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Don’t Expect Low Investment To Raise Oil Prices
In the late 1980s, some people in the oil industry were said to have bumper stickers reading, “God give me one more boom and I promise not to mess it up.” (When the price was over $100, I joked about people investing in bumper stickers.) With the recent recovery in oil prices to $50 a barrel, and soaring investment in the Permian, voices can be heard warning that shale producers are threatening to ‘mess it up’ again, while others warn that the decline in upstream investment will lead to tight markets in 3-5 years. In fact, this theme originated in the post World War II era with British petroleum economist Paul Frankel who described the industry as prone to cycles of over- and under-investment. (My mentor, Morry Adelman, disagreed, stating that over-investment seemed the norm.)
During my four decade career, complaints from various sectors of the industry regarding insufficient price levels have been near constant. Tanker owners, drilling service companies, and oil producers have argued that higher prices were needed to justify investment, or else shortages would occur within a few years. Some have gone so far as to argue that customers should offer higher prices to enable them to be healthy enough to invest for the expected boom years. Unsurprisingly, when costs soar, none are willing to offer discounts to their customers.
As the figure below shows, global drilling has declined since the price fell. But the drop in upstream investment is temporary and should not cause a significant market tightening. When company revenue crashes, they have a rapid reduction in capital expenditures, but as they get their balance sheets in order, a bounce back occurs. Last year, Wood Mackenzie estimated a reduction of as much as a trillion dollars of investment over five years, about 30-40%, but much of that will be offset by cuts in rig services. And Douglas Westwood has projected deepwater spending this year will be roughly at 2013 levels.
Offshore Drilling Rigs
There is a fine line between irrational exuberance and wishful thinking, but from bankrupt shale producers to struggling companies like Chesapeake Energy, the cost of believing bad price forecasts was clear. Many assumed large debts in order to invest in resources they expected to provide a strong payout in future years, which required those prices to remain high. Aubrey McClendon even argued that shale gas was high-cost and thus necessitated high natural gas prices, a misunderstanding of the relation between costs and prices that cost him and his company.
He was hardly alone. When oil prices were $100 a barrel, a chorus insisted that the easy oil was “gone” and the high breakeven cost necessitated that prices not decrease below that level for any length of time. One CEO even suggested in 2012 I was an idiot for thinking that the long-term price was likely to be $50-60 per barrel.
Most oil company executives, if asked, will explain that naturally prices have to rise in the long-term and the vast majority of forecasters would agree. For example, the U.S. Department of Energy predicts prices rising to $91/barrel by 2025 and $141 by 2040 while the International Energy Agency sees them going to $80 by 2020 and rising gradually thereafter.
What few realize is that the throughout the history of the oil industry, the price, adjusted for inflation, has averaged roughly $30/barrel, going significantly above that level only when political disruptions of supply caused the market to tighten, as in the past decade.
Higher costs have occurred in the past decade, but as a result of higher prices, not the need to look for oil in more extreme environments. When prices rise, so does investment and faster than the service industry can respond. Instead, equipment and personnel costs inflate. But this is a cyclical effect, and reverses when prices, and activity, decline as we are now seeing.
There has been a focus on the recent surge in costs in the U.S. shale industry, but this is hardly a return to pre-bust cost levels. And globally, costs remain lower, offsetting much of the decline in investment. The figure above shows offshore drilling levels and they have clearly dropped sharply since the price came down in 2014; however, as the following table shows, much of the change has been in a few countries, notably Brazil, Mexico and Angola. The first two should recover shortly as legal issues are resolved, with or without a “recovery” in prices.
Drop in Drilling Rigs Since February 2014
| LAND | OFFSHORE | |
| TOTAL | 282 | 118 |
| BRAZIL | 20 | 14 |
| MEXICO | 53 | 24 |
| ANGOLA | 15 | |
| NIGERIA | 6 | |
| INDONESIA | 11 | |
| MALAYSIA | 10 |
The other offsetting factor is the likelihood of significant new supply from Iraq and, later, Iran, which will be relatively cheap. Mexico, Brazil, Guyana, offshore West Africa and onshore east Africa, plus Norway and U.S. shale oil will all be adding large increments over the next five years if prices are “only” $50 a barrel. Only serious supply disruptions from political events would likely keep prices higher.
64 Comments on "Don’t Expect Low Investment To Raise Oil Prices"
dissident on Fri, 24th Mar 2017 6:12 pm
Glut, glut, glut.
