Quote:
Originally Posted by detbuch
If the fracking industry in the U.S., which was a main contributor to the big fall in gas prices, is imploding, why not help the fracking industry in Canada in order to maintain some good influence on prices, while creating some jobs here, and helping our partner in the north to stay in our sphere of influence rather than going elsewhere like China.
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Right now the domestic producers are shutting down rigs and laying off tens of thousands. How does more oil into the market help?
A few bigger factors here. Fracked and tar sands production is expensive and was made possible by cheap credit. The Saudis by contrast have more efficient production and continue to flood the market.
Really, unless the global economy creates a surge in demand and raises prices back, more oil is just going to continue to crush US energy employment.
Get ready Texas, the party is over.