Death of Fracking
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Death of Fracking
The sudden drop in oil prices has your average minivan-driving American cheering some long-awaited relief at the pump. And the media is eating it up.
Pundits and analysts alike are claiming that cheap crude is lining our pockets with more spending money… while at the same time punishing our enemies that rely on oil revenues, namely Vladimir Putin.
The problem is, this win-win dream scenario is just that – it’s a myth.
Russia isn’t on the ropes. And Putin isn’t worried.
He knows that the more oil prices tumble, the more it hurts US shale production.
The shale revolution that pushed our reliance on foreign oil down to just 10% is a capital-intensive industry.
It runs on high oil prices. And the majority of US fracking operations are uneconomical at $75 per barrel.
We’re at $82 per barrel now… and domestic production is already winding down. 19 shale rigs went offline just last week. And producers are cutting costs and canceling drilling.
This slide in oil prices is endangering American energy independence and emboldening, not weakening, Russia.
You see, Russian oil companies aren’t concerned with quarterly earning reports. They move in lockstep with the Kremlin.
And Putin doesn’t live by election cycles. He’s not going anywhere.
In fact, this is the perfect opening for Putin’s state-controlled oil companies to make acquisitions at a discount. They’ll emerge from this stronger than ever!
It’s another win for Putin in what we’re calling the Colder War – the epic struggle to control the world’s energy trade.
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© Copyright 2014 Casey Research LLC. All Rights Reserved.
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Source: http://nesaranews.blogspot.com/2014/10/death-of-fracking.html
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