Tag: shale oil

AP Photo

Wealthiest U.S. County Located in Texas

When one thinks of the richest regions of the United States, the opulence of Rodeo Drive in Beverly Hills, the high-end lifestyle of New York’s Tribeca, and the high-tech high life of the Silicon Valley may come to mind, but when ranking the wealthiest counties in the nation, the top spot went to an unassuming, small, south Texas locale.

Saudi Arabia camels (Mohamed Hwaity / AFP / Getty)

Saudi Arabia’s Social Stability to Fall Apart

Geopolitical Futures’ George Friedman has warned that Saudi Arabia’s inability to keep oil prices up to $90 a barrel will frustrate the kingdom’s effort to balance its books, meaning it is only a matter of time before “Riyadh’s unique social stability comes apart.”

Oil jumpjack (Hasan Jamali / Associated Press)

Saudi Arabia Abandons Deal to Cut Oil Production

Saudi Arabia has scuttled talk of a deal with other big oil nations to cut production and “warned high-cost operators such as U.S. shale drillers to trim costs or go bust, in a stark message that triggered fresh pressure on crude prices,” as the Financial Times put it.

Fracking Protest 2014 (Brooke Anderson / Flickr)

EPA Clears Fracking for Next Stage of U.S. Oil Boom

The Environmental Protection Agency (EPA) released a long-postponed draft report Thursday on the impact of hydraulic fracturing (fracking). The regulators concluded that based upon “peer-reviewed studies as well as state and federal databases,” there is no evidence the practice has had a “widespread, systemic impact on drinking water.”

California Pumpjack (Joel Pollak / Breitbart News)

OPEC Concedes Defeat In Anti-Shale Oil War with U.S.

OPEC’s attempt to over-produce crude oil for export to crush prices and bankrupt the American shale-fracking oil boom has failed, according to a draft OPEC long-term strategy report seen by Reuters ahead of the cartel’s policy meeting in Vienna on June 1st.

Study: Only 0.1 Percent of North Texas Injection Wells Potentially Involved in Earthquakes

According to a new study released on Wednesday, underground wastewater injection wells used in hydraulic fracturing, or “fracking,” have virtually no role whatsoever in the earthquakes in the North Texas area during the past few years. The study was conducted by a group affiliated with the petroleum industry, but used publicly available data on seismic activity in the region and a long list of independent peer-reviewed scientific research to reach this conclusion.

AP

GDP: 5 Percent

On Tuesday, the Commerce Department released revised GDP figures that showed third quarter growth at 5%, the strongest third-quarter growth in eleven years.