North America’s hydraulic frackers are cutting costs so fast that most can now produce at prices far below levels needed to fund the Saudi welfare state and its military machine, or to cover Opec budget deficits.
Scott Sheffield, the outgoing chief of Pioneer Natural Resources, threw down the gauntlet last week – with some poetic licence – claiming that his pre-tax production costs in the Permian Basin of West Texas have fallen to $2.25 a barrel
Definitely we can compete with anything that Saudi Arabia has. We have the best rock," he said. Revolutionary improvements in drilling technology and data analytics that have changed the cost calculus faster than almost anybody thought possible.
The ‘decline rate’ of production over the first four months of each well was 90pc a decade ago for US frackers. This dropped to 31pc in 2012. It is now 18pc. Drillers have learned how to extract more.
- A Non-Violent Activist Dies in Texas (online article)
- Are Police Taking Sides in Protests? (online article)
- Artwork, Stories and Photojournalism
- Austrian Party with Nazi Imagery Wins Big (online article)
- Devil’s Spit (short story clip)
- For Better or Worse (short story – online)
- Miss Patel’s Holiday (short story clip)
- Notes from the Obama Rally (Nov. 12, 2007)
- Remembering David Bowie (short story clip)
- Sari Sari (short story clip)
- The Media as Theater of War
- Travel Journal
- A New Yorker in Belize
- Belize: Hol Chan Marine Reserve and Shark Ray Alley
- Belmar Beach after the Storm – 2009
- Christmas in New York (2005)
- Civilization in the Jungle: Mayan Lamanai Temple
- Fruit and Flowers in the Garden State
- Jones Beach Airshow
- Protest at the UN: No to dictatorship, yes to democracy in Iran
- San Francisco 2005
- Wintery Wall Street – 2009
- Zombies at the Jersey Shore – 2009
- Two Visits to a Fast-Changing Lebanon (online article)
- Wahhabism, Saudi Arabia, and Their Gift to Yale | Omer Aziz
- Welcome to the Jungle (short story – online)
- What Would Teddy Do? (short story – online)
Error: Twitter did not respond. Please wait a few minutes and refresh this page.