Peak Oil is You
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Page added on July 22, 2019
US Shale: Peak Oil Finally Arrives
Shale seems to be hitting a plateau, and at the very least the rate of increase will taper off.
It is also possible that in absolute terms it could fall in the months ahead.
This has real impacts for the oil market.
Discussion follows.
This idea was discussed in more depth with members of my private investing community, The Daily Drilling Report. Get started today »
Introduction
The shale growth story has been a very seductive dialogue the past 15 or so years. Who can argue with a chart like this?
You really can’t. The proof is in the pudding as shale goes, and shale heretics have been made to sit in the corner with a pointy cap on their heads.
This year, for a variety of reasons, and some we will touch on in this article, domestic production and shale growth in particular have hit a wall. The latest report from EIA shows a decline that breaks the upward trend line.
EIA, chart by author
In this article we will look at a couple of key data points behind what well could be signs of shale… tapping out.
A reversal of trend for oil vs EIA oil production predictions
First, I want to briefly opine on the impact of this trend reversal for the world oil market. It is priced currently for what I would call perfection. Iran and the U.S. are still only calling each other names. China and the U.S. are making jaw-jaw once again on the topic of a trade deal. As a result, oil has sagged down about $5.00 a barrel over the first couple of days this week. All in the face of large crude storage builds in the U.S. over the past month.
Meanwhile, the world market seems well supplied: Everyone has all the oil they need and expects to maintain that situation for the foreseeable future. Everything is rosy. The linchpin in that warm glow of market satiety is the 15%-20% year-over-year growth of U.S. production over the last decade. Every prognosticator on the planet now refers to the U.S. as the swing producer, able to fill all the pots and pans globally. The EIA is the worst of the lot. Their robust growth projections are contained in the graphic below.
STEO A nice looking graph that moves sharply upward from the lower left quadrant to the upper right quadrant, as most forecasts are prone to do.
But suppose the growth rate in U.S. shale can’t rise forever. What if the good folks over at the EIA (an arm of the federal government, which we all know is infallible) have been having their weekly brunches in California or Colorado? What if shale production actually dropped? Now, let me be clear: No one, absolutely no one, is forecasting that eventuality… yet. And that’s what worries me.
Harking back to an earlier shale demise prediction
Think I’m a worry wart? Let’s take a trip back to September of 2014 when a pundit by the name of Andrew John Hall forecast $150 oil in Business Insider, a respected publication. He wasn’t alone in holding that general opinion for oil; Goldman Sachs had reached that conclusion in 2012.
But young Andrew’s predictions were historically so reliable, as regards oil prices, that he was referred to in the market as “God.” You can’t get much more authoritative than that, and reliability on a deity-like level was probably among the attributes that have led him to become CEO of Phibro, a commodities trading house.
In terms of his prediction of the demise of U.S. shale, Hall based his reasoning on the supposition that the Saudis would be successful in bringing down the shale oil juggernaut that had begun to gore their ox from a market share standpoint. In his scenario oil would then rise due to scarcity as a result of shale cratering. He believed this so passionately that he opined in a newsletter to clients thusly, as he bought oil futures contracts for their accounts:
“When you believe something, facts become inconvenient obstacles.”
(If Hall is still lurking about someplace, I’ll bet he wishes he could cram that little gem back in the bottle! Note to self: never use the words “facts” and “inconvenient obstacles” in the same sentence!)
We all know what happened to oil over the next couple of years. American shale frackers proceeded to pull a hat trick. They recapitalized, cut their break-even costs by 50%, and upped production per foot of interval. Oil production from the U.S. resumed its upward march. The Saudis threw in the market-share towel by mid-2015 and closed the choke a hair on their side of the planet, with hopes of improving prices. Supply and demand then fell into a pseudo-balance over the next year, and by mid-2017 we were off on another nice ramp in the oil price.
Someone else is now CEO of Phibro. I have no inkling as to whether that fact relates to this monster missed market call. Hall may have gone back to his main job of running the universe.
