Texas Is About to Create OPEC's Worst Nightmare

[NickB79]

https://www.bloomberg.com/news/articles/2018-11-21/opec-s-worst-nightmare-the-permian-is-about-to-pump-a-lot-more?utm_medium=social&utm_campaign=socialflow-organic&utm_content=business&cmpid=socialflow-facebook-business&utm_source=facebook

An infestation of dots, thousands of them, represent oil wells in the Permian basin of West Texas and a slice of New Mexico. In less than a decade, U.S. companies have drilled 114,000. Many of them would turn a profit even with crude prices as low as $30 a barrel.

OPEC’s bad dream only deepens next year, when Permian producers expect to iron out distribution snags that will add three pipelines and as much as 2 million barrels of oil a day.

The US shale revolution and the cheap gasoline it brings will doom us all

[GitRDun]

1. this is just a slice of what's going on

New export terminals will be online then, sending volume overseas.

There is also a technical issue with the Permian oil.
It is so light many refineries cannot take it. To date we’ve not seen investments by US refineries announced to deal with this lighter oil.

No one, I mean no one has a handle on this yet.

It’s pretty scary actually.

[CurtEastPoint]

2. Sorry... what makes it scary? Help me understand this.

[Wellstone ruled]

3. Going to say,

the New Mexico fields are a hidden secret to the Oil Industry. The latest drill sites are yielding way over Projections. Same for the Gas Fields in and around the Farmington Area.

[progressoid]

4. Yay! More fossil fuels.