You probably already know this, but Oklahoma is also one of the states seeing growth in oil production. Still early, but expected to continue to climb. This is not to be confused with easy (cheap) oil supply from the 30s.
haha yes, it’s climbing.
Like US new home sales. Celebrating and hyping 2 and 3% rises when it’s down something like 60% from 2005.
Oklahoma oil production was 780K bpd in about 1928. That was the peak. Now it’s at 260K. That’s down what, about 67%? And that’s with 85 years of technology improvements applied. So it was down 75%, has risen a smidgeon, and now it’s down 67%. Hallelujah!
Good call thackney on the whole easy vs not easy oil. I don’t measure easy in dollars. I measure in joules. How many joules did it take to build a 25 foot wooden tower on site, drill a hole and then stick a pipe over the gusher . . . . vs build a 30 story tall marine rig, stick a ten thousand horsepower engine on it, helicopter a crew to it, drive it for several months several thousand miles to the drill site and then drill in 2 miles of water to the sea floor and down another 10 miles below it?
Folks want to yell about liberalism and printing money . . . sorry, the reason civilization is disintegrating is because of that joules ratio. It is HUGELY more expensive joules-wise to get the 5.6 million BTUs of energy in 1 barrel of oil out of the ground than it used to be. The net joules coming out of the ground have been smashed by the end of easy oil — and this is forever.