While the price of oil has been dropping and making the headlines recently, the CEO of Prodigy Exploration, Shawn Bartholomae, is confident that the big picture is getting better. Mr Bartholomae stated “The costs in the field for drilling and completing a well are coming down. When the price of oil does recover, it will make these wells currently being drilled more of a bargain”.
Shawn Bartholome goes on to state “The price of crude oil has been in a period of decline for the past several weeks, much of this decline is the direct result of the volumes of production that can be attributed to the success of the horizontal drilling and the hydraulic fracturing of wells.”
Barely ten years ago, Saudi Arabia and the OPEC members were in a position to dictate to the Western powers what this price should be. The Saudis could make their decision, all of the associated OPEC members would usually quickly agree to the new guidelines. The new price was set. There would be little argument. The lesser members of the cartel would rubber stamp the decision and the new price. Then the world would get to see what the new price and the ensuing production quotas were.
The strength of the Saudi control and the convictions of their decisions were based largely upon the unity of the cartel and the cooperation among its members.
As the head of the cartel, and its most prolific producer, Saudi Arabia could count on the members to cooperate in order to protect their own vested interests. In the early years of the cartel, since it’s founding in 1960 in Baghdad, and then later moving its headquarters to Vienna Austria in 1965, the members of the cartel maintained a high degree of flexibility. There was enough leeway built into their individual budgets to allow them to go with the flow and thus manipulate the price of oil. This degree of control among the members gave the leaders of the cartel, the Saudis, the ability to set the global price.
By setting and determining member quotas, and assuming the cooperation of its twelve members, the cartel functioned for the decades since its conception as the largest price fixers in history. `
That was when the OPEC cartel was relatively young. As the cartel matured, the budgets of the separate members expanded. This expansion had the effect of cutting into the leeway of the members. For many members, they have found that the existence of any flexibility in their own budget has disappeared. Nation after nation among the cartel membes have expressed their discomfort. They have indicated they lack the ability to exist for any extended periods of time with a lesser revenue or lower prices. The cartel leaders have often been caught in a price crunch of their own doing. The oil revenue has dictated to the member states a minimum level of financial existence.
Nigeria is fighting a sell off of its currency which trades on the international currency markets at a record low. Venezuela is in a similar position. They find themselves engaged in a struggle to stave off default on their huge debts. Their foreign reserves are on the verge of disaster.
Libya is calling upon its fellow members to cut their own production in order to protect the higher prices. The critical problem is that they are in a dire need for both, continued production and higher prices.
The CEO of Progidy Exploration Inc. Shawn Bartholomae expresses confidence in the strength of the position of the shale producers. “Our strength will give us staying power in the market”.
As budgets tend to do, the growth in the needs of each participating country expaned until the needs of the people and the government soaked up any excesses and thus matched the revenue. This situation leaves little room for maneuvering.
A big question in the minds of the world’s petroleum producers now rests with the coming convention on November 27th, in Vienna. That question rests with the validity of the OPEC designes on the market. With so much at stake, all eyes are on the decisions, apparently to be made by the Saudi kingdom, on November 27th. Will the kingdom opt to cut production (and force a higher price) or to increase production quotas and opt for the lower prices?
No one is sure whether or not there is enough unity in the cartel to coordinate their individual activities, and thus assert their control of the market, regardless of what the decision is.
If the cartel makes a major decision, and there is no unity or cooperation to coordinate with their decisions, then effectively there is not a cartel. It is also recognized as a task that can prove to be difficult is to enforce quotas among the members. Unreported and unregistered oil sales can destroy any integrity the quota system might have had. If the financial needs of the member is strong enough, it could lead to a massive black market for oil .the net effect would be no cartel.
The mushrooming production from the shale fields in the United States is big on the Saudi’s mind.The threat from these non-conventional fields has more than one dimension. While the production itself poses a threat as it displaces market share of oil that once belonged to the kingdom, the other threat is the actual spread of the technology itself. It is this threat that led some members of the royal family to say “This could be the end of the kingdom”.
They are anxious to protect their market share. While they are aware that the production costs of the fracking and the horizontal wells in the United States is high, they also realze that there is a limit on how low they can go with their own prices. The price of oil is only one part of the equation. It is the prospect of enduring both the lower prices and the lower production simultaneously that gives the OPEC members reason for concern.
