Investors seem to be obsessing over yesterday’s large sudden fall in oil prices. Perhaps the event was random; perhaps the event means SPR oil is coming to market. More important is the rebalancing of global oil flows.
Oil Extends Decline in New York After Biggest Drop in Two Months at Bloomberg.
Projected Alaska North Slope oil production at risk beyond 2025 if oil prices drop sharply at EIA.
Making Sense of the U.S. Oil Boom at WSJ.
“The last time we had a presidential election, the U.S. was going to run out of oil. Since then, U.S. oil production has grown about 25%. As has happened in the past, technology has opened doors people didn’t know were there or didn’t think could be opened.”
Meanwhile, “With this generation, what owning a car means is completely different from previous generations,” said Annalisa Bluhm, a spokeswoman for General Motors. “It was a rite of passage. Now the right of passage is a cell phone.” CNN
The New Adventures of Good-Ole-Boy Permian at RBN Energy.