Search found 37440 matches
- Tue Jul 08, 2025 9:41 am
- Forum: The View from Houston
- Topic: Saudi Arabia now controls the global oil price
- Replies: 0
- Views: 82
Saudi Arabia now controls the global oil price
MY TAKE on the OPEC+ announcement to increase quotas more than expected and why oil prices moved higher on Monday. 1. Saudi Arabia has more accurate information about the global oil market than EIA and IEA put together. 2. Saudi Arabia knows that the global oil market is tighter than what we've bee...
- Tue Jul 08, 2025 9:23 am
- Forum: Picks and tips from the EP community
- Topic: Spartan Delta announces operations update
- Replies: 3
- Views: 147
Re: Spartan Delta announces operations update
My forecast for Spartan Delta is based on production of > 39,000 Boepd in Q2 > 41,000 Boepd in Q3 > 44,000 Boepd in Q4 with a 2025 exit rate of more than 45,000 Boepd. My 2026 forecast is based on production of 48,000 Boepd. (Harry, I assume you expect 49,000 Boepd in 2026, not 2029 in your previous...
- Tue Jul 08, 2025 9:04 am
- Forum: Other topics of interest
- Topic: Hoodwinked
- Replies: 1
- Views: 70
Re: Hoodwinked
I personally believe in "Climate the Same" and that it is silly to think we can control the Earth's climate. I also believe that many of our elected officials are in politics for the money. > FEAR of Climate Change was used to control a high percentage of the population. > FEAR has always ...
- Mon Jul 07, 2025 6:32 pm
- Forum: Picks and tips from the EP community
- Topic: Journey Energy (JOY.TO and JRNGF) Update - July 7
- Replies: 0
- Views: 76
Journey Energy (JOY.TO and JRNGF) Update - July 7
This is also good news for Spartan Delta (SDE.TO) CALGARY, July 7, 2025 /NEWSWIRE/ - Journey Energy Inc. (JOY – TSX; JRNGF - OTCQX) (“Journey” or the “Company”) is pleased to provide an update on its Duvernay Joint Venture (the “Joint Venture”) operations, including initial results from the 2025 ca...
- Mon Jul 07, 2025 6:24 pm
- Forum: The View from Houston
- Topic: Oil & Gas Prices up on July 7
- Replies: 0
- Views: 70
Oil & Gas Prices up on July 7
Most of our model portfolio companies were down today because of the investors over-reacted to the OPEC+ larger than expected increase in quotas in August. As I have posted here many times, the quota increases do not = actual supply increases. More than half of the cartel countries have been and wil...
- Mon Jul 07, 2025 12:01 pm
- Forum: Picks and tips from the EP community
- Topic: Kolibri Global - Bank Line Increase, Russell 2000 Inclusion and Operations Update
- Replies: 4
- Views: 393
Re: Kolibri Global - Bank Line Increase, Russell 2000 Inclusion and Operations Update
No news, but lots of the upstream stocks are down despite WTI being up more than $1/bbl today. Lots of confused investors that seem to be over-reacting to the OPEC+ quota increase. We will not know how good the four horizontal Lovina wells are until they have been online for ~30 days. These wells ar...
- Mon Jul 07, 2025 11:56 am
- Forum: Monthly Webinars and Luncheons
- Topic: Pine Cliff Energy Webinar on July 11
- Replies: 0
- Views: 83
Pine Cliff Energy Webinar on July 11
I am preparing a forecast/valuation model for Pine Cliff, so that I can ask intelligent questions on this Friday's webinar. Chris MacCulloch, CFA at Dejardins is a respected energy sector analyst that follows Pine Cliff Energy Ltd. (PNE.TO) closely. Here are his last two updates. May 5: First Take o...
- Mon Jul 07, 2025 11:00 am
- Forum: Picks and tips from the EP community
- Topic: Peyto Exploration & Development (PEY.T) Update - July 7
- Replies: 0
- Views: 47
Peyto Exploration & Development (PEY.T) Update - July 7
I have finished my review of the updated profile for Peyto, a recent addition to our High Yield Income Portfolio. You can download it from the EPG website. Peyto is a rock-solid company, and I gain more confidence in my model each time I update it. I am most impressed with how Peyto used hedges to s...
