Insight and inspiration in turbulent times.
David Hughes, working for the last decade from a modest home on a beautiful island off the coast of British Columbia, has done what dozens of well-paid Washington agency analysts have failed to do—tell us the truth about America’s last fossil-fueled hurrah.
But, curiously, this renaissance of petroleum in the United States has not led to a resurgence of profits in the oil and gas industry. Quite the opposite, because almost none of the companies that have invested in fracking are turning a profit. Investors in this industry are losing a lot of money, some $83 billion since 2008, according to oil analyst Arthur Berman.
We have all been held spell bound by the recent precipitous plunge in oil prices.
For the last four or five years, we have been bombarded with a stream of stories about the “shale revolution.
Well, that shale bubble, didn’t last long, did it?
A mid-week review. After holding around $104 a barrel since the end of last week, New York oil futures fell to 102.72 on Wednesday following analysts’ predictions of an increase in US crude stocks.