Cluck, cluck, cluck.
Plantagenet on Fri, 24th Mar 2017 6:44 pm
One glut is sufficient.
All you have to do is say “its an oil glut.”
Cheers!
eugene on Fri, 24th Mar 2017 8:16 pm
My read is in the near future oil companies will be paying us to buy gas. US shale oil will save the world, no doubt about it. American superiority forever.
dissident on Fri, 24th Mar 2017 9:30 pm
Show me the numbers, sunshine. Oil is not measured in “gluts”.
Anyone who talks about Green River kerogen deposits as “shale oil” is a retard.
GregT on Fri, 24th Mar 2017 10:02 pm
plant-o-crite,
I hear they can’t even get ships into the Mediterranean anymore. Gibraltar is now plugged solid all the way across to Santa Catalina. Glut glut gluttety glut glut glut.
Fucking hypocrite!
dooma on Fri, 24th Mar 2017 10:26 pm
It is only because of the massive amounts of greed do hear so much about when an oil company might go belly up or slash investment.
There will always be enough oil until the next large war which will probably be the last.
Plantagenet on Fri, 24th Mar 2017 11:13 pm
We’re still in an oil glut….and its about to get even gluttier.
Cheers!
Plantagenet on Fri, 24th Mar 2017 11:23 pm
PS: GregT —- your potty mouth is overflowing.—Please flush
Cheers!
Boat on Fri, 24th Mar 2017 11:42 pm
Dissident,
If you followed US shale at all you would know the Permain is where it’s at, not green river.
Boat on Fri, 24th Mar 2017 11:49 pm
Dooms,
Companies are created to make money. Not to create greed. Making money is ok. Repeat, making money is ok.
makati1 on Sat, 25th Mar 2017 12:37 am
Capitalism is the worst enemy of mankind. It is destroying the world. An idea thought up by those who don’t want to work for a living. Leeches on those who do.
GregT on Sat, 25th Mar 2017 3:14 am
The Boat non-sensical quote of the day;
“Companies are created to make money. Not to create greed.”
You’ve set your bar even lower Kevin. Absolutely clueless.
onlooker on Sat, 25th Mar 2017 6:22 am
Capitalism is the worst enemy of mankind. It is destroying the world. An idea thought up by those who don’t want to work for a living. Leeches on those who do.— Which is to say Man is the worse Enemy of Man
Davy on Sat, 25th Mar 2017 7:24 am
“Capitalism is the worst enemy of mankind. It is destroying the world. An idea thought up by those who don’t want to work for a living. Leeches on those who do.”
I would like to hear what your alternative for 7BIL people is. Capitalism through globalism is keeping us alive now. Yea, and especially you makati in your financial hub of manila 27th story apartment. How is a retired old man living on a social security stipend not a leech? We know your fantasy farm is just a donation of a few dollars a day. You are never there and rarely see anything but pavement and glass.
Too many humans living too much complexity is killing the world. Capitalism is just a symptom. Techno lives with discretionary satisfactions do not follow nature’s way of harmony. Humans not directly living in a commons that they depend on are especially destructive hence the hyper destructiveness of globalism and modernism.
A solution is to leave modernism and the cult of the individual and get to much lower populations as hunter gathers or small agricultural communities localized and in primitive more sustainable carbon/nitrogen cultures. That is if we have a planet that is still habitable. That is an open question both with science and considering all the poisons laying around. This solution is not going to happen because no one in their right mind would embrace that nor would any policy maker ever propose that. Besides the loss of dignity of the 1BIL world rich in poverty and the death of at least 6.5BIL in a necessary die off, this is a policy beyond attainment. It will have to be nature’s option.
The alternative to this failed solution is to do what we are doing until an unknown failure time. The status quo that is killing the world and ourselves can and should be managed as best we can. If you are on a sinking lifeboat you bail water. Maybe some of us can leave some generation hence in a collapse world some wisdom. That wisdom will surely be don’t modernize and whatever you do don’t let your populations overshoot. All cultural wisdom should begin there. Embrace nature and fit into life don’t destroy it. Humans probably are not capable of this wisdom but at lease it could be written on some stones that one day could be wisdom stones to guide or descendants.
