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Well, the process of the bankruptcies in Texas has started. Fuel Fix
Of course, there are no massive bankruptcies as yet, but the process seems rather inevitable. I've been waiting on it to start since Obama went to Saudi Arabia and the oil prices subsequently went down.
So, could it be that in one shot Obama has attempted to kill two birds: Russia and his fellow political opponents in the US?
What do you think of that?
Maybe the US oil industry is the price imposed by S.Arabia for its compliance in “taming” Russia. The latter agreed to play in the game in exchange for future super profits when the market will become less tense. I’m not sure that Obama’s political opponents are so heavily dependent on shale oil, since it’s relatively young market though.
Also the "campaign" may not last for too long
Oil Caps Fifth Weekly Loss on Global Supply Glut Concern - BloombergQuote:
Saudi Arabia, OPEC’s biggest producer, is assuming an oil price of $80 a barrel for 2015, said John Sfakianakis, a former economic adviser to the country’s government.
I'm totally happy that Texas company crashed! The fracking has been damaging us too. There were only a few tiny earthquakes, each year, in Oklahoma, before the fracking started. Now there are 100's and they're getting worse. Last year was the first time I ever felt the Earth move and it knocked stuff off shelves! It's also poisoning our drinking water and that can get in the food crops too.Quote:
Originally Posted by Crocodile
But it's not just low oil prices that's hurting fracking. It's also that people don't want it and New York has already banned it in their State.
New York’s Ban on High-Volume Fracking Rocks the Foundations of ‘Shale Revolution’ - DC BureauDC Bureau
I hope they ban fracking here too and in Texas. More about the earthquakes:
After a record number of earthquakes in Oklahoma, concerns that a damaging quake is coming - The Washington Post
Fracking Examined as Possible Factor in Texas Quakes, Experts Say - NBC News
Flaming water in Texas and Pennsylvania:
http://www.newsweek.com/fracking-wel...y-finds-270735
Also, the water rates were raised again, this year, because the equipment had to be upgraded to keep the water clean.
So it's not just economics that's killing the fracking oil boom in the US. The people here want it to stop too.
I'm totally happy that Texas company crashed! The fracking has been damaging us too. There were only a few tiny earthquakes, each year, in Oklahoma, before the fracking started. Now there are 100's and they're getting worse. Last year was the first time I ever felt the Earth move and it knocked stuff off shelves! It's also poisoning our drinking water and that can get in the food crops too.Quote:
Originally Posted by Crocodile
But it's not just low oil prices that's hurting fracking. It's also that people don't want it and New York has already banned it in their State.
New York’s Ban on High-Volume Fracking Rocks the Foundations of ‘Shale Revolution’ - DC BureauDC Bureau
I hope they ban fracking here too and in Texas. More about the earthquakes:
After a record number of earthquakes in Oklahoma, concerns that a damaging quake is coming - The Washington Post
Fracking Examined as Possible Factor in Texas Quakes, Experts Say - NBC News
Flaming water in Texas and Pennsylvania:
http://www.newsweek.com/fracking-wel...y-finds-270735
Also, the water rates were raised again, this year, because the equipment had to be upgraded to keep the water clean.
So it's not just economics that's killing the fracking oil boom in the US. The people here want it to stop too.