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Steve McIntosh Report Blog



Is the oil boom over?

Just a couple of years ago big oil companies rushed into southern Kansas, snapping up mineral leases from landowners for high prices and drilling horizontal wells to extract unknown riches from the Mississippi Lime formation. Now, most of the big producers have left.
Shell Oil halted Kansas exploration drilling in May and has since put up for sale 650,000 acres of leases it owns in the state. But exploration is ongoing … and growing more modestly. It’s now driven by the Kansas producers who have drilled here for decades, and a few out-of-state die-hards like SandRidge Energy of Oklahoma City, which has stayed with scaled-down operations.
The process known as “fracking” has revitalized the oil industry across the U-S.
As I reported recently in this space, our country is very close to energy independence.
Wind and solar power take some of the pressure off our energy demand, but it’s new oil and gas that has driven recent success in domestic energy production.
 
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Our thought for today is from J. Paul Getty:
 
“The meek shall inherit the Earth, but not its mineral rights.”


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Topics : Business_FinanceEnvironment
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Locations : KansasOklahoma CitySouthern Kansas
People : J. Paul Getty




 
12/05/2013 1:23AM
Is the oil boom over?
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