Posted December 4, 2014
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
ABOUT THE AUTHOR
Mark Green joined API after a career in newspaper journalism, including 16 years as national editorial writer for The Oklahoman in the paper’s Washington bureau. Mark also was a reporter, copy editor and sports editor. He earned his journalism degree from the University of Oklahoma and master’s in journalism and public affairs from American University. He and his wife Pamela live in Occoquan, Va., where they enjoy their four grandchildren.