The Phaserl


What Will The Death Of The Great Bakken Oil Field Look Like??

from SRSrocco Report:

Very few Americans realize just how bad the domestic energy situation will become in the next several years.  While U.S. shale oil production has surged over the past five years giving Americans a false sense of energy security, the next five years will certainly destroy this myth once and for all.

Unfortunately, there still seems to be no shortage of articles pushing for U.S. Energy Independence.  One article that provided this author with a good laugh was, Why American Energy Independence Makes Sense.   Here were the two best jokes in the article:

1) Oil is sucking hundreds of billions of dollars a year out of the U.S. economy. If we became energy independent, our trade deficit would be cut tremendously. Not only that but our money could begin to go to American-owned energy producers.

2) With technological breakthroughs, we have been able slowly rise again to our feet, but we still have a way to go. The U.S. needs to free itself from the dependence of foreign oil. Call your Congressman and Senators and let them know that you are for energy independence!

The author states that energy independence would allow money to flow to American-owned energy companies.  I find this simply hilarious as the majority of U.S. shale oil and gas companies haven’t made any positive free cash flow and are hemorrhaging from increasing levels of debt.  And, this took place when the price of oil was double than it is today.  Can you imagine what will happen to the balance sheets of these shale energy companies this year with an oil price of $50?

The second joke was even more amusing.  The author finishes the article asking Americans to call their Congressmen and Senators and let them know, “You are for Energy Independence.”  LOL.

This kind of thinking reminds me of the famous line from the movie Aliens when Sigourney Weaver (after being in suspending sleep lost in space) attended a meeting with the typical business suits saying, “Did IQ’s drop sharply when I was away.”

So, why will the U.S. not become energy independent?  Well, if we look at the chart below, it should give us a pretty good idea:

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