Breaking Energy

U.S. Energy Production and the World Market

on December 05, 2014 at 4:30 PM

Fracking In California Under Spotlight As Some Local Municipalities Issue Bans

Saudi Arabia Can’t Stop U.S. Fracking Boom

National Journal: World oil producers have put oil prices into a free fall, refusing to pare back global supplies in the hopes that low prices will derail the fracking-backed production boom in the U.S. and preserve OPEC’s power over world energy markets.

But global analysts are skeptical that the move will work.

The basic reason: Prices remain high enough to keep pumping. “Looking out there, it seems like there’s a huge amount of oil that can be produced at $60, $70 per barrel,” said Michael Lynch, president of consulting firm Strategic Energy and Economic Research, referring to the prices for Brent crude oil, a global reference point.

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By Mark Green

Originally posted December 4, 2014

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