{"id":53265,"date":"2020-05-14T09:32:09","date_gmt":"2020-05-14T14:32:09","guid":{"rendered":"https:\/\/olduvai.ca\/?p=53265"},"modified":"2020-05-14T09:32:16","modified_gmt":"2020-05-14T14:32:16","slug":"is-eia-data-disguising-a-disastrous-decline-in-u-s-shale","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=53265","title":{"rendered":"Is EIA Data Disguising A Disastrous Decline In U.S. Shale?"},"content":{"rendered":"\n

Is EIA Data Disguising A Disastrous Decline In U.S. Shale?<\/a><\/h3>\n\n\n\n

The Trump administration claims that the U.S. is \u201ctransitioning to greatness,\u201d and that energy companies are going to see \u201cmassive gains.\u201d U.S. Secretary of Energy Dan Brouillette says there is \u201cstability\u201d in the oil market, and that economic activity will \u201cexplode\u201d on the other side of the pandemic.<\/p>\n\n\n\n

\n\n\n\n

<\/a>Dan Brouillette\u2714<\/strong>@SecBrouillette<\/a><\/a><\/p>\n\n\n\n

Thanks to the leadership of President @realDonaldTrump<\/a>, the transition to greatness is well underway, and our economy along with our U.S. energy companies are going to see massive gains on the other side of this pandemic.<\/p>\n\n\n\n

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Meanwhile, back in reality, U.S. oil production continues to decline as drillers shut in wells and cut back spending. Output has already declined by 1.1 million barrels per day (mb\/d), and more losses are likely. New data from Rystad Energy predicts U.S. oil production declines of roughly 2 mb\/d by the end of June.<\/p>\n\n\n\n

\u201cActual production cuts are probably larger and occur not only as a result of shut-ins, but also due to a natural decline from existing wells when new wells and drilling decline,\u201d Rystad said in a statement.<\/p>\n\n\n\n

Energy expert Philip Verleger, in an article for Energy Intelligence reports that the magnitude of output declines is much larger. His latest research shows that production as of May 10 is down by almost 4 million bpd from its peak as the below chart shows.<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

Source: PK Verleger LLC<\/a><\/p>\n\n\n\n

To be sure, the U.S. government is doing quite a bit to try to bailout the oil industry. A new report finds that some 90 oil and gas companies will benefit<\/a> from the Federal Reserve\u2019s corporate bond buying program. The Trump administration is also quietly reversing<\/a> environmental protections on the oil and gas industry.<\/p>\n\n\n\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Is EIA Data Disguising A Disastrous Decline In U.S. Shale? The Trump administration claims that the U.S. is \u201ctransitioning to greatness,\u201d and that energy companies are going to see \u201cmassive gains.\u201d U.S. Secretary of Energy Dan Brouillette says there is \u201cstability\u201d in the oil market, and that economic activity will \u201cexplode\u201d on the other side […]<\/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":[3],"tags":[29724,251,4516,6010,589,595,596,5332,723,20311],"class_list":["post-53265","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-dan-brouillette","tag-eia","tag-energy-information-agency","tag-nick-cunningham","tag-oil-demand","tag-oil-production","tag-oil-supply","tag-oilprice-com","tag-shale-oil","tag-us-shale-oil-industry"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53265","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=53265"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53265\/revisions"}],"predecessor-version":[{"id":53266,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53265\/revisions\/53266"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=53265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=53265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=53265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}