Senior partner of Silver Tusk Oil Co., Shawn Bartholomae, states that many of the top players in the petroleum industry have been successful in cutting costs. This allows many operators to feel confident that they can stay strong in the market. It means basically that they can make money even if prices sluump further.
The Saudis have an oil based economy. In this regards, they operate in a different market from the United States. While an ailing oil business can hurt in any nation, it is felt more acutely in an economic system that relies almost completely on its oil revenue. The Saudi government is thus dependent upon a reliable and steady cash flow: The life blood of the Saudi economy is these petro dollars they are not likely to endorse a policy that would intentionally cause lower prices for their oil for any extended period of time.
Venezuela is also reluctant to endorse any agreement that would indicate the market will have a prolonged period of lower oil prices. The International Monetary Fund (IMF) has reported that Venezuela needs oil to sell at $120 a barrell or they will be in deep financial trouble. The IMF further states there is a very real threat of national bankruptcy.
Venezuela deriives almost all of its dollar revenue from oil. (86%) this nation loses $700 million a year for each $1.00 slippage in oil prices.
President Nicolas Maduro is adamant when he states “We will not default”.
The statement is a strong endosrsement for an “up” vote from this member of OPEC.The adamant tone of President Nicolas Maduro demonstarting his intentions of a higher price ,no mattter what the agreement, might signify the possibility of a crack developing in the solidarity of OPEC.
This is a consideration and an analogy that is gaining in usage. Analysts are using the term more and more as they try to define the new situations in the industry.
The CEO of Prodigy Exploration Inc, Shawn Bartholomae goes on to further state “The staying power of the American petroleum industry compares favorably with the other countries in the market place”
The voracious appetitie of the American economy and its energy intensive industries was once considered to be a source of economic weakness. Most of the balance of payment deficits were due to the huge bill for our importing of foreign oil. This heavy dependence on overseas oil has shaped our foreign policy. It has caused us to get involved in ventures that the nation might have avoided. Most observers realize that with the changing fortunes of a more porductive nation petroleum business, we have more freedom to employ a more flexible foreign policy.
Now the active local market tends to insulate our own oil and gas producers from market shocks from a highly volatile Middle-East. The satisfying of this local market can keep the drillers and refineries busy at home.
Recent events and the current down turn still has the potential to influence law makers to seek to make the nation energy independent. This is dream that the nation could not even hope for as little as five or six years ago. We have broken the chains of massive global dependency.
The robust health of the oil and gas industry has spread throughout the economy. Its momentum has steadily improved the international balance sheet. The level of oil imports in the last five years has dropped significantly. The recovery based on these five years, is bringing about the steady addition of more jobs has been brought on by the explosive growth of the petroleum industry. It is this sector of the economy that has carried the largest share of the recovery.
The national strength of the recovery is more concentrated along the states that are energy producers. The growth of new jobs, across the nation, is almost wholly attributed to the strength of the oil and gas industry. Texas alone was responsible for the creation of almost half of the nation’s total of new jobs (48%).
Even these numbers, impressive as they are, may be an understatement to the real contribution aiding the economic health of the nation that can be claimed by the petroleum industry. The numbers of new jobs directly influenced by the oil and gas industry fail to take into consideration the growth of the other peripheral sectors of the economy.
A strong consumer base, with a high income population will distribute its financial strength throughout the society. It is the engine that stimulates steady financial growth. Riding in the wake of the success of the petroleum business are sectors such as the residential construction business, the associated office and retail building, the infrastructure support that aids in the development of the roads, bridges and highways.
Shawn Bartholomae, CEO of Prodigy Exploration Inc. states “The health of the municipal communities depends upon these large numbers of tax paying citizens. These parts of the economy rely upon a large population spreading the wealth of a prosperous oil and gas industry.”
Even the agriculture industry is strengthened by the stronger purchasing power of the consumer as oil and gas revenues make their way throughout the economy.
Planners, drillers, and investors of the petroleum industry can count on the policy makers at the highest levels to be highly reluctant to take any steps that might slow down the on-going revolution that is taking place in the petroleum industry. It is this inter-action between the strength of a region’s oil and gas business and the economy as a whole that has kept the anti-fracturing movements from gaining excessive momentum. Lawmakers are keenly aware that a balance has to be found between ecological concerns and economic well-being.
Some analysts have called the recent developments in non=conventional drilling the biggest threat to the security of OPEC to have occurred in decades, or perhaps even the biggest threat in OPEC’s history. . It remains to be seen whether or not the break up of OPEC, if it did occur, or the loss of its real authority in the marketplace is a good thing or a bad thing for the world.
