gunnut,
eh, I'm enthusiastic about shale oil, but not -that- enthusiastic. Saudi oil is still easier and cheaper to extract than shale; plus there will be expected Iraqi and Iranian reserves coming along.
predatory pricing by OPEC worked for decades because technology just hadn't caught up despite the obvious economic incentives to do so. that was the main limiting factor, not Obama's "war on oil" or whatever it was he's guilty of.
similarly, US shale oil is not doing well at the moment due to the glut plus the huge commodity demand drop in China.
And who was it 8 years ago said "drill, baby, drill" and "drill here, drill now?" I can't remember now. It must be someone very smart. Was it The Obama, the smartest president in US history? He surely have foreseen this technological revolution. And doubters said at the time new oil wouldn't reach market place for at least 10 to 15 years. We are on the brink of rendering OPEC obsolete, thanks to fracking.
predatory pricing by OPEC worked for decades because technology just hadn't caught up despite the obvious economic incentives to do so. that was the main limiting factor, not Obama's "war on oil" or whatever it was he's guilty of.
similarly, US shale oil is not doing well at the moment due to the glut plus the huge commodity demand drop in China.
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