All of this certainly exposes how much we were lied to in the 1970's when they declared we would soon be running out of oil.

But, the good news is there is no urgency to be switching over to an EV anytime soon.

U.S. production steadily declined from 1970 to 2012 or so roughly by half. Something was invented to change this for awhile anyway.

P.S. and price of oil made the newer technique profitable.

What is horizontal drilling, Alex?

That is something my son and son number 2 used to do until the price crash in 2015.

"Biggest drop in oil prices in modern history

Between mid-2014 and early 2016, the global economy faced one of the largest oil price declines in modern history. The 70 percent price drop during that period was one of the three biggest declines since World War II, and the longest lasting since the supply-driven collapse of 1986."

Source: World Bank Blogs

The knowledge gained in the Barnett and applied in the Bakken and Permian basin was a game changer. The US would be producing less than 5 MM BOPd instead of north of 12 MM BOPD.. it is difficult to imagine what the geopolitics of the world would be if this had not transpired. It is amazing to me that 50 % of the country would like to give this leverage away.

The price drop Dirt pointed out is directly attributable to what happened in North Dakota, West Texas and to a lesser extent the Denver Julesburg basin of Colorado.

I guess Prudhoe don't rate?

Everything counts but by 2014 Prudhoe Bay production was well known and baked in to oil prices.

Interesting:

https://finance.yahoo.com/news/chevron-staffers-absorb-long-awaited-222825117.html

Anybody notice that a lot of big companies are pulling in their purse strings. This is occurring globally. So it’s seems the table is being set for the big R.

Please correct me if I misunderstand. When oil production ramped up several years ago didn't a lot of that production get exported to Europe? Considered as part of the import/export trade balance?

Can't make heads or tails out of things sometimes. Had a trucker friend that used to pick up plastic beads for making plastic and take them to California then go north 200 mile and pick up a load of the same thing and haul back to Chicago. Now where is the logic in that ! The right hand doesn't know what the left hand is doing. Grain and oil are possibly the highest at risk for government take over to help smooth the coordination to cut cost. Since we all know how efficient government is, that sounds like a nightmare. The only way you could have complete efficiency with that would be to have just one genius running the whole thing, and what could possibly go wrong there ?

Oil is fungible. It can be produced and used anywhere. More oil produced anywhere lowers the price everywhere.

Just bought a dozen yesterday. $10.00 even for 12 AA mediums.

So is Ukraine going to hand over half their minerals for eternity to us rather than give it to Russia. Oil was down 2 bucks, not that that has any connection. Is that a good deal for us with what we already have invested in it? Of course it seems we will be locking ourselves into a lifetime of protection of some sort also.