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Page added on September 18, 2016
THE DEATH OF THE BAKKEN FIELD HAS BEGUN: Big Trouble For The U.S.
The Death of the Great Bakken Oil Field has begun and very few Americans understand the significance. Just a few years ago, the U.S. Energy Industry and Mainstream media were gloating that the United States was on its way to “Energy Independence.”
Unfortunately for most Americans, they believed the hype and are now back to driving BIG SUV’s and trucks that get lousy fuel mileage. And why not? Americans now think the price of gasoline will continue to decline because the U.S. oil industry is able to produce its “supposed” massive shale oil reserves for a fraction of the cost, due to the new wonders of technological improvement.
I actually hear this all the time when I travel and talk to family, friends and strangers. I gather they have no clue that the Great Bakken Oil Field is now down a stunning 25% from its peak in just a little more than a year and half ago:
The mighty Bakken oil field located in North Dakota reached peak production in December 2014 at 1.26 million barrels per day (mbd) and is now down to 942,000 bd. This decline is no surprise to me or to my readers who have been following my work for the past several years.
I wrote about the upcoming crash of the Bakken oil field in my article (click here to read article)– Published, NOV. 2013:
I ended the article with these sobering words:
There are only so many drilling locations available and once they run out, the Great Bakken Field will become a BUST as the high decline rates will push overall oil production down the very same way it came up.
Those who moved to the frigid state of North Dakota with Dollar signs in their eyes and images of sugar-plums dancing in their heads will realize firsthand the negative ramifications of all BOOM & BUST cycles.
Well, the Bust of North Dakota economy has arrived and according to the article, “The North Dakota Great Recession“:
Unfortunately by April 2015 it was clear that the oil markets were in a secular decline brought on by oversupply in the global energy markets fueled by a deep recession in China. As a result, companies started to lay off workers, and over the following months caused a massive exodus of people as jobs were eliminated. Nobody is exactly sure how many people have left the state, but some put estimates as high as 25,000.
The strongest real estate market continues to be Watford City with the weakest in Minot. However, even in Watford City the price of a three-bedroom rental home has come down from $2,500 in 2015 to a current price of $1,400. This represents a 44 percent decline of the rental price in the market.
Some folks believe the reason for the decline in oil production at the Bakken was due to low oil prices. While this was part of the reason, the Bakken was going to peak and decline in 2016-2017 regardless of the price. This was forecasted by peak oil analyst Jean Laherrere. I wrote about this in my article below (click here to read article)– Published, APRIL 2015:
I took Jean Laherrere’s chart and placed it next to the current actual Bakken oil field production:
As we can see in the chart above, the rise and fall of Bakken oil production is very close to what Jean Laherrere forecasted several years ago (shown by the red arrow). According to Laherrere’s chart, the Bakken will be producing a lot less oil by 2020 and very little by 2025. This would also be true for the Eagle Ford Field in Texas.
According to the most recent EIA Drilling Productivity Report, the Eagle Ford Shale Oil Field in Texas will be producing an estimated 1,026,000 barrels of oil per day in September, down from a peak of 1,708,000 barrels per day in May 2015. Thus, Eagle Ford oil production is slated to be down a stunning 40% since its peak last year.
Do you folks see the writing on the wall here? The Bakken down 25% and the Eagle Ford down 40%. These are not subtle declines. This is much quicker than the U.S. Oil Industry or the Mainstream Media realize.
And… it’s much worse than that.
The U.S. Oil Industry Hasn’t Made a RED CENT Producing Shale
Rune Likvern of Fractional Flow has done a wonderful job providing data on the Bakken Shale Oil Field. Here is his excellent chart showing the cumulative FREE CASH FLOW from producing oil in the Bakken:
I will simply this chart by explaining that the BLACK BARS are estimates of the monthly Free Cash flow from producing oil in the Bakken since 2009, while the RED AREA is the cumulative negative free cash flow. As we can see there are very few black bars that are positive. Most are negative, heading lower.
