Posted by mkirsch on January 02, 2015 at 05:41:59 from (72.45.143.81):
In Reply to: Gas question posted by old on January 01, 2015 at 19:46:25:
From what I've heard, we're looking at 2-3 years of this.
The OPEC nations, the Saudis in particular, have increased production to drive oil prices down for one of two reasons:
1. To put the US oil fracking industry out of business.
2. In cahoots with the US government to put a hurt on Russia.
IMHO, it's #2.
Either way it's going to take more than a couple months to have the desired effect.
The thing about #1 is, as soon as the prices go back up, someone will start fracking here again. So, they would have to keep oil prices low for a long-long time, possibly forever.
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