back to your original headline.. Oil still suffering in the 30's tells us that any hiccup in the Middle East has virtually no effect on the price of crude. There is so much supply now with China's waning demand ; it is such a buyer's market for crude/gas.
OK & TX are definitely rocking & rolling (i.e. experiencing earthquakes) since the advent of fracking.
Let's hope it's nothing more major than this. Our country significantly benefits from the technology as a huge consumer of oil/gas.
Horizontal drilling & fracking technology has completely upended the oil market, and make OPEC more irrelevant in the process.
OPEC's very influence is in peril with this new technology. Witness the Saudis pumping to oblivion, only to "drown out" the U.S. producers who the Saudis view as a threat to steal their market share.
Remember, there are many oil states (i.e. welfare states) that depend upon the price of crude to fund their social welfare programs (think Russia, Saudia Arabia, Venezuela, Mexico, )
There is significant upheaval taking place with the U.S technological advance of fracking.
OK & TX are definitely rocking & rolling (i.e. experiencing earthquakes) since the advent of fracking.
Let's hope it's nothing more major than this. Our country significantly benefits from the technology as a huge consumer of oil/gas.
Horizontal drilling & fracking technology has completely upended the oil market, and make OPEC more irrelevant in the process.
OPEC's very influence is in peril with this new technology. Witness the Saudis pumping to oblivion, only to "drown out" the U.S. producers who the Saudis view as a threat to steal their market share.
Remember, there are many oil states (i.e. welfare states) that depend upon the price of crude to fund their social welfare programs (think Russia, Saudia Arabia, Venezuela, Mexico, )
There is significant upheaval taking place with the U.S technological advance of fracking.
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