But suppose Hall was right? Way early, and right for all the wrong reasons, but right nonetheless? That is the scenario we find ourselves discussing five years hence. What if shale has peaked, and is about to begin a slow decline in absolute terms? I’ll leave that thought for you to consider and provide some commentary later in this article. For now, let’s take a look at some of the indicators I’ve mentioned above.
Signs of fatigue in shale
As discussed in my recent piece on the impact crude quality may play on oil supplies, American production is starting to flatten in the 12 million-BOD range. We may even see production dip down as certain economic realities begin to grip the heretofore freewheeling shale-drilling business. Realities that include, but are not limited to:
- Well spacing and inter-well harmonics (frac hits)
- Rock quality and growing scarcity of tier 1 acreage
- Capital discipline edges out “growth at any cost”
- Takeaway capacity
EIA, Chart by author
As we move from the fourth quarter of 2018 through the second quarter of 2019 we can see there is a definite flattening of the curve. There is beginning to be a bit of a schism in the EIA’s STEO domestic crude production between projections and reality. Early signs, but there nonetheless. This report projects U.S daily production approaching 13.8 million BOED by the end of 2020, an increase of about 1.6 million BOED from present levels. Even if achieved, that would represent a growth rate of 11.5%, down from 2018’s pace of 17% production growth.
Worth noting: Baked into the EIA’s forecast is growth from the Gulf of Mexico of 200,000 BOED in 2020. I have my doubts about this as well given the under-capitalization of this space for the last few years, but let’s focus on shale, as I have promised.
U.S. land, drilling as well are off markedly from the first of the year.
I suppose the icing on the cake would be the Schlumberger (SLB) conference call last week, where outgoing CEO Kibsgard commented thusly:
The cash flow focus amongst the E&P operators confirms our expectations of a 10% decline in North America land investments in 2019.
As an aside, that comment didn’t do the service company stocks any favors, I can tell you! All of the big ones dropped 5% just as he was speaking.
Seeking Alpha, Chart by author
So, wrapping up this section, I am going on record as saying that even if only the growth rate for shale declines, it is going to leave the world market under-supplied by a considerable amount. If shale production actually declines in real numbers, Anthony Hall’s rosy forecast of $150.00 oil is likely to become a reality in a very short period of time.
Will offshore deepwater bail us out?
The other big compartment from which the world take its oil lies in the deepwater marine environment. This area has been famously under-capitalized in recent years, as has been well documented.
You can see from the Rystad graphic above that as capex declined, the discovery rate of conventional oil dropped from 16 billion BOE in 2014 to 9.1 billion in 2018. With only 3.2 billion bbl discoveries announced so far in 2019, the success rate will have to run pretty hard to reach 7.0 billion for the year. This would equate to a 45% decline over five years. The math isn’t working very well here.
I am not ready to make a call as to the likelihood of the EIA’s projections being wrong (horribly so), or not. But, I am ready to say that the trends I am seeing aren’t supportive of that outcome.
Can OPEC come to the rescue?
For the last couple of years OPEC voluntarily withdrew a half a million barrels a day from the market, at first, to shore up the price. When that didn’t work, it went to a million barrels a day, and then to 1.4 million. The graph below reflects that fairly well. Saudi Arabia has taken the bulk of those cuts, but some of it is reflective of some OPEC members simply being unable to pump their quota. Here again, the data is not supportive of any ability of the cartel to fill a gap of a million barrels a day or more.
OPEC monthly report, Chart by author
The troubles of some of these countries have received a lot of press in recent times for various reasons unique to their own situations. As we all know, Venezuela, Libya, and Iran will not be ramping up much anytime soon.
Inside the cartel, that leaves Saudi to make up any shortfall. They are famous for claiming that they have several million barrels a day of excess capacity to do just that. That may indeed be true. But, in recent times rumors to the contrary have been making the rounds. Rumors that didn’t get a lot of traction as there was no way to prove for or against. Until recently during the roadshow for the ARAMCO (ARMCO) IPO.
In conjunction with the ARAMCO IPO, the proverbial camel got to stick its “nose under the tent”. Field production data of the massive Ghawar oil field was observed by third parties for the very first time. It was revealed that Ghawar has entered a sharp decline in recent years, and even secondary and tertiary recovery methods will not restore it to greatness.
