For America, "Conserving Oil Is No Longer Economically Imperative"
The above captioned statement released from the Department of Energy a few days ago is based on Donald Trump's idealism regarding shale oil abundance in our country and "dominating" the world with cheap, "limitless" shale oil exports. It ignores the fact that proven, probable 1P reserves of 48 billion barrels (EIA, Rystad, USGS) will only be sufficient to supply America for the next eight years at current consumption rates. It also ignores that the shale oil industry has NEVER in its existence been profitable and is hundreds of billions of dollars in long term debt. This statement, along with Trump's dropping of mileage mandates for American vehicles, defies nearly 100 years of conservation efforts in America by previous administrations. It also defies the essence of hydrocarbon security in our country should the need arise to defend ourselves against enemies. Thousands upon thousands of good men and women have already given their lives for the sake of our nations energy security; by telling America we no longer have to conserve America's oil resources Trump has essentially thrown them under the bus.
This statement has therefore earned Oily Stuff's DUMB AS A BOX OF ROCKS Award for 2018.
Box of Dumb Rocks