April 27, 2020

The Energy Slayer

Timothy Birdnow

Oil is the lifeblood of modern industrial society, and the collapse of oil prices presents a clear and present danger to the world order and even our national survival.

Pemex, Mexico's national oil company, is in trouble.

Five Reasons Why Mexico's Oil Industry is Destined for Disaster

That a socialized industry should find itself unable to adapt during a time of world crisis should come as no surprise, but what does it all mean?

If Pemex collapses due to the collapse in oil prices, the Mexican economy could well collapse. And if THAT happens we'll have half of Mexico living in the United States.

Meanwhile, American oil wells are closing at a record pace. From the article:

Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 64, falling to 465, with the total oil and gas rigs clocking in at 526 fewer than this time last year as U.S. drillers make hasty and significant changes to their operations.

Over the last six weeks, oil and gas rigs combined have shed a total of 327 rigs.

The number of oil rigs decreased for the week by 60 rigs, according to Baker Hughes data, bringing the total to 378—a 427-rig loss year over year. It is the fewest number of active oil rigs since July 2016.

The total number of active gas rigs in the United States fell by 4 according to the report, to 85. This compares to 186 a year ago.

The number of active rigs taken offline over the last six weeks is a clear indication that the U.S. oil industry is being pressured to make significant and painful changes in response to storage that is near capacity and the low price of oil.

So this virus may effectively kill the U.S. oil and gas industry, something the Paris Accord sought but failed to accomplish (since there was never an actual treaty and the U.S. decided not to play.) And if the U.S. oil industry disappears prices for gas will skyrocket. The Green Revolution - the world of poverty and limited mobility - will be at hand.

And Europe will be forced to kowtow to anyone who can supply oil and gas, as their own industry is being strangled by this. It is estimated that twenty percent of energy companies in Europe could go belly up.

One final thought; oil and gas are the cornerstone of Russia's economy. This is going to absolutely cream them. It may make them desperate. We don't want a desperate Russia for any number of reasons. Russia could be quite unpleasant if they think they are about to lose their world influence.

This Wuhan virus is just starting to show it's cards.

Posted by: Timothy Birdnow at 10:36 AM | Comments (2) | Add Comment
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