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Method known to extract oil and gas from shale layers trapped deep underground is known as fracking, more specifically hydraulic fracking. The process uses water mixed with chemicals to rupture the shale layers so it can be extracted. Fracking has opened up new reserves which was previously inaccessible.
What caused the drop in oil prices?
- It is big jump in US production, which is now hovering above 9.5 million barrels/day, slightly behind Saudi Arabia and Russia.
What then actually caused massive drop in oil prices?
- It is fracking, which opened up huge reserves with huge potential.
After conquering US, fracking is now moving to UK, which has long been eyeing US oil boom with envy.
UK is set to offer, 2700 square kilometers in rural area to oil and gas companies, in a bid to boost its oil and gas industry.
In spite of low prices, demand has also been quite sizable. According to UK's Oil and Gas Authority there has been close to 100 applications.
UK's shale oil and gas reserve is quite large, which could feed the country for at least next century after sizable exports.
However, fracking's journey in UK will not be as smooth as in US. Environmentalists and local councilors have blocked many deals sighting pollution as key dispute.
Nevertheless, UK has begun its journey to the New Oil order, with pro shale politicians sighting job and investment potential.
Overall, it is not being a great development for future oil price.
WTI is currently trading at $43/barrel and Brent is at $6/barrel premium.