Russia is already in a bad position regarding the price of oil. The lifting costs of much of their fields, especially the fields situated in Siberia, are high. The Siberian fields are the first ones to feel the pain when the price of oil goes into a slump. The Russians have already expressed the discomfort of the lower prices. Also sanctions imposed after their military adventures in the Crimea and Ukraine have hurt the trade balances of the Russian economy and the power of the Russian Ruble.
Also much of Russia’s policies and outlook regarding their ventures in the Artic Sea were based upon a high and continuing elevated price of oil. It can be expected that until the world oil production shows some stabilization, that the Artic developments might go on hold.
The senior partner of Silver Tusk Oil Co., Shawn Bartholomae, says “All of these developments are things we will watch closely. The American oil companies and our industry in general have often shown to be highly resilient. We will continue to keep a keen eye on events around the world that will affect the petroleum industry”.
This nation, as many of the cartel members, finds that they can encounter a multitude of serious economic problems quickly if the price of oiol drops too low and reamins low for any extended peiod of time. Their credit rating, as late as mid-October, fell to a CCC+ on the S&P. Analysts in Europe stated that Ecuador will be in trouble with any sustained oil price below $162 a barrell. They have expressed interest to other South American members for the need to “improve” the oil prices. It can be assumed that the vote from Ecuador will be in favor of higher prices.
This African member of OPEC came happily into the organization in prosperous times. The violence fomented by the Islamic State (IS) consumed a large portion of its Northern territory. While the majority of its territory is still productive (3.3 million barrels per day) and thus relatively unaffected, two factors arise to press the need for higher prices. One is the 350,000 barrel per day export pipeline that was shut down.
The African nation now finds that for the cost of the war and the shut down of its largest refinery, it sees a need for a minimum of $126 a barrel. The falling oil prices is fomenting internal political disputes. Nigeria’s vote at the OPEC conference in Vienna can be assumed to be for an increase in oil prices.
It is regarding all of these combinations of factors that make it imperative for the regulators and policy makers to enact the decisions and policy steps that will coordinate to keep the petroleum industry healthy. With so much riding on these policy decisions, there are many reasons to assume that the current downturn will prove to be temporary.
The resultant re-actions by national legislators to a lessening of oil prices could well be a blessing in disguise. The shift in petroleum policy to keep these revenues coming in at a healthy pace is a high priority. The new regulatory environment could offer benefits that may well outlive any potential lull in drilling activity.
The petroleum industry is anxious to see a total lifting of all restrictions regarding the exportation of petroleum and petroleum products. If the unrestricted markets for the potential production across the country and the world are made available, and the U.S. production is called upon to satisfy these markets, it could well signal a long term growth of the petroleum industry. These events may launch the industry itself and its supporting infrastructure into an expansion mode that might take decades to satisfy.
Mr. Shawn Bartholomae noted that the application of new technologies and sciences has made American production more efficient. This total production has gone up even as in some cases the numbers of active drilling ventures have decreased. One number that jumps off the charts is the production per well of strictly natural gas rigs. While the numbers of these strictly gas rigs in operation has dropped by two thirds, the actual production in the last two years of natural gas has tripled. These numbers confirming the rig counts are given by reports from Baker Hughes, the chief compiler of statistics. Baker Hughes has been the accepted standard index for drilling activity in the industry.
The successes in the field in producing large quantities of natural gas has earned the United States the reference as the “Saudi Arabia of natural gas“ Actually the title of top oil producer is now in American hands also. Many analysts have pegged 2015 as the year that the United States takes the triple crown of the energy world. That is when the U.S. is expected to lay claim to being the top oil producer, the top natural gas producer and the top total energy producer in the world.
In a sense, the oil and gas producers have been a victim of their own success the bigger picture however indicates that larger markets and the probabilities of a sustained situation to promote the growth pattern that allow the revolution to continue are at hand. The unloosening of export restrictions may be just over the horizon. While the current downturn has many causal elements, when one analyzes the separate factors, he can realize that the petroleum industry may be poised on the verge of a major growth period that has the capacity to continue and even expand the production revolution. .
If indeed, it is the abundance of oil and natural gas that succeeds in forcing the export markets to open, then the overall aspects of the events will prove to have been for the good of the industry.
