Oil traders' excessive bullishness should be a red flag, because production forecasts don't equate with near-term shortages.
When President Trump’s Interior Secretary Ryan Zinke announced his agency will expand energy development to include the United States' offshore reserves, myopic naysayers rose up in a single voice of protest against Zinke's proposal.
Fully operational since June, the Dakota Access Pipeline is lowering transportation costs, reducing tank car usage, reducing environmental and population risk, improving South Dakota’s financial condition, and putting the lie to the criminal environmentalist movement that tried to stop it.
According to the International Energy Agency, the growth of energy production in the United States is expected to double in the next eight years, making it the world's top energy producer.
Economists predict that electric vehicles will be competitive with gasoline-powered cars in seven years, and this could drive oil prices down to $10 per barrel.
The latest estimate from API, the energy trade group, is that increased exports of liquefied natural gas over the next 20 years will add nearly 500,000 jobs to the American economy and $73 billion to the country’s gross domestic product.
Despite OPEC's efforts to raise oil prices by cutting production, crude-oil prices are expected to remain under $60 a barrel for at least the next year.