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 The Relentless Production of Shale Oil Is Breaking OPEC’s Neck

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RR Phantom

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The Relentless Production of Shale Oil Is Breaking OPEC’s Neck Vide
PostSubject: The Relentless Production of Shale Oil Is Breaking OPEC’s Neck   The Relentless Production of Shale Oil Is Breaking OPEC’s Neck Icon_minitimeMon Dec 15, 2014 5:10 pm
The world’s biggest oil companies faced ruin in the summer of 1931. Crude prices had plummeted. Wildcatters were selling oil from the bonanza East Texas field for a nickel a barrel, cheaper than a bowl of chili. On Aug. 17, Governor Ross Sterling declared a state of insurrection in four counties and sent 1,100 National Guard troops to shut down the fields and bring order to the market. A month later the Railroad Commission of Texas handed out strict production quotas.

The Relentless Production of Shale Oil Is Breaking OPEC’s Neck Or51__970-630x420

That heavy-handed intervention in the free market was remarkable enough. Even more remarkable was who pulled it off. The person in charge of shutting down the wildcatters, National Guard Brigadier General Jacob Wolters, was the general counsel of Texas Co., an ancestor of Chevron (CVX). And the Texas governor who ordered Wolters in was a past president of Humble Oil and Refining, a forerunner of ExxonMobil (XOM). Big Oil played hardball in those days.

http://www.businessweek.com/articles/2014-12-11/shale-oils-relentless-production-is-breaking-opecs-neck
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CovOps

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The Relentless Production of Shale Oil Is Breaking OPEC’s Neck Vide
PostSubject: Re: The Relentless Production of Shale Oil Is Breaking OPEC’s Neck   The Relentless Production of Shale Oil Is Breaking OPEC’s Neck Icon_minitimeMon Dec 15, 2014 5:19 pm
Fucking outrageous!
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