As status quo individuals we can leave the status quo by living in it. We can do a surreal transcendence spiritually and partially physically by embracing a future of decline in a rejection of the pursuit of affluence. Collapse in place and practice relative sacrifice. Relatively leave unneeded modernism like consumerism, high impact leisure, and mass travel as your life allows. Localize and eat seasonally and as much unprocessed local food as possible. Do the processing and preserving at home. Very few can leave the status quo and go off grid in the wilderness but many can reduce the grid exposure or go off grid near the grid. Create a new spiritualism for yourself that is based on decline and a rejection of what has irreparably hurt the planet, our species, and all other lives. Use the status quo as needed and wisely to leave it. Stop the blame and complain game and focus on what you can do to leave the insanity. Fight if you must but realize it is best to yield to status quo traps of ideology and politics. They are all part of the same coin of failure. Do random acts of kindness to nature and your fellow man. Focus on your immediate family and friends. Try to build a community of likeminded. Most of all embrace the humility that we are not exceptional and we are facing an uncertain end. Build hospices for this and lifeboats for those you love.
twocats on Sat, 25th Mar 2017 7:31 am
Consumption from 1984 to 2007 averaged about 1.84% yoy increases. 2008 to 2016 averaged around 1.25%. That’s a 32% decrease.
If we had averaged 1.84 yoy increase we would be sitting at 101.87 mbpd (not 96.6) and several million barrels a day above current production, and probably most of our spare capacity.
*i excluded 1981-1983 because those were consumption decline years and my whole point is we can no longer consume at the levels we did for the 23 years prior to 2007. and we will need another dip in global consumption but not 23 years, but in 12 (2020), and then 6?, 3?, 1?.
Cloggie on Sat, 25th Mar 2017 7:41 am
Capitalism has proven to be the most efficient economic system and doesn’t need to be destroyed/abolished; instead it needs to be tamed/constrained by government environmental and social regulations and international treaties. You can very well have “green capitalism”.
Davy on Sat, 25th Mar 2017 7:59 am
The new (old) face of a neocon danger to the world has come out of the swamp to push the status quo of a failed new-world-order of conflict and centralization of corruption and exploitation. It is likely no side will gain an advantage. The forces of nationalism and multipolarism will clash with these peoples in an end game of legitimacy and purpose. What will be left is dysfunction and decline at a time when our growth based system must grow and develop in consensus.
This is the same story as other failed civilizations it is just this is ours and it is a global one in global overshoot. We are readying ourselves to bifurcate into much poorer regions and failed states in a die off. Senile old men like McCain should have retired long ago to play golf and talk about his aliments. He has no appreciation of the dangers ahead no does he care. He has few natural year left being an old man from an earlier failed world that destroyed a planet.
“McCain: “The New World Order Is Under Enormous Strain”
http://www.zerohedge.com/news/2017-03-25/mccain-new-world-order-under-enormous-strain
“It was a bumper day for John McCain when on Friday Donald Trump’s Republican nemesis gloated as Trump’s “art of the deal” collapsed in the last minute, after the President and Ryan-led effort to repeal Obamacare suffered what appears to be a terminal setback. In the wake of Trump’s misfortune, McCain renewed his calls on Friday for a return to a legacy neocon status quo, when speaking at the Brussels forum, said that the world “cries out for American and European leadership” through the EU and Nato, and said that the EU and the US needed to develop “more cooperation, more connectivity”.
“In a “new world order under enormous strain” and in “the titanic struggle with forces of radicalism … we can’t stand by and lament, we’ve got to be involved,” said McCain who is now chairman of the armed services committee in the US Senate, quoted by the EU Observer. “I trust the EU,” he said, defending an opposite view from that of US president Donald Trump, who said in January that the UK “was so smart in getting out” of the EU and that Nato was “obsolete”. He said that the EU was “one of the most important alliances” for the US and that the EU and Nato were “the best two sums in history”, which have maintained peace for the last 70 years.”
onlooker on Sat, 25th Mar 2017 8:05 am
I disagree totally Clog. Capitalism’s “efficiency” is precisely its noxious and pernicious aspect. So, all the technologies and resources are harnessed to keep people alive and to manufacture products for consumers to enrich the Capitalist/Consuming class . This is precisely what is decimating the capacity of planet to sustain life. So Capitalism is fools gold
Davy on Sat, 25th Mar 2017 8:11 am
“You can very well have “green capitalism”.