So, absent a new find to replace Ghawar, the Saudis may be more talk than substance when it comes to restoring oil production.
Your takeaway
Oil stocks have a radioactive glow about them these days. If the trends I’ve discussed in this report bear out, they could shed that pretty quickly as oil moves up.
In the Daily Drilling Reports Oil Trends Tracker, we discussed the inventory stats put out by the EIA and several other sources. They add up to a massive draw for the coming week.
We have recommended taking proactive positions in advance of this report. Companies like Shell (NYSE:RDS.A) (NYSE:RDS.B), and BP (BP) are on sale as a result of recent adverse price movement in oil. The type of draw we are expecting could change that course in a hurry. Both are yielding around 6% right now, and won’t stay there long.
W&T Offshore (WTI), a company we covered in a recent article, might also pop nicely. WTI is off quite a bit, and has the potential for a 50% rebound from present prices when the narrative for oil becomes less negative.
USO (USO) and several other oil ETFs are off in the 10% range, and might be a good bet as well.
We also like California Resources (CRC) as a play on heavy, non-shale oil. It has slumped way out of proportion recently due to Brent falling toward $60.00, and could be setting up for a nice rebound on news of the type I anticipate from the API and EIA.
124 Comments on "US Shale: Peak Oil Finally Arrives"
shortonoil on Tue, 23rd Jul 2019 1:49 pm
“The reality is that whilst total production has yet to show a decline, the EROI has fallen steadily since the 1990s, to the point where even zero interest rate policy is failing to stimulate economic growth in OECD countries and is rapidly leading to credit exhaustion. EROI has now declined to the point where even developing countries with less complex economies are started to hit diminishing returns (i.e. China). The end point is likely to be another great depression, leading to crashing GDP and falling energy use.”
The reason production has not declined has been because of US shale production; that has had a negative cash flow of $187 billion since 2010. Now that shale can no longer compensate for its legacy decline rate the falling ERoEI, that has been ignored, will be coming to haunt us.
Duncan Idaho on Tue, 23rd Jul 2019 2:01 pm
“Note how just as the Epstein story was gaining steam, Trump easily pulled the spotlight back on himself through racist obnoxious tweets. Playing the role of the heel, much as he did when in actual pro wrestling and reality tv show.”
He has been bankrupt 6 times, and the US can’t go bankrupt, so this may possibly be a great position for him!
He can still rip people off, but the consequences just cater to his “base”.
Cloggie on Tue, 23rd Jul 2019 2:06 pm
“There is no avoiding the fact that a close to 100% wind and solar energy system, will require a grid that must handle several times present peak generation rates”
Not really. An alternative would be to convert renewable electricity close to the source into H2, CH3, CH3OH, NH3 and a host of other possibilities. That’s the strategy btw of the Dutch government:
https://deepresource.wordpress.com/2019/01/28/the-emerging-dutch-hydrogen-economy/
They want to turn the Northern province of Groningen into a hydrogen province and locate all the power-to-gas facilities there…
https://deepresource.wordpress.com/2019/02/09/dutch-20-mw-akzo-gasunie-hydrogen-electrolysis-initiative/
…and pump the resulting stuff through the existing Dutch natural gas grid, which can transport in energy terms a multiple of what the grid can transport. Problem solved.
“projecting his fraudulent aura of huge achievements in Europe with alternative energies. I admire what Northern Europe is trying to accomplish.”
Find the contradiction.
“Still Germany is kidding themselves if they expect to make their decarbonization goals and not deindustrialize.”
I have noticed before that Davy has great trouble in grasping that a kWh is a kWh, regardless if it originates from coal, oil, sun, nuclear or wind. I hope that Davy is not your run-of-the-mill kWh-racist, but I fear the worst.
Davy on Tue, 23rd Jul 2019 2:18 pm
A KW is a KW until you put it into context. You can proffer fantasy all day long but it is still fantasy
Davy on Tue, 23rd Jul 2019 2:23 pm
“Trump easily pulled the spotlight back on himself through racist obnoxious tweets.”
