One of, if not the biggest contributors to the improving US trade deficit and thus GDP (not to mention labor market in select states) over the past several years, has been the shale revolution taking place on US soil, which has led to unthinkable: the US is now the biggest producer of oil in the world, surpassing Saudi Arabia and Russia. Which is great today, but what about tomorrow?
It is here that problems emerge according to Bloomberg’s snapshot of the shale industry. In « We‘re Sitting on 10 Billion Barrels of Oil! OK, Two« , the authors look at the two-tiers of reporting when it comes to deposits that America’s fracking corporations allegedly sit on, and find something unpleasant:
Lee Tillman, chief executive officer of Marathon Oil Corp., told investors last month that the company was potentially sitting on the equivalent of 4.3 billion barrels in its U.S. shale…
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