- Mon Jul 07, 2025 10:36 am
- Forum: Other topics of interest
- Topic: Watch this: Tribute to our First Responders on July 4th
- Replies: 0
- Views: 35
Watch this: Tribute to our First Responders on July 4th
https://www.facebook.com/reel/1224148932354180
I urge all of you to vote against any politician that wants to defund the police. Our police, firemen and women & other first responders are what makes America Great.
I urge all of you to vote against any politician that wants to defund the police. Our police, firemen and women & other first responders are what makes America Great.
- Mon Jul 07, 2025 10:10 am
- Forum: The View from Houston
- Topic: Why is the oil price up this morning? - July 7
- Replies: 0
- Views: 94
Why is the oil price up this morning? - July 7
At the time of this post, WTI was up $1.14 to $67.64/bbl. Like most of you, I was expecting the Paper Traders to sell off their long NYMEX contracts in an over-reaction to the OPEC+ larger than expected increase in quotas for August. Keep in mind that quota increases are MUCH LARGER than the cartel ...
- Mon Jul 07, 2025 9:13 am
- Forum: Picks and tips from the EP community
- Topic: Plains All American Pipeline (PAA) Update - July 7
- Replies: 0
- Views: 46
Plains All American Pipeline (PAA) Update - July 7
Plains All American Pipeline (PAA and PAGP) agreed to sell its Canadian NGL business to Keyera for $3.75 billion in cash last month. The master limited partnership (MLP) will retain most of its NGL assets in the U.S. and its Canadian crude oil operations. The company expects the sale to close in t...
- Sun Jul 06, 2025 1:53 pm
- Forum: The View from Houston
- Topic: LNG Canada to tighten up Canada's NGas market
- Replies: 0
- Views: 66
LNG Canada to tighten up Canada's NGas market
In March 2024, Canada’s then resource minister, Jonathan Wilkinson, declared, “We are not interested in investing in LNG facilities.” This month, LNG Canada, the country’s first operating export terminal for the fuel, shipped its first cargo. Many believe this is the beginning of a beautiful friends...
- Sun Jul 06, 2025 12:10 pm
- Forum: Monthly Webinars and Luncheons
- Topic: July 11 Webinar to focus on Canadian NGas Market
- Replies: 0
- Views: 50
July 11 Webinar to focus on Canadian NGas Market
Joining me on this coming Thursday at 10AM CT will be Philip B. Hodge, President and CEO of Pine Cliff Energy (TSX: PNE) (OTCQX: PIFYF) Philip is going to update us on the natural gas market in Western Canada; specifically how the recent opening of LNG Canada and the building of AI Data Centers in A...
- Sat Jul 05, 2025 5:15 pm
- Forum: Picks and tips from the EP community
- Topic: Black Stone Minerals LP (BSM) Update - July 5
- Replies: 0
- Views: 55
Black Stone Minerals LP (BSM) Update - July 5
We will be publishing an updated profile on BSM on Monday morning. My updated forecast/valuation model has been posted to the EPG website. You can view it directly from the EPG home page. Black Stone Minerals LP (BSM) is one of the four minerals companies in our High Yield Income Portfolio. It is a ...
- Sat Jul 05, 2025 1:27 pm
- Forum: Sweet 16 Portfolio
- Topic: Sweet 16 Update - July 5
- Replies: 0
- Views: 192
Sweet 16 Update - July 5
For the short week ending July 3rd the Sweet 16 portfolio gained 2.18% despite all four of the Gassers (AR, CTRA, EQT and RRC) moving lower on the week. The portfolio is still down 6.56% YTD not counting dividends and the gain we harvested on Veren (VRN) when it merged into Whitecap. The S&P 500...
- Sat Jul 05, 2025 9:08 am
- Forum: The View from Houston
- Topic: OPEC+ Quotas will increase 548,000 bpd in August
- Replies: 0
- Views: 110
OPEC+ Quotas will increase 548,000 bpd in August
Actual export increases will be MUCH LOWER. ---------------------------------------- The OPEC+ group of eight, the V8 (Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman), which made voluntary cuts and began unwinding them in April, met virtually today and decided to raise the p...
