Saudis Dump Oil To Increase Leverage Over U.S. Middle East Policies | WHAT REALLY HAPPENED

Saudis Dump Oil To Increase Leverage Over U.S. Middle East Policies

During the last years U.S. president Obama talked a lot about energy independence:

In his fifth State of the Union address on Tuesday, President Barack Obama celebrated the efforts his administration has made to cut greenhouse gas emissions, while also praising recent increases in domestic oil and gas production.

Obama said early in his address that there is now more "oil produced at home than we buy from the rest of the world," for the first time in two decades.

Obama did not say that the increase in U.S. fossil fuel production was only possible because international oil and gas prices had increased above the magic $100 per barrel equivalent. Below that price shale gas and oil extraction as well as oil production from tar sands are only marginally profitable or not profitable at all.

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA