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They were, after all, in the business of producing… oil! (Duh….) - even if a giant company like BP pretended for a while that its initials stood for “Beyond Petroleum.” The oil companies were desperate in 2008. The orgy of borrowing was primed by Federal Reserve “creation” of trillions of dollars of “capital” out of thin air (QE: Quantitative Easing), along with supernaturally low interest rates on the borrowed money (ZIRP: Zero Interest Rate Policy). The shale oil industry was a prime beneficiary of this new hyper-debt regime.

If you can’t afford to run your society, then try borrowing from the future to keep your mojo working. The price and supply of oil became so problematic after the year 2000 that the US had to desperately engineer a work-around to keep this hyper-complex society operating.

Angelo at In June of 2008, US crude hit $144-a-barrel, a figure so harsh that it crippled economic activity - since just about everything we do depends on oil for making, enabling, and transporting stuff. Around that time, US oil production had sunk below five million barrels a day, and since we were burning through around twenty million barrels a day, the rest had to be imported.Ĭhart by Steve St. In fact, a look the chart below shows how exactly the rise of shale oil production took off after that milestone year of the long emergency. It was an impressive stunt and it had everything to do with the reality-optional world of bizarro finance that emerged from the wreckage of the 2008 Great Financial Crisis. Independent oil analyst Art Berman, who made the podcast rounds the last two weeks, put it in more reality-accessible terms: “Shale is a retirement party for the oil industry.” Techno-rapturists are celebrating what seems to be a blindingly bright new golden age of energy greatness. Support this blog by visiting Jim’s Patreon PageĪs of this week, the shale oil miracle launched US oil production above the 1970 previous-all-time record at just over ten million barrels a day.

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