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Fox News says House Intelligence Committee Democrats “hell bent” on destroying Trump

The House Intelligence Committee is supposed to be more bipartisan than other House committees and a place where members conduct serious oversight of America’s intelligence agencies. Its members are expected to put politics aside to oversee sensitive intelligence programs that are crucial to protecting our nation’s national security.

That’s not what we saw in Monday’s rare open Intelligence Committee hearing.  Democratic members spent every minute of the hearing to smear the president before the cameras. By doing so, they made a mockery of bipartisan intelligence oversight.

Republican Intelligence Committee members were taken off guard by hyper-partisan behavior of their Democratic colleagues. At the hearing there were some useful exchanges between Republican members and Comey on the seriousness of recent leaks of intelligence as well as the unmasking and illegal disclosure of General Michael Flynn’s name from NSA reports.  Unfortunately, these discussions were overshadowed by the Democrats who were much more aggressive in pushing their Trump-Russia conspiracy theories.

Congressional Republicans must learn from this episode that the Democratic Party is so obsessed with destroying President Trump that their Democratic colleagues cannot be trusted to engage in good faith deliberations or hearings on anything that they can use to hurt Trump.  Sadly, this includes national security.

This means there should be no more open hearings on issues like Russian interference in the 2016 presidential election. Additional open hearings that the Senate and House Intelligence Committees have scheduled on this issue should be made closed hearings.

Republicans seemed to have gotten the message on this. Friday, an open House Intelligence Committee hearing scheduled for next week on the Russia/election hearing scheduled was cancelled. It will be replaced with a closed hearing.

If open congressional hearings on the Russia/election or similar issues are held, Republican members must be much more aggressive in pursuing leaks of classified information and the abuse of U.S intelligence by the Obama administration to spy on the Trump campaign. Committee chairmen should run such hearings with iron gavels and give Democratic members zero leeway to turn them into political circuses.

House Intelligence Committee Chairman Devin Nunes proved that he knows what he’s up against in the aftermath of Monday’s intelligence committee hearing by the way he handled new information suggesting that the Obama administration did surveil the Trump campaign.

Nunes was given intelligence, apparently under the table from U.S. intelligence officers, which indicates the names of Trump campaign aides were “demasked” in intelligence reports that had nothing to do with Russia or any alleged wrongdoing by the Trump campaign.

This is a big deal because the names of American citizens incidentally collected by U.S. intelligence agencies are blacked out and are not supposed to be revealed unless there is a compelling national security reason.

Nunes has been condemned by Intelligence Committee Democrats and the news media by the way he disclosed this information since he presented it to the press without informing his Democratic colleagues in advance. Nunes also informed the White House about this information before he briefed the committee and is refusing to tell Democratic committee members the name or names of his sources.

Maybe Nunes should not have brought this information to the White House before he briefed committee members.  (He apologized to them for this.)

My view is that Nunes took the right approach. He knows it is pointless to work with committee Democrats on this issue and if he had brought this intelligence to them before his press conference, they would have quickly leaked this information to the press to discredit it.

Nunes also is absolutely right in not revealing the name or names of his sources since there is a good chance committee Democrats would try to out these sources or get their managers to retaliate against them. I saw this happen when I worked for the CIA.

This story looks like it will soon get even more interesting. Fox News’ James Rosen reported Thursday that the committee may soon receive – possibly today — intelligence that “is said to leave no doubt the Obama administration, in its closing days, was using the cover of legitimate surveillance on foreign targets to spy on President-elect Trump.”

Nunes was smart to double down on his effort to fight back against Democratic politicization of intelligence oversight when he said at a press conference Friday that he was cancelling an open hearing next week on the Russia election hearing and had turned it into a closed hearing.

In addition, Nunes said he has recalled FBI Director Comey and NSA Director Rogers to testify to this hearing.

I assume Nunes’ new information, the FBI’s refusal to fully cooperate with the committee’s investigation and Comey’s failure to fully answer questions about intelligence leaks are why Nunes is recalling Comey and Rogers.

