Posted August 13, 2014
World Awash in Oil Shields Markets from 2008 Price Shock
Bloomberg Businessweek: Fighting across Iraq, Libya, Ukraine and Gaza, and an accelerating economy, should mean higher oil prices. Yet crude is falling.
Six years ago, oil soared to a record $147 a barrel as tension mounted over Iran’s nuclear program and the world economy had just seen the strongest period of sustained growth since the 1970s. Now, West Texas Intermediate, the U.S. benchmark price, has traded below $100 for 10 days and Brent, the European equivalent, tumbled to a 13-month low.
What’s changed is the shale fracking boom. The U.S. is pumping the most oil in 27 years, adding more than 3 million barrels of daily supply since 2008. The International Energy Agency said yesterday that a supply glut is shielding the market from disruptions. Bank of America Corp., Citigroup Inc. and BNP Paribas SA concur.
Read more: http://buswk.co/1q8nywo
More industry news:
Women Find Careers in Energy as Downstream, Petchems See Growth: http://bit.ly/1usxasK
Blog: The Costliest Regulation in American History: http://exxonmobil.co/1p6WSj0
Video: Pennsylvania Sees Fracking Boom as New York Remains Locked in Legal battle: http://bit.ly/1sC7OYN
Half the U.S. Growth in Oil and Natural Gas Rigs Comes from Texas, Oklahoma: http://bit.ly/Vmuyxe
Editorial: Keystone XL Pipeline Needs Obama’s OK, Not More Excuses: http://bit.ly/1oK4R0S
The Bakken’s Major Milestone: http://bit.ly/1pOhqfw
ABOUT THE AUTHOR
Mary Schaper is a Digital Communications Manager for the American Petroleum Institute. She previously worked on Capitol Hill for the Senate Energy and Natural Resources Committee as Digital Director and for Senator Lisa Murkowski. Before coming to D.C., she spearheaded digital strategy for Murkowski's successful Senate write-in campaign in 2010. Schaper enjoys traveling and taking in the local culture alongside her husband, their son and loyal springer spaniel.