I can't tell you how much I enjoyed Bubble3.0 and your ongoing commentary. As I age and time becomes an even more precious commodity, I never worry about wasting time when I read what you've been pondering. Bottom line: thanks for your diligence, it does not go unappreciated. By the way, it took courage to end Bubble with a pun...my college buddies I go fly fishing with gave me a T shirt I wear proudly knowing my love of puns. It reads "Bad puns, It's how Eye Roll".
Would you start a new well in this environment? Today, the folks I know in Midland, TX are content to keep the number of their wells low. Maybe, maybe they'll start drilling with a few more rigs. But they never know when a Biden flunky will show up, shut down a pipeline, and then they are left holding a bag of oil they cannot transport.
So the cure for high prices is no longer high prices - but an administration willing to let you drill in a sane atmosphere that will cure high prices...
Informative and very concerning. Obviously the desire to phase out fossil fuels outran the sufficient creation of viable alternatives. Couldn't agree more that oil's price will not be anywhere near 70bbl. An excellent start to your new newsletter. Will read with as much attention and interest as your previous remarks.
Excellent assessment. All of these issues (dearth of capital investment, IEA inventory mistakes, increasing demand, supply chain disruptions causing shortages (people, pipe, etc), DUC drawdown) were in place and accelerating prior to Russian invasion. So, the table was set for higher prices. Now, add in any amount of Russian bbl loss (plus second and third order effects) and your projected number is certainly possible (low?). A question remains how these factors continue to play out against a potentially recessionary backdrop so time will tell. But, whether hard or soft commodities, it sure seems we now live in a world of higher commodity prices. Very excited about your new letters - this is a Haymaker I can't wait to receive.
Missing from this informative overview of the near certain disaster unfolding in the North American Oil & Gas Industry is the fact that the White House has demanded that the U.S. Energy Department (or the department in charge of U.S. Energy) stop issuing drilling permits. Rumour has it that 9,000 Permits have been shelved and the impending Court cases filed by Eco and Enviro groups stands to halt even more issuance which will only exacerbate the current dearth of Oil & Gas supplies for Americans. That and the Sheer obstinance exhibited by the White House to not approve infrastructure such as Keystone XL means that pump prices are going higher still. MUCH HIGHER!!!
I can't tell you how much I enjoyed Bubble3.0 and your ongoing commentary. As I age and time becomes an even more precious commodity, I never worry about wasting time when I read what you've been pondering. Bottom line: thanks for your diligence, it does not go unappreciated. By the way, it took courage to end Bubble with a pun...my college buddies I go fly fishing with gave me a T shirt I wear proudly knowing my love of puns. It reads "Bad puns, It's how Eye Roll".
Would you start a new well in this environment? Today, the folks I know in Midland, TX are content to keep the number of their wells low. Maybe, maybe they'll start drilling with a few more rigs. But they never know when a Biden flunky will show up, shut down a pipeline, and then they are left holding a bag of oil they cannot transport.
So the cure for high prices is no longer high prices - but an administration willing to let you drill in a sane atmosphere that will cure high prices...
Informative and very concerning. Obviously the desire to phase out fossil fuels outran the sufficient creation of viable alternatives. Couldn't agree more that oil's price will not be anywhere near 70bbl. An excellent start to your new newsletter. Will read with as much attention and interest as your previous remarks.
A solid dose of truth! Thanks Dave
Great read. I'm pretty familiar with this problem and read a lot about it and yet I learned a few new things so thank you!
Excellent assessment. All of these issues (dearth of capital investment, IEA inventory mistakes, increasing demand, supply chain disruptions causing shortages (people, pipe, etc), DUC drawdown) were in place and accelerating prior to Russian invasion. So, the table was set for higher prices. Now, add in any amount of Russian bbl loss (plus second and third order effects) and your projected number is certainly possible (low?). A question remains how these factors continue to play out against a potentially recessionary backdrop so time will tell. But, whether hard or soft commodities, it sure seems we now live in a world of higher commodity prices. Very excited about your new letters - this is a Haymaker I can't wait to receive.
One thing for sure, this article was a definite "haymaker" in more ways than one! Thanks!
Missing from this informative overview of the near certain disaster unfolding in the North American Oil & Gas Industry is the fact that the White House has demanded that the U.S. Energy Department (or the department in charge of U.S. Energy) stop issuing drilling permits. Rumour has it that 9,000 Permits have been shelved and the impending Court cases filed by Eco and Enviro groups stands to halt even more issuance which will only exacerbate the current dearth of Oil & Gas supplies for Americans. That and the Sheer obstinance exhibited by the White House to not approve infrastructure such as Keystone XL means that pump prices are going higher still. MUCH HIGHER!!!