Predictably, Rep. Adam Schiff, the top Democrat on the House Intelligence Committee complained bitterly in a follow-up press conference Friday that Nunes cancelled the open hearing and questioned why Comey and Rogers were being recalled.

It was the height of gall for Schiff to complain that Nunes’ actions indicate he is not interested in an independent and objective investigation of Russian interference in the 2016 presidential election after Schiff and his Democratic colleagues proved at Monday’s hearing that they are only interested in using this investigation to destroy the Trump presidency.

Nunes realizes this and decided to fight back.  Until congressional Democrats start putting the good of the country above their hatred of President Trump, Republican congressional leaders must employ similar tactics to do the work of the American people and safeguard our national security.

 

[by Fred Fleitz, writing for FOX NEWS]

 

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As always, posted for your edification and enlightenment by

NORM ‘n’ AL, Minneapolis
normal@usa1usa.com
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Obama has now lost all the respect he thought he had from his fellow American citizens. He has hit a new low. He’s facing his own Watergate, and deserves justice

Obama's Watergate will finish him.

When Donald Trump said that Obama had wiretapped Trump Tower and Trump’s telephone lines, it was clear what he meant.

No one who saw or heard about Trump’s tweets thought he meant Obama had donned a ninja suit, snuck up outside Trump Tower in the dead of night, attached a bug to the phone and sat there listening in with headphones.

The propaganda media, leftist dissemblers and Deep State puppets jumped quickly to make it appear that’s precisely what Trump meant in order to make Trump appear deranged and out of touch for making such a claim. Even House Speaker Paul Ryan (corporatist NeverTrumper – Wisconsin) said, “No such wiretap existed.” Both Democrats and Republicans insisted Trump apologize to Obama for making the charge.

The word “wiretap” once had a specific meaning. When people had telephones that communicated by transmitting data via wires, spooks had to physically connect a listening device to the wires to listen in on the calls. For a wiretap to be legal, a warrant was required.

This changed in the age of wireless communications. Now the word “wiretap” refers to electronic surveillance of all sorts. And there’s a lot of it — a lot more than you would believe.

The government has the ability – and propensity — to scarf up electronic communications like a Shop-Vac® sucking up sawdust. You can see excerpts of some of these original reports in “Privacy News,” “The two hands of Big Brother: Losing our liberties update,”  “To destroy your privacy, to destroy your life” and “The U.S. National Security Agency.”

In 1988 reports surfaced that outlined how under project ECHELON the U.S. National Security Agency was partnering with intelligence services in Great Britain, Australia, Germany, Japan and even Communist China to tap into worldwide telecommunications networks. The Cleveland Plain Dealer revealed that the system had been used to tap U.S. Senator Strom Thurmond’s calls without a warrant. The report was based on testimony from an employee of defense contractor Lockheed Missiles and Space Corporation (a division of Lockheed Martin) who turned whistleblower to reveal the company’s “black” U.S. intelligence programs operating through that company.

This type of surveillance has continued apace, as revealed by Edward Snowden and other whistleblowers, though it is much more sophisticated than anyone can imagine. We know from media reports that intelligence agencies under Obama monitored the communications and computers of members of Congress and a number of journalists.

Now a new whistleblower has emerged revealing more of the clandestine government spying during the Obama years: NSA and CIA contractor Dennis Montgomery.

Montgomery left the two spying agencies with 47 hard drives and 600 million pages of information – much of it classified – revealing what is apparently illegal and unconstitutional spying on prominent Americans like the chief justice of the Supreme Court, other justices, 156 judges, prominent businessmen like Donald Trump and others. In a paper put out by Judicial Watch, which is representing Montgomery, Montgomery claimed to have informed the House Intelligence Committee about the information he had, but the committee was uninterested. It had this information prior to FBI Director James Comey’s and NSA Director Michael Rogers’ testimony before the committee.

