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In the Name of God بسم الله

Nasrallah: US after ME Oil & Gas

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Hello,

Nasrallah needs to update his views.  Demand is down substantially and this is not expected to change a great deal in the coming years. 

Also,  advances in fracking, tar sands extraction, deep water drilling and exploration have given the World more hydrocarbon fuel access than it can possibly use in the next 100 years.  As we have seen from recent events, unlike the 1970's, OPEC only has the capability to lower the price of oil.  Once oil hits $50 - $60 dollars a barrel, "non-traditional production" will ramp up and keep oil in the $60 - $80 dollar range.

"They are after our oil" has long been a rallying cry used by Middle East strongmen to muster support and justify their existence. It was a misleading statement in the past and simple economics show it is simply not true now.

All the Best,

David

 

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