OPEC In Deep Doo-Doo -- July 20, 2017

Deep doo-doo: three years into cheap oil, OPEC is still hoping for a rebound.

The six members of the Gulf Cooperation Council have curtailed subsidies and introduced new taxes to bolster non-oil revenue and reduce ballooning budget deficits.

Much of the savings, however, have been due to spending cuts and the pace of reforms has slowed across the region, said Monica Malik, chief economist at Abu Dhabi Commercial Bank. Overall progress in economic diversification has been limited, she said. [I guess that's why they call it the blues.]

Absent a rebound in oil prices, analysts say it’s unlikely that these nations can repair their finances without deeper spending cuts that could further hurt growth. The standoff between a Saudi-led bloc and Qatar is also undermining investor confidence at a time when the GCC is seeking foreign funds.

The linked article has five excellent graphs.  I may need to add a new tag.

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Elton John

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Notes to the Granddaughters

I am deathly afraid of carnival rides. But with the first "love of my life" I remember riding "the rocket" with her. That's the only time in my life I ever rode "the rocket." [No double entendre intended.] You only go through life once; live it to its fullest.

Rocket Man, Elton John

Is Solar Failing US? LOL -- July 20, 2017

Making America Great Again -- Huge Story -- July 20, 2017

.... and this is why: https://www.reuters.com/article/us-usa-gasoline-kemp-idUSKBN1A52CJ.

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In My Whisky Phase

Six New Permits -- July 20, 2017

Active rigs:

$46.73	7/20/2017	07/20/2016	07/20/2015	07/20/2014	07/20/2012
Active Rigs	59	31	70	195	207

Six new permits:

• Operators: CLR (5), Crescent Point Energy
• Fields: Elm Tree (McKenzie); Marmon (Williams)
  Comments: CLR has permits for a 5-well pad in SENE 26-153-94 (see graphic below)

Two permits renewed:

• EOG (2): two Burke permits in Mountrail County 

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Although not updated in a long time, Elm Tree oil field is tracked here.  Note recent increase in production from the Elm Tree oil field.

The Texas Page -- July 20, 2017

From The Los Angeles Times: some California conservatives fed up; looking to Texas. The article mentions Vacaville where we once owned a home; mentions McKinney, just north of Dallas/DFW where growth is crazy. From the article:

The tipping point came in November, when he ran as a “pro-life, pro-family, pro-faith conservative Republican” in California’s 31st Congressional District on a platform of bringing back a shuttered military base to San Bernardino and cracking down on crime.
A veteran of the Iraq war who remains in the Navy reserves as an intelligence officer, he lost to his Democratic opponent by more than 11% of the vote. 

“In California, it’s like liberals can do no wrong,” said Chabot, who narrowly lost a race for the same congressional seat in 2014. “No matter what we do, we’re beating our heads against the wall.” 

He and his wife, Brenda, moved their four children to the suburban town of McKinney, Texas, a Republican stronghold about 30 miles north of Dallas in Colin County. Dotted with new subdivisions, golf courses, artificial lakes and strip malls, the area reminds him of Orange County in the 1970s and 1980s. 

“It’s like living a dream,” he said as he steered his golf cart down his cul-de-sac on a muggy afternoon recently, past large brick homes decorated with American flags and meticulously trimmed lawns. 

“You don’t see graffiti. You don’t see gang members, or police helicopters circling the neighborhood.” 

Texas and California — the two most populous states — have long offered competing versions of how to achieve the American dream. California has higher taxes to fund stronger social services and public universities, while Texas prides itself on lower taxes, less regulation and a more limited social safety net.

Exactly my impression.

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The Best Part of the Blog

The best part of the blog? Links at the sidebar at the right. From "Humans of New York":

The video is awful but the medley is incredible and the audience reaction is wonderful:

Medley, Tammy Wynette & Dolly Parton