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Page added on January 17, 2019
Fracking in 2018: Another Year of Pretending to Make Money
2018 was the year the oil and gas industry promised that its darling, the shale fracking revolution, would stop focusing on endless production and instead turn a profit for its investors. But as the year winds to a close, it’s clear that hasn’t happened.
Instead, the fracking industry has helped set new records for U.S. oil production while continuing to lose huge amounts of money — and that was before the recent crash in oil prices.
But plenty of people in the industry and media make it sound like a much different, and more profitable, story.
Broken Promises and Record Production
Going into this year, the fracking industry needed to prove it was a good investment (and not just for its CEOs, who are garnering massive paychecks).
In January, The Wall Street Journal touted the prospect of frackers finally making “real money … for the first time” this year. “Shale drillers are heeding growing calls from investors who have chastened the companies for pumping ever more oil and gas even as they incur losses doing so,” oil and energy reporter Bradley Olson wrote.
Olson’s story quoted an energy asset manager making the (always) ill-fated prediction about the oil and gas industry that this time will be different.
“Is this time going to be different? I think yes, a little bit,” said energy asset manager Will Riley. “Companies will look to increase growth a little, but at a more moderate pace.”
Despite this early optimism, Bloomberg noted in February that even the Permian Basin — “America’s hottest oilfield” — faced “hidden pitfalls” that could “hamstring” the industry.
They were right. Those pitfalls turned out to be the ugly reality of the fracking industry’s finances.
And this time was not different.
On the edge of the Permian in New Mexico, The Albuquerque Journal reported the industry is “on pace this year to leap past last year’s record oil production,” according to Ryan Flynn, executive director of the New Mexico Oil and Gas Association. And yet that oil has at times been discounted as much as $20 a barrel compared to world oil prices because New Mexico doesn’t have the infrastructure to move all of it.
Who would be foolish enough to produce more oil than the existing infrastructure could handle in a year when the industry promised restraint and a focus on profits? New Mexico, for one. And North Dakota. And Texas.
In North Dakota, record oil production resulted in discounts of $15 per barrel and above due to infrastructure constraints.
Texas is experiencing a similar story. Oilprice.com cites a Goldman Sachs prediction of discounts “around $19-$22 per [barrel]” for the fourth quarter of 2018 and through the first three quarters of next year.
Oil producers in fracking fields across the country seem to have resisted the urge to reign in production and instead produced record volumes of oil in 2018. In the process — much like the tar sands industry in Canada — they have created a situation where the market devalues their oil. Unsurprisingly, this is not a recipe for profits.
Shale Oil Industry ‘More Profitable Than Ever’ — Or Is It?
However, Reuters recently analyzed 32 fracking companies and declared that “U.S. shale firms are more profitable than ever after a strong third quarter.” How is this possible?
Reading a bit further reveals what Reuters considers “profits.”
“The group’s cash flow deficit has narrowed to $945 million as U.S. benchmark crude hit $70 a barrel and production soared,” reported Reuters.
So, “more profitable than ever” means that those 32 companies are running a deficit of nearly $1 billion. That does not meet the accepted definition of profit.
A separate analysis released earlier this month by the Institute for Energy Economics and Financial Analysis and The Sightline Institute also reviewed 32 companies in the fracking industry and reached the same conclusion: “The 32 mid-size U.S. exploration companies included in this review reported nearly $1 billion in negative cash flows through September.”
The numbers don’t lie. Despite the highest oil prices in years and record amounts of oil production, the fracking industry continued to spend more than it made in 2018. And somehow, smaller industry losses can still be interpreted as being “more profitable than ever.”
The Fracking Industry’s Fuzzy Math
One practice the fracking industry uses to obfuscate its long money-losing streak is to change the goal posts for what it means to be profitable. The Wall Street Journal recently highlighted this practice, writing: “Claims of low ‘break-even’ prices for shale drilling hardly square with frackers’ bottom lines.”
