I read an article like this and I thank God for Capitalism. The shale boom and traditional oil companies’ reaction to it (for the most part) is a perfect example of how Capitalism makes our lives infinitely better over time. The story of my childhood in the 70s and even into the 80s was oil scarcity. That no longer is an issue. And the United States is a major oil producer again. Who would have thought that 30 or 40 years ago? Our oil supposedly was tapped out other than a few places in Texas and Alaska or offshore. Now states like North Dakota and Pennsylvania are oil producers. Amazing. The next time some 20 year old Occupy Wall Street type screams about how Capitalism is screwing everyone, someone should hand him this article (if he can read).
Well, here in California, I’m gonna bet gas is around $4 per gallon by Memorial Day.
Right now it’s over $3 in many place and one wonders why, if the price per barrel is so low.
What do you mean "we", Kimosabe?
"Lost future cash flows" to the oil industry are captured future cash flows for all consumers, keeping money in our pockets, making other products cheaper, and making American products more competitive worldwide.
USGOM deepwater oil drilling probably not seeing an uptick until 2020. Two to three years ago many support operations ordered equipment which is now being delivered without the charters available.