Post by arfanho7 on Feb 28, 2024 5:01:02 GMT -6
One reason OPEC s hold on the world oil market has loosened is that the U.S. has quadrupled its oil production over the last six years thanks to fracking a complex technique that combines both vertical and horizontal drilling and uses highly pressurized water jets to force fossil fuels like oil and natural gas up from otherwise unreachable rock beds.
This new technology has enabled U.S. companies to access some of the estimated billion barrels of proved oil reserves in this country a number that has increased five years in a row. t six years is that if the price of oil is high enough someone will solve the complexities of horizontal drilling and fracking Vietor said. But with those solutions and now the ensuing falling prices for oil come some major concerns. Environmentalists for instance are Indonesia Mobile Number List not happy since just as they re beginning to see a decline in demand and have the support of a president who s determined to stop climate change if oil prices are down everybody will start buying gigantic vehicles again and carbon emissions will go right back up.
The precipitous decline of oil prices also threatens the long term viability of some of the country s shale oil projects. Shale oil is expensive to harvest and becomes prohibitively so as oil prices fall. And this is to say nothing of emerging concerns about both the relatively short lifespan of shale wells production for example has declined in wells in the Bakken fields in North Dakota by percent in just three years compared to year terms in more traditional wells and the environmental dangers inherent in the process related earthquakes exorbitant water needs and the release of methane gas to name a few.
This new technology has enabled U.S. companies to access some of the estimated billion barrels of proved oil reserves in this country a number that has increased five years in a row. t six years is that if the price of oil is high enough someone will solve the complexities of horizontal drilling and fracking Vietor said. But with those solutions and now the ensuing falling prices for oil come some major concerns. Environmentalists for instance are Indonesia Mobile Number List not happy since just as they re beginning to see a decline in demand and have the support of a president who s determined to stop climate change if oil prices are down everybody will start buying gigantic vehicles again and carbon emissions will go right back up.
The precipitous decline of oil prices also threatens the long term viability of some of the country s shale oil projects. Shale oil is expensive to harvest and becomes prohibitively so as oil prices fall. And this is to say nothing of emerging concerns about both the relatively short lifespan of shale wells production for example has declined in wells in the Bakken fields in North Dakota by percent in just three years compared to year terms in more traditional wells and the environmental dangers inherent in the process related earthquakes exorbitant water needs and the release of methane gas to name a few.