Supply chains are screwed up. Inflation has returned with a vengeance. And the politics of energy in the U.S. are all over the place, with demands for energy companies to do more today even as plans are being made to phase them out of existence tomorrow. This is today’s world — traditional energy markets learning to live with the impact of renewables, decarbonization and sustainability initiatives, while at the same time dealing with the aftermath of a pandemic and the consequences of a war with a totally uncertain trajectory — and it’s likely to be with us for a long time to come. That was the focus of our Spring 2022 School of Energy and it’s the subject of today’s RBN blog. Warning: Today’s blog includes a couple of blatant plugs for a newly available replay of our recent conference in Houston.
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As we’ve talked about often in the blogosphere and as we covered over two days at our latest School of Energy, the reality of the energy transition is that there is simply no way that renewables and electric power can replace hydrocarbons at the speed that many people would like to see happen. That’s not a judgment about the efforts to decarbonize. Instead, it’s an understanding that to avert major economic dislocation, the shift to a lower-carbon economy will need to occur at a measured, responsible pace. There is plainly too much infrastructure that will have to be replaced, too many challenges regarding the supply of needed metals, minerals and other materials, and too many up-front costs for decarbonization to happen overnight. And that means the traditional hydrocarbon energy will continue flowing side-by-side with renewables and lower-carbon energy for years to come.
U.S. oil production, which had risen to a peak of just under 10 MMb/d in 1970, was steadily declining until the Shale Revolution, which led to a welcome surge in unconventional production. Natural gas followed a similar trajectory, as did NGLs. It was a paradigm shift that changed the U.S. energy market from one of shortage and energy dependence to one of energy security and even surplus. In a surplus market, like we had for the better part of a decade, buyers tend to have more pricing power and they push suppliers to produce more efficiently. But the COVID pandemic crushed demand and tanked prices — especially for crude oil — leading to dramatically lower production and a shortage of supplies once the global economy reawakened.
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About the song
“Tell Me Why” was written and originally recorded by Karla Bonoff for her 1988 studio album, New World. It appears as the first song on Wynonna’s second studio album of the same name. Released as the first single from the album in April 1993, the song went to #3 on the Billboard Hot Country Songs and #77 on the Billboard Hot 100 Singles charts. Personnel on the record were: Wynonna Judd (lead, backing vocals), Steve Nathan, Matt Rollings, Barry Beckett, Billy Kirsch (keyboards), Karla Bonoff, Don Potter, Steuart Smith, Steve Cropper, Marcus Hummon (guitars), Paul Franklin (steel guitar), Willie Weeks (bass), Eddie Bayers (drums), Terry McMillan (percussion), Jim Horn (saxophones), George Tidwell (trumpets), Steve Dorff (string arrangements), and Kenny Edwards, Wendy Waldman, Bob Bailey, Kim Fleming, Suzy Willis, Chris Rodriguez, Naomi Judd, Lyle Lovett, Jesse Winchester (backing vocals).
The album Tell Me Why was recorded at Emerald Sound Studio in Nashville, with Tony Brown producing. Released in May 1993, the album went to #1 on the Billboard Top Country Albums and #5 on the Billboard 200 Albums charts. It has been certified Platinum by the Recording Industry Association of America. Five singles were released from the LP.
Wynonna Judd (Christina Claire Ciminella) is an American country music singer and one of the best-selling country artists of all time. She rose to fame in the 1980s alongside her mother, Naomi, in the multi-platinum country music duo, The Judds. As a solo artist, Wynonna has released nine studio albums, one live album, four compilation albums, one EP, and 43 singles. She has won two Billboard Music Awards and one Academy of Country Music Award as a solo artist. Wynonna continues to record and tour and was on the eve of beginning a 10-date reunion tour with her mother billed as The Judds — The Final Tour, when Naomi Judd tragically died in April 2022. Naomi died the day before The Judds were inducted into the Country Music Hall of Fame.