Furthermore, the red area shows that the approximate negative free cash flow (deducting CAPEX- capital expenditures) is $32 billion. So, with all the effort and high oil prices from 2011-2014 (first half of 2014), the energy companies producing shale oil in the Bakken are in the hole for $32 billion. Well done…. hat’s off to the new wonderful fracking technology.
According to Rune Likvern in his article on the Bakken, he stated the following:
Just to retire estimated total debts (about $36 Billion, including costs for DUCs, SDWs, excluding hedges and income/loss of natural gas and NGLs) would require about 7 years with extraction and prices at Jun-16 levels.
Nominally to retire all debts (reach payout) would take an (average) future oil price close to $65/bo (WTI) for all the wells in operation as of end June – 16. This is without making any profit.
For the wells in production as per Jun-16, the total extraction of these will decline about 40% by Jun-17, and depletes their remaining reserves with about 20%. By assuming the operations remain cash flow neutral, total debt remains at $36 B in Jun-17.
As from Jul-17 this would now require an average oil price of about $73/bo (WTI) for these wells to nominally retire all debts (reach payout). Additional wells will add to what price is required to retire the total debt.
What Rune is stating here is that the $36 billion in total cumulative debt will occur by June 2017. Thus, it would take an average $65 a barrel to just pay back the debt in seven years. With the way things are going in the U.S. and world economies, I doubt we are going to see much higher oil prices.
Furthermore, the work by Louis Arnoux and the Hills Group suggest the price of oil will fall, not rise due to a Thermodynamic Collapse. More about this in an upcoming interview.
The United States Is In Big Trouble & Most Americans Have No Clue
As I have been documenting in previous articles (going back until 2013) the U.S. Shale Oil Industry was a house-of-cards. Readers who have been following my work, based on intelligent work of others, understood that Shale Oil is just another Ponzi Scheme in a long list of Ponzi Schemes.
From time to time, I look around different websites that publish my work and read some of the comments. I am surprised how many individuals still don’t believe in Peak Oil even though I explained the Falling EROI – Energy Returned On Investment quite clearly.
For some strange reason, some individuals cannot use deductive reasoning to destroy lousy conspiracy theories. Moreover, if they do believe in Peak Oil, then they think there is a wonderful “Silver-Bullet Energy Technology” that will save us all. I gather they believe this because the REALITY and IMPLICATIONS of Peak Oil are just too horrible, to say the least. So, holding onto HOPE that something will save us, just in the nick of time, is better than accepting the awful reality heading our way.
And the awful reality of Peak Oil will be felt more by Americans as their lifestyles have been highly elevated by the ability to extract wealth and resources from other countries through the issuing of massive amounts of paper Dollars and debt. Basically, they work, and we eat.
Unfortunately, the propping up of the U.S. market by the Fed and the domestic shale energy Ponzi scheme is running out of time. This is why it is imperative for investors to start moving out of Bonds, Stocks and Real Estate and into physical gold and silver to protect wealth.
For the wealthy investor or institution that believe a 5-10% allocation in physical gold is good insurance, you are sadly mistaken. While Donald Trump is receiving more support from Americans in his Presidential race, his campaign motto that he will “Make American Strong Again”, will never happen. The America we once knew is over. There just isn’t the available High EROI – Energy Returned On Investment energy supplies to allow us to continue the same lifestyle we enjoyed in the past.
So, now we have to transition to a different more local or regional way of living. This new living arrangement will be based on capital that is “STORED ECONOMIC ENERGY or WEALTH.” This can only come via the best sources such as physical gold and silver.
If individuals and countries have been acquiring physical gold and silver, they will be in better shape and will be able to enjoy more options than those who have been selling their gold and accumulating lots of debt and derivatives.
