Schadenfreude -- May 24, 2017

From The WSJ: How American shale drillers flipped OPEC’s script. U.S. output has surged since the 2016 production deal, leaving the cartel with little choice but to extend cuts (or even deepen them).

Folks who think the US can't grow at 3% GDP are nuts.

And chronically depressed.

And probably congenitally pessimistic.

And cornflakes. Or is it snowflakes?

Whatever.

From the linked article:

As it turns out for OPEC, competing against American shale oil really means competing against Wall Street and its financial engineering—a prospect that has bedeviled government-run oil companies from Saudi Arabia to Nigeria.

And that's just the start.

More:

American shale producers have prevailed so far because they have continued to innovate and cut costs as they refine hydraulic fracturing, horizontal drilling and other pioneering techniques to unlock a flood of oil from Texas to North Dakota.

Another memo to Jane Nielson.

By the way, what does Saudi need with regard to the price of oil? From the article:

While many Middle Eastern nations can pull a barrel of crude out of the ground for far less money than it takes to pump a well in West Texas, those countries collectively need $95 a barrel to fund their government-run social programs, according to RBC Capital Markets, a global investment bank.

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The NBA Page

The Golden State Warriors sweep the San Antonio Spurs. Hmmm.

Golden State unto the NBA Finals.

Will meet Cleveland and LeBron. You can take that to the bank.