Cartoon Of the Week
All of President Donald Trumps hydrocarbon policies are based on the gross misconception of unconventional shale oil abundance in America. Based on known proven shale oil reserves, however, in less than a decade the US shale oil industry will be drilling Tier II type unconventional reserves that are going be MORE expensive, LESS productive and LESS profitable. In the mean time the "good" shale stuff, that by the way has NEVER been profitable to extract, is declining at a normalized rate of 25-29% per year.
Gasoline prices are up 50 cents per gallon in less than a year in the US and from the US, exports of light tight shale oil are growing, last month to nearly 2.6 million BOPD. President Trump's desire to "dominate" the world with American shale oil, to use America's remaining oil resources as a foreign policy tool, is costing the American consumer. In the mean time shale debt is growing exponentially. The King of Debt is racking it up, big time, and this time next year we'll be nearly $24 trillion in the hole in America. His sanctions against Iran have increased the price of oil AND the price of gasoline even more, this in a mid-term election year vital to Republican's ability to control the House.
Where will the next Trumpgrenade land?