The industry likes to talk about low “break-even” numbers and how individual wells are profitable — but somehow the companies themselves keep losing money. This can lead to statements like this one from Chris Duncan, an energy analyst at Brandes Investment Partners:
“You always scratch your head as to how they can have these well economics that can have double-digit returns on investment, but it never flows through to the total company return.”
Head-scratching, indeed.
The explanation is pretty simple: Shale companies are not counting many of their operating expenses in the “break-even” calculations. Convenient for them, but highly misleading about the economics of fracking because factoring in the costs of running one of these companies often leads those so-called profits from the black and into the red.
The Wall Street Journal explains the flaw in the fracking industry’s questionable break-even claims: “break-evens generally exclude such key costs as land, overhead and even at times transportation.”
Other tricks, The Wall Street Journal notes, include companies only claiming the break-even prices of their most profitable land (known in the industry as “sweet spots”) or using artificially low costs for drilling contractors and oil service companies.
While the mystery of fracking industry finances appears to be solved, the mystery of why oil companies are allowed to make such misleading claims remains.
Wall Street Continues to Fund an Unsustainable Business Model
Why does the fracking industry continue to receive more investments from Wall Street despite breaking its “promises” this year?
Because that is how Wall Street makes money. Whether fracking companies are profitable or not doesn’t really matter to Wall Street executives who are getting rich making the loans that the fracking industry struggles to repay.
An excellent example of this is the risk that rising interest rates pose to the fracking industry. Even shale companies that have made profits occasionally have done so while also amassing large debts. As interest rates rise, those companies will have to borrow at higher rates, which increases operating costs and decreases the likelihood that shale companies losing cash will ever pay back that debt.
Continental Resources, one of the largest fracking companies, is often touted as an excellent investment. Investor’s Business Daily recently noted that “[w]ithin the Oil & Gas-U.S. Exploration & Production industry, Continental is the fourth-ranked stock with a strong 98 out of a highest-possible 99 [Investor’s Business Daily] Composite Rating.”
And yet when Simply Wall St. analyzed the company’s ability to pay back its over $6 billion in debt, the stockmarket news site concluded that Continental isn’t well positioned to repay that debt. However, it noted “[t]he sheer size of Continental Resources means it is unlikely to default or announce bankruptcy anytime soon.” For frackers, being at the top of the industry apparently means being too big to fail.
As interest rates rise, common sense might suggest that Wall Street would rein in its lending to shale companies. But when has common sense applied to Wall Street?
Even the Houston Chronicle, a major paper near the center of the fracking boom, recently asked, “How long can the fracking spending spree last?”
So, is the party over?
Not according to Katherine Spector, a research scholar at Columbia University’s Center on Global Energy Policy. She explains how Wall Street will reconcile investing in these fracking firms during a period of higher interest rates: “Banks are going to make more money [through higher interest rates], so they’re going to want to get more money out the door.”
127 Comments on "Fracking in 2018: Another Year of Pretending to Make Money"
JuanP identity theft on Fri, 18th Jan 2019 7:16 am
Cloggie on Fri, 18th Jan 2019 7:10 am
Cloggie on Fri, 18th Jan 2019 7:08 am
Didn’t say that. Mobster is messing up the forum, as usual.
JuanP on Fri, 18th Jan 2019 7:17 am
Cloggie this was me
Davy on Fri, 18th Jan 2019 7:15 am That was me again nedernazi. I thought you were sleeping and you wouldn’t notice me stealing your identity.
Cloggie on Fri, 18th Jan 2019 7:18 am
JuanP show some decency please and stop the identity theft
JuanP identity theft on Fri, 18th Jan 2019 7:18 am
Cloggie on Fri, 18th Jan 2019 7:18 am JuanP show some decency please and stop the identity theft
JuanP on Fri, 18th Jan 2019 7:19 am
I am back, bitches! I just got back from a surfing vacation in Costa Rica. I am recharged and refreshed, and ready to continue fucking with the Exceptionalist and his multiple personalities for the foreseeable future.
