If not, here were the high points:
1. Saudi doesn't have much spare capacity; they've hit 10.5 million three times in its history; not sustainable; supply and demand much tighter than folks realize
2. Very bullish on oil; of all the dozens of oil companies, he mentions only two; he mentions CLR first
3.
Natural gas rigs down from 800 to 500 rigs over the past year
4. $3.00+ on natural gas next year.
5. Gasoline: 50% price advantage; natural gas 20% price advantage; oil 15% price advantage for the US -- if the US can't win with this hand ...
6. Completely out of Chesapeake; moved money elsewhere
7. XOM needs to increase dividend if it wants share price to move; discovering more oil doesn't move XOM's share price; the company is too big
8. Natural gas: utilities switching over; minor transortation uptick; production coming down fast
Most everyone who is aware of the energy needs in this country sees that the hydrocarbon revolution has changed the picture from scarcity to abundance.
ReplyDeleteT Boon Pickens calls it the way it is and his disgust with Washington DC was evident. Everyone sees what is happening but politicians. I would add politicians on the left.
North Dakota approaching 610,000 a day in production in April is simply incredible. It was just six months ago, in November 2011 the state accomplished 500,000 barrels a day.
I love the comment by one of the commentator at Carpe Diem. "Obama missed a huge opportunity. The hatred of all things fossil fuel blinded him".
Yes, he was truly blinded by ideology.
DeleteGood, bad, or indifferent, he could have paid for ObamaCare by making US coal "freely" available to China and Japan; selling natural gas to Europe; refining Canadian oil (via Keystone XL) at Gulf refineries for sale overseas; and it goes on and on.
Yes, he truly blew it. And now he can't go back.