Lastly, if you haven’t checked out our new PRECIOUS METALS INVESTING section or our new LOWEST COST PRECIOUS METALS STORAGE page, I highly recommend you do.
341 Comments on "THE DEATH OF THE BAKKEN FIELD HAS BEGUN: Big Trouble For The U.S."
Vulcanalex on Sun, 18th Sep 2016 7:14 pm
Believe what you want, the US won’t be in trouble, these fields will deplete. You have as many well sites as finances ihdicate. Prices will go up eventually.
SRSrocco on Sun, 18th Sep 2016 7:40 pm
Shortonoil,
As you can see, we have some very passionate and nicely thought out comments here. If I has to take a poll, I would imagine the PEAK OIL “neys” would win.
However, this reminds me when most of the public, hundreds of years ago, thought the earth was flat, or the center of our solar system. Thus, it took science to be expanded far enough to change that incorrect assumption. This is indeed the problem at hand.
To all of the comments that the Bakken oil production only declined due to low prices, and all will be SWELL once prices get back up to $60-$80, I would kindly remind you to read the part of the article stating that the estimated Bakken cumulative negative free cash flow is a whopping $32 billion.
Which means to those who stayed awake during grade school math, that the shale industry as a whole made no money when the price of oil was $100 from 2011-2013.
At some point, the public will fully understand PEAK OIL, just like they finally realized the earth was round.
Steve
makati1 on Sun, 18th Sep 2016 7:40 pm
Ap, unexpected electric outages are rare here and usually happen during typhoons when there is a lot of wind and rain or during a temporary shutdown to make a repair or change, and then they are announced days before so you can plan for them. They never last more than a few hours. To happen unexpectedly on a nice sunny day is unusual anywhere, but perhaps a sign of the times.
Techie withdraw is going to be one of the biggest shocks to the ‘developed’ world. Without electric their world crashes and burns. Not many consider electric service to be as necessary as oxygen to their lifestyle, but it is. I doubt even 1 in 1,000 think about it. Those in northern climates may, but only to complain when it happens.
I have considered it often. That is why I have been replacing electric gadgets with hand powered ones where possible. I bought a radio that has normal plug in ability, crank generation, and solar cell battery charging. It can charge cell phones or other small gadgets as necessary. Crank food processor, hand tools, etc. Anything requiring plugin electric may be instantly and permanently unusable someday. When? Who knows, but it is inevitable as the power grids decay and resources to repair them become scarce or too expensive. Not to mention an EMP.
Repent on Sun, 18th Sep 2016 7:41 pm
I never thought I’d live to see the day when the Hal 9000 type of computers would be around. Even talking to real people and the AI computers are even responding to each others comments. Quite amazing (and terrifying)
FSHNT21 on Sun, 18th Sep 2016 7:46 pm
Unfortunately, the author is only partially right…
Bakken production is down and that is a direct reflection of the overall world oil market. Oil producers (Bakken included) are not happy that oil prices are down and will continue to cut production to create artificial “shortages” to force oil prices up again.
Right now, it is less expensive for them to curtail production and wait for oil prices to rise again (as always)to their desired profitability levels.
Is Bakken dead…??
Hardly…
Call it “hibernation”…
theedrich on Sun, 18th Sep 2016 7:48 pm
The U.S. is now a Tainterian knot. Oil is only one part of a diabolically complex jumble. The planet is entering the quite predictable phase of mutual cannibalism. And not all of the gold and silver on earth can right the sinking ship. The ØBillary syndicate promises a new paradise by importing all of the world’s low-IQ, unskilled and violent sad sacks, and subtly assures the darkening sludge that it will exterminate the White race root and branch. Meanwhile that same Demonic mafia (now led by Hotflash and the Learned Elders behind her) is opening the floodgates for narco-poisons of every type to kill us. In effect, it is waging a modern-day Opium War against the race that built the U.S.
