The oil price sudden drop from $100 to $67 highlights how U.S. fracking companies are vulnerable to pricing pressure by Saudi Arabia, hell-bent on stomping the American Oil Revolution out of existence.
The sharp oil price fall from $100 last summer to below $80 in just three months will bankrupt small US oil producers who need at least $80 per barrel to be profitable. It's as shame because the dream of US energy independence may never realize. Meanwhile OPEC producers are seizing this opportunity to keep prices just below $80 and thin out competitors.
Back in 2005, the US had to import 60 per cent of its supplies from abroad. By 2014, however, the USA only needs to import 30 per cent of its oil consumption. The oil revolution is paying off: too much oil is now on the market, causing prices to drop.
You too can put the oil price dashboard on your web site, Blogger page or blog. The dashboard displays the price of crude oil in real time. You only need to copy and paste the following code on your page and to follow our regulation below.
Code for Crude Oil Dashboard:
Dashboard Use Regulation
Please no inappropriate content. Use code no more than once per web page. Please redistribute code unchanged.