{"id":7126,"date":"2015-04-06T06:42:57","date_gmt":"2015-04-06T11:42:57","guid":{"rendered":"http:\/\/olduvai.ca\/?p=7126"},"modified":"2015-04-06T06:42:57","modified_gmt":"2015-04-06T11:42:57","slug":"whos-to-blame-for-the-oil-price-crash","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=7126","title":{"rendered":"Who\u2019s To Blame For The Oil Price Crash?"},"content":{"rendered":"<h3><a href=\"http:\/\/oilprice.com\/Energy\/Oil-Prices\/Whos-To-Blame-For-The-Oil-Price-Crash.html\" target=\"_blank\">Who\u2019s To Blame For The Oil Price Crash?<\/a><\/h3>\n<p>When we think of the recent drop in oil prices, the question is not only who started it, but who\u2019s responsible for keeping the prices falling.<\/p>\n<p>Probably no one would dispute that the price plunge began with the eager and copious production of oil from shale formations in the United States. From the American perspective, that was beneficial because it was bringing energy self-sufficiency to a country with the reputation as the world\u2019s largest importer of oil.<\/p>\n<p>Despite unproven concerns about hydraulic fracturing, or fracking, a common way to extract oil and gas from underground shale rock, the practice has proven extremely productive. And that\u2019s the source of the oil glut that began driving down prices in late June 2014.<\/p>\n<p><a href=\"http:\/\/oilprice.com\/Energy\/Oil-Prices\/Oil-Rebound-May-Come-Sooner-Than-Expected.html\"><strong>Related:\u00a0Oil Rebound May Come Sooner Than Expected<\/strong><\/a><\/p>\n<p>Even one of fracking\u2019s biggest supporters, legendary oil man T. Boone Pickens, blames the US shale boom for triggering the price slough that\u2019s been hammering the energy industry. He\u2019s doesn\u2019t subscribe to the environmental concerns about fracking, but he says he can also recognize when his industry has latched on to too much of a good thing.<\/p>\n<p>\u201cI\u2019ve fracked over a thousand wells,\u201d Pickens, the chairman of BP Capital Management,\u00a0<a href=\"http:\/\/www.santacruzsentinel.com\/business\/20150323\/panetta-lecture-series-t-boone-pickens-defends-fracking-in-monterey-talk\">said March 23<\/a>\u00a0at a panel discussion in Monterey Calif. \u201cI\u2019ve never had a failure on one of them. \u2026 Texas, Oklahoma lead in fracking wells and it has been a great success for both those states.\u201d<\/p>\n<p>Yet Pickens thinks it\u2019s time for US companies to take a break from their frantic production to allow oil prices to achieve some balance. In an interview with the<a href=\"http:\/\/www.ft.com\/intl\/cms\/s\/0\/fa0e84fa-cd7d-11e4-9144-00144feab7de.html\">Financial Times published March 18<\/a>, he said shale companies have \u201coverproduced,\u201d and that it\u2019s up to them to rein in output to help restore oil prices to a more profitable level.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Who\u2019s To Blame For The Oil Price Crash? When we think of the recent drop in oil prices, the question is not only who started it, but who\u2019s responsible for keeping the prices falling. Probably no one would dispute that the price plunge began with the eager and copious production of oil from shale formations [&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":[2,3],"tags":[331,589,4653,1775,595,596,4252,723],"class_list":["post-7126","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-fracking","tag-oil-demand","tag-oil-oversupply","tag-oil-price-collapse","tag-oil-production","tag-oil-supply","tag-oversupply","tag-shale-oil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7126","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=7126"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7126\/revisions"}],"predecessor-version":[{"id":7127,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7126\/revisions\/7127"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}