Trump takes credit for drop in oil prices
Monday, December 3, 2018
President Donald Trump has taken credit for the recent 30 percent drop in oil prices over the past six weeks, calling it a “big tax cut” for Americans, according to Forbes.
Trump cheered the recent $50 a barrel price point — the lowest since 2015 — and encouraged OPEC leader Saudi Arabis to push prices even lower.
While consumers might be enjoying these prices just in time for the holiday season, American oil producers and oil service companies now face the prospect of highly volatile prices and, even more troubling, the potential for another price collapse.
Learn more: Forbes > Yes, it is possible for oil prices to be too low
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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.