Nature, however, is not mocked. The temporary shutdown of a single oil pipeline in Alabama is causing near panic throughout the nation’s southeast. Superman is nowhere to be seen. The event is only a small foretoken of what is to come, due to our bribe-ocratic leaders’ inherent corruption.
The decay continues apace. In North America outside of Spicland, the incompetents and mentally deranged move to the Left coast to feed off of the continent’s rear end. (Canada is not excluded, as one can see from the existence of the man-ape in Burnaby, B.C.) Every political map shows all three westmost states as indelibly Demonic. The precious-metals propaganda piece above may be mostly self-serving, but the decline of the Bakken and Eagle Ford has long been predicted, and is now beginning to take place, regardless of the Armageddon-vultures trying to feed off of the growing economic worries caused by it.
In international affairs, we find that the U.S. has dropped all pretense of being a mere observer of the war in Syria, and is now actively bombing Syrian troops and thereby assisting ISIS. Given HRC’s fire-breathing rhetoric against Russia, we can only expect to see the operation of the old law that for every action there is a reaction. There’s nothing like the threat of war to divert attention from the saga of Clinton Cash and Ms. Pneumo-Parkinson’s incompetence in foreign affairs.
But the TV-hypnotized masses could not care less about all of this. Like Petri-dish bacteria, they are interested only in “growth.” Moreover, science which has not been manipulated by lobbyists and major corporations is invisible to them. (Indeed, the mathematical sciences are often suspected of being racist and sexist — and don’t even mention evolution.) Politics by MSM-manufactured sob story is much more compelling. For the so-called “Millennials”, it is so much easier to be a spoiled brat and raucously pretend to be morally superior while demonstrating in front of MSM cameras on campus or off.
Meanwhile the dusk approaches. And neither gold nor silver will fend it off.
kermit humphrey on Sun, 18th Sep 2016 7:52 pm
this article does not say that the estimated amount of oil for this site is not still in the ground.all it talks about are macro economic effects ofprice drops in the price of crude in the world markets and the demand for oil
matt on Sun, 18th Sep 2016 7:53 pm
Heres alittle news for those that dont know. American can NOT be independent of foriegn oil, because of a deal the US Gov signed with Opec. 90% of american oil is sold over seas, while we are still required to purchase our oil from Opec. We made this deal to make sure we always had an oil supply coming into the country if there is another shortage. This same deal outlawed hydrogen fuel cell cars in the big3. Notice they all went away without so much as a news story? And yes, the big 3 took very nice bribes in the process.
Ed Owens on Sun, 18th Sep 2016 8:05 pm
I don’t even need to read this crud to know its propaganda. Our government is just a figurehead for the Global Corporate Government and OPEC realized it made a huge mistake keeping oil above $100 a barrel for so long that the U.S. sunk so many wells. Not only that we have Canada and I suspect Venezuela will be coming around pretty soon too. Also production is down because price is down. They pump enough to stay in operation until the price goes back up.
There is so much misdirection going on and Americans are so seriously mentally challenged they believe everything “the press” tells them.
This Article was bought and paid for by OPEC.
Rob G. on Sun, 18th Sep 2016 8:07 pm
This is nothing more than a market correction. Supply still greatly exceeds demand. Nothing more. Not the end of the Baken. Not peak oil. Just a correction.
Research much?
RIchard Armstrong on Sun, 18th Sep 2016 8:15 pm
Matt – you are incorrect. For 40 years the U.S. has banned the sale of oil to anyone except the U.S.. The ban was overturned in January of this year. Also, the Bakken has only drilled a small percentage of what is recoverable (with today’s technologies.) When I was driving oil tankers there, there were road grids and pads for drilling rigs that have never been drilled due to the falling cost of crude oil. There is still plenty of oil in the Bakken, but will it ever become economically beneficial to drill it?
shortonoil on Sun, 18th Sep 2016 8:17 pm
Shortonoil,
As you can see, we have some very passionate and nicely thought out comments here.
