On December 30, 2021, I wrote:
We're currently in "Bakken 4.0." It's very possible we move to Bakken 5.0 if the following four "things" converge as expected:
- the Biden administration/environmentalists significantly impact the "US shale revolution" (which I think they will);
- the relative stability in the Mideast seen in the past four years changes for the worse (which I think it will);
- global demand for oil increases more quickly than anticipated (not sure about this); and,
- price of oil trends higher (WTI trends toward $60) (not sure about this).
It's tempting to move us to Bakken 5.0 as of January 21, 2021, the day the country's new CEO/CIC banned new leasing on federal land. But the ban is temporary, and we have not yet seen how the rest of the criteria play out. I'm not sure if I should include global geopolitical events as part of the definition, but we'll see.
For now, we remain in Bakken 4.0.
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