March 8, 2017

PITY THE POOR MALTHUSIANS:

Booming again: U.S. poised for record oil output in 2018 (Matt Egan, March 8, 2017, CNN Money)

Following a painful war with OPEC, U.S. oil output is poised to rebound this year, thanks to healthier prices and a strengthened business model.

That could set the stage for America to set a record-breaking 2018, taking out the all-time oil production high set in 1970, according to new forecasts published this week by the U.S. Energy Information Administration.

The U.S. oil comeback is being led by the Permian Basin, a hotbed of shale drilling in Texas and New Mexico. The Permian is so rich in shale oil that frackers can profitably drill even in today's modest prices in the low $50-a-barrel range.

"Shale has proven to be remarkably resilient. The key is that any dollar invested today is double as efficient as it was two years ago," said Tamar Essner, energy director of Nasdaq Advisory Services.

Posted by at March 8, 2017 3:24 PM

  

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