It is this anticipated surge in the markets worldwide for CNG, crude oil, and the entire range of petroleum products that has caused investors to originate a large scale expansion in the Panama Canal. This rebuilding and super-sizing will be the largest project at the canal since its original construction. The new lanes of transport will more than double the capacity of the canal.
The plans call for a larger canal that will serve to increase the amount of total tonnage but plans are being laid to accelerate the volume of individual ships. The net result is more ships with larger cargoes. Shawn Bartholomae of Prodigy Exploration views the developers of the canal make this investment, roughly in the five to ten billion dollar range,(depending on completion timetables) undoubtedly it is the increased activity of a more robust petroleum industry in the Northern hemisphere that the planners and investors have in mind. In essence, the investors in the canal are betting that the anticipated continuation and the expansion of the petroleum revolution is coming.
The tentative completion date of the canal expansion project is scheduled to be roughly mid term in 2015.
Optimists in the drilling business can look past the falling prices in the current market for crude oil. The silver lining to the scene might well be the rising level of exports. One might consider that the prices falling would not represent a competitive edge as the prices are also falling in the Middle East. Here we see the law of supply and demand goes both ways. It applies to oil also. While the original concept of OPEC, and the purpose of their charter was to have an organized, unified system of price controls, the charter and the price controlling principals would work only so long as they had an overwhelming monopoly on oil.
OPEC nations could concentrate on and control generally the price and volume of world oil production. If the price of oil sank too low for comfort, they could uniformly cut production and the price would rise. Saudi Arabia took the controlling position as being the swing producers. . They could sponsor the meetings, coordinate the communications, make recommendations and keep a check on supply and demand. If the prices got out of kilter either too high or too low they could re-act and rein in the production.
They could simply redraw the charts, and issue new quotas. The other members would comply. They could effectively introduce lower or maybe even higher prices depending on which way they intended to influence the market. While working as swing producers, this position afforded the Saudis the leverage they needed to control the market. The system worked as long as the member states upheld their agreements and adjusted their output to the agreed upon quotas.
Things have changed since the formation of OPEC. Enter the booming oil and gas fields of the fracturing and horizontal drilling revolution-taking place in the United States. Now the cartel’s continued monopoly on the world oil market appears less certain. The problems affecting the cartel are what have been described as a collective action problem. The program of monopoly control worked for OPEC only as long as the separate members exercised a high degree of cooperation. This degree of cooperation was easier to come by when the production monopoly was more pronounced and concentrated solely among the cartel members.
The internal budgets of the OPEC cartel members have grown with the larger revenues the agreement has brought to them. Mr. Shawn Bartholomae recognizes that these higher budgets have become a way of life for an ever-growing population with new monetary demands. They too must face their own budget restrictions. Now many cartel members are finding that they cannot switch either their production or adjust their prices at will. What has changed is the flexibility of their market.
Shawn Bartholomae, CEO of Prodigy Exploration Inc. has stated “We feel that a free market will maintain price stability.”
Petroleum analysts have noted that even as prices have fallen, the situation does not have nearly the volatility that oil had experienced in the earlier days of the cartel, perhaps two or three decades ago. This relative stability exists even as war is sweeping across the Middle East. In decades past, a war breaking out in Iraq would send the buyers into a panic to secure the continued flow of oil. The market now considers that oil is coming from many sources, there are many sellers, and no one source can be all of that much of a threat to the stability of the market.
The larger inventories and the cheaper gas are forging new markets. The cheaper natural gas makes the export markets to the Europeans and Asians all the more appealing. The market appeal, both domestic and foreign, is gaining in momentum. It is this market of compressed Natural Gas (CNG) that many analysts are convinced is ready to explode and consolidate the American position in the world as the top energy producer.
The petroleum producers in the United States are calling for an end to the ban on exports. This ban has been a holdover from the rules that had governed during the 1970’s. The American companies are exploiting a loop hole that has allowed them to export record amounts of gasoline and other petroleum products.
The companies can export products such as gasoline, diesel, distillates, propane and other refined products. This export total reached a record 4.3 million barrels a day in the last part of 2013. This tally represented more than double the export totals of 1.7 million bopd merely five years ago.
The head of the EIA (Energy Information Administration) Adam Semimski, is quoted as saying “The U.S. is one of the largest petroleum exporters in the world, even without lifting the ban on crude exports”. He went on to say “The United States is exporting gasoline primarily to Latin America and diesel to Europe. He expects the U.S to become a net exporter of natural gas and petroleum by 2017. Many of the current markets are in the by products of crude such as naphtha and condensate.
