Cartoon Of the Month
Oil inventories in the US are at an 18 year low and our national oil savings account, the Strategic Petroleum Reserve, is down to a level not seen in 35 years (oilprice.com). A good bit of of that SPR oil was exported to China, who at the moment is likely using American oil to prepare for war against America over Taiwan.
Two of the three "revolutionary" US tight oil basins in America have now peaked and struggle to maintain 1 MM BOPD production levels. Our nation's entire oily future and any hope for long term energy security (as in the ability to defend ourselves against aggressors) now lies in just five or six over-drilled counties in the Permian Basin where gassy oil wells are now turning into oily gas wells. By the end of 2022 the US will be exporting half of all the unconventional tight oil it produces to foreign countries.
I wish this was all a joke; its not.
America is speeding to a red light.