from Financial Survival Network
Art Berman is a geologist who’s been in the oil industry for decades. His recent article debunked the rising productivity myth of shale oil. Art’s explanation is quite simple. While there have been productivity improvements, most of the savings have occurred as a result of the oil services industry depression. They have cut their prices to the bone in order to survive. This situation is unsustainable and cannot last. Companies will go out of business and consolidate. Then we discussed the transition to renewables and electric vehicles. While it sounds great, we’re looking at a multi-decade transition at the least, barring some project or major leap forward. Everyone wants to see a transition, but there are transition costs that need to be understood.
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