The real racism is coming from the left with their politically correct incorrect identity politics. For the left racism is relative and a political tool. Disgusting shit!
Cloggie on Tue, 23rd Jul 2019 2:33 pm
“A KW is a KW until you put it into context. You can proffer fantasy all day long but it is still fantasy”
You are not going to “put it into context”, right?
Never mind. I grant you this face-saving retreat.
Davy on Tue, 23rd Jul 2019 4:00 pm
Cloggo, a renewable energy world is not a fossil fuel energy world. KW’s are not KW’s when looked at in the macro and systematically. You can do your micro mind analysis all day long. That’s fine but don’t tell me in a holistic way different kinds of KW sources are interchangeable. You are doing your typical napkin math and physics shit again.
Davy on Tue, 23rd Jul 2019 4:13 pm
Like my granpappy always used to say, “If you can’t dazzle em with brilliance, baffle them with bullshit.”
It was worth a try anyhow. BTW cloggo, physics don’t apply to the REAL Green World I live in.
Cloggie on Tue, 23rd Jul 2019 4:19 pm
“Cloggo, a renewable energy world is not a fossil fuel energy world. KW’s are not KW’s when looked at in the macro and systematically. You can do your micro mind analysis all day long. That’s fine but don’t tell me in a holistic way different kinds of KW sources are interchangeable. You are doing your typical napkin math and physics shit again.”
Smoke screen. World salad. Pathetic attempt to look meaningfull.
Combined with a buffer/storage, all energy sources are interchangeable.
There is only one unit for energy and that is Joule.
Physics doesn’t discern between wind or oil-Joule.
Now chew on that one while you milk your goats.
ID theft on Tue, 23rd Jul 2019 4:19 pm
Davy on Tue, 23rd Jul 2019 4:13 pm “Like my granpappy always used to say,”
Davy on Tue, 23rd Jul 2019 4:21 pm
“Combined with a buffer/storage, all energy sources are interchangeable”
LMFAO, then they are not the same if you need storage. You made my point, Cloggo.
Cloggie on Tue, 23rd Jul 2019 4:36 pm
You are shifting the goal posts, intentionally. You claimed that Germany would “deindustrialize” if they woyld fully decarbonize.
I say that Germany can remain an industrial and technological superpower with 100% renewable energy. Germany has zero intent of becoming a post-industrial society, yet embark on a 100% renewable energy strategy. Rest assured their leaders have more energy competence in their little finger than amateur imposter can ever dream to have.
It was always clear that storage would be an essential component. Storage btw is necessary for ALL forms of energy, incl. oil, coal and gas.
All forms of energy is interchangeable.
Davy on Tue, 23rd Jul 2019 4:50 pm
Don’t take me so serious cloggo. You and I both know I promised to attack you forever. You hurt my feelings when you said bad things about my country. I will always hold a grudge against you for that. I can’t help myself. It’s a hormonal thing, and on top of that, I might be menopausal.
Antius on Tue, 23rd Jul 2019 4:51 pm
“Not really. An alternative would be to convert renewable electricity close to the source into H2, CH3, CH3OH, NH3 and a host of other possibilities.”
We have been through all of this before. It is a very inefficient way of storing electrical energy because of the losses at each step, especially if you add the additional step of making ammonia and hydrocarbons which imply feeding the hydrogen into another chemical reactor with other feedstock. Also, for this to work as a way of storing excess electrical energy for Germany, you would need a huge amount of capacity.
German generating capacity currently stands at a little over 200GW, about half of which is wind and solar. Wind and solar presently produce about one third of German electricity consumption. If wind and solar are scaled up to produce enough energy for all German electricity, heating and transport, then capacity needs to go up by about 6 times, i.e to 600GW.
This means that any power to gas infrastructure, with its electrolysis cells, pumps, compressors and chemical reactors; must be scaled to receive hundreds of GW of power. And it will only operate at low capacity factor, because renewable electricity generators will feed the grid as first priority.
All this makes for an expensive way of storing and transmitting energy. The scale is huge, even for one country.
