Hopes of COVID-19 vaccine push up crude prices
Wednesday, December 2, 2020
News of multiple potential coronavirus vaccines has pushed crude prices up to $45 per barrel for West Texas Intermediate, according to Houston Public Media.
The recent vaccine news, paired with an announcement that the Trump administration is preparing for the transition to president-elect Joe Biden has pushed oil to a nearly nine-month high.
However, companies need more like $50 to $60 per barrel to break even and experts expect WTI to sit in the $40 range well into 2021.
Learn more: Houston Public Media > Weekly oil market crash update: COVID-19 vaccine hopes push west Texas crude to $45 per barrel
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.