Greetings catnipman:
Relatively costly gold mineral extraction efforts will cease operations until the price rises again. Likewise, the relatively costly shale operations must cease production until the crude oil prices rise again.
Over most of my lifetime, the USA imported finished petroleum products to meet consumer demand. Lately, the USA not only net exports crude oil, we export finished petroleum product.
Cheers,
OLA
“Relatively costly gold mineral extraction efforts will cease operations until the price rises again. Likewise, the relatively costly shale operations must cease production until the crude oil prices rise again.”
That may very well be, but that’s not the rational expressed in the statement I took issue with, namely:
“For those wondering where US shale exploration and production companies will be in about 2-3 years, look no further than the gold miners, where the disconnect between undaunted physical demand and relentless paper supply”
And then there’s this:
“Chinese Gold Diggers Drop Their Shovels As Gold Miner Bankruptcies Begin”
Additionally, sound oil companies and sound gold mining companies don’t go bankrupt. They just sit on their reserves until prices go back up.
Overall, the article is BS, at least as far as their opening claim that the rest of what’s in this particular article, which is all about gold, has any relevance to oil.
The U.S. imported a net 7,904,000 barrels of crude oil per day during the week of 12/19/14—a little more than each of the five previous weeks. The total of net imports of crude and oil products was 6,959,000 barrels.
U.S. Energy Information Administration
Weekly Imports & Exports
(Thousand Barrels per Day)
http://www.eia.gov/dnav/pet/pet_move_wkly_dc_NUS-Z00_mbblpd_w.htm
The total of U.S. net imports of crude and oil products was 6,959,000 barrels. That was also for the week of 12/19/2014.
http://www.eia.gov/dnav/pet/pet_move_wkly_dc_nus-z00_mbblpd_w.htm