As an aside, imagine a situation in which a factory uses a constant supply of energy to produce a certain number of widgets per year, working 24/7. The factory is working flat out, achieving an optimal return on capital investment and workers can be organised into three neat 8 hour shifts.
Now imagine a comparable factory producing the same number of widgets each year with a power supply that is only available 50% of the time. The second factory must be twice as large (with twice the capital cost) with twice as many employees to man the larger factory, to produce the same number of widgets. And those employees must either be paid twice as much and spend half their time sitting idle, or be on call like doctors ready to jump back on the production line when wind speed increases.
Intermittent energy really trashes the economics of any sort of production process. To make it affordable, it trashes working conditions too. In another 10-15 years; the Germans are going to be begging the Russians to build them some of those nice new fast breeder nuclear reactors that they have been developing. Mark my words.
Cloggie on Tue, 23rd Jul 2019 4:53 pm
BBC Newsnight live:
Scottish leader in Westminster Ian Blackford believes that BoJo will be the last PM of the United Kingdom.
We can begin to plan a huge Euro-Siberian naval base in Aberdeen! And large pumped-hydro storage in the Highlands!
Gaullists LOVE Brexit!
Antius on Tue, 23rd Jul 2019 5:25 pm
“Rest assured their leaders have more energy competence in their little finger than amateur imposter can ever dream to have.”
The same leaders that let millions of shit skins colonize their country? These peoples skills are all about PR and manipulation. Most of them have zero technical competence and tend to advocate whatever conforms to their quasi-religious political ideology. That means mass immigration. It means economic liberalism, globalisation, free movement and yes, renewable energy. They advocate it for the same reason that they advocate all the other things: because they like the idea of it and it sits well with their idealistic and narrow minded worldview.
To assume that these people have competence just because they happen to be pushing renewable energy that you also happen to have and idealistic obsession with; requires that you ignore just about everything else that they have done over the past forty years.
Antius on Tue, 23rd Jul 2019 5:40 pm
“Scottish leader in Westminster Ian Blackford believes that BoJo will be the last PM of the United Kingdom.”
About time that these people are reeled in and shown who’s boss. I cannot understand why Westminster has allowed this Scottish fiasco to go on as long as it has. They have turned what was supposed to be a regional assembly into a threat to national security. Time to get rid of it and with it, any constitutional threat to the integrity of the UK.
peakyeast on Tue, 23rd Jul 2019 5:44 pm
This is not only a transformation of energy production, but also a complete transformation of the transport industry, the electrical grid, energy storage, manufacturing, and just about everything else.
All those things at the same time where the oceans are getting empty, pollution killing everybody, entire ecosystems wiped-out, extremely low oregrades – and still we are getting 80-90 mio. extra killer apes per year.
Gee – I wish we had started this just a little earlier. Don’t you all think?
A KWh in oil is definitely not the same as a KWh in electricity. One is easy to use whenever and wherever wanted. The other is an instantanously consumable or lost forever requiring expensive infrastructure for delivery.
The energy may be the same – but everything else is different.
Cloggie on Tue, 23rd Jul 2019 5:44 pm
“Most of them have zero technical competence and tend to advocate whatever conforms to their quasi-religious political ideology”
Merkel, who pushed through the Energiewende, is a graduated physicist. In that capacity she insisted to visit my present workplace (not because of me.lol)… because of the world class lithography in Eindhoven, with which companies that are lower in the technological food-chain (Intel, Apple, Samsung) can make their billions:
https://youtu.be/FcnShxRaPv8
https://youtu.be/3jfIU1FplK8
She was keenly interested, because of physics.
Regarding these invaders, she is completely tied to orders from Soros or that Kantor freak:
https://eurojewcong.org/
She is absolutely not stupid, a smart vassal.
