OPEC’s Oil Price Nightmare: U.S. shale production is surging on higher crude, now the fear is waning demand growth

OPEC’s Oil Price Nightmare: U.S. shale production is surging on higher crude, now the fear is waning demand growth. By Julian Lee.

Last week’s avalanche of releases from the U.S. Department of Energy showed daily oil production above 10 million barrels a day for the first time since 1970. …

The production surge shown in the monthly data is unprecedented. Output rose by almost 850,000 barrels a day between August and November. It makes the first shale boom of 2014-15 look sluggish. …

Rising crude prices are spurring a U.S. production revival. [OPEC’s] horror scenario is that this shale surge goes hand-in-hand with a slowdown in oil demand growth, triggered by the price rise.

Reader Charles:

Please recall that Abu Dhabi and the UAE helped fund the anti-fracking movie starring Matt Damon from a few years ago. You might also recall that the USSR also helped to fund our environmental groups.

Matt Damon’s Anti-Fracking Movie Financed by Oil-Rich Arab Nation, by Lachlan Markay in 2012.

A new film starring Matt Damon presents American oil and natural gas producers as money-grubbing villains purportedly poisoning rural American towns. It is therefore of particular note that it is financed in part by the royal family of the oil-rich United Arab Emirates.

The creators of “Promised Land” have gone to absurd lengths to vilify oil and gas companies … Since recent events have demonstrated the relative environmental soundness of hydraulic fracturing — a technique for extracting oil and gas from shale formations — Promised Land’s script has been altered to make doom-saying environmentalists the tools of oil companies attempting to discredit legitimate “fracking” concerns.

Russia Funds U.S. Anti-Fracking Groups to Suppress ‘Domestic Oil & Gas’, by Thomas Williams in 2017.

The Russian government has been funding radical environmental groups to “suppress the U.S. domestic oil & gas industry,” according to leading Congressional House members.

In a newly released letter to Secretary of the Treasury Steven Mnuchin, the chair of the House Committee on Science, Space and Technology, Lamar Smith (R-TX), and the chair of the Subcommittee on Energy, Randy Weber (R-TX) allege that Russia “is behind the radical statements and vitriol directed at the U.S. fossil fuel sector” and formally request that the Treasury Department launch an investigation into Russian funding of radical environmental groups.

Russian collusion! With the left!

hat-tip Charles