Thus far, the Saudi royal family has maintained its highly oppressive form of government by pacifying its people with an extensive welfare state funded by oil money. But low oil prices brought about by hydraulic fracturing in the United States are forcing the monarchy to give the Saudi people more freedom in order to remain in power.
Tagged: oil prices
The world has changed. Although few yet understand it, the revolution in the production of oil and natural gas from shale has altered the course of global energy, affecting most of the world’s people. This is not a short-term event. Citizens, industries and nations will be impacted for decades to come.
Hydraulic fracturing, also known as “fracking,” has made the United States the world’s leading producer of natural gas and oil. The country is producing record amounts of natural gas and crude oil production has increased by 80 percent since 2008. This increasing production has helped the United States drill its way to lower energy prices, which has resulted in large savings for every American, especially those who need it most.
After years of rising gasoline prices, people are puzzled by the recent drop that has a gallon of gas at levels not seen in nearly four years. Typically in times of Middle East unrest, prices at the pump spike, yet, despite the violence in Iraq and Syria, gallon of gas is now at a national average of $3.
Sometimes you have to wonder: Did our president take a single economics class in college? Even if Barack Obama drank mostly from the well of Keynesian nonsense, he’d have to[…]