Publications: Notes at the Margin

Shale Oil's Pearl Harbor; Crude May Have Bottomed (December 7, 2015)


December 7, the date of this report, marks the anniversary of what Franklin Delano Roosevelt described, to the US Congress and American people, as “a date which will live in infamy.” It marks, of course, the day of Japan’s attack on the US naval base in Hawaii, an event that pulled the United States into World War II. Seventy-six years later, it may mark another anniversary: the day banks pulled the plug on loans to many of the firms driving the US shale boom. 


In addition, the end-week statistics offered clear indications that the strategy pursued by Middle Eastern countries may be about to pay off in a significant way. Indeed, the ministers complaining about low prices might have been in a celebratory mood had the meeting been postponed a month or two.


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