General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsOPEC is about to crush the U.S. oil boom
Source: Bloomberg by Grant SmithThe nations production is almost back down to the level pumped in November 2014, when the Organization of Petroleum Exporting Countries switched its strategy to focus on battering competitors and reclaiming market share. As the U.S. wilts, demand for OPECs crude will grow in 2015, ending two years of retreat, the International Energy Agency estimates.
Less wealthy OPEC members have even fewer options. The threat of political unrest is mounting in the Fragile Five of Algeria, Iraq, Libya, Nigeria and Venezuela, according to RBC Capital Markets LLC.
More at: http://www.bloomberg.com/news/articles/2015-10-20/after-year-of-pain-opec-close-to-halting-u-s-oil-in-its-tracks
FLPanhandle
(7,107 posts)High oil prices made more alternative energy solutions economically viable.
The question is can they keep prices low in the long term? If so, they keep market share. Once prices go up again....
yallerdawg
(16,104 posts)is just about the petroleum industry or true independence?
OPEC thinks we are still addicted. No matter the source.
If we still need oil as a fundamental factor of our economy, will we the people be OK with continued reliance on fossil fuels?
Or will we finally realize, as gas prices go back up, we need to do better?
JRLeft
(7,010 posts)yallerdawg
(16,104 posts)I agree.
Spielberg missed it by a mile!
FBaggins
(26,731 posts)So far, the greatest damage has been done to OPEC itself. Damaging some tiny drillers (that will only get gobbled up by the big players ready to expand production again at even lower prices than before) isn't that large an impact compared to the pain they're suffering.
Blue_In_AK
(46,436 posts)but we need to get off oil anyway. I really wouldn't mind if Exxon, BP, and ConocoPhillips left tomorrow and took all the Texas and Oklahoma oil guys with them (and 3/4 of our legislature). It would be hard but worth it.
karadax
(284 posts)It doesn't matter what OPEC does. Once oil prices reach a certain dollar amount to become profitable again the closed wells will reopen. The holes are already drilled. Fracking extraction will only get more efficient as time passes too.
We will never see $80 or higher oil again.
daleo
(21,317 posts)The Saudis are not really in as powerful a position as is generally assumed.
roamer65
(36,745 posts)Reason being that the biggest consumer of oil, the Chinese, are now importing more oil from Russia than from Saudi Arabia.
It's gonna get very interesting, very soon.