The abundance of gas is not only changing the nature of American energy usage, the way Americans heat their homes and the way that the United States makes its electricity, it is also forcing changes in the transportation industry. Trucking firms, the owners of the long haul vehicles, are seeing their profits rise as they shift to CNG (compressed natural gas). Municipalities are seeing the wisdom of adapting their urban fleets to utilize more compressed natural gas. It is a double benefit. Not only are the municipalities enjoying the lower costs of this cheaper, cleaner burning fuel, but the EPA is seeing a marked improvement in air quality .The influence of the EPA undoubtedly is a huge factor in the decisions the leaders of the municipal districts make towards the adoption of this cleaner burning fuel.
With the same power as diesel or gasoline fuel, CNG can be used in school buses, semis, waste disposal trucks, and vans. Currently one of every five transit buses in America is fueled by CNG. There are at present. Over 2500 school buses in operation that are powered by compressed natural Gas. One of the previously hidden or relatively unmentioned benefits of burning CNG is the longer life the engines will experience in the municipal fleets. The fuel burns cleaner: the repair costs to the engines of the fleets is lowered and the usable life of the engine is extended.
It is the high level of production within the United States that has made the nation closer to a long sought after goal of being self-sufficient in energy. This level of production has made prices lower for American products as compared to the prices the Europeans are currently paying. The considerably lower prices of natural gas, sometimes by a factor of two to one, or even three to one, is the main allure for Europeans. The instability of the region adds to the desire of the Europeans to but from the United States. They know they cannot put full confidence in Russia to satisfy their natural gas needs.
While winter is coming, Europeans know that this reliance upon Russia to heat their homes and power their industries has put their lifestyles in a dangerous position. This dubious reliance is not only in the political theatre but in the economic theatre as well. European buyers as well as the Polish and Ukrainian buyers know that the supply of natural gas, costly as it may be, is subject to being curtailed or even completely cut off with each new political crisis.
Most of Europe lies in the latitude that would correspond to the temperature climates that lie just beyond our Northern borders. European climates are closer to central Canadian climates than they are to most American climates. A brutal winter in Europe that could leave the citizens facing the dangers of a complete cutoff of natural gas is a grim prospect.
For American producers, expanded exports of our petroleum are a win-win situation. Both the Europeans and the Asian people need our natural gas, gasoline, and diesel fuels as much as we need a market to expand into. This type of analysis is keeping the drillers and energy investors in this country cautious but optimistic. The petroleum producers know that the turn of events could bring our producers into an expansion market with unlimited potentials.
The European markets, the Latin American markets and Africa see the need to import U.S. Gasoline because their own refineries cannot meet the growing demand. Mexico also imports gasoline from the United States. Mexico exports much of her crude oil to the Gulf Coast refineries in the United States. These refineries have the technology and the facilities needed to convert the crude into consumable products.
Shawn Bartholomae, CEO of Prodigy Exploration states “We are watching the markets closely. We are confident that the positive economic factors will continue to create the needed markets for our products.”
Jerry Jasinowski, former president of the National Association of Manufactures had this to say “The declining trade deficit is good news. It is largely the result of rapidly growing exports of surplus petroleum products in the past five years”.
“All of a sudden the United States energy picture –thanks to refinements in fracturing technology- is more robust than anyone had thought possible.”
Already the commerce Department has acted to broaden the category as it redefines what qualifies as “exportable”. These broader categories will widen the base and will accelerate the trends towards more exporting of petroleum products. . The Commerce Department, acting along these lines have given permission to export the light and ultra-light crude that is common to shale oil with a minimum of processing.
If the push to expand exports of petroleum is helped by the current downtrend of oil prices, it could serve to be a good trade off. While the downturn could prove to be temporary in nature, the effects and the growth opportunities inherent in the possible expansion of the export rules can prove to be of a more permanent or long lasting nature. These changes could have far reaching consequences. These conditions will greatly aid in sustaining the momentum of the oil and gas revolution.
Shawn Bartholomae further stated that “We see a prominent role being played in the future of the nation by our petroleum industry. Our contribution to the economic well being of the nation is poised to remain profound and grow with each passing era. Prodigy Exploration Inc. is proud to be a part of that future.”
