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Collapse of the US fracking industry

 
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UndercoverElephant



Joined: 10 Mar 2008
Posts: 10875
Location: south east England

PostPosted: Sat Apr 04, 2020 1:53 pm    Post subject: Collapse of the US fracking industry Reply with quote

https://qz.com/1830456/how-the-coronavirus-is-disrupting-the-us-fracking-industry/
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ReserveGrowthRulz



Joined: 19 May 2019
Posts: 612
Location: Colorado

PostPosted: Sat Apr 04, 2020 2:56 pm    Post subject: Re: Collapse of the US fracking industry Reply with quote

UndercoverElephant wrote:
https://qz.com/1830456/how-the-coronavirus-is-disrupting-the-us-fracking-industry/


The article didn't mention a single service company being effected. They mentioned E&Ps, and noted that, as usual, when the price changes, so does activity.

As usual, the article confuses drilling and completion activity of E&Ps with a single, 70 year old completion technique.

As I have said before, you can barely find a competent reporter on this topic in the whole US of A. I can't even tell nowadays if the authors have a clue when they write these things.
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kenneal - lagger
Site Admin


Joined: 20 Sep 2006
Posts: 11635
Location: Newbury, Berkshire

PostPosted: Sat Apr 04, 2020 3:24 pm    Post subject: Reply with quote

The Saudis have been trying to disrupt it for years but haven't managed to make a difference.
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ReserveGrowthRulz



Joined: 19 May 2019
Posts: 612
Location: Colorado

PostPosted: Sat Apr 04, 2020 4:42 pm    Post subject: Reply with quote

kenneal - lagger wrote:
The Saudis have been trying to disrupt it for years but haven't managed to make a difference.


The Saudi's didn't previously drive the price of oil under that of the cost of new US production. Or Canadian.

There is a catch of course. The best place to store oil is in the ground. Low oil prices cause exactly that to happen. Oil sits there quietly...and if the Saudi's allow the previously mentioned market clearing price to change....development begins again.

The main way to keep oil in the ground, a common and laudable goal, is to continue a decreasing demand profile lockstep with natural decline. Environmentalists dream come true. Low probability of occurrence.
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vtsnowedin



Joined: 07 Jan 2011
Posts: 5877
Location: New England ,Chelsea Vermont

PostPosted: Sat Apr 04, 2020 5:34 pm    Post subject: Reply with quote

ReserveGrowthRulz wrote:

The main way to keep oil in the ground, a common and laudable goal, is to continue a decreasing demand profile lockstep with natural decline. Environmentalists dream come true. Low probability of occurrence.
Actually when you consider the advent of viable electric cars and trucks and advances in solar and wind power, matching demand to natural decline now seems quite possible and market forces will more then likely achieve it.
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