Currently the only significant anti-semites in Europe are, ranked after impact:
Putin
Salvini
Orban
Corbyn
Jean-Marie le Pen
ID theft on Tue, 23rd Jul 2019 5:51 pm
Davy on Tue, 23rd Jul 2019 4:50 pm “Don’t take me so serious cloggo”
Cloggie on Tue, 23rd Jul 2019 5:58 pm
Upbeat report about the prospects for relatively cheap green hydrogen:
https://www.nature.com/articles/s41560-019-0326-1
“Economics of converting renewable power to hydrogen”
The recent sharp decline in the cost of renewable energy suggests that the production of hydrogen from renewable power through a power-to-gas process might become more economical. Here we examine this alternative from the perspective of an investor who considers a hybrid energy system that combines renewable power with an efficiently sized power-to-gas facility. The available capacity can be optimized in real time to take advantage of fluctuations in electricity prices and intermittent renewable power generation. We apply our model to the current environment in both Germany and Texas and find that renewable hydrogen is already cost competitive in niche applications (€3.23 kg−1), although not yet for industrial-scale supply. This conclusion, however, is projected to change within a decade (€2.50 kg−1) provided recent market trends continue in the coming years.
I AM THE MOB on Tue, 23rd Jul 2019 6:09 pm
Study: Immigrants and their kids founded 45% of U.S. Fortune 500 companies
https://www.axios.com/immigrants-founders-fortune-500-companies-7e883b5a-1b76-462c-83b5-be68e2e9cae4.html
Antius on Tue, 23rd Jul 2019 6:36 pm
The real goods economy appears to be heading into recession.
https://tinyurl.com/y6b97tz9
The oligarchs that run the world’s central banks still haven’t cottoned on to what should be an obvious fact to anyone with an ounce of physics or engineering knowledge: that the economy is an energy system, just like any other machine built by human beings, or indeed, human beings themselves. We use energy to make things and to move things across the Earth’s surface.
Money is simply a claim on future production of real goods and services that are produced using energy. Print as much money as you like and lend it as cheaply as you like. It won’t make much difference if the trend cost of energy keeps rising. At some point, more expensive energy will mean fewer energy products, which means less wealth. You can offset it for a while by borrowing, but this only makes the reckoning even worse at some point in the future when the debts have to be paid.
We are coming up against planetary limits. When the quality of your energy sources are declining and the amount of energy needed to make goods out of ores is increasing; it is impossible to avoid a decline in the affordability of real stuff.
Welcome to the new reality that will dominate the rest of your life. I would suggest we get off this rock. But doing so would require the use of nuclear energy, which is not politically correct. So I guess we just starve to death instead. At least we can feel all righteous that that we avoided the use of nuclear energy and lived on emotionally pure renewable energy until the very end.
Duncan Idaho on Tue, 23rd Jul 2019 7:15 pm
1908 — US: Nazi sympathizer & Jew-hater Henry Ford sells his first model T. July 30, 1938 Hitler presents highest non-citizen award — “Grand Cross of the Supreme Order of the German Eagle” — to Henry Ford in Berlin. The US Senate, always the first to know, reports in 1974 on Ford Motor Co.’s aid to the Nazi war effort.
muhammadbinpedoalameriki-akafmr on Tue, 23rd Jul 2019 10:38 pm
the whole big nazi is manufactured, as yang said to distract people from the “monaaaay”.
https://www.youtube.com/watch?v=dDB5AbozMB8
and big goat is already setting up yang to be william hung so don’t expect any political solution to big muzzie FGM NASTY problem
muhamad-bin-pedo-al-amerikiakafmr on Wed, 24th Jul 2019 12:39 am
Due to personal matter I’m retiring temporarily
Muhamad-bin-pedo-al-ameriki
Cloggie on Wed, 24th Jul 2019 1:12 am
“1908 — US: Nazi sympathizer & Jew-hater Henry Ford sells his first model T. July 30, 1938 Hitler presents highest non-citizen award — “Grand Cross of the Supreme Order of the German Eagle” — to Henry Ford in Berlin. The US Senate, always the first to know, reports in 1974 on Ford Motor Co.’s aid to the Nazi war effort.”
You have to look very good but every now and then even in the US there are smart people who understand things thoroughly.
But Ford lost. Today the Ford Foundation supports LGBT causes and by 2024 America will be a third world country. Thanks to Ford’s “The World’s Foremost Problem”.
But perhaps we can save Europe, if Brexit succeeds and we Europeans can make a U-turn towards Eurasia and together with Russians and Chinese withdraw from the UN and start a new world organisation, a club not owned by (((them))).
