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Fracking is lowering fuel prices, but this doesn't make environmentalists happy.
Quote:
Oil traders might see the 27 percent slide in global prices as a bear market. For U.S. consumers, it’s more like an early holiday gift.
The drop in crude has pulled retail gasoline down more than 50 cents a gallon from the year’s high in April. That means annual savings of $500 for the average U.S. household, which consumes about 1,000 gallons of fuel a year, according to data from the Federal Highway Administration and Energy Information Administration.
Fracking is a very expensive endeavor so there is a price floor that limits how far the price of oil can fall before fracking becomes unprofitable. The bigger reason for the fall in oil prices is due to the economic slowdown. Also why are people cheering over 80 dollars a barrel for oil? That is still a high price and I find it frightening we now consider that "cheap" oil.
Fracking can't last. Fracking wells lose productivity quickly and then the oil companies just move on leaving their damage behind.
Serenity 1-3H well near Oklahoma City came in as a gusher in 2009, pumping more than 1,200 barrels of oil a day and kicking off a rush to drill that extended into Kansas. Now the well produces less than 100 barrels a day, state records show. Serenity’s swift decline sheds light on a dirty secret of the oil boom: It may not last. Shale wells start strong and fade fast, and producers are drilling at a breakneck pace to hold output steady. In the fields, this incessant need to drill is known as the Red Queen, after the character in Through the Looking-Glass who tells Alice, “It takes all the running you can do, to keep in the same place.”
Per relatives in Pittsburgh: Many of the middle class mid 1950's era tract housing has shot up 25% in the last 6 months due to fracking. The street I lived on in my teens in McCandless has had oil execs pounce on listings offering 10-20% above asking in cash. This just started around last March.
Per relatives in Pittsburgh: Many of the middle class mid 1950's era tract housing has shot up 25% in the last 6 months due to fracking. The street I lived on in my teens in McCandless has had oil execs pounce on listings offering 10-20% above asking in cash. This just started around last March.
The guy who started this fracking boom was just an Average Joe who researched the topic on his own leisure. He bypassed all doubts and is now a billionaire.
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