Again, a reminder: I have not watched any television all day (except for the US Open) and I do not plan to watch any television (other than golf, Big Bang Theory, and Seinfeld) until the "markets" stabilize. Things are getting way too crazy.

I assume I will not be watching television (except as noted) no sooner than Monday, June 24, 2018 -- and then I will be traveling. Whatever.

My sources of news are primarily:

• Drudge Report links to US economy;
• twitter links to oil sector;
• Scott Adams;
• and, whatever readers send me.

Therefore, I can honestly say I probably have absolutely no idea what's really going on. Well, let me say it differently. I think I know what's going on but I have absolutely no way to explain any of it.

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Some of this is going to be repetitive -- these thoughts go all the way back to the beginning of the blog. Mostly for newbies. Regular readers of the blog should "know" me by now. A lot of hyperbole. I am inappropriately exuberant about the Bakken.

But for newbies, this is my take with regard to the oil sector.
predicting the price of oil is a fool's errand
oil production from only three countries really matters any more: Saudi Arabia, the US, and Putinstan
Venezuela, sitting on the world's largest reserves of crude oil, implodes; imports oil for the first time ever; and, the price of WTI and Brent plummets
How can that be?
a reader sent me a note when I asked that question. The reader's answer: look at the Bakken revolution (not just the "geographic" Bakken but the "Bakken" revolution
unfettered, the Bakken can produce 2.2 million bopd (currently North Dakota is producing in excess of 1.2 million bopd; will probably set a record in May or June; already production is ahead of schedule)
in the Bakken, upwards of 50% of wells drilled to depth are not being completed; they are called drilled but uncompleted wells (DUCs); with EURs of 500,000 bbls/well, this storage-in-situ (SIS) equates to about 1,000 wells x 500,000 bbls/well = 500,000,000 bbls of oil
this is just the Bakken; long term I think the Bakken may produce more oil than the Permian but right now the analysts tells us the Permian is a better crude oil play; so whatever numbers you see for the Bakken, right now you can probably triple them for the Permian
the Eagle Ford is probably going to be half- to three-quarters that of the Bakken in the near term
we're now hearing stories that legacy oil fields in the US are starting to come back, using technology learned by US shale operators; legacy oil fields are old conventional oil fields that many have thought were well past their prime; maybe not