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Why this blog?
Until this moment I have been forced to listen while media and politicians alike have told me "what Canadians think". In all that time they never once asked.
This is just the voice of an ordinary Canadian yelling back at the radio -
"You don't speak for me."
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The Pence Principle
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Why would you link to a far left rag like “the week”?
Roger Ailes RIP – Fox and Friends and Shepard Smith tribute videos to Roger Ailes
http://commoncts.blogspot.com/2017/05/roger-ailes-rip-fox-and-friends-reacts.html
Fracing is banned on east coast oh canader’ eh. US went from fracing 600,000 boe (barrels of oil equivalent includes conversion of nat gas and nat gas liquids to oil per barrel) a day to 6,000,000 boe since 2006.
https://www.iea.org/oilmarketreport/omrpublic/
World oil demand 98 million day up 8 million per day over past 4 years so around 2 million barrels a day.
Get use to fracing.
The saudis better get another message to the syrian refugee first responders to set Fort Mac on fire again.
Not only is OPEC dead … but it is about to lose a market share equal to the entire known supply of oil on the planet
http://asia.nikkei.com/Politics-Economy/International-Relations/China-says-succeeded-in-extracting-gas-hydrates-in-South-China-Sea
More reasons not to waste your money … and the earths resources on a shiny new TESLA
I’m fair and balanced, Gord. Fair and balanced.
Does not look good for OPEC. Could there be more Venezuelas on the way?
OPEC Lost $76 Billion Last Year Due To US Fracking
EIA’s report estimates that in 2016, OPEC earned about $433 billion in net oil export revenues. That’s 15 percent lower and $76 billion less than the $509 billion the cartel earned in 2015. This is the lowest earnings posted by OPEC since 2004.
Thank you. I really despise getting dropped into enemy territory with no forewarning.
My diesel on the west coast is $1.25 l.. Fancy that
I wouldn’t sweat it. The article doesn’t read like typical leftist swill.
“Could there be more Venezuelas on the way?” Yes, Alberta. Saskatchewan has figured it out that this is on the way.
66 rigs drilling in AB…7 in Sask…even BC has Sask beat. Takes a long time to live down all that socialism.
One or two tankers sunk in the Strait of Hormuz will fix the price.
The problem isn’t U.S. or Canadian frac’ing flooding the markets with oil and natural gas liquids. The Permian Basin in West TX is good for roughly 3.5 million bbls/d of oil and right now the basin produces ~2.5 million bbls/d. It will take a lot of drilling activity to keep that level of production and everyone has to get this part straight: the best easiest to develop stuff gets drilled FIRST so the harder crappier more expensive stuff comes later. Also – there is a fine line between a successful unconventional producing well and economic train wrecks – namely because an operating company won’t really know if a particular reservoir or even a specific area of that reservoir is truly economic for a good number of months after production starts and only after potentially investing a good chunk of $100 million to evaluate it. Economic failures will happen and I think there is potential for that to become commonplace after the best Permian intervals are more fully developed. From what I’ve seen unconventional economic “sweet spots” only make up a small portion of the total reservoir size (maybe 20%?). Given that World petroleum oil & liquids demand currently sits at ~98 million bbls/d and that new oil and gas reserve adds from exploration is at the lowest level in 60 years I for one do see shortages coming. Things are never as good as they say, nor are they as bad either.