Posted on 12/04/2012 12:02:23 AM PST by 2ndDivisionVet
For the US economy, this would be a 'Black Swan' of a totally different variety.
In Bank of America/Merrill Lynch's 2013 Energy Outlook, analyst Sabine Schels and colleagues make a shocking prediction about the possible path of West Texas Intermediate oil.
Surging US shale oil output creates risk of $50 WTI North Americas energy supplies are surging while the rest of the world continues to fight for scarce molecules of oil and gas. On our estimates, onshore US crude oil output now vastly exceeds previous growth rates in liquids and nat gas, particularly in Lower 48 states. With profitability for US domestic oil producers very high and no change in sight to US rules preventing crude oil exports, we expect WTI prices to continue to lag international prices. Indeed, we see a risk of WTI temporarily falling to $50/bbl over the next 24 months to force a slowdown in supply growth or a change in crude oil export rules.
A key point that Schels & Co. make is that the crude oil market could come to resemble the Natural Gas market. In the natural gas market, the US has natural gas coming out of its ears, as it just has way more supply coming out of the ground than it could possibly use or export. So while prices remain decent throughout much of the world, domestic natural gas prices have collapsed...
(Excerpt) Read more at businessinsider.com ...
Matt Damon won’t care, of course, he’s a major star and he’ll still have enough gelt to buy the limo, fuel it (whatever the price of gas), and have a chauffeur drive him around.
Life becomes a little more problematic for us peons.
Neither does he care that his so called documentary about the evils of fracking is supported financially by the Saudis and will benefit them greatly if he can convince enough suckers to put pressure on to stop fracking from being used.
Like most actors, he wants to make up for his overwhelming fortune gotten by pretending to be someone else, so he picks a "cause" that makes him feel good.
This documentary of his is demonstrably false, much like Michael Moore's agitprop, and it will be used to try to destroy the industry that could, if left alone, bring the US to energy independence.
http://cgi.ebay.ca/ws/eBayISAPI.dll?VISuperSize&item=160765464456
Looks like you might be riight about he first 4 standing for 400 cid. Take a look at this ad back from 1965. Looks like I stand corrected.
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