The Oil and Gas Industry and Texas water issues
The drought continues in Texas. As the concerned parties take stock of the situation, it becomes clear to Prodigy Oil and Gas CEO Shawn Bartholomae that the Texas petroleum business is doing and has done its part to help the state through its tough times.
Lawmakers in Texas had taken an unusual step in the passage of laws pertaining to a major issue. Usually when a state or body of lawmakers tackle an issue, they lay the money on the table and then start the processes to determine how the money will be divided among the various entities.
Shawn Bartholomae is well aware of Proposition 13, passed in Texas. The lawmakers had used a different strategy. They had passed the law first. Proposition 13 then sat on the table, complete in its wording and only lacking for the revenue to make it an actuality. Then came the money. This reveue came from the tremendous surge in oil and gas taxes from the revoution sweeping the country. The laws, pertaining to water issues and how they might be best addressed and to what purposes the money will be spent was passed ahead of this event. A good sound body of laws that was thus far sighted enough to address the issues for decades.
During the regular session, the Legislature passed several bills. These were designed to tap into surplus funds in what is called the Rainy Day Fund. Shawn Bartholomae, CEO of Progidy Exploration Inc. , is aware that this plan not only funded the vast system of rebuild the water infrastructure , lakes, aquifers, and wetlands, but the tax system thus generated a surplus of $900,000,000 to fund the State Water Plan. Getting back up support, as well as other road, port and rail infrastructure projects that were desperately needed.
The State of Texas is adding an average of 1000 persons a day to its population through imigration. The oil and gas industry forms the basis and support for the state’s rapidly growing economy.
The State Water Implementation Fund (SWIFT) that will contain $2.5 billion to fund projects in the State Water Plan;
Along with the funding of critical water projects, the industry is leading the way in innovation to preserve the water and to greately reduce the amounts of water needed for its own operations.
Mainly the drillers and the engineers in the field are reporting a fair amount of difficulty in finding the skilled labor that is needed to maintain the production levels that are critical to the operations of the oil boom. Mr. Shawn Bartholomae has further expressed that the shortage of manpower is persistent. Shawn Barholomae believes that the industry will re-act in fine fashion and will make a timely correction. He has made this comment to investors that ‘We have had shortages of manpower before and the industry has always came back’. Prodigy Oil and gas has based its planning to coordinate with future needs based on the assumption that the drillers will be capable of filling in with the needs in the field. Mr. Shawn Bartholomae and the planners of the company are well aware of the changing needs and the ever growing level of innovation and technology that is needed in the oil and gas drilling operations. He has promised that Prodigy Oil and Gas Iwill make every effort to keep abreast of the changing conditions and will be fully aware of any implications that would factor into decisions concerning the firm.
Shawn Barholomae is the core part of Prodigy’s management group dynamic is based in maximizing the strongest value from the technical and financial forces that drive the petroleum exploration and production industry. With many years of shared O&G managerial experience, Prodigy’s executive core, specially, Shawn Barholomae has merged it’s financial knowledge with the technical acumen of associated operation companies in order to ensure the best possible exploration programs for maximized drilling returns.
Shawn Bartholomae CEO at Prodigy Oil and Gas maintains a professional profile on LinkedIn. LinkedIn is the world’s largest business network, helping professionals like Shawn Bartholomae
Prodigy Oil and Gas Company chief prognosticator and CEO, Shawn Bartholomae, has always been of the position that the U.S. had more than adequate oil and gas to produce. It is a matter of applying new technology to existing fields.
Shawn Bartholomae says
“America was “chastised “a few short decades ago and we were collectively warned that we were indulging in a lifestyle that was calling upon resources that were rapidly diminishing and we were heading for an apocalyptic disaster. This lifestyle is at the end of its rope. In short, we were told that what we were doing, the comforts that we were taking for granted are unsustainable. It was often assumed by many that the era of Peak Oil was upon us.
This was 1977 and the president was Jimmy Carter In essence, the nation was told “We are running out of oil and gas. The abundance of energy that has made our society so vibrant is in jeopardy. “
For years, many drillers and operators were not buying the story.
Peak Oil has become a bygone part of history. It has few adherents in the market now.
Shawn Bartholomae, as senior partner of Silver Tusk Oil Co., goes on to state” The total repudiation of Peak Oil, along with the disproving of its basic claims, have brought in a new spirit of enlightment. The renewed assurrances that we will survive and prosper with our ability to supply oil and gas to our nation, is merely one more victory for our industry”.