Today’s Energy Update
(Because Energy Fuels Our Lives)
The energy media has recently featured headlines that seem at odds with one another and that, when taken together, portend the possibility of a coming train wreck somewhere down the road where crude oil supply and prices are concerned. Let’s look at some of the more recent headlines as examples:
“The U.S. Shale Boom is About to Get a Major Upgrade” – Investors Business Daily, Feb. 19
“Wall Street Calls for Better Returns; Shale Gets Thrifty” – Gulf Times, Feb. 17
“OPEC Cuts Send Crude Exports to Lowest Since 2015” – Financial Times, Feb. 19
“U.S. shale oil output to hit record 8.4 million bpd in March: EIA” – Reuters, Feb. 19
That Investor’s Business Daily story begins by stating “The U.S. shale oil boom is about to get a whole lot bigger. The reason: Giant oil companies like Exxon Mobil (XOM) are leveraging their massive scale to unleash more production from the top-producing shale oil formation.”
The EIA projects that the domestic industry will push U.S. oil production past the 12 million barrels of oil per day (bopd) level for the first time in the nation’s history in March, with 70% of that coming from shale plays. Fully 1/3rd of all oil produced in the U.S. in March will come from the Permian Basin alone.
Follow me on Twitter at @GDBlackmon
Today’s news moves at a faster pace than ever. Whatfinger.com is my go-to source for keeping up with all the latest events in real time.