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Anonymoushttps://www.foxbusiness.com/markets/u-s-banks-prepare-to-seize-energy-assets-as-shale-boom-goes-bust
I don’t like to see banks getting into the oil business. The whole price drop in oil due to Russia and Saudi squabble stinks to me. The timing is very suspicious too.
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The Shale Miracle has been a mirage.
The wells deplete exponentially.
And the price of oil needs to be in the upper $40s low $50s to make a profit.
Demand destruction due to the pandemic did not help. -
Anonymous“The wells deplete exponentially.” That’s bad news, I was hoping this would be an answer to what happens when the foreign oil runs out. My thought has always been lets use up foreign oil while we conserve ours so when the foreign oil is gone we will still have some.
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And you can’t refine the shale gas without bitumen from.Canada and that need a softener to be sihipped from Saudi. .. it was environmental disaster and now an economic one as well
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That, plus it’s the wrong kind of oil. Too light to be refined to diesel or gasoline. Needs to be mixed with heavier crude and then refined. Tar sands + Shale oil = something actually useful.
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