- Sat Jul 05, 2025 8:56 am
- Forum: The View from Houston
- Topic: U.S. oil production has peaked and will decline in 2H 2025
- Replies: 3
- Views: 324
Re: U.S. oil production has peaked and will decline in 2H 2025
Go to this link and click on Read Article to hear G&R's current view of how soon U.S. oil production will peak. https://blog.gorozen.com/blog/peak-shale-amid-maximum-pessimism?utm_campaign=Weekly%20Blog%20Notification&utm_medium=email&_hsmi=369536363&utm_content=369536363&utm_sou...
- Fri Jul 04, 2025 8:54 am
- Forum: Picks and tips from the EP community
- Topic: "We make the best Graphene in the World!" #2
- Replies: 13
- Views: 1262
Re: "We make the best Graphene in the World!" #2
It is OK to bring promising energy companies to our attention, but I don't have time to review them all. Plus, my industry experience is over 95% in the upstream oil and gas industry. HydroGraph Clean Power Inc. (HGRAF) is what I call a "Story Stock". If the story plays out as the manageme...
- Thu Jul 03, 2025 9:51 am
- Forum: The View from Houston
- Topic: EIA Natural Gas Storage Report - July 3
- Replies: 0
- Views: 157
EIA Natural Gas Storage Report - July 3
Working gas in storage was 2,953 Bcf as of Friday, June 27, 2025, according to EIA estimates. This represents a net increase of 55 Bcf from the previous week. < First build less than the 5-year average after ten straight weeks of builds larger than the 5-year average. Stocks were 176 Bcf less than l...
- Thu Jul 03, 2025 9:19 am
- Forum: The View from Houston
- Topic: Watch this to get better understanding of global energy market
- Replies: 0
- Views: 133
Watch this to get better understanding of global energy market
Watch the 32 minute interview: https://www.youtube.com/watch?v=F1p2iPaE6NA Key points for us: 1. Iran closing the Strait of Hormus was never a risk. If they tried to close it, the military response would be swift. 2. The fundamentals point to WTI oil price over $70/bbl. OPEC+ increasing quotas (much...
- Thu Jul 03, 2025 8:16 am
- Forum: The View from Houston
- Topic: Oops they did it again! EIA got it wrong.
- Replies: 1
- Views: 136
Oops they did it again! EIA got it wrong.
Yesterday EIA reported a 3.8 million barrel increase in U.S. crude oil inventories for the week ending June 27. HFI Reasearch note received this morning: This week's crude build is an anomaly. Reason? EIA did not count crude imports and exports correctly. Because EIA uses customs data for exports, t...
- Wed Jul 02, 2025 6:57 pm
- Forum: The View from Houston
- Topic: Why is oil price up today?
- Replies: 0
- Views: 176
Why is oil price up today?
Notes below are from 22V Research (very smart team) received after the markets closed on July 2. with my comments in blue. We’re getting questions about why oil is up today. This is a flash commentary to provide a quick and timely answer. In general, crudes worldwide are getting pulled higher by st...
- Wed Jul 02, 2025 6:40 pm
- Forum: Sweet 16 Portfolio
- Topic: Civitas Lawsuit
- Replies: 1
- Views: 228
Re: Civitas Lawsuit
These "law suits" seldom lead to anything. These are lawyers just trying to generate fees. > Civitas increased production 24.5% year over year in 2023 and 62.8% year over year in 2024, primarily due to the Midland Basin Acquisition from Vencer Energy that closed in January 2024. > Producti...
- Wed Jul 02, 2025 6:23 pm
- Forum: Other topics of interest
- Topic: The Democrats Big Beautiful Distortions - July 2
- Replies: 0
- Views: 91
The Democrats Big Beautiful Distortions - July 2
By Kim Strassel at the Wall Street Journal: Senate Republicans squeaked through Donald Trump’s megabill on Tuesday, 51-50, and cue the onslaught of misleading claims from Democratic opponents and their Beltway copywriters . The bill is far from perfect, and is facing headwinds from fiscal conservati...
- Wed Jul 02, 2025 3:38 pm
- Forum: The View from Houston
- Topic: U.S. oil production has peaked and will decline in 2H 2025
- Replies: 3
- Views: 324
U.S. oil production has peaked and will decline in 2H 2025
"Based on current rig counts, our models suggest that Permian production could fall by as much as 400,000 barrels per day by year-end. That’s not a small dip, but rather a meaningful shift in the global supply picture." Read the article at the link below carefully and you will understand ...
