Jobs are here!
Wish I was a younger man, I’d high tail it up there for work.
I’m bad at math. At 800,000 bpd, how many years of supply does the Bakken formation have before depletion?
And fuel is still approaching $4 a gallon.
Obama’s people are taking it in the shorts. Gasoline in Chicagoland is around $4.15/gallon for regular. Up in Southeast Wisconsin it is around $3.65.
A friend of mine who works construction went up to ND for a month and made some BANK! He said they are desperate for good contractors up there.
Most Fracking wells are productive only for a year or less, whereas most traditional wells are productive for 20 to 30 years.
Also, unlike traditional wells, Fracking wells have a very high maintenance cost after the initial drilling.
And, most Fracking wells have a “break even” point around $55 to $65 a barrel, which means the price of oil doesn't need to fall all that far in order to put a lot of Frackers out of business.
Finally, in the midst of America's Energy Boom, the price of WTI closed just under $108 a barrel today.
How did that happen!
Only 25 of the 115 oil-producing countries top 800,000 bpd
#26 Argentina produces 796,000 bpd...
#28 Egypt 680,000
#29 Australia 590,000
#31 Libya 504,000
#33 Thailand 380,000
#37 Yemen 288,000
#44 Germany 186,000
The top 3 countries in the world produce 28,800,000 bpd combined...
#4, Iran, produces "only" 4,200,000...
#5 China produces 4,000,000...
ND alone hits more than 20% of China's production.