As Saudi Arabia spins from crisis to crisis, U. S. oil hasn’t missed a beat. It’s stronger and more resilient than ever – and it has nothing to do with OPEC oil production cuts.
In this war, U. S. oil wins, and the recent purge of billionaire princes in Saudi Arabia is icing on the cake.
But when Saudi Crown Prince Mohammad bin Salman arrested key members of the royal family on corruption charges two weeks ago all of them his rivals – oil shot up. West Texas Intermediate (WTI) spiked more than $2 a barrel, closing around $57 a barrel – a nearly two-year high.
OPEC cuts have done little to boost oil prices, and Royal Family arrests are welcome news for oil tycoons the world over, but it’s still not what’s kept the U. S. on the winning side in this war: Fracking bust the U. S. through the front line, and major advancements in enhanced oil recovery (EOR) are cementing the victory.
This post was published at The Daily Sheeple on NOVEMBER 27, 2017.