- Wed Jul 02, 2025 12:14 pm
- Forum: The View from Houston
- Topic: EIA Weekly Petroleum Report - July 2
- Replies: 1
- Views: 157
Re: EIA Weekly Petroleum Report - July 2
At the time of this post, WTI (AUG25 futures contract) is up $1.43 to $66.88/bb. Crude oil and gasoline prices today are mixed, with crude prices climbing to a 1-week high. Crude has support on concerns that Middle East tensions could flare up again after Iran moved to cut off communications with th...
- Wed Jul 02, 2025 10:48 am
- Forum: The View from Houston
- Topic: EIA Weekly Petroleum Report - July 2
- Replies: 1
- Views: 157
EIA Weekly Petroleum Report - July 2
Summary of Weekly Petroleum Data for the week ending June 27, 2025 U.S. crude oil refinery inputs averaged 17.1 million barrels per day during the week ending June 27, 2025, which was 118 thousand barrels per day more than the previous week’s average. Refineries operated at 94.9% of their operable c...
- Wed Jul 02, 2025 8:11 am
- Forum: The View from Houston
- Topic: Israel airstrikes on Iran = Oil price spike
- Replies: 1
- Views: 203
Re: Israel airstrikes on Iran = Oil price spike
LONDON (Reuters) -Oil futures edged up on Wednesday as Iran suspended cooperation with the U.N. nuclear watchdog and markets weighed expectations of more supply from major producers next month while the U.S. dollar softened further. Brent crude added 60 cents, or 0.9%, to $67.71 a barrel at 1017 GMT...
- Wed Jul 02, 2025 7:09 am
- Forum: The View from Houston
- Topic: Israel airstrikes on Iran = Oil price spike
- Replies: 1
- Views: 203
Israel airstrikes on Iran = Oil price spike
Israel Attacks Iran Nuclear Sites Israel launched a series of airstrikes vs. Iran overnight, targeting key nuclear facilities and military targets. Prime Minister Benjamin Netanyahu, in a televised address, said Operation Rising Lion "will continue for as many days as it takes to remove this t...
- Tue Jul 01, 2025 6:34 pm
- Forum: The View from Houston
- Topic: OPEC+ is increasing quotas, not physical supply
- Replies: 0
- Views: 146
OPEC+ is increasing quotas, not physical supply
Notes from HFI Research today: On July 6, the V8 will meet again to discuss whether or not to announce another truncated production increase. Judging by the leaks so far, it appears OPEC+ or V8 will agree to another +411k b/d increase. But since this plan was first announced in early April (coincidi...
- Tue Jul 01, 2025 3:32 pm
- Forum: Picks and tips from the EP community
- Topic: Kolibri Global - Bank Line Increase, Russell 2000 Inclusion and Operations Update
- Replies: 4
- Views: 393
Re: Kolibri Global - Bank Line Increase, Russell 2000 Inclusion and Operations Update
If the four Lovina wells are as good as the average Alica Renee HZ wells, my valuation of KGEI will be going a lot higher.
Lovina well results might be leaking out today. KGEI up 19% on heavy volume this afternoon.
Lovina well results might be leaking out today. KGEI up 19% on heavy volume this afternoon.
- Tue Jul 01, 2025 3:10 pm
- Forum: The View from Houston
- Topic: Israel will soon start bombing Iran again - July 1
- Replies: 0
- Views: 227
Israel will soon start bombing Iran again - July 1
https://www.msn.com/en-us/news/world/israel-could-start-bombing-iran-again/ar-AA1HI8XI MY TAKE: Israel is not going to let the opportunity to crush Iran pass. They know a paper peace agreement with Iran is worthless. The only path to peace with Iran is regime change. The Supreme Leader's days are nu...
- Tue Jul 01, 2025 12:45 pm
- Forum: The View from Houston
- Topic: "One Big Beautiful Bill Act" passed by the Senate 51-50
- Replies: 0
- Views: 196
"One Big Beautiful Bill Act" passed by the Senate 51-50
MY TAKE: If the bill is signed into law on July 4th AND the Fed starts lowering interest rates, the U.S. economy will expand. This will increase the demand for energy. If we can move past the FEAR of the Tariff War, money should rotate into the stocks of profitable upstream oil & gas companies....