During their testimony, chief spooks Comey and Admiral Rogers lied, dissembled and parsed, dancing around Trump’s claims like they were Ginger Rogers and Fred Astaire.

We know from mainstream media reports that last summer investigators sought a FISA warrant to give legal imprimatur for electronic surveillance of Trump, and were denied. They later went back to the FISA court and received a warrant to surveil Trump associates. Comey admitted that Trump has been under investigation for Russian ties for most of a year.

MSM reports revealed that Michael Flynn’s communications with the Russian ambassador were tapped, though the claim is Flynn was just caught up in standard surveillance of a Russian VIP.

Multiple U.S. and likely British spy agencies were investigating Trump. This includes electronic surveillance in all its many forms. No FISA warrant was needed specifically to listen in on Trump and his transition team members (see how they captured Flynn). All that was needed was a FISA warrant on a foreign national one of those people may talk to in the future. With that, Comey, etc., could with a straight face say that no wiretapping of Trump was taking place.

During the campaign, both Obama and Hillary made subtle and not-so-subtle claims that Trump was working with Russians. If this was going on they wouldn’t know it unless Obama’s spooks were listening in on Trump and Trump Team communications and sharing it with top administration officials. If it were not going on then Obama, the witch from Chappaqua, and the MSM just made it up out of whole cloth.

On his way out the door, Obama made it easier for the various intelligence agencies to share the captured information, because it has been deliberately and enticingly leaked to the press.

Watergate stemmed from the burglary of Democrat headquarters during a presidential campaign. Trump Towers was essentially the Republican HQ for the presidential race.

Obama’s spooks broke into Republican HQ electronically in order to grab dirt on Trump, and shared what they learned with Obama, the Clinton campaign and the media in order, first, to defeat Trump; and second, to delegitimize Trump’s presidency and find dirt to use to try and force him out of office.

Obama, through his surrogates, has denied it happened. But Obama, through his surrogates, certainly wiretapped Trump. And Obama unquestionably knew about it.

This is Obama’s Watergate.

 

[From an article by Bob Livingston, written for PERSONAL LIBERTY]

 

NORM ‘n’ AL Note:  Our newest ex-president should be thoroughly investigated by the Justice Department. When that investigation shows beyond a doubt that Obama was complicit right up to his eyeballs in the Trump wiretapping, Obama should be charged, tried, convicted of treason, and imprisoned…and every last dime of his presidential pension should be denied permanently.  America should have the opportunity to heal from the grave wounds he has inflicted on this country…but without justice, that healing will never come.

 

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As always, posted for your edification and enlightenment by

NORM ‘n’ AL, Minneapolis
normal@usa1usa.com
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The winds of war are blowing on Israel’s borders

Winds of war surround Israel

On Sunday, an Israeli fighter jet entered Syrian airspace and reportedly bombed a vehicle traveling from Damascus to Quneitra, a town situated in the Golan Heights near the border with Israel. One person was killed.

According to Al-Mayadeen, a Lebanese news media service, the attack killed Yasser Hussein Asayeed, a member of a militia group allied with the Syrian government. Sunday’s air strike was the second military incursion into Syrian territory in three days and is evidence of the mounting tension between Israel and its northern neighbor.

On Friday, Israeli jets entered Syria and carried out an attack on a convoy transporting weapons to Hezbollah. During the attack, Syria launched surface-to-air rockets at the Israeli jets. Israel responded by firing its Arrow interceptor missile at the rockets.

Meanwhile, on Saturday, Israel’s Air Force struck two separate Hamas strongholds in the Gaza Strip. The strikes were in response to a Hamas rocket attack on Ashkelon earlier in the day. Another rocket attack from Gaza occurred on Thursday.

These attacks have many in Israel worried that war is imminent. “The winds of war are blowing on Israel’s borders,” wrote Alex Fishman earlier this week. He continued:

The Israeli strike in Syria, the Russian and Syrian responses, and the flare-up in Gaza are bringing Israel one step closer to a military collision. The relative calm along the borders in recent years, which has become a symbol of security stability and deterrence, is gradually wearing out.