JuanP identity theft on Fri, 18th Jan 2019 7:20 am
uanP on Fri, 18th Jan 2019 7:17 am Cloggie this was me Davy on Fri, 18th Jan 2019 7:15 am That was me again nedernazi. I thought you were sleeping and you wouldn’t notice me stealing your identity.
JuanP on Fri, 18th Jan 2019 7:22 am
That was me, bitches. Not Davy.
Davy on Fri, 18th Jan 2019 7:24 am
Dirty JuanPee lets go at it again. What a friggin child. Do you have some kind of attention issue? Do you have a problem with selfishness? What a F-nut. I could give a shit dirty Juan. I win you lose. You will never censor me off here. If I remain I win and you look stupid JuanPee. You have been playing this game for years with the phony bulling excuse. Yea, that is the real projecting F-nut. Who is the real bully and the pest? Hey F-nut do you remember 3 years ago when you and your anti-American tribe tried to censor me because the board was not anti-American enough? You had the help of ape man, gregt, anon, and makattoo? Yea, you failed. You gang banged me and it failed. How do you think your dumbass low IQ effort will do? I think this is so boring for all of us except for you because you like mindless gaming and childish behavior. I don’t have a problem with people like clogged. We can debate each other. He has a warped message but it can be debated. You are just dirty and your message nasty.
Cloggie on Fri, 18th Jan 2019 7:25 am
This is not MOB it is JuanP. This behavior is getting old.
I AM THE MOB on Fri, 18th Jan 2019 7:26 am
Alexandria Ocasio-Cortez’s 70% tax on the super-rich is more popular than Trump’s tax cuts, new poll shows
https://www.businessinsider.com/a-70-tax-on-the-super-rich-is-more-popular-than-trumps-tax-cuts-2019-1?fbclid=IwAR2fXWsxoTHDZqiwPZNTNyGqGiegMVLf7c-tIchPdiuHWaIIigJz9SfdAYk
JuanP identity theft on Fri, 18th Jan 2019 7:27 am
I AM THE MOB on Fri, 18th Jan 2019 7:26 am
Alexandria Ocasio-Cortez’s 70% tax on the super-rich is more popular than Trump’s tax cuts, new poll shows
Davy on Fri, 18th Jan 2019 7:27 am
Bitches. Bitches. Bitches. Bitches. Bitches!
WEEEEE!
Cloggie on Fri, 18th Jan 2019 7:28 am
This forum is becoming a joke with all this identity theft.
peakoil.nl and theoildrum.com closed down ca 2012, when it became clear that the Heinberg/ASPO2000 story was bogus.
Perhaps this forum should be closed down too.
We are going to have peak oil demand.
All the technology exists to set up a solar-hydrogen economy, worldwide.
Oil and gas are 20th century, but that century is over.
Davy on Fri, 18th Jan 2019 7:31 am
Sorry nederliar. I’ll try extra hard to behave myself just for you, friend.
JuanP on Fri, 18th Jan 2019 7:38 am
Delusional Davy ” What a friggin child. Do you have some kind of attention issue? Do you have a problem with selfishness? What a F-nut.”
That was not a projection, guys.
JuanP on Fri, 18th Jan 2019 7:48 am
Delusional Davy “How do you think your dumbass low IQ effort will do? I think this is so boring for all of us except for you …”
I would say my low IQ effort is doing just fine, Exceptionalist. My goal is to keep you from enjoying the board for as long as you keep ruining it for others. If I have to ruin the board for everybody else to achieve this, that is fine by me. I am a selfish prick and don’t give a shit about anybody else. The only difference between you and me is that I am honest about it and you are not. Go get the Vaseline, Exceptionalist; you are going to need it. ROFLMFAO! And you are right: I am really having fun doing this, and since I am richer, younger, and healthier than you are, I can guarantee you that you will never see the end of this until you stop bullying others. I am fighting fire with fire! Enjoy it, prick! ROFLMFAO!