In theory but as of yet not in practice. The scale and timing of what is needed are so much more than a fake green capitalism. Green capitalism is an incongruous juxtaposition anyway. Incongruous juxtapositions policy are cake eating fests that equates to failure. Having your cake and eating it has never worked except shortly in bubble economics and Ponzi schemes. In most cases incongruous juxtaposing types of policy become vicious circles of a snake eating its tail.
More capitalism to get greener is what happens and that leads to the irrational and dysfunctional. What results is more capitalism and less green. That result is just a greener fantasy narrative but more status quo destruction and more people. But hey, it sounds wonderful and it’s great for the sheeples. A social narrative of a lite modernism in techno progress is a great narrative to mask a failed human civilization. All the status quo needs is deception and a little more growth and it keeps going.
Cloggie on Sat, 25th Mar 2017 8:27 am
I disagree totally Clog. Capitalism’s “efficiency” is precisely its noxious and pernicious aspect.
OK, so you want an inefficient economy? Why not dig up comrade Lenin and eat your heart out.
onlooker on Sat, 25th Mar 2017 8:32 am
OK, so you want an inefficient economy? Why not dig up comrade Lenin and eat your heart out.—I want a livable Earth, so too I imagine many other people
joe on Sat, 25th Mar 2017 9:51 am
Who lives in a Capitalist system? Cloggie? How much of the means of production is owned by the state? Oh wait 2 problems. Everything is made in China or funded by a state owned bank. Next America, Obama bought out healthcare, which is Trumps current thorn, everything is made in either China or Germany or Mexico or Canada, so there is not much ownership of the means of production by Americans. The western world is dominated by the employee or a merchant usually one of services. So called private ownership is really public ownership via the largest crowd funding site on earth, the NYSE. We dont live in the age of capitalism, that died almost as soon as it was born it died during Karl Marxs lifetime. We live in the age of corporatism, the idea that a company is real person like some of the idiots who post here. A company lives on paper and online, a legal entity, private in name only but in reality is hundred’s if not thousands of people. CORPORATIONS, please look it up guys. Capitalism is a head fake. Corporatism, the idea of limited liability, the public welfare for corporations etc, thats the reality, and no its not efficient, if it was the 1% wouldnt be so rich, it would be like the stories Trump was telling of the golden age when daddy bought a Cadillac cause in those days daddy could afford one cause rich werent stealing daddies money.
GregT on Sat, 25th Mar 2017 10:46 am
Capitalism has nearly run it’s course. In it’s wake will be a planet devoid of biodiversity, and a human die off back to sustainable numbers. What numbers will be able to be sustained depends on how much longer capitalism continues. It may very well be none.
Davy on Sat, 25th Mar 2017 11:00 am
BS, Joe, “everything made in China and Germany”. Go back to school. Go google your little mind on that and get back to me.
GregT on Sat, 25th Mar 2017 11:05 am
Davy is correct Joe. There are virtually zero products available here from Germany. Almost everything in North American retail stores is manufactured in China.
Davy on Sat, 25th Mar 2017 11:15 am
almost everything is not a quantity that is an emotional feeling. Do you have some figures becuase around here it is not almost everything. You might want to look at the size of the German and Chinese economy compared to North America. Check out what China and Germany produce in relation to all purchases. Retail is a broad definition. You might want to give that some focus like Walmart cheap household products and electronics. Cars distort the trade figures with Germany.
Cloggie on Sat, 25th Mar 2017 11:22 am
Germany produces the machines with which the Chinese produce retail products. And than there are cars, planes, wind turbines, power stations, etc., etc.
All things not for sale at Walmart. Hence the false idea that “there are zero products available from Germany”.
Having said that: first Chinese jet is about to take off:
http://www.spiegel.de/wissenschaft/technik/comac-c919-china-jet-kurz-vor-dem-erstflug-a-1140439.html
Direct competitor for Airbus-320 and Boeing-737.
Most parts come from the West though.
GregT on Sat, 25th Mar 2017 11:28 am
Trump has vowed to change that though. He plans on making America great again. Unfortunately that means either $3.00 a day wages, or consumer products that cost fifty times as much. Nothing that we buy here is manufactured in the USA, and the products that are manufactured by the big American multinational corporations have tiny little stickers on them that say “Made in China”, with a very tiny percentage that say “Hecho en Mexico”. (mostly Automobiles, including Mercedes Benz)
http://www2.mercedes-benz.com.mx/content/mexico/mpc/mpc_mexico_website/es/home_mpc/passengercars.html
Davy on Sat, 25th Mar 2017 12:01 pm
“Nothing that we buy here is manufactured in the USA”
nothing? more emotional feelings
scroll through this:
“highly diversified, world leading, high-technology innovator, second largest industrial output in world; petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, mining
Exports $1.575 trillion (2013 est.)
