Sticky Willied

August 10, 2018

 

I am fond of Scotland; I sent some spit somewhere in a cup many years ago and damn if my old folks aren't from there. Once a year, in the summer, I like to watch weenie golfers suffer in the cold, sideways rain in the British Open on TV and Scotland  makes some delightful brain lubricants that have helped me come to some really brilliant decisions over the years. You know what the Vikings always use to say...never make a decision about anything in life unless you think about it once drunk, and once sober.

 

The English sector of the  North Sea has been suffering from volatile oil prices since 2014 and these rigs are cold stacked in Cromarty Firth. Most of them will never go back to work and have come here to die an ugly, rusty death.

 

On the other hand, the onshore rig count  in the US is up 13 rigs the week of August 10th, all of them horizontal, of course. In spite of promises about getting off the drilling hamster wheel and actually making some money for a change, the US shale industry just can't keep its credit cards in its purse. So the rest of us in the American oil industry are facing more oil price instability and the North Sea continues to get what the Scots call, the sticky willies. I doubt Midland will be getting many Christmas cards from the North Sea this year.

 

Debt is sure 'nuff making America great again.

 

 

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