Sum on Fri, 18th Jan 2019 8:03 am
Greetings to dearest friend and colleague, Mr. Davy.
Mr. Davy, I implore you to disregard the attacks on your impeachable character. You must consider the source. One of the worst offenders is “Cloggie”. He must be expelled and banned.
Davy on Fri, 18th Jan 2019 8:04 am
“I would say my low IQ effort is doing just fine, Exceptionalist. My goal is to keep you from enjoying the board for as long as you keep ruining it for others.”
Come one JuanP. You are ruining it for everyone both with this behavior and your lack of intelligent contributions. When you do contribute it is extremist and biased. It is more like cheerleading a cause than balanced intelligent debate. You bully people and do put downs. You made this dirty behavior mainstream and daily activity. This has taken this forum to the gutters and you are proud of it. You use foul language and sexual perversions. You are a selfish prick. You only two people who like this backfiring harassment is makattoo and anon. I am fine with it as far as you and me. You can’t carry a debate. I constantly crush you. This is why you have gone dirty and nasty. I win you lose. I can play this shit all day long no problem asswipe.
“If I have to ruin the board for everybody else to achieve this, that is fine by me. I am a selfish prick and don’t give a shit about anybody else.”
Exactly, dirty Juan. Perfect and in your words.
“The only difference between you and me is that I am honest about it and you are not.”
Your stupid over used word works well here “Projecting”
“Go get the Vaseline, Exceptionalist; you are going to need it. ROFLMFAO!”
Translation: desperation and frustration
“And you are right: I am really having fun doing this, and since I am richer, younger, and healthier than you are”
Dirty Juan again shows his stuff. Richer? You don’t know what I have and who cares. Richer in what money?? I have sanity and smarts over you. Younger yea by a few years and I bet I am in better health since you drug and drink.
“I can guarantee you that you will never see the end of this until you stop bullying others.”
Your lame excuse of bullying is just a cover for the fact I have kicked you ass and hung you out to dry. Playing dirty is what people do when they lose and are pissed off about it. That is where you are
“I am fighting fire with fire! Enjoy it, prick! ROFLMFAO!”
Your delusional dirty Juan
Sock Puppet on Fri, 18th Jan 2019 8:04 am
Sum on Fri, 18th Jan 2019 8:03 am
Greetings to dearest friend and colleague, Mr. Davy.
Mr. Davy, I implore you to disregard the attacks on your impeachable character. You must consider the source. One of the worst offenders is “Cloggie”. He must be expelled and banned.
Mich on Fri, 18th Jan 2019 8:06 am
I wish the owners of this site would ban JuanP or make names password protected. This is ridiculous I can’t even follow a thread or make a sensible comment.
JuanP on Fri, 18th Jan 2019 8:11 am
This bitch is back, my claws have grown out, and I take no prisoners.
Cloggie, stop already with the infantile complaining. If you can’t stand the heat, buy yourself a one way ticket out of here, loser.
P.s. Davy, on second thought, ace the lubricant. You prefer being dry-humped.
The Truth Shall Set You Free on Fri, 18th Jan 2019 8:15 am
Mich,
If you can’t make a sensible comment, that is entirely YOUR personal problem. Go back to Romper Room, where you belong.
Paulo on Fri, 18th Jan 2019 8:19 am
I don’t comment anymore but I still drop in occasionally. I think this thread says it all and why I want JuanP banned:
JuanP on Fri, 18th Jan 2019 7:48 am
Delusional Davy “How do you think your dumbass low IQ effort will do? I think this is so boring for all of us except for you …”
I would say my low IQ effort is doing just fine, Exceptionalist. My goal is to keep you from enjoying the board for as long as you keep ruining it for others. If I have to ruin the board for everybody else to achieve this, that is fine by me. I am a selfish prick and don’t give a shit about anybody else. The only difference between you and me is that I am honest about it and you are not. Go get the Vaseline, Exceptionalist; you are going to need it. ROFLMFAO! And you are right: I am really having fun doing this, and since I am richer, younger, and healthier than you are, I can guarantee you that you will never see the end of this until you stop bullying others. I am fighting fire with fire! Enjoy it, prick! ROFLMFAO!
Davy on Fri, 18th Jan 2019 8:04 am
“I would say my low IQ effort is doing just fine, Exceptionalist. My goal is to keep you from enjoying the board for as long as you keep ruining it for others.”
Come one JuanP. You are ruining it for everyone both with this behavior and your lack of intelligent contributions. When you do contribute it is extremist and biased. It is more like cheerleading a cause than balanced intelligent debate. You bully people and do put downs. You made this dirty behavior mainstream and daily activity. This has taken this forum to the gutters and you are proud of it. You use foul language and sexual perversions. You are a selfish prick. You only two people who like this backfiring harassment is makattoo and anon. I am fine with it as far as you and me. You can’t carry a debate. I constantly crush you. This is why you have gone dirty and nasty. I win you lose. I can play this shit all day long no problem asswipe.
“If I have to ruin the board for everybody else to achieve this, that is fine by me. I am a selfish prick and don’t give a shit about anybody else.”
Exactly, dirty Juan. Perfect and in your words.
“The only difference between you and me is that I am honest about it and you are not.”
Your stupid over used word works well here “Projecting”
“Go get the Vaseline, Exceptionalist; you are going to need it. ROFLMFAO!”
Translation: desperation and frustration
“And you are right: I am really having fun doing this, and since I am richer, younger, and healthier than you are”
Dirty Juan again shows his stuff. Richer? You don’t know what I have and who cares. Richer in what money?? I have sanity and smarts over you. Younger yea by a few years and I bet I am in better health since you drug and drink.
“I can guarantee you that you will never see the end of this until you stop bullying others.”
Your lame excuse of bullying is just a cover for the fact I have kicked you ass and hung you out to dry. Playing dirty is what people do when they lose and are pissed off about it. That is where you are
“I am fighting fire with fire! Enjoy it, prick! ROFLMFAO!”
Your delusional dirty Juan
Cloggie on Fri, 18th Jan 2019 8:22 am
Siemens-Gamesa has 10 MW wind turbine.
Later this year GE will deliver its first 12 MW turbine.
Sum on Fri, 18th Jan 2019 8:24 am
I presume “Cloggie” is a Soviet bot.
Cloggie on Fri, 18th Jan 2019 8:25 am
China to construct world’s largest 6 GW onshore wind park in Mongolia. Will power Winter Olympics.
https://cleantechnica.com/2019/01/18/china-planning-6-gigawatt-subsidy-free-mongolian-wind-farm/
Cloggie on Fri, 18th Jan 2019 8:28 am
“I presume “Cloggie” is a Soviet bot.”
For your information, the Soviet-Union ceased to exist in 1991.
I bet you couldn’t find the USSR on a map.
You must have been living under a Missouri stone since.
Cloggie on Fri, 18th Jan 2019 8:36 am
World’s largest GE 12 MW turbine to be installed in Rotterdam first.
https://cleantechnica.com/2019/01/16/worlds-largest-wind-turbine-prototype-ges-12-megawatt-haliade-x-to-be-installed-in-rotterdam/
Davy on Fri, 18th Jan 2019 8:36 am
You must have been living under a Missouri stone since.
Cloggie, If you want to screw with me have at it. I can entertain you like I do stupid Juan. This is a warning. We are all well aware SUM is yours but I do admit it may be stupid juan
Cloggie on Fri, 18th Jan 2019 8:42 am
The last days of the USofA…
http://www.spiegel.de/politik/ausland/donald-trump-und-die-affaere-um-michael-cohen-dann-muss-er-zuruecktreten-a-1248718.html
The Dems have found their excuse to begin to openly speculate about impeachment.