Canada 18.9%, Mexico 14%, China 7.2%, Japan 4.5% (2012)”
http://www.indexmundi.com/factbook/compare/china.united-states
Pretty hard to say almost nothing and nothing with those numbers. Hecho in Mexico does not mean all of it. The size of Mexico’s economy is insignificant compared to the US. There is also design and engineering in the manufacturing process for what is made in China. Reality points in another direction outside of emotional feelings. The US has fallen dramatically in manufacturing with the rise of China but “almost nothing and nothing” Nope.
Davy on Sat, 25th Mar 2017 12:12 pm
Another failing Bric country
“Is India The Next Pakistan? “It Keeps Getting Worse Ever Faster”
http://www.acting-man.com/?p=48912
GregT on Sat, 25th Mar 2017 12:18 pm
We do buy American gasoline. Steel isn’t exactly a consumer product. North American vehicles are garbage. Haven’t had the need to buy a jet or a spaceship lately. Telecommunications equipment is also not exactly a consumer product, and most of our big telecommunications companies are American owned. Chemicals, for sure. Round up was quite a popular item before the federal government banned it. A good percentage of our produce does come from California. Fast food joints, Check. Not sure which consumer items you would be referring to? The vast majority of US branded items have the little stickers on them mentioned above. Yes, we do export logs to the US, and receive the dregs back as “lumber”. Don’t remember the last time I felt the need to shop for raw minerals.
Davy on Sat, 25th Mar 2017 12:25 pm
I am addressing your “nothing” with another “nothing?”
Davy on Sat, 25th Mar 2017 12:26 pm
Do you understand globalism and a product lifecycle?
Davy on Sat, 25th Mar 2017 12:30 pm
Do you understand we produce a lot of manufacturing that is consumed locally within our borders?
Ghung on Sat, 25th Mar 2017 1:32 pm
In the end, globalism, especially in manufacturing, is an exercise in added complexity, and increases the number of intermediaries exponentially. We have been warned about where this leads us. So-called economic efficiency (increased profits) runs counter to actual real-world thermodynamic efficiency, and our resource base is neither conserved or increased by sending stuff around the world to be turned into finished goods and sent back. Just the opposite. Ultimately, this form of global capitalism, or whatever you want to call it, is the snake that eats its own tail at an increasing rate. Greater quantities of cheaper goods only serves to shorten the future of industrialism.
This feeding frenzy will end soon enough.
Apneaman on Sat, 25th Mar 2017 1:51 pm
Consume dopamine hits – nothing is more important.
Discovered: 200-plus Arctic lakes which bubble like jacuzzis from seeping methane gas
http://siberiantimes.com/science/casestudy/features/discovered-200-plus-arctic-lakes-which-bubble-like-jacuzzis-from-seeping-methane-gas/
Bubblin Up
https://www.youtube.com/watch?v=4ycDCiWwKnw
Boat on Sat, 25th Mar 2017 2:22 pm
Ghung,
There does not have to be an end of industrialism. There only has to be enough human death to balance climate change, peak this, peak that, clean water etc.
GregT on Sat, 25th Mar 2017 2:44 pm
Top 10 US Manufacturers
Exxon Mobil Corp.
Apple Inc.
General Motors Co.
Ford Motor Co.
Chevron Corp.
General Electric Co.
HP Inc.
Phillips 66
Boeing Co.
Microsoft Corp.
http://www.industryweek.com/resources/us500/2016
Apple, GE, HP, and Microsoft all manufacture in China. Exxon, Chevron and Phillips 66 are oil companies, and the rest are transportation and/or military contractors.
Top 10 US exporters
Exxon Mobil
Apple
Chevron
Ford Motor
General Motors
Pfizer
Johnson & Johnson
Procter & Gamble
Cisco Systems
Intel
http://www.worldstopexports.com/united-states-top-10-major-export-companies/
Again, manufactured in China, oil and gas, transportation, plus chemicals/pharmaceuticals.
