Oil and gas from the fracking of U.S. shale will end OPEC’s dominance

After years of dismissing U.S. energy production as insignificant and expensive, OPEC suddenly said it would “study” the growth in hydraulic fracturing and horizontal drilling, a deceptively bland response to the biggest challenge the cartel has ever faced on its monopoly.

African nations sounded the sharpest warnings because they have been the first to see the impact of our fracking revolution on their exports, which fell 41% in 2012 from 2011. Not a single one of these oil cartel members, nor any country with a state-owned oil company, faces a bright future as U.S. fracking goes on.

What all this shows is that the private sector, operating in a free society, sensitive to consumer demand and innovating a solution, is an even more powerful engine for upending a corrupt global monopoly status quo than even U.S. military might. All signs show that fracking is ending the power of these cartel states.

FrackingTheDeathKnellOfOPEC 05June2013

No comments yet

Add comment

You must be logged in to post a comment.