The recent attacks are a sign of two important developments. First, as Fishman noted, Israel is establishing red lines with Russia, which in recent years has significantly improved its strategic position in the region.

The weekend events in the north indicate that Israel is striking in Syria not only to curb the Iranian arms convoys to Hezbollah, but also to demonstrate its presence in Syria and make it clear, especially to the Russians, that there will be no agreement in Syria without Israel’s input.

Second, some believe this level of aggression from Israel is a sure sign that it is concerned about the presence of Iran in Syria and Lebanon, and that Tehran via its proxies might even be close to launching an attack. There is evidence, as this article from the Jewish Press explained, that Iran’s strategic and military position in Syria and Lebanon has improved in recent weeks and months.

First, the Iran-sponsored Shia fighters in Syria, who 10 days ago announced the formation of a “Golan Liberation Brigade,” have done more than merely talk. Additional Iraqi Shia fighters have reportedly been deployed to Damascus (never a haunt of the Iran-sponsored force; they’ve been in Aleppo and Idlib Province) and have made public shows of military power there.

Meanwhile, in Lebanon, “Hezbollah has reportedly made a separate threat to begin raining ‘long-range missiles’ down on Israel from the Qalamoun Mountains north of Damascus.” There are also signs that cooperation is increasing between Hezbollah and the Lebanese Armed Forces. On February 12, Lebanese President Michael Aoun implied during a visit to Egypt that Lebanon needs Hezbollah and its weapons as a “complement” to Lebanon’s military. “The resistance’s [Hezbollah] arms are not contrary to the state project; otherwise we could have not tolerated it. It is an essential part of Lebanon’s defense,” he stated (emphasis added).

This statement would not have come as a surprise to Israel. Nevertheless, together with the other developments, it was a timely reminder that Lebanon, like Syria, is essentially a hostile state with little interest in protecting the Jewish state from Iran and its terrorist proxies.

It is impossible to know if Israel is about to go to war in Syria, Lebanon, or anywhere else. But in the larger sense, these events are troubling indicators of an approaching conflict of greater intensity.

Watch Jerusalem closely watches events in this part of the world because of the biblical prophecies describing how conflict here, especially in Jerusalem, will trigger a wider conflagration.

 

[From an article by Brad MacDonald for WATCH JERUSALEM]

 

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As always, posted for your edification and enlightenment by

NORM ‘n’ AL, Minneapolis
normal@usa1usa.com
612.239.0970

 

 

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Our economic news has been SO POSITIVE that the Fed is raising interest rates again…but auto loans are defaulting in near-record numbers

Auto loans in default again

It looks like subprime auto loans — you know, the loans that have kept automakers on a growth binge for years now — are now defaulting at rates not seen since the worst of the financial crisis.

 

According to S&P Global Ratings, nearly 5 percent of subprime borrowers are behind more than 60 days on their loans. The rate in January 2010 was slightly above 4 percent.

Apparently after the subprime mortgage meltdown housing lenders were forced to make sure that the borrowers could actually repay their debt (what a concept!).  But that same mandate doesn’t apply to auto loans.

Oddly enough, this bit of bad news comes on the heels of supposedly great economic news…news that is so positive that the Federal Reserve is raising interest rates again. In the statement, the Fed said this was the last one for a while and was backing off because it wanted to make sure the workers getting back on their feet had plenty of room to get into this awesome economy.

The thing is, if interest rates are low — and they’re lower now even for subprime than they will be before long — and we already have record low unemployment (if we take the government at its word, of course), what do these default figures tell us?

The tell us that things aren’t as they appear. That this recovery is still in second gear at best and the numbers we’re seeing from the government are as worthless as they have been for many years.  (NORM ‘n’ AL Note: Our emphasis.)

And in the face of all this bullish news is the fact that Fannie Mae has maintained its U.S. growth forecast of 2 percent for 2017.