- Mon Jun 30, 2025 3:40 pm
- Forum: Picks and tips from the EP community
- Topic: Updated Forecast/Valuation Models - June 29
- Replies: 2
- Views: 398
Re: Updated Forecast/Valuation Models - June 29
That is the updated model for InPlay. I have updated my oil and gas price deck. Now using $70US for WTI in Q3 and $72.50US for WTI in Q4. I don't believe that the Israel / Iran war is over. The global oil market is much tighter than people think it is. In my opinion, when it becomes clear that U.S. ...
- Mon Jun 30, 2025 1:54 pm
- Forum: The View from Houston
- Topic: Oil and Gas Prices - June 30
- Replies: 1
- Views: 326
Re: Oil and Gas Prices - June 30
By Irina Slav - Jun 30, 2025, 1:57 AM CDT Crude oil prices fell at the start of the week due to an anticipated increase in OPEC+ supply and the disappearance of the wartime premium after the Israel-Iran ceasefire. The global economic outlook remains cautious, with bearish sentiment also influenced b...
- Mon Jun 30, 2025 1:13 pm
- Forum: Sweet 16 Portfolio
- Topic: Sweet 16 Updated Forecast Models - June 30
- Replies: 0
- Views: 262
Sweet 16 Updated Forecast Models - June 30
I will finish updating all of the Sweet 16 individual forecasts models today. Models of AR, CIVI, CTRA, CRGY and EOG have already been posted to the EPG website. You can view them and download them from the EPG home page or by clicking on the Sweet 16 tab. The other 11 will be updated today and post...
- Mon Jun 30, 2025 12:35 pm
- Forum: Sweet 16 Portfolio
- Topic: Northern Oil & Gas (NOG) Update - June 30
- Replies: 0
- Views: 149
Northern Oil & Gas (NOG) Update - June 30
On June 17th NOG announced the closing of the previously announced sale of convertible notes. Cash proceeds will pay off debt with a higher interest rate and buyback common stock. Reducing interest expense by $5 million per year. The transaction also improves their debt repayment schedule. Details h...
- Mon Jun 30, 2025 11:14 am
- Forum: The View from Houston
- Topic: Oil and Gas Prices - June 30
- Replies: 1
- Views: 326
Oil and Gas Prices - June 30
Trading Economics: WTI crude oil futures dropped to below $65 per barrel on Monday morning, after its sharpest weekly decline in over two years, amid easing tensions in the Middle East and the possibility that OPEC+ will further increase its oil output. > Crude prices tumbled over 11% last week, its...
- Sun Jun 29, 2025 6:22 pm
- Forum: Welcome to EPG Forum
- Topic: Mitcham Industries MIND is top Rickard's pick.
- Replies: 1
- Views: 157
Re: Mitcham Industries MIND is top Rickard's pick.
Posts like this should be under the "Picks and Tips" tab.
This tab is for Sabrina to post stuff about EPG membership and how to find thing on the EPG website.
This tab is for Sabrina to post stuff about EPG membership and how to find thing on the EPG website.
- Sun Jun 29, 2025 6:20 pm
- Forum: Picks and tips from the EP community
- Topic: Baytex Energy (BTE.TO) Updates
- Replies: 4
- Views: 500
Re: Baytex Energy (BTE.TO) Updates
I would much rather have them focus on paying down debt. Debt reduction and share buybacks increase the value of the stock, but reducing debt is better during times of uncertainty.
- Sun Jun 29, 2025 5:58 pm
- Forum: Sweet 16 Portfolio
- Topic: EOG Resources (NYSE:EOG) still has lots of "Running Room"
- Replies: 1
- Views: 139
Re: EOG Resources (NYSE:EOG) still has lots of "Running Room"
EOG's Acquisition of Encino Partners adds 235,000 Boepd for $5.6 Billion (20% oil, 50% Ngas, 30% NGL). Closing expected in mid-Q3 2025. EOG closed at $120.74 on June 27 TipRanks: "In the last 3 months, 23 ranked analysts set 12-month price targets for EOG. The average price target among the ana...
