nangyale
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Bla bla bla, the oil glut is happening right now, moron. Not in some hypothetical future. And as for your breeding plans, spare the world another regressionist, fossil-fuel obsessed dimwit. Trust me you will be doing the world a favour.
I told you I will not be brought down to your level.
I would have loved it if you would say something personal to me face to face, but alas we are on a net forum and you are shameless.
Anyways since you refuse to do any research. I will help you. Read the following.
The companies facing high debt loads, which include Encana Corp. and Chesapeake Energy Corp., produced 1.1 million barrels of oil a day in the second quarter of this year, according to data compiled by Bloomberg. If more companies file for bankruptcy as Samson did Wednesday, or embrace the kinds of draconian cuts needed to survive, output could fall by 200,000 to 400,000 barrels, Thummel said.
A loss of that much crude would be the steepest U.S. decline since 1989, about the amount of oil from Oklahoma, the sixth-largest producing state, which pumped 356,000 barrels a day in June, government data show.
U.S. Shale Drillers Are Drowning in Debt - Bloomberg Business
and this from the FT.
US shale producers reported a cash outflow of more than $30bn in the first half of the year, in a sign of the challenges facing the US’s once-booming industry as the slump in oil prices begins to take effect.
The shortfall points to a rise in bankruptcies and restructurings in the US shale oil industry, which has expanded rapidly in the past seven years but has never covered its capital expenditure from its cash flow.
http://www.ft.com/cms/s/0/5a8c9a4c-54b0-11e5-8642-453585f2cfcd.html
Do you want me to continue drip-feeding you or is that enough.