“We can’t drill our way out of this problem” Barak Obama, May , 2011.
“We can’t drill our way out of this problem”
“. . . Instead, We must bow to Allah!”
Fracking has been done for over 60 years. It is nothing new. However our ability to frac the source shale rock source of oil is relatively new, about 20 years. During the days of insane oil prices a few years ago the price of fracking demanded oil prices above 80 dollars a barrel. The Saudis realized the danger of our massive new reserves and flooded the market with cheap oil to kill fracking in our shale oil reserves. They succeeded in the short term. Our oil industry came back better and leaner and now produces frac oil at 50 dollars a barrel with great profit.