The producer price index was just released for February and it was up significantly, mostly because energy prices rose. But those prices have gone down now and are likely to fall rather than rise in the intermediate term.

So, that puts us in an environment where the poorest consumers are running out of money, the economy is likely to flounder at 2 percent GDP, energy prices are dropping, and interest rates are rising.

So, we’re going to have to figure out how to get through this without getting scalped by the big players and the propaganda from Washington and Wall Street.

Ronald Reagan said it best: Trust but verify.

What we’re seeing now is we’re still being sold on the feelings of a Trump presidency, not the economic consequences of actual policies. It usually takes a new president about 6-12 months to chart his own path and get rid of the lingering effects of the previous administration.  (Except the previous administration was so ridiculously inept and corrupt that we may never fully recover from it for another decade or two.)

The budget that was just released will be argued and negotiated through the summer. So will an Obamacare replacement. The federal government’s fiscal year runs from October to October.

That means all this hype and all these headlines are just that. They have nothing to do with making the sausage — we’re simply being promised that this sausage is the best sausage we’ve ever had. Given the 535 clowns/sausage makers on Capitol Hill who represent us, we can seriously doubt that.

Same sausage, new package.

 

[From an article by G. S. Early published on PERSONAL LIBERTY.com]

 

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As always, posted for your edification and enlightenment by

NORM ‘n’ AL, Minneapolis
normal@usa1usa.com
612.239.0970

 

 

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Israel’s enemies emboldened as never before, thanks to betrayal of Israel by Obama just before he left office

Obama’s deliberate betrayal of Israel at the UN just before he left office has emboldened Israel’s enemies with a new determination to harm the Jewish state and, if possible, the USA.

The UN, and the International Criminal Court, both seek any possible opening to embarrass, threaten, and harass the State of Israel, the only democracy in the entire Middle East.  If the ICC can manage to control Israel, it will be able to control ANY nation including the United States.

The US Congress is now considering a new bill called the Safeguard Israel Act, which will cut off US taxpayer funding for the UN ($620 million per year plus $2 billion for “peacekeeping”) until the UN repeals the outrageous anti-Israel resolution which Obama allowed to be approved.  Congress is also working to renew sanctions against Iran and undo the disastrous nuclear deal Obama made with Iran, a deal which endangers Israel directly and the US as well.

Here are some details which you need to know:

Obama deliberately betrayed Israel at the UN in his final days in office, allowing passage of the viciously anti-Israel UN Security Council Resolution 2334.  This move by Obama was an act of utter cowardice, abandoning our longstanding policy of supporting our important ally at the United Nations.  Joining this attempt to delegitimize Israel at the UN was something no other US president had ever considered doing.  This resolution at the UN calls Jewish settlements and Jerusalem itself “occupied territory” and attempts to cripple Israel’s sovereignty, weaken its borders, leave it susceptible to false criminal charges at the International Criminal Court, and strengthen the pernicious BDS movement (Boycott, Divestment, and Sanctions) which seeks to not just undermine but absolutely destroy the Jewish State.

Among other things, this resolution attempts to provide legal diplomatic cover for genocidal aggression incited by radical anti-Israel groups like Hamas and Fatah.

This betrayal at the UN emboldens the Palestinian Authority (P.A.) and other enemies of Israel to bring charges against Israel at the ICC.  If we allow the ICC to gain jurisdiction where it now has none, America’s own sovereignty will be at risk, as well as that of all other independent UN member nations.

Emboldened by Obama’s stupid and disastrous nuclear deal with Iran, that nation is now testing ballistic missiles — which in itself is a violation of the nuclear deal.  The Iran nuclear deal was born of US (and Obama’s) weakness; Secretary of State John Kerry begged Iran’s ayatollahs almost daily to come to the table with an agreement in just about any form.  During the negotiations, Kerry caved in to virtually all Iranian demands.  As the deal was finally agreed upon, US citizens who had been held hostage in Iranian prisons for years were made to wait in a plane sitting on the tarmac in Tehran until Obama finally flew in a planeload of hundreds of millions in cash for the ayatollahs.

