Oil prices jump following Russia’s attack on Ukraine
Thursday, February 24, 2022
Oil prices soared as mounting concern over future energy supplies resulted from Russia’s invasion of Ukraine on Thursday, according to The New York Times.
The price of oil climbed as high as $105 a barrel, European gas futures jumped 50% and global stock indexes fell in the wake of Russia’s overnight attack.
By midmorning, the price of Brent crude oil, the global benchmark, had fallen from its highest level but was still up more than 6% at $103 a barrel. West Texas Intermediate crude increased 5.5% to above $97 a barrel.
Learn more: The New York Times > Stocks fall and oil prices jump as markets reel from Russia’s attack on Ukraine
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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.