Davy on Sat, 25th Mar 2017 3:08 pm
Greg, are we talking exports or manufacturing? We manufacture many thing here we don’t export. I don’t need a list of the top 10 exporters to know what we make and what I buy here in the US.
Dredd on Sat, 25th Mar 2017 3:39 pm
crockman is everywhere.
GregT on Sat, 25th Mar 2017 3:55 pm
Top list is top 10 manufacturers Davy. Top 5 manufacturers are the same as the top 5 exporters, according to all the info that I could find.
GregT on Sat, 25th Mar 2017 3:59 pm
I couldn’t find the dollar amount that Apple exported, but it would appear that Apple alone, does around 230 B annually in sales.
http://www.industryweek.com/resources/iw50best/2016/1
Davy on Sat, 25th Mar 2017 4:14 pm
Greg, the point is there are thousands of small and medium size US manufactures. It is well documented the US still has a large manufacturing base especially with manufacturing for the home market. We all know the usual situation of globalism and the rust belt of US manufacturing. We are no longer a China (thank God) but we still do significant manufacturing. Multinationals are a whole other animal with global footprints. The issue is too big to list a top ten biggest business as an answer. The list is a list of thousands of small to medium size business. Every small town around here has an industrial park that does something.
twocats on Sat, 25th Mar 2017 5:13 pm
“What few realize is that the throughout the history of the oil industry, the price, adjusted for inflation, has averaged roughly $30/barrel, going significantly above that level only when political disruptions of supply caused the market to tighten, as in the past decade.
Higher costs have occurred in the past decade, but as a result of higher prices, not the need to look for oil in more extreme environments.”
we shouldn’t go too long on this thread without pointing out that the author is a complete moron.
twocats on Sat, 25th Mar 2017 5:14 pm
michael lynch: tool.
Duncan Idaho on Sat, 25th Mar 2017 5:38 pm
This is Michael Lynch after all—-
One must believe that resources are infinite, and when they run out here, Uranus’s Moon Oily will supply all we need by pumping it through a worm hole.
makati1 on Sat, 25th Mar 2017 5:47 pm
funny how many Americans argue that things do NOT come from Asia, Central America, South America, Africa, etc, when they do, indirectly in the form of parts or materials that are made in other places. “Made in America” now means ‘assembled’ in America, not 100% manufactured in America. I can hardly wait for the trade wars to start and the supply lines to end. Americans can say goodby to most electronics, cars, planes, etc. Not to mention food, clothes and meds.
Top 10 U$ Imports by value:
Electrical machinery, equipment: US$336 billion (14.9% of total imports)
Machinery including computers: $315.4 billion (14%)
Vehicles: $285 billion (12.7%)
Mineral fuels including oil: $163.4 billion (7.3%)
Pharmaceuticals: $92.5 billion (4.1%)
Optical, technical, medical apparatus: $80.8 billion (3.6%)
Gems, precious metals: $67.3 billion (3%)
Furniture, bedding, lighting , signs, prefab buildings: $63.1 billion (2.8%)
Plastics, plastic articles: $50.4 billion (2.2%)
Organic chemicals: $49.8 billion (2.2%)
http://www.worldstopexports.com/united-states-top-10-imports/
“Given America’s population of 324 million people, its total $2.252 trillion in 2016 imports translates to roughly $6,900 in yearly product demand from every person in the country.” Yep! U$ imports would not even be missed. Bullshit! LMAO
Boat on Sat, 25th Mar 2017 6:00 pm
greggiet,
So people pool their talent and money and start a company. Their goal is to make more money. If their product is successful they make some money and capture a tiny amount of market share. Some successful companies go to the investing market selling the idea that with more capital their product success can be replicated on a bigger scale, reducing costs and delivering more profit to investors. As a company grows it is a win win for investors and consumers. So tell me greggiet, why does greed have anything to do with it.
Boat on Sat, 25th Mar 2017 6:06 pm
Mak,
The world is the beginning of the robot era. If you can make it in Japan with a robot, they will make it in the US with a robot. Robots will be the true disruptive force in the decades ahead. Obviously the US has the most to gain as they import the most.
makati1 on Sat, 25th Mar 2017 6:07 pm
Boat, reality is: “some people (usually wealthy to begin with) start a company to eventually take it public and let the fools bet on it’s success”. Real capitalism has NOT existed in your life time. Yes, it is ALL about making money, but not actually working for it. THAT is why the U$ is failing. No producers, only leeches.