- Sun Jun 29, 2025 5:48 pm
- Forum: Sweet 16 Portfolio
- Topic: EOG Resources (NYSE:EOG) still has lots of "Running Room"
- Replies: 1
- Views: 139
EOG Resources (NYSE:EOG) still has lots of "Running Room"
A top EOG Resources executive agrees U.S. shale oil production has likely peaked and is now in decline. “I think U.S. shale oil has definitely slowed, there’s no doubt about it,” EOG COO Jeff Leitzell said June 24 in response to a question about peak U.S. oil at the JPMorgan Energy, Power, Renewable...
- Sun Jun 29, 2025 11:25 am
- Forum: Picks and tips from the EP community
- Topic: Updated Forecast/Valuation Models - June 29
- Replies: 2
- Views: 398
Updated Forecast/Valuation Models - June 29
I have now updated all of the forecasts for the following on the EPG website. 9 upstream companies in our Small-Cap Growth Portfolio: BTE.TO, JOY.TO, KGEI, REPX, REI, ROK.V, RBY.TO, SDE.TO, VTLE 4 minerals / royalties companies in our High Yield Income Portfolio: BSM, KRP, STR, VNOM (STR will soon b...
- Sun Jun 29, 2025 9:43 am
- Forum: Picks and tips from the EP community
- Topic: Baytex Energy (BTE.TO) Updates
- Replies: 4
- Views: 500
Re: Baytex Energy (BTE.TO) Updates
My updated forecast/valuation model for Baytex has been posted to the EPG website.
- Sun Jun 29, 2025 9:37 am
- Forum: Picks and tips from the EP community
- Topic: Baytex Energy (BTE.TO) Updates
- Replies: 4
- Views: 500
Re: Baytex Energy (BTE.TO) Updates
Calgary, Alberta--(Newsfile Corp. - June 27, 2025) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("Baytex" or the "company") is pleased to announce that it has received strong support from its lending syndicate to extend its bank credit facilities. The US$1.1 billion revolving cre...
- Sun Jun 29, 2025 9:36 am
- Forum: Picks and tips from the EP community
- Topic: Baytex Energy (BTE.TO) Updates
- Replies: 4
- Views: 500
Baytex Energy (BTE.TO) Updates
Calgary, Alberta--(Newsfile Corp. - June 24, 2025) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("Baytex" or the "company") is pleased to announce that the Toronto Stock Exchange ("TSX") has accepted the company's notice of intention to renew its normal course issuer bi...
- Sun Jun 29, 2025 8:38 am
- Forum: Other topics of interest
- Topic: Update on Russia vs Ukraine War - June 29
- Replies: 0
- Views: 135
Update on Russia vs Ukraine War - June 29
From the The Associated Press 6-29-2025: Russia launched its biggest aerial attack against Ukraine overnight, a Ukrainian official said Sunday, part of an escalating bombing campaign that has further dashed hopes for a breakthrough in efforts to end the 3-year-old war. Russia fired a total of 537 ae...
- Sat Jun 28, 2025 9:18 pm
- Forum: Other topics of interest
- Topic: Update on Israel vs Iran
- Replies: 0
- Views: 77
Update on Israel vs Iran
Ayaan Hirsi Ali: Decades ago, she escaped the Islamic world and came to the West. Many don't know how good the West is, or how fragile. She fights for the restoration of what made the West great. ------------------------------ Her is her assessment of what is going on in the Middle East: "I un...
- Sat Jun 28, 2025 11:39 am
- Forum: The View from Houston
- Topic: I will be back at my desk on June 29
- Replies: 0
- Views: 203
I will be back at my desk on June 29
We are flying back today from a wonderful week in Puerto Vallarta at La Vista (one of our Happy Places) with 11 close friends. We will be home late on Saturday, and I will start working on my June newsletter on Sunday afternoon. I hope to finish it on July 2. Casa La Vista ( https://www.casalavista....
- Sat Jun 28, 2025 11:20 am
- Forum: Other topics of interest
- Topic: They are listening to you,Dan
- Replies: 1
- Views: 193
Re: They are listening to you,Dan
No, but I should be.
The federal government needs to put a stop to the Fear Mongering about climate change. Instead they need to educate the public to the fact that without fossil fuels we would not come close to the standard of living we enjoy.
The federal government needs to put a stop to the Fear Mongering about climate change. Instead they need to educate the public to the fact that without fossil fuels we would not come close to the standard of living we enjoy.