Port: North Dakota oil producers helped topple OPEC
OPEC, the global oil cartel which worked to fix prices for the benefit of its members, is dead.
So writes Pascal-Emanuel Gobry in The Week.
The group isn’t officially dead, but they’ve lost their ability to dominate the global oil markets. The reason? Shale oil, particularly here in the United States. Fracking has “massively expanded oil supplies,” Gobry writes. America now produces as much oil as Saudi Arabia, and America is not nor will it ever be a member of OPEC.
OPEC actually tried to smother American frackers to death by turning on their collective spigot, hoping the resulting low oil prices would drive the upstart shale oil producers out of the market.
It didn’t work.