Cartoon Of the Week
This week we'd like to recognize the "spirit" of cooperation the United States shale oil industry has shown OPEC, Russia and other non-OPEC producing countries in the world to raise and stabilize world oil prices with this chart from Art Berman. A friendly reminder; all it took to accomplish this remarkable increase in LTO production since November 2016
was 38 BILLION
DOLLARS more than the shale oil industry earned.
So, given the massive amount of long term debt the shale industry is in, and how much of its revenue
it takes to service that debt, I am unclear why this shale fella is grinning, or what this OPEC hand appears worried about...