Friday, November 28, 2014
I write today to advise everyone that the oil shale extraction business (i.e., fracking) is in deep trouble. The Saudis and OPEC have voted to maintain current production levels despite a glut. The price of Brent crude, which is the highest grade of oil, has dropped below $80 per barrel to $78.33 per barrel. OPEC’s decision to maintain production levels despite the glut assures that the price will continue dropping.
I mentioned the $80 per barrel price because fracking is expensive and the companies that frack cannot make a profit unless they can sell their oil for more than $80 per barrel. That is no longer possible.
Saudi Arabia and OPEC have started a price war to drive the frackers out of business by shutting down the oil shale market.
This means that the price of gas at the pump will continue to drop and it provides an opportunity for solar and wind to take hold.
Meanwhile, the outrage against Robert McCulloch’s blatant abuse of the grand jury continues to grow as prosecutors and defense counsel have joined to condemn the process. Even Nancy Grace jumped on the bandwagon.
I am pleased to see the pushback. For awhile seemed like I was the only one.
Hope y’all had a good Thanksgiving.