Key background on how Permian reserves have been over-estimated
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There is no reason to believe that rig counts will rise in the near term.
Is this a BIG YAY, or a small yay? Seems like at least a small yay.
Good in the sense that reduced production will lead to marginally lower emissions, but bad in terms of price at the pump.
Seems this will help continue the trend towards micromobility and EV’s. Near and far it seems people are really learning to depend on e-bikes, for instance.
IMO its a “meh”. Oil production is currently at an energy neutral state(amount of energy needed to extract is equal to the energy provided), in a decade or so its going to hit energy negative(energy needed to extract is more then energy provided). What should be happening is slow/begin halting extraction and storing all of that oil in the ground just in case we might need that energy surplus at some point in the future but that hurts quarterly profit returns so the oil executive solution to it is “suck it dry, not my problem”.
