Collapse Of U.S. Shale Oil Production Has Begun
By: Steve St. Angelo, SRSrocco Report
GoldSeek.com
Wednesday, 9 December 2015
We no longer have to wait for the collapse of U.S. shale oil production, it already has begun. Unfortunately, this is bad news for the U.S. Government and domestic economy. Falling U.S. oil production will put severe stress on the highly leveraged debt based financial system over the next several years.
According to the U.S. Energy Information Agency (EIA) recent Drilling Productivity Report, shale oil production from the top fields is forecasted to decline 116,000 barrels per day in January 2016. Even though overall U.S. shale oil production is forecasted to be down 12% from its peak in March 2015, one of the largest fields in Texas is down a whopping 30%:
The Eagle Ford Shale Oil Field in Texas peaked at 1.7 million barrels per day (mbd) in March 2015 and is forecasted to drop to 1.2 mbd next month (Jan 2016). Again, this is according to the EIA Drilling Productivity Reports which base their figures on estimates. However, even larger declines in some of these fields may be experienced when the real data comes out in the following months.
For the Eagle Ford to be down 30% (500,000+ barrels per day) in less than a year… THIS IS A BIG DEAL. I have been warning about the coming collapse of U.S. shale oil production for more than a year now. The idea that the United States would become energy independent is now DEAD FOR GOOD.
The Rest…HERE
