The drop in price has absolutely nothing at all to do with Iraq or Syria. It's a consequence of supply increasing due to extraction techniques in the united states itself.
Just want to elaborate on your point a little bit so people understand better. Due to the increased oil and nat gas production from the United States opec has conspired to flood the market with more oil . Opec can produce oil far cheaper than the United States so they are effectively driving the price down to a point where fracking becomes cost prohibitive so they can try to drive the competition out. Nothing to do with conflicts overseas though. It is however really hurting Russia and Venezuela's economies which I love.
Oh i just assumed since most of our oil comes from the middle east that that may have something to do with it. I didn't know we were doing different techniques that's pretty cool. What are they doing differently now?
I have a question for americans?
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The drop in price has absolutely nothing at all to do with Iraq or Syria. It's a consequence of supply increasing due to extraction techniques in the united states itself.
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zsdworknman
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Just want to elaborate on your point a little bit so people understand better. Due to the increased oil and nat gas production from the United States opec has conspired to flood the market with more oil . Opec can produce oil far cheaper than the United States so they are effectively driving the price down to a point where fracking becomes cost prohibitive so they can try to drive the competition out. Nothing to do with conflicts overseas though. It is however really hurting Russia and Venezuela's economies which I love.
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Oh i guess this answered my question for seekelp haha.
Oh i just assumed since most of our oil comes from the middle east that that may have something to do with it. I didn't know we were doing different techniques that's pretty cool. What are they doing differently now?