15.10.2013 - Without shale, oil prices would be a lot higher
Unheralded and unnoticed, American oil producers are helping stabilize global oil prices, which would be a lot higher if new U.S. oil supply, mostly from shale, weren’t reaching world markets. Public attention usually focuses on shale from the perspective of local business benefit or environmental concern. Holding down prices doesn’t figure as a benefit but it’s a story worth telling. Even with Saudi Arabia pumping oil at its fastest clip in decades, oil prices remain stubbornly high. For example, the world’s oil benchmark, Brent crude, recently hovered above $110/barrel. And it’s now been more than 1,000 days – a record – since U.S. gasoline prices were lower than $3/gallon...............................................Full Article: Source
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