The deplorables will not take it.
https://documents1940.wordpress.com/2018/06/11/cw2-brewing/
Davy on Fri, 18th Jan 2019 8:48 am
What kind of reputation does Der Spiegel have clogged with fake anti-American news? Right. Case closed
Antius on Fri, 18th Jan 2019 9:09 am
“World’s largest GE 12 MW turbine to be installed in Rotterdam first.”
Impressive. If hydrogen is as cheap as you have described on the other board, then ultimately it would make sense to build thousands of turbines like this along the coast of Greenland. It could be piped back to Europe via Iceland, Faroe Islands, UK and finally to the continent.
JuanP on Fri, 18th Jan 2019 10:29 am
Blah!
JuanP on Fri, 18th Jan 2019 10:30 am
Meeeeeh, meeeeh!
JuanP on Fri, 18th Jan 2019 10:33 am
The owners of the site will not ban me, Exceptionalist, because they have the IP addresses of the people stealing identities and posting garbage, and they know it’s not me, fool. You can keep playing this game forever if you want. Your idea that you are winning anything is beyond ludicrous! ROFLMFAO!
JuanP on Fri, 18th Jan 2019 10:34 am
Go fuck your imaginary goats, trailer trash!
JuanP on Fri, 18th Jan 2019 10:34 am
Or get fucked by them! ROFLMFAO!
JuanP on Fri, 18th Jan 2019 10:35 am
Or go fuck yourself! LOL!
JuanP on Fri, 18th Jan 2019 10:37 am
As far as I am concerned, Davy is a complete fucking asshole, and anybody who supports him is an idiot.
Cloggie on Fri, 18th Jan 2019 10:43 am
Impressive. If hydrogen is as cheap as you have described on the other board, then ultimately it would make sense to build thousands of turbines like this along the coast of Greenland. It could be piped back to Europe via Iceland, Faroe Islands, UK and finally to the continent.
Or huge solar arrays in northern Africa and Arabia, producing CH4, etc
Antius on Fri, 18th Jan 2019 10:52 am
The impersonation and sock puppeteering on this board is really childish. Give it a rest people.
rockman on Fri, 18th Jan 2019 11:22 am
A very interesting discussion about shale development. LOL. And some people wonder why many of our thoughtful members don’t bother to spend much time posting these day.
Davy on Fri, 18th Jan 2019 12:06 pm
Most of our thoughtful members have already left rock because their tired of my constant whining and bickering. If they want to discuss subjects without being harassed by me they are more then welcome to contribute to the moderated members only section. I won’t post there because I know I would be banned just like MOB was.
Davy on Fri, 18th Jan 2019 12:31 pm
not me above
I AM THE MOB on Fri, 18th Jan 2019 12:59 pm
CLogg
Not so fast, peak oil is about to make a huge comeback..So call up Heinberg tell him the boys are back in town!
University of California: Environmental Science & Technology (Malyshkina 2010)
1. It Will Take 131 Years to Replace Oil with Alternatives
2. World oil production will peak between 2010-2030
3. World proven oil reserves gone by 2041
https://www.scribd.com/document/394656677/Future-Sustainability-Forecasting-by-Exchange-Markets-Basic-Theory-and-an-Application-Malyshkina-2010
A global energy assessment (Jefferson 2016)
An extensive new scientific analysis conducted by the Former Chief Economist Michael Jefferson at Royal Dutch Shell published in Wiley Interdisciplinary Reviews titled “A Global Energy Assessment 2016” : says “that proved conventional oil reserves as detailed in oil industry sources are likely “overstated” by half.” & “punt bluntly,the standard claim that the world has proved conventional oil reserves of nearly 1.7 trillion barrels is overstated by about 876 billion barrels. Thus, despite the fall in crude oil prices from a peak in June 2014, after that of July 2008, the “peak oil” issue remains with us.”
