I am fond of World Oil Magazine; over the years my little piss-ant oil company made the cover of that magazine, not once, but twice, and it once published a very important technical paper I once wrote regarding rendering produced water dischargeable to the land surface and the regulatory process involved with the Environmental Protection Agency. I met it's long standing editor, Bob Scott, and sent him Christmas cards every year, one of which he published in the magazine. All and all, World Oil Magazine has been a terrific source of valuable information to our industry forever. It's gotten a little shale crazy lately, but who hasn't?
The magazine was a essentially founded by a man named Ray Dudley and in 1921, in response to overproduction along the Texas Gulf Coast and the price of oil being 50 cents a barrel, Mr. Dudley wrote something to the effect that the only way to solve the problem of low oil prices was to "quit producing so much of the damn stuff."
This fine article by Mr. Fleming reminded me of that quote almost 100 years ago. Quit producing so much of the damn stuff. It's not going anywhere and we might need it in the future; the American shale oil industry needs to find a lower gear.