Oil prices falling!! Shale production is gaining ground

[ScarabMike]

The oil price dropped today to the lowest amount in 52 weeks $87. A strong dollar, and the US becoming more and more independent. Great news!!! Lets go boating!

The U.S. isn't as addicted to foreign oil anymore. The shale gas boom in the U.S. is a game changer for oil prices. The U.S. is importing a smaller amount of oil lately as a result of increased domestic production.

http://money.cnn.com/2014/09/25/investing/oil-prices-isis/index.html

 

[Gym]

I'm sure the big oil companies and the government will find a way to capitalize on that.

 

[Big Shasta]

Funny how gas prices aren't reflecting it though...Expect a big dip in the next few weeks....Before Nov 5th if you know what I mean.

 

[ScarabMike]

@Big Shasta

 

[Speedling]

They have been doing this shale production for a good while now, so why is it coming around to effecting our prices now?
I actually heard that we will be exporting a good bit of it as well. Currently the biggest export from America is Porn. Perhaps we can get something else to be famous internationally for?

 

[Gym]

The U.S. has become the largest oil producer in the world after overtaking Saudi Arabia and Russia this year due to the fracking process. http://www.bloomberg.com/news/2014-...gest-oil-producer-after-overtaking-saudi.html

 

[GTBRMC]

Saudis started selling below OPEC agreed pricing last week. Combined with US fracking, global oil prices are lowest in years. I am guessing Saudi move was related to putting pressure on Russia after the recent Ukraine adventures. Russia typically cannot make any money on oil when it is below ~$100/barrel.

Regardless, it will interesting to watch prices at the US pump up to and after the elections.