Reversing Middle East Dependence

[hamsamich]

http://www.forbes.com/sites/thebakersinstitute/2016/11/17/reversing-middle-east-dependence-us-begins-exports-of-shale-gas-to-oil-rich-uae-and-kuwait/#658d918b7cdbThought this was a good article and explained some stuff I didn't know.  Concerns natural gas exports from US which have been going on since March.  Maybe part of the reason oil is staying low is because the higher it goes (long term not spikes) the more it seems the US (and other countries) will find some other way to power things aside from middle east oil. This might be scary to big oil producers so while they won't fight a price increase, they may not want to incite a big increase.  If oil stays lower than 50, most countries may be less likely to develop new energy sources.

[Marlin]

This may be part of it as well.

USGS Estimates 20 Billion Barrels of Oil in Texas' Wolfcamp Shale Formation

The Wolfcamp shale in the Midland Basin portion of Texas' Permian Basin province contains an estimated mean of 20 billion barrels of oil, 16 trillion cubic feet of associated natural gas, and 1.6 billion barrels of natural gas liquids, according to an assessment by the U.S. Geological Survey. This estimate is for continuous (unconventional) oil, and consists of undiscovered, technically recoverable resources.
The estimate of continuous oil in the Midland Basin Wolfcamp shale assessment is nearly three times larger than that of the 2013 USGS Bakken-Three Forks resource assessment, making this the largest estimated continuous oil accumulation that USGS has assessed in the United States to date.


https://www.usgs.gov/news/usgs-estimates-20-billion-barrels-oil-texas-wolfcamp-shale-formation

[hamsamich]

yeah we still have plenty of oil along with finds in other countries...like Guyana.  Technology aint just for renewables, it helps find more oil and makes it cheaper to extract.  every year that goes by it will get closer to parity making oil stay cheap possibly.  all that pressure could be helping to cause the sell it now cheap attitude.