WTI Surges -- Monday, July 24, 2023

Locator: 45188B.

All of a sudden this has become a big story. 

Off-shore wind:

• dead?
• Spanish-based Iberdrola to abandon Massachusetts off-shore project.
  
• the US east coast elite can rest easy; off-shore projects delayed, deferred, defeated.
  
• let Texas, Oklahoma, Kansas, Oregon carry the load
• few Americans have a dog in this fight; most don't care;
• Texas: maybe a pleasant surprise for faux environmentalists.
  
• other links:
  
• 2023: Rhode Island's wind strategy is unraveling -- climate change goals now endangered.
• 2023: inflation, interest rates, whales -- why offshore wind projects are on the rocks.
• 2023: wind turbine costs.
• 2016: cost of wind farm.

******************
Back to the Bakken

WTI: $79.07 -- jumps $2.61%; adds $2.01 / bbl.

Tuesday, July 25, 2023: 84 for the month; 192 for the quarter, 447 for the year
39508 conf, CLR, Vance 3-14H,
38949 conf, Hess, BW-Rolfson-151-98-2116H-16,
37178 conf, Hess, EN-Davenport-156-94-1003H-7,

Monday, July 24, 2023: 81 for the month; 189 for the quarter, 444 for the year
39507, conf, CLR, Vance 2-14H,

Sunday, July 23, 2023: 80 for the month; 188 for the quarter, 443 for the year
39135, conf, Iron Oil Operating, Antelope 2-33-28H,

Saturday, July 22, 2023: 79 for the month; 187 for the quarter, 442 for the year
None.

RBN Energy: how much longer can shale support US oil and gas production? Archived.

Back in the early 2000s, the outlook for energy security in the U.S. was bleak. Domestic oil production had been on a steady decline since 1985 and gas production was also well off its apex in the 1970s.

M. King Hubbert’s concept of peak oil ignited fears of eventual energy scarcity. Given fossil fuels’ ubiquity underlying our entire Western economic and industrial structure, it’s no wonder that folks were concerned.

But then the Shale Revolution changed everything. It’s often been said that necessity is the mother of invention and, after many trials and with considerable ingenuity, U.S. producers learned to wring massive volumes of previously trapped hydrocarbons from shale and gave the U.S. energy industry a new lease on life. But there are still limits on how much crude oil, natural gas and NGLs can be economically produced — and concerns lately that the best of the U.S.’s shale resources may have already been exploited. In today’s RBN blog, we examine crude oil and gas reserves: how they are estimated and what they tell us about the longevity of U.S. production.