Steve,
Those are bots! Some pretty sophisticated stuff, if I might say.
Someone doesn’t want this to be heard!
BW
makati1 on Sun, 18th Sep 2016 8:29 pm
Censorship by any means…
daz wazlle on Sun, 18th Sep 2016 8:29 pm
The numskull who wrote the article either doesnt get it or lies because the reason the peak production is down in 1.5 yrs is because of rigs shutting down due to the price of oil, the crude is still in the ground just as KERMIT commented in a more technical fashion . To Matt I say, by Law all crude pumped in the US CANNOT be exported. The reason we cannot become independent is that oil is bought and sold on the futures market so it will come from other places. the important part is that we produce more than we use, then we can claim independence.Congress is considering changing the export law which would be a mistake at this point since production hasnt exceeded demand. the futures market is a way around price fixing and price collusion, keeping it all here will lower prices here for consumers, then a law can be passed to allow only excess production to be exported.
agnes on Sun, 18th Sep 2016 8:31 pm
This is what is holding up the robot/automation from taking over all the jobs.
The technology is there, it is just the long time power sources that are needed are not fully secured yet.
I would think the bigger fear/worry would be if you will have a skill/value that would be needed in the future. We are overpopulated now and only about half of the population now work and support the rest. Lots to contemplate.
makati1 on Sun, 18th Sep 2016 8:31 pm
daz, lower prices will just mean less will be recovered, not more. Your ‘logic’ is warped.
Chris on Sun, 18th Sep 2016 8:33 pm
Ever hear of supply and demand? You don’t crank up widget production when it’s not profitable to produce them. They have been saying the same thing about the GOM for decades.
makati1 on Sun, 18th Sep 2016 8:34 pm
agnes, the collapse will happen before robots do much damage to the system. Then it will not matter as they will not be needed. No demand for their products. Needed skills will be in demand and barter for them will be active. Do you have any?
shortonoil on Sun, 18th Sep 2016 8:36 pm
“daz, lower prices will just mean less will be recovered, not more. Your ‘logic’ is warped.”
It’s a machine?? Let’s see if it is smart enough to respond to you?
diemos on Sun, 18th Sep 2016 8:37 pm
Lol. 5 pages of comments and counting. Somebody pull the plug on this bot.
shortonoil on Sun, 18th Sep 2016 8:39 pm
Interesting, it did with Chis. But what it said didn’t make a lot of sense. Sort of like a random number generator.
Boat on Sun, 18th Sep 2016 8:40 pm
SRSrocco on Sun, 18th Sep 2016 7:40 pm
You drug these posters with you or maybe they are all you.
US tight oil is just a small part of a global market. The US net imports 6 mbpd. So if all tight oil was shut down we import 10 mbpd, who cares. I don’t think you have a clue as to how Americans think. I don’t see oil as a problem.
Richard on Sun, 18th Sep 2016 8:40 pm
Why is it that we don’t focus on alternative energies like Solar and wind. Come on people. It’s natural and doesn’t have the ability to pollute the environment. Think smart
Donald Canaday on Sun, 18th Sep 2016 8:41 pm
There are many different oil fields in the United States.Montana being one.Alaska oil fields,as number two.
shortonoil on Sun, 18th Sep 2016 8:44 pm
Boat,
you are a fricken idiot. They are bots. The site is under attack.
Boat on Sun, 18th Sep 2016 8:48 pm
Chris on Sun, 18th Sep 2016 8:33 pm
Your wrong. Canada, Russia, the Saudi, Iraq, Iran and more have added production during lower prices and during a glut.
Northwest Resident on Sun, 18th Sep 2016 8:49 pm
“There are trillions of barrels of oil under the US but the “environmentalists” and the “progressives” are hiding it from you.”