The World in the 21st Century is faced with huge challenges that go far beyond, but importantly include, energy challenges on the supply, access, and use sides. So severe are these challenges, mainly arising from the demands of a rapidly increasing human population on the Earth’s limited resources, that the future existence of large numbers of people may be threatened with extinction. In that sense, we may be observing the twilight of the Anthropocene (Human) Age.
https://www.scribd.com/document/394043449/A-Global-Energy-Assessment-Jefferson-2015
Projection of world fossil fuels by country (Mohr, 2015) Fuel
Over 900 different regions and subfuel situations were modeled using three URR scenarios of Low, High, and Best Guess. All three scenarios indicate that the consistent strong growth in world fossil fuel production is likely to cease after 2025. The Low and Best Guess scenarios are projected to peak before 2025 and decline thereafter. The High scenario is anticipated to have a strong growth to 2025 before stagnating in production for 50 years and thereafter declining.
https://www.scribd.com/document/375110317/Projection-of-World-Fossil-Fuels-by-Country-Mohr-2015
IEA Chief warns of world oil shortages by 2020 as discoveries fall to record lows
https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000
Saudi Arabia’s Energy Minister Warns of World Oil Shortages Ahead
https://www.wsj.com/articles/saudi-minister-sees-end-of-oil-price-slump-1476870790
There will be an oil shortage in the 2020’s, Goldman Sachs says
https://www.cnbc.com/2018/11/09/goldman-sachs-there-will-be-an-oil-shortage-in-the-2020s.html
Wood Mackenzie warns of oil and gas supply crunch
https://www.ft.com/content/a1eb0e58-d7a4-11e8-ab8e-6be0dcf18713
Imminent peak oil could burst US, global economic bubble – study
https://www.theguardian.com/environment/earth-insight/2013/nov/19/peak-oil-economicgrowth
German Military (leaked) Peak Oil study: oil is used in the production of 95% of all industrial goods, so a shortage of oil would collapse the world economy & world governments
https://www.scribd.com/document/387459134/german
Enjoy the great Malthusian Catastrophe (trap)
I AM THE MOB on Fri, 18th Jan 2019 1:02 pm
Tax the rich, feed the poor, till there are rich no more..
I AM THE MOB on Fri, 18th Jan 2019 1:05 pm
An oil crisis may be brewing — and it’s not because of decreasing demand
https://www.businessinsider.com/an-oil-crisis-may-be-brewing-and-not-because-of-decreasing-demand-2018-4
I helped put that article together! It went viral as well!
Sorry clogg you don’t anyone who matters..Only other basement dwelling scum..
LOL
DerHundistLos on Fri, 18th Jan 2019 1:15 pm
Clogged says, “The deplorables will not take it.”
His proof that a US civil war is underway is a personal opinion piece from more than 1/2 a year ago.
Why not try clicking your heels together three times like Dorothy in the Wizard of Oz and ask for a civil war. Then you could attribute that as additional evidence.
Cloggie on Fri, 18th Jan 2019 1:23 pm
“Why not try clicking your heels together three times like Dorothy in the Wizard of Oz and ask for a civil war. Then you could attribute that as additional evidence.”
Why did you go to South-America again?
Here are tens of similar indications, many provided by the mobster:
https://documents1940.wordpress.com/2018/06/11/cw2-brewing/
“future” and “proof” have no relationship, other than death and taxes.
Boat on Fri, 18th Jan 2019 2:39 pm
Were into 2019 and no collapse of oil. Where is shortonoil and his minions? RIP the demise of demand. So much time and effort went into this popular doomsday scrnerio.
Fracked oil/camel pee now runs the most powerful nation on earth and will soon be energy independent on its own.
There are still a few that line-up to piss in the wind. I will show on occasion smelling fresh showing true facts are upwind.