Oil price collapse claims WA's Red Fork Energy, shale gas company in receivership (1st Major Victim)

ABC News ^ | 12-12-2014 | Kathryn Diss

[tcrlaf]

The collapse of the oil price has snared its first West Australian victim with Red Fork Energy losing the support of its major lender.

The Perth-based company drills shale rock onshore in the United States, producing oil and gas.

But it is completely exposed to the US shale industry, which analysts say has become unviable at current oil prices.

The oil price has tumbled 40 per cent in recent months, dragging down the value and margins of oil and gas producers.

Red Fork's major lender, Guggenheim Corporate Funding, called in the receivers this week

[re_nortex]

Do you actually think that this band of incompetent fools is "cunning" enough to orchestrate falling oil prices to engineer the destruction of the domestic oil industry?

Yes, I do. I've never bought into the "Obama is an idiot" theory. He is evil and desperately wicked for certain. But there's no doubt that he's assembled sly, cunning people to manipulate the destruction of America.

Both Satan and Hitler, of course, serve as similar examples of shrewdness combined with sly cunning. In fact, hussein takes both of those as role models. Likewise hussein and his cronies share those traits. Don't get me wrong. FRiend. There's a big difference between being wise (which hussein most assuredly is NOT) compared to being crafty and cunning.

[Pining_4_TX]

“everyone to be driving those ridiculous electric clown cars.”

I would love to put the east coast Yankees from itty-bitty states into one of those clown cars with 3 small kids, a dog, and a cranky spouse and make them drive from Texarkana to El Paso in August. Then we’ll see how they feel about those crappy little cars.

[kempster]

My son works in the oil industry and he told me a month ago that if the price of oil drops below a certain level it will no longer be profitable for companies to frack for shale oil and that many will go belly up.