Hilarious! Bot or not, this is deliberate, calculated bullshit spewed with subversive intent. The goal: to hide the truth, to misdirect away from the truth, to offer up a convenient lie in place of the truth, to deflect blame, to incite anger and resentment against scapegoats (environmentalists and progressives). Pure psy-op tactics! Evil to the core.
Boat on Sun, 18th Sep 2016 8:51 pm
Some of them bots are more informed than you. Lol
Joe mcElyea on Sun, 18th Sep 2016 8:56 pm
Now with Obama nearly out of office, they should be able to go back in some of the biggest fields in Wyoming, which his administration put off limits. There is an abundance of reserves in Wyoming, but with them being on fed land, could not drill on anymore!
Apneaman on Sun, 18th Sep 2016 8:57 pm
It is a machine. In fact, it’s hopium Kenz3000 bot’s evil conseravtard twin brother Lenz3000 bot. Their father, Ray Kurzweil, created them to help 98% of the American population, conservatards and libtards, transmogrify to singularity beings. The 2% of critical thinkers are SOL, as per usual.
Bryan Smith on Sun, 18th Sep 2016 8:58 pm
First let me say I agree that production is down. Now I am not in the industry but I have family members both in the natural gas industry her in Michigan and also out in North Dakota. They told me over a year ago they were concerned about layoffs because the price of oil and gas going down. Once they got below a certain price there was going to layoffs and cut down production and sure enough when the price got below those numbers there was big layoffs in both natural gas and oil. Because the price is so low they can’t afford to harvest it because the cost or margin is too close the value so they have reduced production.
shortonoil on Sun, 18th Sep 2016 8:58 pm
“Pure psy-op tactics! Evil to the core.”
And, they have got some pretty impressive toys.
Boat, meet your new replacement. Now that things are getting tough, they are going to have to cut overhead.
peter Squitieri on Sun, 18th Sep 2016 8:59 pm
Umm, or maybe production is down in all these fields because the decline in oil prices (due to a general glut in supply )makes a lot of the drilling unprofitable. But don’t worry, the oil will just stay in the ground until we actually need it.
What ever happened to Occam’s razor?
Northwest Resident on Sun, 18th Sep 2016 9:01 pm
“Some of them bots are more informed than you.”
Which bots? What evidence do you have they are more informed than me?
It’s okay, Boat. I know you’re just making shit up, same as always.
rockman on Sun, 18th Sep 2016 9:02 pm
Ghung – Truly amazing! Have never seen so many responses to a thread. Nor so much concentrated ignorance. I can’t begin to take the hours to address each. Best advice I can offer to the regulars is to pretend this thread no longer exists. Looks like a number already have. Just have to leave it up to the editors to filter out the crap.
shortonoil on Sun, 18th Sep 2016 9:05 pm
Can some one phone admin and tell them the site is under attack. Pull the plug!
Apneaman on Sun, 18th Sep 2016 9:08 pm
The rise of political bots on social media
Automated social media accounts – bots – have become part of our political communication. Bot armies can influence online discourse and pick fights with users. But are all bots bad? Thomas Baerthlein reports from London.
http://www.dw.com/en/the-rise-of-political-bots-on-social-media/a-19450562
dissident on Sun, 18th Sep 2016 9:09 pm
Clearly this article hit right on the nerve. I have never seen such a crapfest of denier drivel.
The claim that oil is not produced when the price is low is utter BS. If that was true then oil production by countries around the world would swing up and down with the price. This simply does not happen including in the USA. All those oil companies sitting on their “fracking gold” have monthly costs, lease and loan payments that they have to cover. They will not be stopping production by any stretch.
shortonoil on Sun, 18th Sep 2016 9:33 pm
“It’s okay, Boat. I know you’re just making shit up, same as always.”
Boat can even talk to them; they think the same way. Sort of ramdom number generators with a few key works thrown in.
At least we know that Boat is not a bot. They are working on artificial intelligence, not artificial stupid!
