And no, I don't care if it was this or that kind of oil, this article doesn't break it down that way so what kind is exported is irrelevant in this context.
Opec and the Saudi’s war on fracking seems to be paying off for them. Oh yeah, I can’t leave Obama, Hillary, and the moonbat let out of the equation.
I thought we’d fracked our way to almost if not independence from Ahab the Arab’s oil pool. This can only mean Obama, and crew with the approval to export OUR oil have opened us up to sending money to our enemies in the Middle East again.
Obviously I’m not into the tracking of the oil market, or I’d make better sense in my post, but I think the un Americans in our government have pulled off another coup.
Obama’s keeping OPEC afloat
This is because prices were so low.
The “Shale Band” is $45-$65 per barrel. As prices drop through that range, you can get oil cheaper from the mideast. The Saudis can profitably pump some of their oil at $10.
This year, prices dropped around $30, and has since crept back up to around $50. So frakking slowed down, and Middle-Easteners sold cheap oil to make up the difference. Frakking in the USA is now recovering slightly from that big drop in price.
The bottom line is that the shale band price is the new normal. Most OPEC (and major non-OPEC) producers can’t bear such low prices, so frakking has fundamentally changed the oil market.
Prices can still go way up or way down in the short term, but in the long term, frakking can ramp up production to meet demand and secure our energy independence.
It’s probably oil coming from West Africa and going to East Coast refineries. It’s cheaper to bring it in by boat from Nigeria than by train from the Bakken.
Saudi competition has forced the fracking folks to improve their technology even more, leading to one major producer saying they can produce oil at $2.50/bbl. High-quality, easy-to-refine oil.
SHUT THAT DOWN.. Bomb Saudi Arabia for attacking the World Trade Center and killing 3000 AMERICANS!!