Italy, hands down the most identitarian country in Europe (they also were the first to turn fascist in the twenties in defense against the communist menace) has already given the good example:
https://www.telesurenglish.net/news/Italy-First-G7-Country-to-Join-Chinas-New-Silk-Road-20190323-0005.html
“Italy First G7 Country to Join China’s ‘New Silk Road'”
China is ready for the Great Eurasian anti-US alliance, which would change everything:
https://www.zerohedge.com/news/2018-07-04/europe-turns-down-chinese-offer-grand-alliance-against-us
“Europe Turns Down Chinese Offer For Grand Alliance Against The US”
For the moment we have too many US empire stakeholder politicians in western Europe, but as we have seen in 1989, politicians don’t have a lease on eternal life:
https://www.romania-insider.com/sites/default/files/styles/article_large_image/public/featured_images/executie-ceausescu-evz.jpg
The tide is definitely turning. I’m still promoting a soft-Brexit, because of the lesser risks involved, but I begin to wonder if a hard-Brexit would not stimulate the required Eurasian coalition that can destroy the Anglos in the upcoming WW3, just like without the USSR, the Anglos and their kiken owners would not have managed to destroy Europe (incl Britain) in 1945.
P.S. “Europe turning down China” in public doesn’t mean anything. What matters is what Juncker, Putin and Xi say in private. In October 1939, Churchill said in the Commons, after he had managed to maneuver Britain into war against Germany on behalf of his kosher principals: ” Russia as a riddle, wrapped in a mystery, inside an enigma”. And of course he was speaking the truth, except that Russia was not a riddle at all for Churchill himself. Behind the back of Chamberlain he had set up a secret war coalition together with the jewish coterie around Roosevelt and Stalin’s jewish ambassador Meisky. Likewise Juncker, Putin and Xi could have reached, not necessary an alliance, but an mutual understanding about how the future world should look like after empire. Australia, be worried, be very worried.
I AM THE MOB on Wed, 24th Jul 2019 5:57 am
Clogg
Guess you have never heard of a the brain drain..
Study: Immigrants and their kids founded 45% of U.S. Fortune 500 companies
https://www.axios.com/immigrants-founders-fortune-500-companies-7e883b5a-1b76-462c-83b5-be68e2e9cae4.html
Don’t you ever get tired of blaming others for no logical reason?
Now go get a job and get a life..Sorry chicks don’t dig spamming Nazi’s..
LOL
I AM THE MOB on Wed, 24th Jul 2019 6:07 am
Donald Trump’s trade war hurting China more than US, says IMF
https://www.theguardian.com/business/2019/jul/23/donald-trump-trade-war-china-us-imf
China is going to crash and burn..And Europe is on the brink or civil war..
I see another US post ww2 Boom coming!
I love it when a plan comes together!
tire on Wed, 24th Jul 2019 6:53 am
>>> Immigrants and their kids founded 45% of U.S. Fortune 500 companies
how many from africa? how many from europe?
Cloggie on Wed, 24th Jul 2019 7:59 am
“Study: Immigrants and their kids founded 45% of U.S. Fortune 500 companies”
From Europe and Asia no doubt.
How many from Africa, South-America?
Asking the question is answering it.
I AM THE MOB is the embodiment of the jews who have been waging war against white America for a century now. High time to fight back.
Cloggie on Wed, 24th Jul 2019 8:04 am
“I see another US post ww2 Boom coming!”
With 59% demoralized aging whites? LOL
The country closest to civil war is the US, because they have the most adventurous ethnic mix.
The country is going to say “Boom” alright.
Davy on Wed, 24th Jul 2019 8:07 am
“The country closest to civil war is the US, because they have the most adventurous ethnic mix.”
Says the dutch guy who has no clue about life in the US. We have a soft civil war going on. The chances of a hot civil war are very slim but the cloggo’s whole fantasy agenda rests on a US CW2 and WW3 with China. cloggo is one sick fuck lusting for mass death.
