Shale

So-

So you think shale has peaked in the US?

Shale has, shale has peaked.

Uh, it's possible always that, you know, you could get another, uh, small bit of growth.

Uh, it's possible that you can, if you had a real energy crisis and a, a spike in prices for six or eight or 12 months, you could have, uh, production grow again.

Blakeman.

He also proposed opening Marcella's Shale to fracking saying increased natural gas production would help lower energy bills and make New York more attractive to businesses.

By doing so, we'll vastly increase the supply of energy.

By increasing the supply of energy, we'll bring the cost down, Blakeman said.

And thankfully, the wind is kind of a, it's kind of a crosswind, kind of in our face.

Um, again, because we have no cover and we're on a si- steep shale face.

Shale's loud.

Everybody knows that.

So that helped suppress some of our noise, and we would just have to lay flat, you know, up against that shale just to not silhouette yourself and just slowly move and move and move.

I remember.

Shale busted that commodity cycle, actually, to the benefit of everyone but the oil and gas sector.

And so when did Justin Trudeau get elected? 2015.

Why? Because oil was whatever, whatever it was, $55.

If you look at what's happened, it's been an unconventional revolution.

Shale is an unconventional revolution.

And that means smaller, tighter pockets that historically weren't able to be produced.

But there's been a revolution in drilling technology.

I wish I'd had, because we would have then been able to better recognize, hey, we're 10 years into the super cycle.

Shale oil is starting to grow.

These other areas like West Africa and Brazil are starting to grow.

And maybe some of the best days of the China boom are starting to fade a little bit, which was a call that our China economists at the time had at Goldman Sachs.

And here we'd had, you know, oil prices crashed famously in November of 2014.

We were in the sort of $40 to $60 per barrel environment.

And our basic comment was, Shale, major driver of non-OPEC growth, but it does not work at $50 oil because returns on capital are terrible.

And the main debate or question coming from Oxford Energy Seminar participants would have been, how long can shale last? And so I want to give them credit.

I mean, I'll bring this up when we talk about Michelle.

Not me, Shale.

Right.

Michelle.

Yeah, there's a new story.

This is about Shale,

I think.

So go read that.

Shale and

Kavkiwa.

Yeah.