GREY:MGMCF - Post by User
Post by
boulignyon Aug 01, 2013 11:43am
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Post# 21643938
About that Shale Oil Miracle
About that Shale Oil MiracleI wonder if this involves the Canol ...
"It’s amazing how reality doesn’t match the storyline being sold by Wall Street and the MSM. Royal Dutch Shell is only one of the biggest corporations on earth and have their hands in every energy possibility in the world. I had to search all the way at the bottom of their press release to find this little tidbit:
“Upstream earnings included a net charge of $1,845 million, including impairments of $2,071 million, predominantly related to liquids-rich shales properties in North America, reflecting the latest insights from exploration and appraisal drilling results and production information.”
They just wrote off $2 billion of shale oil properties in the U.S. We’ve got oil prices at $107 per barrel and one of the biggest oil companies in the world is saying they can’t make money producing shale oil. We already know these wells deplete by 65% in one year. We also know that oil companies have fracked the easiest to obtain shale oil locations. Obama, Larry Kudlow and the rest of the drill, drill, drill morons continue to blather on about the hundreds of billions of barrels under our feet. But in the real world, real companies with the best technology and deep pockets have decided to throw in the towel. Of course, if prices rise to $150 per barrel, shale oil extraction becomes slightly profitable. One little problem. When oil hits $150 per barrel, the U.S. economy tanks and oil demand drops."
source: https://opinions.caduceusx.com/viewtopic.php?f=19&t=14484