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Dan Dicker’s Followers (1)
Dan Dicker
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“I know that oil is limited, and that every well, whether fracked or not, ultimately decays to zero. But shale is different from every other kind of oil-procurement technique. Shale wells get used up at a rate almost 10 times faster than other oil projects and therefore force shale oil producers into constantly chasing more activity in successively less and less promising acreage, to just stay even. That is entirely unique for shale. In order to actually grow, shale oil companies need an absolutely furious pace of investment and drilling, paying off early investors and bondholders, attracting new investors, and spending ever more capital. That outline for continued success sounds familiar in many ways to me.”
― Shale Boom, Shale Bust: The Myth of Saudi America
― Shale Boom, Shale Bust: The Myth of Saudi America
“The Keystone XL pipeline argument has become a ridiculous proxy for the environmentalist lobby’s complete disdain of the oil companies and a very pro-business U.S. energy policy Equally, the irrelevant case of Solyndra became the headline for the ‘uselessness’ of government incentives for renewable technology development. We should expect to see all the partisan dumbness this country can so easily muster on both sides when a gas tax to support renewable energy development is introduced. No matter. Its time has come, and I hope the next President of the United States has the courage to at least suggest it and force a discussion. Our current one clearly doesn't.”
― Shale Boom, Shale Bust: The Myth of Saudi America
― Shale Boom, Shale Bust: The Myth of Saudi America
“The performance of Astenbeck could not have been good during the downturn in oil prices in 2014, but in early 2015, after formally leaving Phibro entirely, Mr. Hall came out of hiding to again predict a major demand-based spike in oil prices: “Prices at current levels (or lower) are not sustainable for very long,” Hall wrote in his yearly letter to investors. “The current surplus could thus easily set the stage for a future deficit.” Mr. Hall predicts both an increase of demand from lower oil prices, but also a very significant fall in production: he believes 2.4 million barrels a day of conventional oil is likely to disappear. Further, he accentuates the strength of shale producers as swing producers by noting the differences between 2015 and 1986, the last time a major drop in prices inspired a demand-based rally.”
― Shale Boom, Shale Bust: The Myth of Saudi America
― Shale Boom, Shale Bust: The Myth of Saudi America
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