On September 10th the EIA reported a production decline in the Lower 48—essentially shale production—of 208,000 BOPD.
Oil prices Mining News
Yet while consumers and companies pay the brunt of the high oil prices, the fat cats at the oil companies are quickly adding to their coffers and making tons of oil profits.
There's been plenty of talk about potentially radical US foreign policy changes as a result of the shale boom. While one shouldn't expect any dramatic US foreign policy move away from the Middle East, factors are influencing a greater focus on Asia. Only one thing is certain in this transforming world: The shale boom is real and the implications are many and difficult to predict.
Canadian Enbridge and Enterprise Products Partners LP have nearly completed work on the Seaway pipeline to increase its capacity from 150,000 to 400,000 barrels per day.
U.S.-based Enterprise Products Partners LP (NYSE:EPD) and Canadian Enbridge Inc. (NYSE/TSX:ENB) are shaping up as the main competitors for TransCanada Corp’s Keystone XL, as the two companies announced they will build new pipelines that will move as much as 850,000 barrels of crude oil a day from Canada to refineries along the Gulf Coast by mid-2014.
Many readers might remember that exactly two years ago the S&P 500 tagged the infamous 666 price level before putting on a monster 2 year rally that saw it surge over 100% to the February 2011 highs.