OPEC’s Attempts To Kill Fracking Made It ‘Leaner And More Efficient,’ Says Gov’t
OPEC’s plan to kill U.S. hydraulic fracturing with low oil prices only made companies “leaner and more efficient,” according to the International Energy Agency (IEA).
“Recent reports tell us that the productivity of shale activity has improved in leaps and bounds,” reads the IEA report. “Whether it be shorter drilling times or larger amounts of oil produced per well, there is no doubt that U.S. shale industry has emerged from the $30 per barrel oil world we lived in a year ago much leaner and fitter.”
OPEC began flooding the global marketplace with oil in 2014 in an attempt to depress prices to counter competition, largely from fracking. Oil prices fell from $105 per barrel in June 2014 to only $29.04 per barrel in January 2016. OPEC’s recently announced production cuts sent crude prices to $52.04 per barrel.
Written by Andrew Follett for The Daily Caller News Foundation