[cuban leaf]

When everyone was talking about peak oil, this would have moved me.

Now, with the US in a historic oil boom based on technology that is improving weekly, it’s not easy to take it seriously. I say that as a serious doom and gloomer. ;-)

[dpetty121263]

During the Great Depression Oil was booming! Also remember no nation has ever survived 19 trillion in debt.

[RinaseaofDs]

Agreed.

The guy may be right, but not for the reason’s he’s stating: $60/BBL oil means the end of most petro-regimes. They can’t balance the budget on oil less than $70 (Kuwait). Russia needs $100. Iran needs $130.

On that basis, if you were them, and you believed the US and Canada were dumping cheap oil on the market just to choke them out, what might you do?

Even France can frack. They have the geology to support it, and frankly its cleaner than the nuclear investment they made in the 70’s, which paid off huge I might add. They supplied cheap power to Europe for decades. There are a lot of places on Earth that could frack enough to take care of their needs, and then some.

[Revel]

18 trillion and counting. That is the number you should be very worried about.

[caww]

However....fracking will get hit hard if oil remains low for much longer...they cannot afford operations competing with oil as it is..... which is exactly why Saudi Arabia is working it to keep prices low.....Saudi knows they have just so many years left of their oil and they aren't about to let the US get ahead of them.

The oil markets are being maneuvered gingerly now...