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Author Topic: Fracking Works! Lowers demand for imported oil...  (Read 693 times)
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WhiskeyGirl
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« on: July 29, 2013, 07:26:36 PM »

"Saudi Prince: Fracking Is Threat To Kingdom"

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A Saudi prince has warned that his oil-reliant nation is under threat because of fracking technology being developed elsewhere around the world.

Billionaire Prince Alwaleed bin Talal said the Gulf Arab kingdom needed to reduce its reliance on crude oil and diversify its revenues.

His warning comes as rising shale energy supplies in the United States cut global demand for Saudi oil.

In an open letter to his country's oil minister Ali al Naimi and other government heads, published on Sunday via his Twitter account, Prince Alwaleed said demand for oil from Organisation of the Petroleum Exporting Countries (Opec) member states was "in continuous decline".

Why shouldn't gas be $.50 a gallon?  Maybe go back to $1 a gallon?

read more here - http://news.sky.com/story/1121610/saudi-prince-fracking-is-threat-to-kingdom

Surely, China will buy more?  Perhaps the US and Canada could give OPEC some competition?  Lower energy prices for everyone?



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WhiskeyGirl
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« Reply #1 on: July 29, 2013, 07:27:59 PM »

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High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/intl/cms/s/0/1b6753ce-f86f-11e2-92f0-00144feabdc0.html#ixzz2aTq6MuFL

“The world is increasingly less dependent on oil from Opec countries including the kingdom,” Prince Alwaleed wrote.
Speaking in Washington in April, Mr Naimi, who has been the country’s oil minister for almost 20 years, welcomed increased American output as a stabilising influence on global oil prices.

read more here - http://www.ft.com/intl/cms/s/0/1b6753ce-f86f-11e2-92f0-00144feabdc0.html#axzz2aTpq6EJt

I've read and heard that it only costs OPEC like $2 a barrel to produce.  Why can't the US consumer benefit from competition?  Jobs for American citizens?

Whose side is Obama on?  I wonder?
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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