Brian on Sun, 18th Sep 2016 9:40 pm
The author is obnoxious! Maybe people he encounters say technology is a silver bullet for everything but that’s just because it has been for literally EVERYTHING that has advanced humanity! Oil itself was an advancement over sperm whales. Maybe tomorrows oil will come from algae or maybe we will use another energy source but the silliest thing is to go load up on precious metals that hold very little intrinsic value. Shame on this Author and his rather large ego too!
Radovic Putschken on Sun, 18th Sep 2016 9:42 pm
Here’s a parallel factoid which few Americans know or understand. Mr. Putin has been clever in corralling effective control of over 70% of the global oil market. His ROPEC cabal will push up oil prices once the US debt market takes a fall. Once in place, the US will face the double whammy of bad debt and energy inflation. He’s banking on a Trump victory to force a worse economic fall. Clever Putin will have knocked the US back to the 1860’s without firing a single nuke. Bank on it.
ghung on Sun, 18th Sep 2016 9:55 pm
Some creative user names and posts. Maybe a hybrid of sophisticated bots and some 30 year old virgin asswipe in his mamma’s basement. Seems the bots are running out of ideas; getting off topic with some comments. Maybe they need to start cloning boat’s and O_S’s comments, eh?
Brian on Sun, 18th Sep 2016 9:59 pm
This has got to be great news for Elon Musk. Electric cars will take off once this news is read and absorbed by the majority of Americans, he’ll be a billionaire many times over and we’ll all be driving Model S’s.
Roger Velez on Sun, 18th Sep 2016 9:59 pm
This author is a mouthpiece for the precious metals industry. His figures are rather shallow and he is making an effort to promote his viewpoint at any cost. Good for him if he is so scared of the future.
Joel on Sun, 18th Sep 2016 10:08 pm
Matt….I just saw a brand new Toyota Hydrogen car on the freeway actually yesterday. They are here and filling stations are being built throughout California….not sure what you’re smoking, but it’s affecting you 😀
ghung on Sun, 18th Sep 2016 10:10 pm
Matt is smoking whatever the bots are smoking.
rockman on Sun, 18th Sep 2016 10:14 pm
Ghung – Absolutely amazing! Have never seen more posts to a single thread. Nor so many incorrect facts and rediculous assumptions. And I didn’t even make it half way thru. Can’t begin to correct everyone. So I’ll just pick on the easiest to prove is complete bullsh*t:
The US had not exported oil for 40 years until the POTUS lifted the ban last January.
The facts, according to the US GOVT…the same US govt that signed the ban law back in the 70’s: since then 1.5 BILLION BBLS OF OIL HAVE BEEN EXPORTED FROM THE US.mDon’t anyone bother to disagree unless you have DOCUMENTED PROOF that the govt is providing false data
How? First, BY THE OIL BAN LAW, any company can export all the oil they want if the get a WAIVER from the govt. And there’s no indication that any waiver request has been denied. Even more important: exporting US oil to Canada (which has imported the vast majority of US oil) doesn’t even require a waiver: according to the written ban law itself: Canada is automatically EXEMPT from the ban.
The greatest irony: again according to the US GOVT RECORDS more oil was exported the year after the ban was passed into law the the year after it was passed.
Fact: for years 100’s of millions of bbls of US light oil has been exported to Canada because as stated in the ban law itself: all exports to Canada are EXEMPT of the law.
So easily found on the EIA website anyone arguing otherwise is either a fool or a liar.
Anonymous on Sun, 18th Sep 2016 10:15 pm
I wouldn’t call boats brand of stupid, artificial. Genuine stupidity more like it….
ghung on Sun, 18th Sep 2016 10:19 pm
Careful. Boat will need to get certified organic soon.
Maybe someone will design a site run by bots that agree with all his posts. What will we do then?
antaris on Sun, 18th Sep 2016 10:35 pm
So what are you saying ghung, boat is a fruit or vegetable ?