By November 27, 2018 0 Comments Read More →

Fracking Has Largely Managed To Hamstring OPEC

If you were doing any traveling over Thanksgiving you may have noticed that it cost less to fill up your tank. And not a little bit less either. Gas prices have dropped as much as thirty cents per gallon or more in many parts of the country just in the past few weeks. But what you’re seeing is only one piece of a much larger puzzle. The price of oil reaching our refineries has been tanking, which is great news for you, but not so great for the oil and gas industry.

As Investors.com pointed out this week, it all comes down to frackingand the impact that’s had on domestic supplies. But it’s not just in the US where this effect is being felt. The surge in American exports has taken OPEC by surprise to the point where they may be heading toward Walking Dead status.

The river of oil now hitting the market from U.S. fracking has stunned global energy markets. The U.S. has already leapfrogged both Russia and Saudi Arabia as the No. 1 producer. Will U.S. oil lead to OPEC’s demise?..

 

 

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