Wednesday, October 08, 2014
Here's Why Oil Prices Are Sagging
Its FRACKING ... or shale oil. Almost without warning, the US is almost self sufficient in oil. The map from Fortune is amazingly clear. The US already produces as much oil as the following combined countries: Venezuela, UK, UAE, Ukraine, Libya, Oman and Ecuador. All the less reasons to go to war from now on.
FORTUNE: U.S. oil production suddenly rivals that of some major exporters.
The U.S. is in the middle of an oil boom. Over the past several years,
advances in fracking technology have allowed the U.S. to tap into its
vast reserves of shale oil, making the country one of the world’s
largest producers of crude, upending the global energy marketplace. With
nearly two-thirds more output now than six years ago, the U.S. produces
8.4 million barrels of crude per day. That’s still less than Russia,
but more than twice as much as Iran or Canada. Texas alone now
out-gushes the United Arab Emirates, Mexico, and Nigeria. Forget
OPEC—meet the new league of oil-producing states, the united ones. (click the map to enlarge)
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1 comment:
US do not need to impose sanctions on Russia...Pakat with the Saudis to drop the oil price so low that Russia will go Bangkrupt. Remember 45% of Russin income is from Oil.
Since nearly half of Malaysian Government's revenue is also from oil the danger of it going the same way as Russia is real.