 

NORM ‘n’ AL Note:  We watched Obama for eight years try to construct some sort of meaningful foreign policy, but all he could ever do was re-emphasize over and over to the rest of the world that he had no leadership ability and no backbone.  Obama made the US a laughing-stock among the countries of the world.  With Obama in the White House, our enemies no longer feared us and our allies no longer respected us.

 

[The post above was taken from a recent communication to us from the American Center for Law and Justice.]

 

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As always, posted for your edification and enlightenment by

NORM ‘n’ AL, Minneapolis
normal@usa1usa.com
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Unrepentant radical named Obama abused the office of the presidency and is now leading a war to overthrow his successor

The Democrats and their media accomplices have declared all-out war on the Trump White House.

Under the guise of “resistance” – as though Donald Trump were the head of an occupying army rather than an elected president – they have set out to destroy his administration.

They are not “sore losers,” as many had surmised when their hysterical attacks on Trump began. They are an army of saboteurs bent on destroying the government the voters preferred and elected.

Their general, Barack Obama, is an unrepentant radical who abused the office of the presidency when he was in power, and as ex-president is now leading a war to overthrow his successor.

With the election over, the Democratic Party is now in the hands of the Bernie Sanders-Tom Perez-Keith Ellison-Barack Obama radical left. Abetted by a corrupt media, funded by the anti-American billionaire George Soros, egged on by Obama’s corrupt attorney general, Loretta Lynch, and a collusive press, the left has launched vile and violent demonstrations in the streets, rancid witch-hunts in the halls of Congress posing as “confirmation hearings,” and treasonous intelligence leaks, which have already claimed Trump’s National Security Adviser Gen. Michael Flynn as their victim.

Their next target, Attorney General Jeff Sessions, is already in their crosshairs, the object of character assassinations by Sens. Chuck Schumer, D-N.Y., Elizabeth Warren, D-Mass., and other Democrats, and by their disgraced and disgraceful media accomplices.

For none of this would have been possible without the active collusion of The Washington Post, The New York Times, and the media networks that have promoted the false narrative of an alleged collusion between the Trump campaign and the Russians to fix the election.

There is zero evidence of such collusion but plenty of evidence Obama and his cohorts have disregarded the Constitution and the law to spy on reporters they do not like, to use the IRS and other government agencies to take down their opponents and undermine the democratic system.

The left’s creed – identity politics – is an anti-American, racially charged determination to reject individual accountability and individual freedom, and to establish in their place group privileges, and racial/gender hierarchies.

These hierarchies are based on the malicious premise that whites, heterosexuals, and males are oppressors and – in the words of the Democratic platform – America is a society governed by “systemic racism,” which needs to be fundamentally transformed.

This collectivist, racial creed is the heart and soul of today’s Democratic Party and its allies in the mainstream media. It is the inspiration for the war Democrats have declared on the newly elected government of Donald Trump.

In his inaugural address, Trump addressed the war in uncompromising but thoroughly American terms.  “Through our loyalty to our country, we will rediscover our loyalty to each other. . . . When you open your heart to patriotism, there is no room for prejudice. . . . Whether we are black or brown or white, we all bleed the same red blood of patriots, we all enjoy the same glorious freedoms, and we all salute the same great American flag.”

This is the TRUE American creed, and it is the voice of the American people who elected Trump in November 2016.

 

[From an article by David Horowitz published by NEWSMAX]

 

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NORM ‘n’ AL, Minneapolis
normal@usa1usa.com
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America to show record year for oil production in 2018

US to show record year for oil production in 2018

The American oil industry looks to be on the cusp of an incredible revival.

Following a painful two-year price war with OPEC, U.S. oil output is poised to rebound this year, thanks to healthier prices and a strengthened business model.  U.S. oil companies didn’t merely survive OPEC’s attempt to drown them in low prices. The energy industry is emerging from this dark period of bankruptcies and job cuts much leaner and ready to thrive, even at prices that were once too low.

