Ever heard of “fracking”? Shale gas and oil shale reserves had been packed into hard, dense deposits, and hydraulic fracturing (fracking) offers an effective method to extract natural gas and oil. It’s been delivering a lot of cheap natural gas to the US and helping keep oil prices down.
Fracking is bringing a lot of big business opportunities and political battles in several states.
Devon Energy Corp. made a $6 billion acquisition – the largest for this year in the oil and gas industry; Devon has played an instrumental role in bringing more natural gas to America and keeping the prices down.
California Gov. Jerry Brown is getting heckled by environmentalists for permitting fracking in the state after signing a bill into law this fall that will oversee fracking operations.
OPEC’s power over oil prices is diminishing. With huge growth in US shale and Canadian oil supply, analysts think there will be a sizable boost to global output.