Cartoon Of the Week
We don't know what else to do with growing light tight oil production in America, and we're getting really stupid about isolating ourselves from much needed, heavier grades of oil from Venezuela, Columbia, Mexico and Canada for blending, so...we're exporting more and more LTO to China and other parts of Asia. A new record, in fact, of 3.6MM BOPD; one billion barrels per year! Man, that's a lot of oil and all of it being sold at steep discounts to Brent postings.
Seventy five percent of all future shale oil growth in America will come from the Permian Basin (EIA) and MOST of that will be exported to foreign countries.
China is jacking with our soybeans, won't take our plastic anymore and its illegal drug exports to the US are going thru the roof. So, what in the hell is America doing stimulating the Chinese economy with American shale oil that is extracted on borrowed money or deferred long term debt?!! The lets-make-America-great-again-by-draining-our-last-oil-resources-as-fast-as-possible crowd thinks that oil exports are great because it lowers the trade deficit. That's fake news because its all happening on borrowed money and America is getting deeper in debt by the millisecond. Watch what happens to the trade deficit when we have to buy all that oil back from OPEC some day, soon... for three times the money.