"Do you think that $50 oil is going to make the world safe for WalMart,
Walt Disney World, and Happy Motoring? In fact, $50 oil is going to
crush what is left of the US Oil industry, especially fracking for shale
oil and deep water drilling. And guess what — everything else is
depleting at about 5 percent a year. The frackers will never again get
access to the sort of junk bond financing that allowed them to ramp up
their Ponzi demonstration projects in the Bakken and Eagle Ford. And
they will never again regain their current level of production — which
is the net result of past Ponzi financing, now ending in tears. So,
forget “Saudi America” and “energy independence,” unless you mean living
in a walkable community near a navigable waterway."
Zum Artikel von James Howard Kunstler, erschienen auf Clusterfuck Nation (26. Januar 2015) »
