I hate to admit it: Obama is right. We didn’t drill our way out, we fracked our way to a fuel surplus. There has been so much winning recently that OPEC is now complaining.
http://legalinsurrection.com/2017/05/winning-usa-fracks-its-way-to-a-fuel-surplus/
The Organization of Petroleum Exporting Countries (OPEC) asked the U.S. to stop producing so much oil, according to a report Thursday.
OPEC’s report blames the U.S. in particular because hydraulic fracturing, or fracking, has greatly increased American oil production. The new production has led a lengthy period of very low oil prices. OPEC claims raising global oil prices will “require the collective efforts of all oil producers” and should be done “not only for the benefit of the individual countries, but also for the general prosperity of the world economy.”
New American oil production is undermining OPEC’s efforts to keep global prices between $50 and $60 per barrel, with current prices hovering around $47 a barrel.
“I think [OPEC] are now acutely aware that they don’t have the kind of influence they used to have 10 years ago, and that shale is now the swing producer in the market,” Tom Pugh, commodities economist at Capital Economics, told CNN Money.
OPEC’s report blames the U.S. in particular because hydraulic fracturing, or fracking, has greatly increased American oil production. The new production has led a lengthy period of very low oil prices. OPEC claims raising global oil prices will “require the collective efforts of all oil producers” and should be done “not only for the benefit of the individual countries, but also for the general prosperity of the world economy.”
New American oil production is undermining OPEC’s efforts to keep global prices between $50 and $60 per barrel, with current prices hovering around $47 a barrel.
“I think [OPEC] are now acutely aware that they don’t have the kind of influence they used to have 10 years ago, and that shale is now the swing producer in the market,” Tom Pugh, commodities economist at Capital Economics, told CNN Money.
http://legalinsurrection.com/2017/05/winning-usa-fracks-its-way-to-a-fuel-surplus/