Call “shale oil production” by its actual, non-euphemistic name: FRACKING.
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The most significant thing about oil right now is climate change, and yet it isn't mentioned once in this piece. As long as climate articles are siloed off into a separate corner like programs on the Nature Channel while articles about the oil business only talk about the players, supply and demand, and pricing as if we were still somehow in the 1950's, we won't get anywhere on climate change. Climate change should be discussed in every article on a topic that it will impact, which is most of them, certainly including anything that so much as mentions oil.
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I hope OPEC goes out of business. We need to pump like crazy while, at the same time, endeavoring to drive a stake through the heart of OPEC. Let them swim in their oil. 35¢ a gallon.
At the same time we need to wean ourselves off oil, which is dirty, by developing alternative sources of energy. We should have solar everywhere.
3
OPEC should ignore Trump's political trumpeting for lower oil costs and cut back production in order to raise prices. Since oil is an exhaustible resource, selling less of it each year at higher price per barrel will result in more total income spread over a longer period.
A higher price will reduce the rate of oil consumption, an outcome we should all welcome because at current rates the global warming generated will eventually begin to undercut the market for heating oil. Nobody wants to see that.
4
Oracle, or cartel?
Over-
Pricing
Every
Can
1
Let’s get rid of OPEC - harbored of terrorists. Keep UN, EU, and world treaties - Pompeo has it backwards!
3
My how times have changed!
In 2005, the United States imported 60% of its oil. Now the United States is a net exporter of oil. Barack Obama's administration deserves credit for that. Under his leadership, the U.S. reduced demand at home, and expanded domestic production. Higher fuel efficiency standards for cars, electric vehicles, solar and wind energy production, and expanding domestic production through shale and off-shore drilling.
It was one of the pledges in his 2008 presidential campaign, and he delivered. Combined with the Affordable Care Act, and withdrawing from Bush's two endless wars in Iraq and Afghanistan, he had an amazing first term!
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While we do export some oil, we still import more than we export.
4
All the synonyms still mean price fixing by conspiracy, or price gouging the world by controlling production.
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The oil industry will have a great 25 year run now, with bad acting governments as the primary beneficiaries.
Then sun spot activity will peak around 2040 and an already over heated planet will bake humans out of existence.
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The price of crude oil in January 2016 was 29 dollars per barrel as the Trump campaign was launching. Our economy was recovering steadily.
Trump signed the Republican bill that repealed the exporting prohibition on American crude oil and also sold off some of the vital strategic national reserve of oil.
Over two years, despite production advances here in America, the price increased to 76 dollars in early October of this year.
As a result of that increase, the economy waned reducing demand and resulted in a fallback of prices to 52 dollars now. That indicates the direct effect of high oil prices on the economy.
Trump can tweet as much as he wants, but until he and Congress reinstitute the prohibition on crude exporting, the fuel of our economy, OPEC will have it's way controlling our economy as well as the world's.
Remember July 2008 as the price of a barrel of crude oil peaked at 147 dollars thus precipitating the great recession.
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