Reuters: Oil prices could reach $100 as demand surpasses supply
Monday, January 17, 2022
A lack of production and capacity and limited investment in the oil and gas sector could push crude oil prices past $100 a barrel after rallying 50% in 2021, according to Reuters.
Brent crude futures hit two-month highs last week, trading above $84 on Wednesday.
Although the Omicron coronavirus variant has pushed COVID-19 cases to surpass last year’s peaks, analysts believe oil prices will remain strong due to the reluctance of many governments to restore regulations that affected the global economy when the pandemic began.
Learn more: Reuters > Oil prices could hit $100 as demand outstrips supply, analysts say
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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.