An oil and commodities expert breaks down how the shale revolution reshaped global energy power and why oil went below $0 earlier this year.
Today on the Brief:
- PayPal and Venmo reportedly adding crypto buying and selling
- Trump executive order temporarily suspends H1-B visa program
- Continued growth in bitcoin derivatives
Our main conversation:
Tracy Shuchart is an oil- and commodities-focused trader in the private equity space known for her wide-ranging insights on financial Twitter (FinTwit).
In this conversation, she and NLW discuss:
- Why the shale revolution of the last 10 years shifted the power balance in global energy among the United States, Russia and Saudi Arabia
- How easy money in the wake of the Great Financial Crisis enabled the shale revolution as much as new technology
- Why after the 2014-2016 oil crash it was inexperienced private equity firms that picked up where banks left off with shale
- How a growing focus on dividends and cutting costs was creating structural problems for shale even before the COVID-19 crisis
- How COVID-19 coincided with a contentious negotiation between Saudi Arabia and Russia that ultimately sent prices to less than $0
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