Retail gasoline prices have hit their high for the year, but the news is not all bad. Despite the fact that AAA says prices have risen 17 cents a gallon, hitting $265 per gallon, prices are a lot lower than a year ago--and taking into consideration the fact that crude oil prices have soared, it could have been a lot worse.
The numbers don't lie—but politicians and industry bigwigs do. While pundits still wax poetic about an era of American energy independence, Bill Powers sees productivity plummeting in almost every major shale play.
Atticus Lowe was among those who saw more smoke than fire in the fevered puffery of the shale industry's promoters. With an established track record now, the industry has proved its potential for him, and he is bullish on gas over the long term.
The shale gas "miracle" is overhyped and bound to disappoint. That's what energy expert Bill Powers argues in his upcoming book. But Powers says that this could be a very good thing for oil and gas companies and their shareholders.
America's energy industry has more profit potential than any other sector. Take advantage of the energy industry's dynamic "taste," and you can make some serious scratch. The problem is... few folks have any clue what they're looking for.
While we are finding new sources of crude oil, discoveries pale to what's happened with natural gas. Recent boosts to supply also cannot overcome volatility in the Mideast and the fact that much of the world's cheap crude was pumped long ago.