52967","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-art-berman","tag-depression","tag-oil","tag-oil-and-gas-industry","tag-viral-pandemic"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52967","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=52967"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52967\/revisions"}],"predecessor-version":[{"id":52968,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52967\/revisions\/52968"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}