Oil prices hit highest price since 2014
Friday, May 18, 2018
A day after President Donal Trump pilled the United States out of an international nuclear agreement with Iran, crude oil prices soared to 3 1/2-year highs, according to Reuters.
Climbing to highs last seen in November 2014, West Texas Intermediate crude futures hit $71.14 per barrel, while Brent crude futures jumped nearly 3 percent to $77.21.
While crude prices benefited from Trump’s move, Reuters says President Trump’s move sparked fears of increased tension in the Middle East and uncertainty over global oil supplies.
Learn more: Reuters > Oil soars after Trump nixes Iran nuclear deal, stocks rally
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Marcellus & Utica Shale Well Map
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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.