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Fortune: “Frackers Face Mass Extinction”
Awareness is gradually seeping into the financial press that the Great American Oil Revolution has been over for months — witness the current Fortune headline, “Frackers Could Soon Face Mass Extinction.” If the general media had any grasp of what was happening in America, or what it meant, CNN would be doing wall-to-wall coverage of the deserted man-camps in North Dakota, the unemployment lines in Texas, the equipment yards stacked with idle derricks, the spreading panic in the junk-bond, bond and stock markets. Instead we get Donald’s beautiful tax plan, Hillary’s elusive emails and Carly’s mythical video tapes.
---snip---
There will always be some operators diligently wringing out the last few drops of combustibles, but the Brave New World of American oil supremacy in a cowed world, the age of American energy security, the renewed American oil economy — all creations of marketing departments in search of the proverbial greater-fool investors and lenders — are toast.
Still can’t believe it? Check out David Stockman, “Going Broke in the Shale Patch;” Oil Price.com, “Is This the End of the Shale Gas Revolution?;” CNBC, “US Drillers About to Start Hemorrhaging;” Bloomberg, “Wall Street Lenders Growing Impatient with U.S. Shale Revolution” and “Junk-Debt Investors Fight for Scraps as U.S. Shale Rout Deepens;” and even the Wall Street Journal, “Fracking Firms that Drove Oil Boom Struggle to Survive.”
---snip---
There will always be some operators diligently wringing out the last few drops of combustibles, but the Brave New World of American oil supremacy in a cowed world, the age of American energy security, the renewed American oil economy — all creations of marketing departments in search of the proverbial greater-fool investors and lenders — are toast.
Still can’t believe it? Check out David Stockman, “Going Broke in the Shale Patch;” Oil Price.com, “Is This the End of the Shale Gas Revolution?;” CNBC, “US Drillers About to Start Hemorrhaging;” Bloomberg, “Wall Street Lenders Growing Impatient with U.S. Shale Revolution” and “Junk-Debt Investors Fight for Scraps as U.S. Shale Rout Deepens;” and even the Wall Street Journal, “Fracking Firms that Drove Oil Boom Struggle to Survive.”
More at the link
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