OPEC’s decision in November to abandon its strategy of flooding the world with excess supply allowed oil prices to stabilize above $50 a barrel. That bottom in prices has allowed the U.S. shale oil producers that have driven the boom in American oil production over the past decade to once again start pumping more oil. And many have even started to rehire some of the thousands of workers laid off during the downturn.

 That could set the stage for America to have a record-breaking 2018, taking out the all-time oil production high set in 1970, according to new forecasts published this week by the U.S. Energy Information Administration.
The U.S. oil comeback is being led by the Permian Basin, a hotbed of shale drilling in Texas and New Mexico. The Permian is so rich in shale oil that frackers can profitably drill even in today’s modest prices in the low $50-a-barrel range.

“Shale has proven to be remarkably resilient. The key is that any dollar invested today is double as efficient as it was two years ago,” said Tamar Essner, energy director of Nasdaq Advisory Services.

The optimism stands in stark contrast with the fears that rippled through the U.S. oil industry in late 2014. Back then, OPEC decided to keep pumping all-out despite the supply glut created in part by the U.S. oil boom that sent oil prices spiraling lower.

OPEC’s strategy appeared aimed at drowning American frackers by dropping prices far too low for them to survive on. Many worried about a steep decline in U.S. output.

OPEC’s price war did spark a wave of bankruptcies, painful job cuts and a dip in U.S. oil production as crude plummeted to as low as $26 a barrel. Domestic output peaked at an impressive 9.6 million barrels per day in April 2015.

But the oil boom didn’t collapse completely. U.S. oil output fell only a little, bottoming out at 8.7 million barrels in July 2016 and has since stabilized. Drilling has gathered steam in recent months as oil prices rebounded after OPEC abandoned its previous strategy by agreeing to cut production along with non-OPEC nations like Russia.

Now, the EIA has significantly ramped up its U.S. forecasts, predicting daily domestic output of 9.2 million barrels for this year and then 9.7 million barrels in 2018.

That’s up dramatically from a previous estimate in November for 2018 production to rise to 8.9 million barrels. So why the change?  All eyes are on the frenzy of shale activity in the Permian region. Frackers have scrambled to add rigs in the Permian. The rig count has nearly tripled from a low of 132 last April to 308 now.

“We believe shale production is set to reestablish itself for growth” that could be “fairly dramatic,” said Anthony Starkey, energy analysis manager at Bentek Energy, a division of Platts.

All of this oil flowing out of Texas and other shale regions could throw a wrench in OPEC’s plans to bring the oversupplied oil markets into balance and the cartel’s ability to negotiate more production cuts later this year.

The EIA also cited changes to its forecasting model that better account for how U.S. rigs have become vastly more efficient.  Those efficiency gains have been critical. Lower prices, better technology and improved balance sheets have allowed U.S. shale companies to do more with less.

“Thanks to these advancements, we can still grow, even in this lower-price environment,” said Essner.

She cautioned that while the “amazing” improvements in technology and operations are sustainable, U.S. production could be limited if servicing and labor costs rise too quickly.

There’s good news for American drivers — the EIA doesn’t think oil prices will rise much above the current level of $53 a barrel. The agency predicted an average price of just $53.49 a barrel this year and $56.18 next year.  “Nobody expects prices to revisit triple-digit territory,” said Essner.

The oil industry could also get a boost from President Trump, who has promised to take a friendlier stance towards fossil fuels than Obama.  While the EIA didn’t specifically mention Trump’s energy policy in its forecast, Trump has promised to unleash the American oil boom. The president has already taken some action by moving to cut EPA regulations and advance the stalled Keystone XL and Dakota Access Pipelines.

 

[From an article published by MONEY.CNN.COM]

 

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As always, posted for your edification and enlightenment by

NORM ‘n’ AL, Minneapolis
normal@usa1usa.com
612.239.0970

 

 

 

 

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