Oil as a weapon?
Daily Mail:
The shale revolution is primarily the product of private innovation by oil companies and is taking place on private or state controlled sites. And while some drillers may suffer from the lower prices there are already innovative forces at work using technology to hone in on profitable sites and drilling techniques. As for the Saudis they are not cutting production because they are still a primary supplier to the US which has cut its imports from Africa and other regions.
How oil's become the world's most potent weapon: Forget nuclear arms. The U.S. and Saudis are behind an oil price crash that could topple regimes in Russia and IranIt would be a mistake to believe that the Obama administration planned this situation. Their idea of strategic thinking when it comes to energy is to restrict supply in hopes that a higher price will make alternative energy look more competitive. The administration is still restricting drilling on federally controlled sites.
- Price of oil has fallen dramatically - down by nearly half in six months
- The collapse in price means it is cheaper to fill up your car at the pumps
- But has sparked fiscal crisis that threatens to shift global power balance
- U.S. and Saudi Arabia are using market slump to wreak havoc on enemies
- While Russia - which depends on a bouyant price - is on the edge of crisis
- Most pressing issue for Britain is the fate of oil industry in North Sea basin
The shale revolution is primarily the product of private innovation by oil companies and is taking place on private or state controlled sites. And while some drillers may suffer from the lower prices there are already innovative forces at work using technology to hone in on profitable sites and drilling techniques. As for the Saudis they are not cutting production because they are still a primary supplier to the US which has cut its imports from Africa and other regions.
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