{"id":2144,"date":"2014-11-27T17:11:51","date_gmt":"2014-11-27T22:11:51","guid":{"rendered":"http:\/\/olduvai.ca\/?p=2144"},"modified":"2014-11-27T17:11:52","modified_gmt":"2014-11-27T22:11:52","slug":"opec-decision-likely-to-crash-u-s-fracking-industry-ecowatch","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=2144","title":{"rendered":"OPEC Decision Likely to Crash U.S. Fracking Industry \u00bb EcoWatch"},"content":{"rendered":"<p><a href=\"http:\/\/ecowatch.com\/2014\/11\/27\/opec-crash-fracking-industry\/\">OPEC Decision Likely to Crash U.S. Fracking Industry \u00bb EcoWatch<\/a>.<\/p>\n<p><span class=\"Apple-style-span\" style=\"color: #222222; font-family: Georgia, serif; font-size: 18px; line-height: 25px;\">At its meeting today in Vienna, Austria, the 12 member countries of the Organization of Petroleum Exporting Countries (OPEC) voted to keep their output target unchanged despite a 30 percent slump in the\u00a0<a style=\"box-sizing: border-box; text-decoration: none; color: #439241; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px;\" href=\"http:\/\/ecowatch.com\/2014\/10\/15\/oil-prices-carl-pope\/\">oil price<\/a>\u00a0since June,\u00a0due primarily to the explosive growth\u00a0in\u00a0<a style=\"box-sizing: border-box; text-decoration: none; color: #439241; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px;\" href=\"http:\/\/ecowatch.com\/news\/energy-news\/fracking-2\/\">fracking<\/a>\u00a0in the U.S. as well as decreasing global demand. While Venezuela made a case for an output reduction, Saudi Arabia, the world\u2019s leading oil producer and exporter, pressured to keep it the same.<\/span><\/p>\n<p style=\"box-sizing: border-box; padding: 0px; margin: 1em 0px 1em 0px;\">The price immediately declined in response, dropping below $72 a barrel, a price last seen in August 2010.<\/p>\n<p style=\"box-sizing: border-box; padding: 0px; margin: 1em 0px 1em 0px;\">\u201cThere\u2019s a price decline. That does not mean that we should really rush and do something,\u201d\u00a0OPEC secretary general Abdallah Salem el-Badri\u00a0<a style=\"box-sizing: border-box; text-decoration: none; color: #439241; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px;\" href=\"http:\/\/www.bbc.com\/news\/business-30223721\" target=\"_blank\">told the BBC<\/a>. \u201cWe don\u2019t want to panic. We want to see the market, how the market behaves, because the decline of the price does not reflect a fundamental change.\u201d<\/p>\n<p style=\"box-sizing: border-box; padding: 0px; margin: 1em 0px 1em 0px;\">&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OPEC Decision Likely to Crash U.S. Fracking Industry \u00bb EcoWatch. At its meeting today in Vienna, Austria, the 12 member countries of the Organization of Petroleum Exporting Countries (OPEC) voted to keep their output target unchanged despite a 30 percent slump in the\u00a0oil price\u00a0since June,\u00a0due primarily to the explosive growth\u00a0in\u00a0fracking\u00a0in the U.S. as well as [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[1466,592,600,723],"class_list":["post-2144","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-fracking-industry","tag-oil-price","tag-opec","tag-shale-oil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2144"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2144\/revisions"}],"predecessor-version":[{"id":2145,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2144\/revisions\/2145"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}