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.
Read more: http://bit.ly/1I46ML9
More industry news:
- Saudi Arabia Sees Oil Prices Stabilizing Around $60 a Barrel (subscription required): http://on.wsj.com/1tKfapj
- ExxonMobil Can Weather Price Downturn to $40 Per Barrel – Tillerson: http://cnb.cx/1yjdvOq
- Op-Ed: EPA Must Not Hamper Energy Boom – U.S. Rep. Olson: http://bit.ly/1FQ4hIv
- Shale Gas Line to the Northeast Gets Federal Nod: http://wapo.st/1yRMwY0
- Utica Shale Likely to be Productive for 50 Years, Analyst Says: http://bit.ly/1Bh5E53
- EIA: U.S. Natural Gas Reserves Up 10% in 2013 to Record 354 Trillion Cubic Feet: http://1.usa.gov/1rZHALH
By Mark Green
Originally posted December 4, 2014
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