For those following the world oil production situation, it has been clear for some time that the only factor keeping global crude output from moving lower is the continuing increase in U.S. shale oil production, mostly from Texas and North Dakota. Needless to say, once the fabled “peak” comes oil and gasoline prices are certain to move higher, triggering a series of economic events – most of which will not be good for the global economy.
.... Usually missing from optimistic estimates for future U.S. shale oil production is any discussion of just how fast production from fracked wells declines.He concludes along with many independent observers that production will peak during 2016-2017 and will fall off dramatically after that. Could this be one reason why the One Percent ruling class is pursuing foreign adventures so aggressively, and their corporate media has hyped-up its bellicose propaganda in support of these adventures? Considering that their system of capitalism requires growth, the eminent prospect of diminishing supplies of cheap fossil fuels to keep their system going could explain, at least in part, why they are acting so crazy.