Oil Capital Redux
So I am driving on I79 this weekend and come up behind a truck that looks to me like a cross between a MAC truck, a street sweeping machine on steroids and something from Transformers. I couldn't figure what it was. Passing it I saw it actually said it was a Schlumberger truck as you might find tooling across some desert somewhere. I have put a fair number of miles driving across Pennsylvania over the decades and I have never noticed a Schlumberger truck in the state. I know the crazy price of oil, natgas and coal all are causing a re-evaluation of Appalachain energy reserves, but the thing that I couldn't quite figure is that given the long history of Pennsylvania oil, could there really be anything left to analyze. The truck itself must represent a pretty valuable and scare commodity in the oil crazy world these days.... but it was tooling through Pennsylvania.
Maybe it was passing through to go look for some Canadian Oil Shale? Maybe I just never noticed these trucks before? Maybe it was some other type of Shlumberger truck that did something entirely unrelated to the oil industry? It could have been designed to drill for water for all I really know about geo-engineering these days, but would be shocked if you need that much capital to find water in Western Pennsylvania and points north. Given a dowser I suspect I could find underground water if I had to.
I was willing to accept any of those possibilities or something else innocuous, but then came across this article from just the other day via Steve Sjuggerud's newsletter: Why Pennsylvania Land Prices are Skyrocketing. That real estate speculation that never got to us.... incoming?