Uber Self-Driving Trucks Delivering Freight in AZ
The future is now. Uber is reportedly running self-driving trucks through Arizona to deliver freight. Although the trucks still require an operator to take over in case of emergency, the vehicle will pilot itself while on the highways. According to Uber, the autonomous trucks have collectively driven 2 million miles already. Click Here to read more from the Verge.
Saudi Aramco CEO Promises IP and Continued Oil Demand
The CEO of Saudi Aramco, the Saudi-government owned oil producer, stated that fears of peak oil are not justified. He shared that oil demand remains strong, both as a fuel and for other products such as plastics. His statement seems out of touch with other private producers like BP and Exxon, who increasingly show a future with alternative fuels and renewable energy. Of course, Saudi Aramco is still working on their IPO (initial public offering), so it’s in their best interest to promote a narrative that oil prices will remain high. Click Here to read more from Forbes.
Global Growth and Trade Driving Oil Consumption Boom
With all the world’s major economies growing in sync and global trade expanding rapidly (despite protectionist threats from the U.S. President), oil demand is soaring higher. Strong demand has helped fuel the rally in oil prices experienced since 2016. Click Here to read more from Bloomberg.
US Oil Production: Geology vs. Technology
Wood Mackenzie recently produced a video showing just how important the Permian is for U.S. production – and the technological and geological risks that could cause production to shoot higher or fall well below expectations. Click Here to watch the 3-minute video.