Davy on Wed, 24th Jul 2019 8:09 am
“Study: Immigrants and their kids founded 45% of U.S. Fortune 500 companies”
AH, and we are supposed to be impressed with fortune 500 companies full of pathological jerks raping and pillaging the earth. LMFAO at the hypocrisy.
Davy on Wed, 24th Jul 2019 8:15 am
I was one of those pathological jerks BTW, until I took the money and ran. Now I’m the world’s foremost pretend to be REAL Green pathological liar.
JuanP on Wed, 24th Jul 2019 8:19 am
For anyone that cares, I’m going to bed now. I’m looking forward to another very long day of totally fucking insane sock puppetry and stupid identity theft.
I love this shit and I hate all you guys. It makes me feel so much better about my pathetic waste of a life.
dumbasses
ID theft on Wed, 24th Jul 2019 8:19 am
Davy on Wed, 24th Jul 2019 8:15 am
I was one of those pathological jerks BTW”
Davy on Wed, 24th Jul 2019 8:20 am
juanpee, you should get some sleep you are getting lazy and stupid.
JuanP on Wed, 24th Jul 2019 8:21 am
This is the real JuanP. I have posted 4 or 5 comments on this site in the last 6 months. I simply stop by for a minute once or twice a month to confirm that Davy continues lying, bullying, and ruining the place and move on to greener pastures. I have better things to do with my life. Hasta la vista, babies!
JuanP on Wed, 24th Jul 2019 8:22 am
For the record. I am the real JuanP and I haven’t posted a single comment here since before Valentine’s Day. I’ve moved on to greener pastures. I would recommend you all do the same. Reading the comments here or posting something is a complete waste of your lives. This website is fucked beyond redemption. Move on, guys!
Davy on Wed, 24th Jul 2019 8:23 am
IMA, it’s all cloggos fault that my country is in a soft civil war, and it’s all cloggos fault that my government is trying real hard to get another hot war going in the Middle East.
The best way to solve either of these problems is to ignore them, and to attack anybody else that says anything bad about them.
JuanPee on Wed, 24th Jul 2019 8:25 am
What FuckFace JuanP does not realize is JuanPee is a collection of readers and posters who have been conditioned by FuckFace to hate his guts due to his ugly, abusive, and bullying behavior.
ID theft on Wed, 24th Jul 2019 8:26 am
Davy on Wed, 24th Jul 2019 8:23 am
IMA, it’s all cloggos fault that my country”
JuanPee on Wed, 24th Jul 2019 8:27 am
JuanP, you require constant neutering and moderation. I committed to this herculean effort last summer and I am a man of my word. Otherwise, you will overrun this forum with right-wing conspiracy theories and all things Trump. At least I had the guts to recognize the error of my Trumptardian ways with one caveat. I applaud President Trump for destroying the American empire from within. Thanks to President Trump, the empire’s international reputation has been permanently fractured.
More Davy Identity Theft on Wed, 24th Jul 2019 8:28 am
JuanP on Wed, 24th Jul 2019 8:19 am
JuanP on Wed, 24th Jul 2019 8:21 am
JuanP on Wed, 24th Jul 2019 8:22 am
JuanP on Wed, 24th Jul 2019 8:28 am
I did therapy for over a decade and most of it was a waste, but I had one therapist for a year who understood my issues and that helped, though I am still thoroughly screwed up. They make me smile and happy and give me a brief respite from my cronic and acute depression. I have suffered from cronic and acute clinical depression for most of my life, but I wouldn’t have it any other way.
JuanPee on Wed, 24th Jul 2019 8:30 am
JuanP, learn how to spell chronic, you wet back South American
Davy on Wed, 24th Jul 2019 8:34 am
Our reputation was more than permanently fractured long before Trump juanpee. It’s just that most of us were too busy blowing smoke up are own assholes to notice.
More Obvious Davy ID Theft on Wed, 24th Jul 2019 8:36 am
JuanP on Wed, 24th Jul 2019 8:28 am
JuanPee on Wed, 24th Jul 2019 8:30 am
Davy on Wed, 24th Jul 2019 8:36 am
I am JuanP now. If juanpee ever wants to comment here again, he’ll need to get a new handle.