OPEC Says Will Lose Oil Market Share To Shale, Rivals - See

http://www.rigzone.com/news/oil_gas/a/1 ... s/?all=HG2

"LONDON/VIENNA, Nov 7 (Reuters) - OPEC could lose almost 8 percent of its oil market share in the next five years as the shale energy boom and other competing sources boost rival supply, offering the exporter group little benefit from rising world demand. The Organization of the Petroleum Exporting Countries has been slower than some to acknowledge the impact that hydraulic fracturing, or fracking, is having on supply. Earlier this year, it decided to carry out its own research into shale oil. - See more at: http://www.rigzone.com/news/oil_gas/a/1 ... bLKmV.dpuf

Woo hoo! Who needs the middle east?

That's going to set Peak Oil back a bit.

Speculation, but I hope so.

There are so many variables that will determine their market share. How will China's economy continue to grow? They're the largest importer of crude now. What's the future of shale? Are enviromental regs going to make it unfeasable? Royal Dutch Shell just dropped out of the shale efforts on Colorado just a couple months ago, basically abandoning all of their efforts there. Then you have the ultra wildcard in Middle East stability. I'd love to see the price of oil get back to a reasonable level even though OPEC wants to keep it above $100bbl

Shale and fracking are fairly expensive ways to extract oil, I wonder if the Sauds and others will release onto the market a pool of cheap oil to drive the alternative suppliers out of business.
Right now, they just seem to be funding anti-fracking movies and campaigns.

Interesting thought. Good way to get rid of the competition and keep it in their ballfield.

FredHayek wrote: Shale and fracking are fairly expensive ways to extract oil, I wonder if the Sauds and others will release onto the market a pool of cheap oil to drive the alternative suppliers out of business.
Right now, they just seem to be funding anti-fracking movies and campaigns.

FredHayek wrote: Shale and fracking are fairly expensive ways to extract oil, I wonder if the Sauds and others will release onto the market a pool of cheap oil to drive the alternative suppliers out of business.
Right now, they just seem to be funding anti-fracking movies and campaigns.

And it is working. After all who does not want to send the human race back to the stone age.

http://www.nytimes.com/2013/11/08/us/co ... ience&_r=0

Colorado Cities’ Rejection of Fracking Poses Political Test for Natural Gas Industry

With three Colorado cities approving bans or moratoriums on hydraulic fracturing, known as fracking, the natural gas industry is being forced to re-examine its political strategy after a period of explosive growth and broad backing.
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Voters in Boulder, Fort Collins and Lafayette approved antifracking initiatives by wide margins on Tuesday, ignoring an industry campaign against the measures that cost at least $875,000. A fourth city, Broomfield, narrowly defeated a proposal for a five-year moratorium on drilling that uses hydraulic fracturing.

More than 100 municipalities have approved similar measures, according to a nonprofit industry monitor, FracTracker, and political opposition to fracking has grown in some areas, like Pennsylvania, where drilling has boomed. "..