The Coming Oil Bust - Oil is DRIPingAn increasingly precarious situation is growing in the black oil kingdom in the Arabian Peninsula. As the clown nation of the US, that has built much of its economy and job market on artificially high oil prices, the Saudis have all the reason to undercut high WTI prices by continuing to ramp up production. While British Petroleum has come to terms with the fact that peak oil is on the horizon, by the 2030s, many other oil companies swoon and maintain their denial that this is just a shortterm thing and we will be back to $75 oil in no time.
www.israelhayom.com
Saudis complacent about oil production cuts
www.resilience.org
Peak oil by 2030s - BP
oilprice.com
Oil will return and grow - Conocophillips
And with the ticking time bomb that is the American economic and political catastrophe lingers, American oil companies (many based in Houston, Texas, a city that has seen extreme growth from oil for decades) have been going bankrupt left and right for years. The vast majority of these companies have benefitted from easy liquidity injections, much like Rex Tillerson's disastrous tenure as CEO at ExxonMobile has led to a disgusting, reckless amount of debt attainment.
www.worldoil.com
200+ American Shale companies gone bust
seekingalpha.com
www.worldoil.com
ExxonMobil's reckless balance sheet
The US has little evidence of returning back to normal, and the bad news just keeps on piling up. Not to mention, so many jobs are becoming state-at-home permanently, I know plenty of people personally have moved back home.
www.theverge.com
And now China is taking austerity measures, even moving to make sure people don't eat more than they're supposed to (you can't make this shit up).
asiatimes.com
China has had an ongoing disaster of a return. Their oil consumption has been less, and with their second largest construction company collapsing, food shortages, natural disasters, livestock sicknesses - it's looking like the mighty China is barely hanging on by a thread while they try to push the narrative that their 3-house-a-person status doesn't mean much (and no one is going to want to buy any of that real estate in those ghost towns. they're all going to collapse before they're even inhabited.)
www.scmp.com
And if you want to throw some propaganda from CNN or some Chinese news outlet about how great China is doing, do yourself a favor and watch the China Hustle and you'll learn all about China's precious economy ;).
P.S. Buy DRIP
