“Bank of America says OPEC is now ‘effectively dissolved’. The cartel might as well shut down its offices in Vienna to save money. OPEC now faces a permanent headwind. Each rise in price will be capped by a surge in US output. The only constraint is the scale of US reserves that can be extracted at mid-cost, and these may be bigger than originally supposed, not to mention the parallel possibilities in Argentina and Australia, or the possibility for ‘clean fracking’ in China as plasma pulse technology cuts water needs. Saudi Arabia is effectively beached. It relies on oil for 90pc of its budget revenues. There is no other industry to speak of, a full fifty years after the oil bonanza began.”
Related posts:
Utah launches new federalism commission to push back Washington
EU to ban high-energy hair dryers, smartphones and kettles
Police Charge Mother With Murder After 5-Year-Old Girl Fatally Shoots Self
Lavabit.com owner: 'I could be arrested' for resisting order to turn over user info
Wind Energy Encounters Problems and Resistance in Germany
Justin Amash discusses Syria on Face The Nation
Wave of dozens of player arrests continues to plague NFL
Welcome to the Freest Place on Earth
Fear of Fed Retreat Roils India
Gun Makers Now Refusing To Sell Arms To Law Enforcement In New York & Other States
$1bn payout expected as Russian regulator pulls plug on ‘dubious’ bank
Swiss government reveals 'solution' to settle US tax dispute
Why Did It Take a Sex Scandal to Topple the DEA Chief?
Oklahoma Attorney General May Defeat Obamacare, Judge Rules Lawsuit May Proceed
Constitutional crisis pushes Portugal closer to the brink