Picture is as murky as a barrel of oil, with US companies in 2026 expecting their first production drop in four years
US shale-oil producers were already contending with oil prices at four-year lows. News that they may soon face a significant competitor in their back yard likely wasn’t how frackers wanted to greet 2026.
The US capture of Venezuelan president Nicolaá Maduro and his wife, Cilia Flores, hit the share prices of independent shale-oil producers, such as Diamondback Energy and Devon Energy, last week.
Over the last 20 years, the US fracking industry has built itself into the main driver of domestic oil production: it accounted for 64% of total US crude oil production in 2023. With average production levels of 13.6m barrels a day (BPD), the US is the world’s largest crude-oil producer.
TheDemonBuer@lemmy.world 1 day ago
I think there is a fundamental misunderstanding at the heart of many countries’ energy policies. Many countries believe that continued economic growth will require an increasing amount of energy. That is absolutely true. More growth will require more energy. However, the misunderstanding is the almost subconscious belief that energy = oil and gas. It’s as if many world leaders believe that there are no energy sources available to humanity outside of some relatively rare fossil hydrocarbon deposits. To many, oil and gas is energy and energy is oil and gas. It makes sense why people who think this way believe the choice the world faces is between continued growth or reducing fossil use, as if we must choose one or the other. The fact is, it is possible to grow while reducing fossil fuel use. Between renewables and nuclear power, we can produce enough energy to power a growing global economy.
That being said, infinite growth does require infinite energy. If the global economy continues to grow, at some point we will need all the fossil energy resources, as well as all renewable energy and all the nuclear energy. But we’ll boil our atmosphere just from latent heat before we can use all the energy. At some point, wealthy countries are going to have to decide when enough is enough. We simply cannot grow forever on a finite planet. It’s not physically possible. But in the meantime, developing countries especially can and should continue to grow, and they absolutely can do that without increasing global fossil fuel demand. But that’s largely up to the wealthy countries.
gandalf_der_12te@discuss.tchncs.de 1 day ago
It’s well established that infinite growth cannot happen on a finite planet. That’s why people continue to talk about Mars settlement. Because outer space is literally infinite.
TheDemonBuer@lemmy.world 1 day ago
Yeah, space. That’s always the solution. But if expanding into less and less hospitable environments was the next frontier of continued economic growth, why aren’t investors scrambling to build out Antarctica or the bottom of the ocean?
shortwavesurfer@lemmy.zip 1 day ago
Now we won’t boil our atmosphere because we will launch rockets to the moon and produce shades on the moon and put them at the Earth Sun Lagrange point and cool the earth down that way. So our ravenous use of energy will give us the energy to fix the problem.