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Shale Is Not Coming To The Rescue
The market is waking up to a harsh realization: Frackers operating in the US shale patches won't be the saviors this time as West Texas Intermediate (WTI) approaches $100 a barrel. A combination of investor payouts, inflation, and interest rates decelerated the rate of drilling, and, contrasting with previous years, many of these operators will be slow to bring on new rigs. Before the 2024 election, President Biden faces an ominous outlook on crude supply as the administration drained 240 million barrels of oil in pursuit of short-term popularity gains. All those oil price declines are now gone, as the Strategic ... (full story)