Wide Oil

“The books that line my desk reflect how much has changed in the oil and natural gas industry in the past five years.”  News OK

Jeff Rubin wrote one of those books:  “If we know anything about what makes our economy tick we know this: Feed it cheap oil and it runs like a charm. But keep it rationed to expensive fuel, and growth stops dead.”  Globe and Mail

Oil Rises First Time in 3 Days; Brent Gap Widest in Year at Bloomberg.  Brent, WTI Gap at Widest Since Last October at WSJ.

“The price oil sands producers receive fell to $38 a barrel below the international benchmark after a $3.50 widening to $14.75 of the spread between the price of Western Canada Select – a blend of heavy oil sands crude and conventional oil – and US crude.”  Mining

Harold Hamm’s Continental Resources (CLR) is the largest Bakken oil and gas producer and regularly beats expectations.  CLR’s new five year plan has the company tripling production by 2017 to 300,000 barrels a day.  Shale doubters can trip over this one!  ISA reminds reader price is the key risk to getting there.

USGS Releases First Assessment of Shale Gas Resources in the Utica Shale: 38 trillion cubic feet from USGS.

So Ohio is going to be the next state to benefit from the shale boom:  Salem News.  Maybe Michigan too:  Midland Daily News.

An extensive check on the pulse of the energy sector:  All Star Charts.

Bakken Shale Potential Benefits Infographic from Hart Energy via AOL Energy:

 

2 thoughts on “Wide Oil

  1. An excellent thread, Mr Butler, although a little dated because ND is already producing 640,000 b/d…

    The million barrels per day will be met long before 2020, as long as oil stays about $70…In fact, my target date for this grand milestone is somewhere between 2017 and 2018..

    May I also add, that I strongly think by then America will be importing little (10-15%) or no oil at all…

    Furthermore, production costs will also be reduced; which could be aided by the very high take from the state (ND)…

    I personally would rather pay high petrol prices and know that the monies are being retained in the USA, than lower gasoline price, which goes to our enemies and friends with an unholy motives…

    This nation should have a freedom from foreign oil holiday, when it comes..

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