1. Chart of the Day (above). According to data released this week by the EIA, US natural gas (marketed) production reached a new all-time record high in July of 2.46 trillion cubic feet. For the 54% increase in America’s natural gas production over the last decade we can thank the twin revolutionary engineering miracles of horizontal drilling and hydraulic fracturing. And thanks to the 54% increase in natural gas production, inflation-adjusted gas prices have fallen by more than 73% over the last decade, from $10.75 per million BTUs in 2005 (in today’s dollars) to only $2.61 today. Welcome to America’s Shale Revolution, it isn’t anywhere close to being over!
2. One Reason America’s Shale Revolution Refuses to Collapse? More Sand is Being Stuffed Down Wells to Boost Output.
3. Meanwhile, Michigan’s Wind Energy Mandate Costs Each Family Nearly $4,000, and more than 24,000 jobs according to a new study from Utah State University, summarized here by the Mackinac Center.
4. Markets in Everything. “Swash” – The First In-Home 10-Minute Clothing Care System.
5. Investing Fact of the Day. Over the last 5 years through mid-2015, nearly 81% of the actively-managed large cap mutual funds failed to beat the S&P 500 Index. Over the last 10 years, about 80% of large cap active fund managers failed to out-perform the S&P500 Index. Source.
6. Chart of the Day II (above). Despite other signs of economic weakness like the lackluster jobs report for September that was released yesterday, car sales in September “accelerated to a blistering pace in September” and reached their highest level in more than ten years, see chart above. On a seasonally adjusted annual rate (SAAR), America’s car dealers sold nearly 18.2 million new light trucks and cars in September, the best sales month since July 2005, when US automakers temporarily extended generous employee discounts to all car buyers and SAAR sales rose to 20.6 million units. The rebound in US car sales in recent years has been an amazing turnaround from early 2009 when the effects of the Great Recession brought car sales to only about 9 million SAAR units, the lowest sales pace since 1981. Since the cyclical low of 9.2 million SAAR units in February 2009, car sales doubled to more than 18 million vehicles last month, one of only nine months in history that sales have topped 18 million units.
7. Peak Car? In the WSJ yesterday, Mark Mills (“We’re a Long Way From ‘Peak Car’“) predicted that “The forecasts of peak car look to be about as accurate as those of peak oil.”
8. Ride-Sharing Updates: a) You used to have to wait 10 years to buy a SF taxi medallion, now you have to wait more than 4 years to sell one (maybe longer, who wants them now?), b) Boston taxi medallions have collapsed in price from $750,000 to below $300,000, while nearly 8% of the 1,025 licensed Boston cab drivers who have undergone Uber’s background checks failed, and c) sales of NYC taxi medallions have dried up – only one was sold in September for $715,00 — in contrast, 15 medallions were sold in September of 2009 and 13 in 2010 during the “pre-Uber” days.
9. Meanwhile, GM Introduces NYC Car-Sharing Program. Running an errand to a big box store or planning a weekend getaway are about to get easier for some Manhattan residents because of a car-sharing program revealed this week by General Motors. Another “nail in the coffin” for Big Taxi.
10. Video of the Day (below). “GasHoax” is a new short film by Phelim McAleer, who debunks more fracking health scares by Josh Fox in his new anti-fracking propaganda movie “Gaswork.” GasHoax highlights how many of Fox’s claims have been proven false, draws attention to the scaremongering and deceptive tactics of anti-fracking activists, and criticizes journalists for continuing to report new claims despite Fox’s record of unethical and misleading journalism.
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