Shale oil and tar sands are restoring energy autonomy to the USA. And excellent returns to shareholders

Kohlberg-Kravis-Roberts & Co., the financial company (or corporate raider) of ancient memory – remember Michael Milken, the creator of junk bonds in the late XNUMXs – has just sold a stake in Hilcorp Resources Holdings LP to Marathon Oil Corporation , earning three times the investment made at the time. The source of so much manna is shale oil, the petroleum contained in the ravines of clayey sedimentary rocks (schists), which is extracted with the fracking technique, a technology which is making great strides and which, although ecologically controversial, promises The United States has lost that energy independence due to the gap between demand – the voracious consumption of oil by the Americans – and supply: the progressive depletion of traditional onshore and offshore wells. From the Rio Grande to Montana, the potential for shale oil extraction is immense. And to these are added the tar sands of Alberta, Canada. Here too there are ecological problems but technology is making great strides here too. The crucial parameter is the price of oil: if these levels are maintained, the exploitation of unconventional oil will remain profitable and supply will increase. In short, here is the paradox: expensive oil is the best insurance against an energy crisis.
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